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BOI Star Vehicle Loan Scheme
 
Product BOI Star Vehicle Loan Scheme
Eligible Customers 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 :

  1. Individuals (Resident in India) :
    1. For Indian make vehicles - Rs.25 lacs
    2. For imported vehicles - Rs.75 lacs.
  1. For Companies and corporate entities - Rs.100 lacs (Can be a fleet of vehicles)
  2. Non-resident Indians - Rs.25 lacs.

    The limits are subject to :
    1. 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
    2. 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)
  1. For Individuals - for new vehicles
    4 wheelers - Max. 7 years.
    2 wheelers - Max. 5 years.

  2. For Corporates/Firms, etc. - Max. 5 years.

For second hand vehicles - Max. 3 years.
Security
  1. Hypothecation of vehicle to be purchased out of Bank finance.
  2. Charge to be registered with RTO.
  3. Third party guarantee required in the following cases
    1. 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

 

 

FOUR WHEELERS
New Vehicle
Repayment period up to 7 years

Second Hand Vehicle
Maximum Repayment period 3 years

Base Rate Plus 0.45% presently 10.65 % ,p.a at monthly rests


Base Rate Plus 1.25% presently 11.45 % p.a at monthly rests

TWO WHEELERS
Repayment period up to 5 years

Base Rate Plus 4.00% presently 14.20 % p.a at monthly rests

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.
Terms & Conditions apply. Loan at the sole discretion of Bank of India.
For further information, you may contact nearest branch of the Bank
 
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We are proud to inform that our Nairobi Branch is now ISO certified with ISO 9001:2008 (2013-2016) for Provision of Banking Services


The bank never asks any confidential information to customers such as: ATM card no., credit card no. ATM pin, user id of internet banking, login password, transaction password, account number, etc. If such information is asked over phone or mobile or through email, avoid disclosing such confidential information to the caller. In such cases Customers are requested to bring this to the notice of their parent branch/call centre


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As per RBI directive PIN is required for debit card PoS transactions on domestic terminals from 1.10.13.



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To extend the benefit of exercising another option to join the existing pension scheme in terms of Joint Note dated 27.04.2010 to Officers / Family Members of deceased Officers who had taken voluntary retirement from Bank's service on or after 29.09.1995 under Regulation 19(1) of Bank of India Officers' Service Regulations 1979


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Interest Subsidy for Education Loans

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BOI Star Vehicle Loan