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Product
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BOI Star Personal Loan Scheme
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Eligibility
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Salaried employees, Professionals and individuals with high networth, regular pensioners or family pensioners drawing regular monthly pension through Branch, Staff members, retired employees (other than dismissed/compulsorily retired) of our Bank.
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Types of advance
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Demand/Term Loan/Overdraft (reducible as per repayment schedule)
Overdraft limit (not reducible as per repayment schedule) maximum upto
Rs.1 lac to confirmed permanent employees of Central/State Govt./Reputed Corporates and PSU's.
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Purpose
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Clean/Unsecured
loans
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Marriage expenses of self, son,
daughter or a dependent near relative.
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Medical Expenses incurred/to be incurred for self, spouse, children, dependent near relative.
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For education of self/spouse/
children/ near dependent relatives.
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Any other personal expenses of bonafide nature as approved by the Bank
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Secured loans
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Repayment of existing housing loans from other banks/Financial Institutions, etc.
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Education of self, spouse, children, near dependent relatives.
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Purchase of consumer
durables, computers, professional equipments etc
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Max. Loan
Min. Size of loan
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Rs.2.00 lacs
Minimum size of loan :-At Metro and Urban Centres : Rs.10,000/-
At Rural and Semi Urban centres: No minimum size of loan.
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Rs.10.00 lacs
Minimum size of
loan :-At Metro and
Urban Centres : Rs.10,000/-
At Rural and Semi
Urban centres: No
minimum size of loan.
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Eligible Amount
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10 times of net monthly emoluments in case of salaried employees
OR
50% of gross annual income as per last Income Tax Return for Professionals/Individuals of high networth
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20 times of Gross
monthly emoluments in case of salaried
employees
OR
100% of gross average annual income as
per last three Income Tax Returns for
Professionals/
Individuals of high
networth
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Rate of Interest
(On daily reducing balances)
w.e.f.01.04.09
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0.25% above BPLR 12.25% p.a at monthly rests. Interest concession to women - 0.50% [All borrowers to be women] For Senior Citizens – 10.75% Financing secured under tie-up arrangement – 11.50%
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At 0.50% below BPLR Min. 11.50% p.a. at monthly rests. Interest concession to women - 0.50% [All borrowers to be women]
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Repayment
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36 Equated monthly instalments w.e.f. one month after first disbursement. Exceptional cases upto 60 months
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Maximum 60 Equated monthly instalments w.e.f. one month after first disbursement from loan account.
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Security
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Equitable/Legal Mortgage of commercial or residential properties.
Hypothecation charge on assets acquired.
Collateral security in the form of pledge of gold/gold ornaments, NSC/Indira Vikas Patra, Bonds, Assignment of LIC policies, Relief Bonds etc.
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Processing/Handling charges
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One time @ 1.10% of loan amount Min. Rs.1000/- and Max. Rs.5000/-
Pensioners: One time @ 1.10.% of loan amount, min. Rs. 500/- and max. Rs. 1,100/-.
No processing charges for Senior Citizens (60 years & above)
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Other Charges
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Stamp charges for documents : At actuals.
Loan Agreement copy charges: As applicable
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For further information you may contact nearest Branch of the Bank Loan at the sole discretion of Bank of India.
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