Bank of India Star SME Auto Express

Looking for an MSME Loans for Commercial Vehicles from Bank of India?

Get all the information you need on Bank of India’s Star SME Auto Express Loan for Small Road Transport Operators below.

Bank of India BOI Star SME Auto Express Loan for Small Road Transport Operators

This loan helps Small Road Transport Operators in the Micro, Small and Medium Enterprises sector buy commercial vehicles. This loan can only be availed on the purchase of brand new vehicles. Educational institutions can also avail this loan to finance new vehicles for providing transportation services to students, faculty and staff.

Features of BOI Star SME Auto Express Loan

Why this Loan?

  • The BOI Star SME Auto Express Loan is meant for Small Road Transport Operators in the MSME sector and educational institutions to acquire funds for purchasing new commercial vehicles for their business
  • Collateral-free loans of up to Rs. 1 crore can be availed under this loan scheme subject to coverage under guarantee provided by the Credit Guarantee Fund Trust for Micro and Small Enterprises

Loan Amount

  • This is a need-based loan and the loan amount needs and the repayment capacity of the borrower

Interest Rate

  • The interest rate for this Bank of India Loan is defined as the sum of one-year Marginal Cost of Funds-based Lending Rate (MCLR) and Credit Risk Premium where Credit Risk Premium depends on the credit risk rating of the borrower

Repayment

  • The repayment period for this loan is 7 years including a moratorium period of up to 3 months

Security Needed

  • Loans up to Rs. 1 crore: The bank asks for hypothecation of vehicles purchased under the loan. For borrowers in the MSE category, the bank may ask for guarantee under CGTMSE coverage
  • Loans above Rs. 1 crore: The bank may ask for property as collateral as security for this loan

Eligibility

  • The exact eligibility criteria is not available on the bank’s website. Please visit your nearest bank branch for details

Borrower Contribution to Total Cost (Margin Money) & Processing Charges

  • As of October 2020, this information is not available on the bank’s website. We suggest you get in touch with the bank and get these details before you apply for this loan

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Self-attested A4 size copies of the aforementioned documents

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • Self-attested A4 size copies of the aforementioned documents

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • Self-attested A4 size copies of the aforementioned documents

Reference Facts

  • Bank of India Website: www.bankofindia.com and www.bankofindia.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906