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)
Purpose
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 :
30%
Above Rs.5.00 lakhs per month:
25%
Repayment
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
Security
Hypothecation of Vehicle.
Comprehensive insurance of the vehicle with Bank clause.
For water vehicle collateral security required (irrespective of limit)
Margin
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)
