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BOI STAR VEHICLE LOAN - INDIVIDUALS

Product

BOI STAR VEHICLE LOAN SCHEME- DOCTOR PLUS

To avail loan for your dream vehicle, just give a missed call on 8010968305 or SMS <VL>  to 7669300024 or visit Bank’s website or PSB-59 Portal or Mobile banking.

Eligible Customers

  • Individual & Proprietorship Firms
  • Qualified registered medical practitioners with minimum 3 years’ experience in any branch of medical science recognized by MCl/DCI /other statutory /regulatory authorities to practice in India
  • Age- 25 to 75 Years. Outer age is the age by which the advance facility should be repaid in full (Age deviation allowed)

Purpose

  • For purchase of new two wheeler/four wheeler vehicle.
  • Reimbursement of cost of four wheeler vehicle purchased from own sources.

Type of Advance

  • Demand Loan/Term Loan

Quantum of Loan

Two or four wheeler vehicle run on conventional & non-conventional source of energy

  • Individuals & proprietorship firms For Indian make vehicles/ imported vehicles: Rs.200 lakhs (can be multiple personal vehicles within the limit)

Eligible loan based on income

For Salaried:

• 4 times Gross average income of last 2 years ITR/ 4 times gross average income of latest form-16/ with Net take home pay (NTHP) as under,

Gross Monthly Income

NTHP (%)

Up to Rs.1.00 Iakh per month :

40 %

Up to Rs.5.00 lakhs per month :

30%

Above Rs.5.00 lakhs per month:

25%

For Proprietorship Firm:

Four times of average annual cash accrual (i.e. PAT + Depreciation) as per last two years I.T. Returns, Balance sheet, P&L Account filed in respective assessment years, subject to a minimum DSCR of 1.25

Repayment

84 months

Security

  • Hypothecation of Vehicle.
  • Comprehensive Insurance of the vehicle with Bank clause.

Margin

New Vehicles (Individuals/Proprietorship firms)

  • 10% (on 'ON ROAD PRICE') uniformly for all limits. Margin includes basic price of vehicle, Road Tax, Insurance and Registration excluding cost of accessories.