BOI | Bank of India

Purpose

Purchase of new vehicles/ Second hand vehicles

Eligibility

Farmers, Individuals, proprietorship/partnership firms corporates, FPO/FPC and cooperatives in rural areas (engaged in agriculture/ allied activities/ agri infrastructure/ ancillary activities)

Quantum of finance

Based on cost of vehicle to be purchased maximum amount of Rs.1.00 crore

Security

Loan Amount	Security
Loan Limit Up to Rs.5.00 lakh	Hypothecation of the vehicle financed. Our hypothecation charge to be registered with RTO Comprehensive insurance of the vehicle with bank clause
Loan Limit above Rs.5.00 lakh	Hypothecation of the vehicle financed. Our hypothecation charge to be registered with RTO Comprehensive insurance of the vehicle with Bank clause Collateral security of equal or more than 60% (50% if TDR, LIC, NSC/KVP, etc.) of loan amount is required. Collateral Security includes mortgage of agri land, demarcated open plot, residential/commercial property etc.

Rate of interest

Interest Rates as decided by the Bank from time to time.

Repayment

Type of vehicle	Repayment Period*
Type of vehicle	New/E-Vehicles	Second hand Vehicles
Two wheeler	3 years	No Finance
Three Wheeler	4-5 years	3 years
Four Wheeler & Other Vehicles	5-7 years	4 years

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