Product

BOI Star Autofin Scheme

Eligibility

Salaried employees, Professionals, Self-employed, individuals with high net worth, People engaged in trade/commerce/ business, Directors of Companies, Senior Citizens, Pensioners, Farmers, Staff Members, Retired employees (other than dismissed/ compulsorily retired) of our Bank.
Non-Resident Indians in India – 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 permitted.

Purpose

Purchase of two/four wheeler 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 viz. Jeeps, Vans. Etc.

For purchase of personal vehicles powered by non-conventional energy, such as electronic/battery operated small vehicles for urban transport provided they are registered with RTO. (Such vehicles not registered with RTO can be financed subject to specified curtailed limits of advance preferably with collateral security).

Demand Loan /Term Loan  (for 2^nd hand vehicles only Demand Loan)

Maximum limits for finance :
1) Individuals (Resident in India) :

= For Indian make vehicles – Rs.25 lacs

=For imported vehicles – Rs.75 lacs.

2) For Companies and corporate entities – Rs.100 lacs (Can be a fleet of vehicles)

3)Non-resident Indians – Rs.25 lacs.

4)For vehicles run on non-conventional energy and not required to be registered with RTO. 

Two wheelers – Rs.50,000/- (Max.)

Four wheelers – Rs.4.00 lacs (Max.)

The limits are subject to : (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 yeas I.T. Returns

(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.

© In respect of farmers depending on his repayment capacity as is applicable in Agriculture loans.

(d) Net take home pay should be atleast 40% of income (net of proposed EMI).

w.e.f.06.11.08

Repayment
(New Vehicles)

A) For Individuals – for new vehicles

4 wheelers – imported vehicles-Max. 7 years.

4 wheelers - Indian vehicles – 6 years.

2 wheelers – max. 5 years.

B) For Corporates/Firms,etc. – Max. 5 years.

C) For second hand vehicles – Max. 3 years.

Security

i. Hypothecation of vehicle to be purchased out of Bank finance.

ii. Charge to be registered with RTO.

iii. Third party guarantee required in the following cases :

(a) Loans to NRIs – Guarantee of Resident Indian is required.

(b) Vehicles not registered with RTO  and for loans to  individuals for limits exceeding Rs.25.00 lacs.

Individuals (including NRIs) : (For new vehicles)

Upto Rs.2.00 lacs -      5%

Rs.2.00 lacs to Rs.10.00 lacs - 10%

Above Rs.10 lacs to Rs.25 lacs - 15%

Above Rs.25.00 lacs   - Min. 25%

For Corporate entities/firms, etc. : Min. 25%

Processing/ Handling Charges

a)Loans upto Rs.25,000/- - one time Rs.1,000/-
b)Loans above Rs.25,000/- upto Rs.25 lacs – one time 1.10% of loan amount – Min.Rs.1,500/- & Max. Rs.5,000/-
c)Loans above Rs.25 lacs – one time 0.25% of the loan amount Max.15,000/-

Service Tax as applicable.
Processing charges waived for Senior Citizens, staff members & retired employees of the Bank & Pensioners drawing pension from the Bank.
For Partnership firms/Corporates –
Processing charges will be double that of applicable to individuals
For Rural areas –
Processing charges will be 50% that of applicable to individuals in respect of loans availed by borrowers from rural areas from the Rural Branches.

Additional charges for deviations from the scheme norms –One time 25% of the applicable processing charges min. Rs.500/- max. Rs.3000/-

Agreement charges:

Applicable as per Fair Practice Code.