Loan Facility to Staff Members
Personal Overdraft facility to Staff Members
Eligible limit-
| Less than 5 years of service | Rs. 2 Lakhs |
| Service 5 years and above but less than 10 years | Rs. 3.50 Lakhs |
| 10 Years and above | Rs. 10 Lakhs |
Margin- 5% of project cost
Bank of India Staff Housing Loan
Eligibility - All permanent employees of the Bank who have completed two years of continuous uninterrupted satisfactory service in the Bank.
Permissible Quantum - 95% of Total Cost
| Scale | I | II | III | IV | V | VI | VII | VIII |
|---|---|---|---|---|---|---|---|---|
| Permissible Quantum |
Rs.100 lakhs |
Rs.110 lakhs |
Rs.120 lakhs |
Rs.130 lakhs |
Rs.140 lakhs |
Rs.170 lakhs |
Rs.180 lakhs |
Rs.190 lakhs |
Margin - 5% of project cost
Rate of Interest
| Upto Rs.1.10 Lakhs | 5.00 % p.a. (simple) |
| Above Rs.1.10 Lakhs to Rs.40 Lakhs | 5.50 % p.a. (simple) |
| Above Rs.40 Lakhs | 6.00 % p.a. (simple) |
Repayment
Repayment period – Max. period of 30 years or 75 years of age of the employee.
Repayment schedule - aggregate of 360 instalments, first 270 instalments towards repayment of the Principal amount and 90 instalments.
Bank of India Staff Vehicle Loan Scheme
Eligibility - All permanent employees of the Bank who have completed two years of continuous uninterrupted satisfactory service in the Bank.
Permissible Quantum - 90% of cost of vehicle.
| Scale | Upto Scale IV | Scale V & above |
|---|---|---|
| Permissible Quantum | Rs. 20 lakhs | Rs. 22 lakhs |
Margin - 10% of on road price.
Rate of Interest - 5.50% simple for all limits. Additional 0.10% concession to be given for purchase of Electric Vehicles.
Repayment
Four wheeler - 200 monthly instalments and 84 monthly instalments for the purchase of a two-wheeler and second-hand vehicle.
The principal and interest amount of loan for purchase of four-wheeler shall be repayable in 200 monthly instalments. The principal loan amount will be first recovered in 120 months and interest accrued will be recovered in the next 80 months.
The principal and interest amount of loan for purchase of two-wheeler shall be repayable in 84 monthly instalments, first recovered in 70 months and interest accrued will be recovered thereafter in the next 14 months.