BOI STAR VEHICLE LOAN SCHEME- INDIVIDUALS 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

  • Residents: Salaried employees, Professionals & Self-employed businessman, Individuals with high net worth, People engaged in trade/commerce/business, Directors of Companies, Senior citizens, Pensioners , Farmers
  • Non-Resident Indians - advance to be granted jointly with Resident Indians (close relative)
  • Age of Individual not to exceed 65 years at the time of availing advance( Age deviation allowed)


  • For purchase of new two wheeler/four wheeler/water vehicles
  • For purchase of used / second hand 2 and 4 wheeler (Age of the vehicle not to exceed 3 years)
  • For purchase of light personal vehicles not requiring heavy-duty driving license
  • Reimbursement of cost of four wheeler vehicle purchased from own sources.

Type of Advance

  • Demand Loan/Term Loan
  • For 2nd hand(pre-owned) vehicles only Demand Loans

Quantum of Loan

Two or four wheeler vehicle including water vehicles, Super Bikes run on conventional & non-conventional energy

  • Individuals (Both Resident of India and NRI) For Indian make vehicles/ imported vehicles: Rs.200 lakhs (can be multiple personal vehicles within the limit)

Calculation of Loan Amount

3 times Gross average income of last 2 years ITR/ 3 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 :


Above Rs.5.00 lakhs per month:



New Vehicles

  • 4 Wheeler/Water Vehicle – Max. 7 years.
  • 2 Wheeler – Max. 5 years.

Pre-owned (second hand) vehicles:

  • 4 Wheeler/2 Wheeler - Max. 3 years


  • Hypothecation of Vehicle.
  • Comprehensive insurance of the vehicle with Bank clause.
  • For water vehicle collateral security required (irrespective of limit)


New Vehicles

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

For second hand vehicles (Two/Four Wheeler):

  • Minimum Margin 30% (on depreciated value or value assessed by valuer or sale consideration whichever is lower)