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Interest Rate

RETAIL BANKING DEPARTMENT

Annexure

This Annexure is applicable only for Rate of Interest in respect of Retail Loans/Advances linked to 1 Year Marginal Cost of Funds based Lending Rate (MCLR) (i.e. loans sanctioned on or after 01.04.2016)

  • Important Note
    • As per RBI guidelines all rupee loans sanctioned and credit limits renewed w.e.f. 1st April 2016 will be priced with reference to the 1 Year Marginal Cost of Funds Based Lending Rate (MCLR).
    • All Rate of Interest under Retail Loans is linked to 1 year MCLR. Any concession granted in Retail Loan is subject to minimum 1 year MCLR
    • MCLR w.e.f. 10th DECEMBER  2018 is 8.70% p.a.
    • All rates (except ROI on Star Mitra Personal Loan Scheme and Star Reverse Mortgage Loan Scheme) are on floating rate basis.
    *PLEASE NOTE CURRENTLY FESTIVAL OFFER IS APPLICABLE TILL 31.03.2019
  • Star Home Loan Scheme
    Particulars Rate of interest
    Star Home Loan/Star Smart For Women : 1 Year MCLR + 0.15 %
    Home Loan/Star Pravasi Home For Others : 1 Year MCLR + 0.20 %
    Loan /Star Diamond Home Loan  
  • BOI Star Top Up Loan

    Rate of Interest presently applicable in respective Home Loan account plus premium of 0.50% (floating ROI, p.a. at monthly rests) subject to minimum 1 year MCLR

    Particulars Rate of interest
    Loan/ Overdraft Reducible (Monthly Reducible Limit) 1 Year MCLR +2.00%
    Overdraft (Non-Reducible) 1 Year MCLR + 2.50%
  • Star Vehicle Loan Scheme
    Particulars Rate of interest
    4 Wheelers / 2 Wheelers including Super Bikes 1 Year MCLR + 0.85 %
    New & 2nd Hand Vehicle -  

    Note: No separate Interest concession in respect of loan to woman beneficiary.

  • Star Education Loan Scheme
    Particulars Rate of interest
    Education Loan covered under Credit Guarantee Fund Scheme for Education Loan(CGFSEL) limit upto Rs.7.50 lacs 1 Year MCLR +1.70%
    For loans above Rs.7.50 lacs 1 Year MCLR + 2.50%

    Note

    • Simple interest to be charged during the repayment holiday/ moratorium period.
    • 1% interest concession may be provided for loanees, if the interest is serviced during the study period when repayment holiday is specified for interest/repayment under the scheme. No concession will be available from the date of commencement of EMI.
    • The accrued interest during the repayment holiday period to be added to the principal and repayment in equated monthly instalments (EMIs) be fixed accordingly.
    • Penal interest @ 2% to be charged for loans above Rs. 4 Lacs for the overdue amount and overdue period.
    • Interest concession for loans/advances to woman beneficiary: 0.50% p.a.
    • All students pursuing professional courses (like Engineering/Medical/Management etc.) are eligible for 0.50% interest concession but max. Rate of Interest concession under (a) and (b) above is 1.00% p.a. subject to, minimum one year MCLR of the Bank
  • Star Vidya Loan Scheme
    Particulars Rate of interest
    Premier Institutes as per list A, B and C 1 year MCLR

    No concession for servicing of interest during study/ moratorium period. No other concession will be available.

  • Pradhan Mantri Kushal Rin Yojana (Skill Loan Scheme)
    Particulars Rate of interest
    Revised uniform Rate of Interest for New loans w.e.f. 09-06-2017 1 Year MCLR + 1.50%
    • 1% interest concession may be provided for loanees, if the interest is serviced during the study period when repayment holiday is specified for interest/repayment under the scheme. No concession will be available after commencement of repayment.
    • No other concession in ROI will be available.
  • Star Personal Loan Scheme
    Particulars Rate of interest
    Fully Secured 1 Year MCLR + 4.50%
    Clean/Unsecured 1 Year MCLR + 5.50%
    For Senior Citizens aged 60 years & above for loans upto Rs.50,000/- 1 Year MCLR + 3.50%
    Financing Secured under tie-up arrangements 1 Year MCLR + 4.50%
  • Star Pensioner Loan Scheme
    Sr No. Particulars Rate of interest
    i. Fully Secured/Clean/Unsecured as per Star Pensioner Loan Scheme 1 Year MCLR +2.50%
  • Star Holiday Loan Scheme

    Star Holiday Loan Scheme: as Per Star Personal Loan

  • BOI Star Doctor Plus (Retail) Scheme
    Particulars Rate of interest
    Personal Loan  
    Fully Secured 1 Year MCLR + 2.00% + BSS (0.30%)
    Clean/Unsecured 1 Year MCLR + 3.00% + BSS (0.30%)
    Vehicle Loan  
    4 Wheelers  
    New Vehicle 1 Year MCLR +0.40% + BSS (0.30%)
    Second hand vehicles 1 Year MCLR + 0.40% + BSS (0.30%)

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