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Our Healthcare Products

Sr. No

Parameter

Details

1

Name of the facility

BOI Star- Kavach Personal loan Scheme

2

Facility type

Demand/Term loan

3

Validity of scheme

Valid up to 31-03-2022

4

Constitution

Individuals/Proprietorship Firms

5

Co- applicant

(In case the applicant is a COVID patient and applies for loan for medical treatment for self)

 

Salaried: PF Nominee.
Others: other income earning member of the family

6

Age

Salaried: Age at the end of repayment period not to exceed retirement age of the employee.

Doctors/Others: Age at the end of repayment period not to exceed 65 years.

7

Purpose

To meet medical expenses (including pre and post hospitalization expenses) for self and / or close relatives.

8

Eligibility

  • Existing Bank of India Customers with satisfactorily conducted saving/current account with the bank for past 24 months

and
Maintaining Average Quarterly Balance of Rs.25,000/Rs.50,000 for saving and current respectively (For Non –salaried customers only)

  • Existing borrowers of our Bank (both salaried and non-salaried) enjoying  credit facilities with satisfactory conduct(Excluding SMA and restructured accounts)

 

  • Salary account holders drawing salary through our Bank for last 12 months.
  • Qualified Medical Practitioners with minimum 3 years of experience and two years of satisfactorily conducted SB/CD account (No requirement of AQB), with our Bank.

 

Note: The following customers are not eligible:

  • The customers who have already availed loans under COVID 19 Personal loan scheme or COVID 19 pensioner Loan scheme and whose loans are still outstanding as on the date of application.
  • The customers whose loan accounts are restructured under Resolution plan 1.0 or Resolution Plan 2.0 or SME Restructuring or any other restructuring scheme.

 

  • The customers who have availed GECL or any additional loan under restructuring.

9

Loan amount

For salaried: 10 times of  last drawn gross salary; Min: Rs. 25000.00 and Max: Rs. 5.00 Lakhs
For Self Employed/Proprietor: -10times of monthly income based on the latest ITR; Minimum Rs. 25000.00 and Max: Rs. 5.00 Lakhs.

10

NTHP

Gross monthly income up to Rs.1.00 lakh

40%

Gross monthly income over Rs.1.00 Lakh and up to Rs. 5.00 lakhs

30%

Gross Monthly income above Rs.5.00 lakhs

25%

11

Margin

Nil

12

Rate of interest

RBLR  + CRP of 1.65%, presently 8.50% p.a. floating with monthly rests

13

Security

Clean             

 

Guarantee
(in case of other than salaried persons)

Suitable third party guarantee of a person having adequate net worth or commensurate with repaying capacity of borrower

15

Processing fees

Nil

16

Repayment

For Demand Loan: 36 months including moratorium period of 6 months
For term loan: Maximum 5 years including moratorium period of 3 months

23

Others

  • Positive RT-PCR report for self and / or close relatives.

 

  • Satisfactory CIBIL Report

 

  • Rating exercise: Applicants scoring minimum 20 marks out of 53 marks.
  • Standing Instructions/ECS (NACH) is mandatory.