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BOI Star Autofin Scheme |
The Scheme provides loan for purchasing 2/4 wheeler vehicles (like car, scooter, motorcycle etc.). Maximum amount of loan is Rs. 25 lacs, depending upon cost of vehicle & income of proponent, at attractive rate of interest and easy repayment plan.
Eligibility
Salaried employees, Professionals, Self-employed, individuals with high networth, People engaged in trade/commerce/ business, Pensioners, Farmers, Prop. Firm, Partnership firm, Companies (Pvt./Public Ltd.), Staff Members, Retired employees (other than dismissed/compulsorily retired) of our Bank.
Purpose
Purchase of two/four wheeler vehicles (like car, scooter, motorcycle etc.)
Type of Advance
Demand/Term Loan (reducible as per repayment schedule)
Quantum of Loan
Max.Rs.25 lacs
Minimum size of loan :-At Metro and Urban Centres : Rs.10,000/-
At Rural and Semi Urban centres: No minimum size of loan.
Eligible Amount
i. Salaried employees :- 24 times of monthly Gross emoluments.
ii. Other than Salaried employees, Farmers & Pensioners :-
- Two times of gross average annual income as per last three Income-tax returns.
- In case of Propreitorship/Partnership firm & Company: Two times of average annual Cash accruals (i.e. PAT+ Depreciation) as per their last three Balance - Sheet/ P & L account.
iii. Pensioners : 24 times of monthly pension (Max. loan : Rs. 2 lacs)
iv. Farmers: Depending upon Farmer's income, his repayment capacity/ability to service the debt as is being done in case of agricultural loans.
Rate of Interest (on daily reducing balance)
New Vehicles : Repayment upto 3 years : 1.50% below BPLR, Min.11.75% p.a. at monthly rests.
Repayment over 3 years : 1.25% below BPLR, Min.12% p.a.
Second hand vehicles : 1.00% below BPLR, Min.12.25% p.a. at monthly rests.
Repayment (New Vehicles)
Car:
Max.72 EMIs
Scooter/motorcycle/Two Wheelers:
Max.60 EMIs w.e.f. one month after first disbursement from loan account.
Purchase of Second hand vehicle:-
Age of vehicle :
Upto 3 years old from the date of first registration- -Repayment Period : Not to exceed five years.
Minimum Margin :
30% of depreciated value or value assessed by valuer or sale consideration, whichever is lower.
Obtention of Comprehensive Insurance Policy.
Security
i. Hypothecation of vehicle to be purchased out of Bank finance.
ii. Charge to be registered with RTO.
Processing/ Handling Charges
One time @ 1.10% of the loan amount Min. Rs.750/-, Max. Rs.2500/-
Pensioners : One time @ 1.10% of loan amonut Min. Rs.500/- Max. Rs.1,100/-
Agreement charges:
Applicable as per Fair Practice Code.
Terms & Conditions apply. Loan at the sole discretion of Bank of India.
For further information, you may contact nearest branch of the Bank.
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