Star Autofin A Car Loan Scheme
Bank of India, which is a nationalized bank and come up with a unique car loan scheme known as star autofin scheme. It is a kind of fully secured car loan that is designed with unique features and offered at attractive rate of interest.
Under this special car finance scheme, individuals can avail loan for purchasing 2 wheeler as well as 4 wheeler vehicles like car, scooter, motorcycle etc. Depending upon cost of vehicle and income of applicant, maximum loan amount of Rs. 25 lakhs can be availed at attractive rate of interest coupled with easy repayment plan.
Under this special financial solution, salaried employees, professionals, self-employed individuals, individuals with high net worth, senior citizens and farmers as well as staff members of the bank are eligible to apply for the loan. With this bank of india personal loan, you can purchase two or four wheeler vehicles. You can also borrow the finance for the purchase of used or second hand 2 and 4 wheeler provided vehicle should not be older than 3 years.
This special type of car loan provides you a demand loan or term loan. In the case of second hand or used cars, only demand loan is offered. In case of farmer, who has seasonal income, loan repayment offer will depend on his repayment capacity as is applicable in agriculture loans.
Repayment period of this loan ranges from 3 to 7 years and can be paid with flexible repayment options like postdated cheques or equated monthly installments (EMIs). Processing charges are also waived for senior citizens, staff members and retired employees of the bank and pensioners drawing pension from the bank.
Interest rate on this special car loan scheme will be calculated on the daily reducing balance method. Margin money or down payment is subjected to the loan limit you borrow. If borrowed loan amount is up to Rs 2 lakhs to 25 lakhs, then margin money ranges from 5 to 15%. And if your borrowed loan amount is above the limit of Rs. 25 lakhs, then, you margin money will be 25%, which is to be paid from your end. SBI car loans in India..
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