BANK OF INDIA- AUTO FINANCE

Star Auto fin

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.

Product BOI Star Auto fin Scheme

Eligibility Salaried employees, Professionals, Self-employed, individuals with high net worth, 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 Centers : 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 Proprietorship/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)
FOR LOANS UP TO RS.10.00 LACS :

New Vehicles : Repayment up to 3 years : 1.75% below BPLR, Min. 11% p.a. at monthly rests.

Repayment over 3 years : 1.50% below BPLR, Min. 11.25% p.a.

Second hand vehicles : 1.00% below BPLR, Min.11.75% p.a. at monthly rests.
FOR LOANS ABOVE RS.10.00 LACS :

New Vehicles : Repayment up to 36 months - 0.75% below BPLR - Min. 12% p.a. at monthly rests.

Repayment over 3 years - 0.50% below BPLR -Min.12.25% p.a.

Second hand vehicles - @ BPLR - 12.75% p.a.

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 amount 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.

Click here for Application Forms