BOI STAR VEHICLE LOAN - INDIVIDUALS

• 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.

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

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

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)