BOI Star Vehicle Loan Scheme
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
Demand Loan /Term Loan (for 2nd hand vehicles only Demand Loan)
Maximum limits for finance :
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 |
30% |
Above Rs.5.00 lacs |
25% |
For Others: DSCR: Min.1.5
Individuals (including NRIs) : (For new vehicles)
Amount |
Margin -% |
Upto Rs.10 lacs |
NIL Margin |
Above Rs.10 Lacs to Rs.25 Lacs |
15% Margin |
Above Rs.10 Lacs to Rs.25 Lacs |
25% Margin |
For Corporate entities/firms, etcMin. 25%
For second hand vehicles Min. 30% ( on depreciated value or value assessed by Valuer or sale consideration whichever is lower)
Particulars | Rate of interest |
---|---|
4 Wheelers / 2 Wheelers including Super Bikes: New & 2nd Hand Vehicle - |
1 Year MCLR + 0.85 % |
*PLEASE NOTE CURRENTLY FESTIVAL OFFER IS APPLICABLE TILL 31.03.2019
Note: No separate Interest concession in respect of loan to woman beneficiary.
RATE OF INTEREST All linked to Banks MCLR BOI MCLR 8.70 % w.e.f. 10.12.2018 |
PROCESSING CHARGES (All charges are Exclusive of GST) |
||||
---|---|---|---|---|---|
4 Wheelers / 2 Wheelers including Super Bikes: New & 2nd Hand Vehicle – 1 Year MCLR + 0.85 % (CARD RATE) *PLEASE NOTE CURRENTLY FESTIVAL OFFER IS APPLICABLE TILL 31.03.2019 |
In case of Partnership firms and Corporate borrowers, processing charges will be double that applicable to individuals. No processing charges for Senior Citizen, Retired Employees of the Bank and Pensioners drawing Pension from the Bank. For Rural areas: Processing charges will be 75% of that applicable to individual borrowers provided loan is availed by borrowers from rural areas/ from rural branches. |
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