| Product |
BOI Star Vehicle Loan Scheme |
| Security |
Salaried employees, Professionals, Self-employed
Non-Resident Indians- advance to be granted jointly with Resident Indians (close relative)
(Age of the individual borrower not to exceed 65 years at the time of availing the advance)
Companies, Partnership Firms, Proprietary concern and other types of Corporate entities.
HUFs not Eligible |
| Purpose |
Purchase of two/four wheeler vehicles (not requiring heavy duty license). For purchase of used/second hand 2 and 4 wheeler. (age of the vehicle not to exceed 3 years) |
| Type of Advance |
Demand Loan /Term Loan (for 2nd hand vehicles only Demand Loan) |
| Quantum of Loan |
Maximum limits for finance :
- Individuals (Resident in India) :
- For Indian make vehicles - Rs.25 lacs
- For imported vehicles - Rs.75 lacs.
- For Companies and corporate entities - Rs.100 lacs (Can be a fleet of vehicles)
- Non-resident Indians - Rs.25 lacs.
The limits are subject to :
- 24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 years I.T. Returns
- Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.
Net take home pay should be at least 40% of income (net of proposed EMI). |
| Repayment (New Vehicles) |
- For Individuals - for new vehicles
4 wheelers - Max. 7 years.
2 wheelers - Max. 5 years.
- For Corporates/Firms, etc. - Max. 5 years.
For second hand vehicles - Max. 3 years.
|
| Security |
- Hypothecation of vehicle to be purchased out of Bank finance.
- Charge to be registered with RTO.
- Third party guarantee required in the following cases
- Loans to NRIs – Guarantee of Resident Indian is required.
Vehicles not registered with RTO and for loans to individuals for limits exceeding Rs.25.00 lacs.
|
| Margin |
Individuals (including NRIs) : (For new vehicles)
| Amount |
Margin -%
|
| Upto Rs.10 lacs |
NIL Margin
On Ex. show room Price-excluding comprehensive Insurance, Taxes and Registration charges
|
| Above Rs.10 Lacs to Rs.25 Lacs |
15% Margin
On Road Price-including comprehensive Insurance Taxes and Registration charges
|
| Above Rs.25 Lacs |
25% Margin
On Road Price-including comprehensive Insurance Taxes and Registration charges
|
For Corporate entities/firms, etc. : Min. 25%
For second hand vehicles : Min. 30% ( on depreciated value or value assessed by Valuer or sale consideration whichever is lower) |
| Rate of Interest |
New Vehicle
Repayment period up to 7 years |
Base Rate Plus 0.45% presently 10.70 %
|
Second Hand Vehicle
Maximum Repayment period 3 years |
Base Rate Plus 1.25% presently 11.50 %
|
|
| Processing / Handling Charges (One Time) |
| Upto Rs.25,000 |
One time Rs.1000/-
|
| Above Rs.25000/- to Rs.25 Lacs |
One time @1% of loan
amount Min.Rs.2000/- and Max.Rs.10,000/-
|
| Loans Above Rs.25 Lacs |
One time flat Rs.15000/-
|
For Partnership firms/Corporates – Processing charges will be double that of individuals
For Rural Branches – Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers of rural areas from the rural Branches. |