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BOI Star Vehicle Loan Scheme


BOI Star Vehicle Loan Scheme

Eligible Customers

Salaried employees, Professionals, Self-employed
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


1.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)
2.Reimbursement of cost of four wheeler purchased from own sources

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.50 lacs
    2. For Companies and corporate entities - Rs.100 lacs.
  1. For Companies and corporate entities - Rs.200 lacs (Can be a fleet of vehicles)
  2. Non-resident Indians - Rs.50 lacs.

    The limits are subject to :
    1. a. 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. b. 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 :

Gross Monthly Income

% of NTHP

Up to Rs.1.00 lacs

40 %

Rs. 1.00 lacs upto Rs.5.00 lacs


Above Rs.5.00 lacs


For Others: DSCR: Min.1.5

Repayment (New Vehicles)

  1. For Individuals - for new vehicles
    4 wheelers - Max. 7 years.
    2 wheelers - Max. 5 years.
  1. For Corporates/Firms, etc. - Max. 5 years.

For second hand vehicles - Max. 3 years.


  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..
    2. Loans to NRIs – Guarantee of Resident Indian is required..


Individuals (including NRIs) : (For new vehicles)


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.10 Lacs to 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


Processing / Handling Charges (One Time)

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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BOI Star Vehicle Loan