BOI | Bank of India

Product

BOI STAR VEHICLE LOAN SCHEME- ENTITIES OTHER THAN 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

Companies, Partnership firms, Proprietary concern and other types of corporate entities.
HUFs not permitted.

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 vehicles including water vehicles, Super Bikes run on conventional & non-conventional energy

For Companies and corporate entities: For Indian make vehicles/ imported vehicles: Rs.300 lakhs (can be multiple personal vehicles within the limit)

Calculation of Loan Amount

3 times of average annual cash accrual (i.e. PAT +Depreciation) as per last two years I.T. Returns, Audited balance sheet, P&L Account filed in respective assessment years subject to a minimum DSCR of 1.25

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 Vehicles.
Comprehensive insurance of the vehicle with Bank clause.
For water vehicle collateral security required (irrespective of limit)

Margin