• For new vehicle; Up to 90% of cost of vehicle, vehicle registration, lien noting fee and insurance – subject to a maximum loan amount as per BOIUL Guidelines.
  • For second hand vehicle; Up to 80% of value of vehicle assessed by approved valuer, subject to maximum loan amount as per BOIUL Guidelines.
  • In case of salaried employees net take home pay after deducting monthly installment of the proposed loan should not be less than 25% of the gross monthly salary.
  • Indicator Prime Lending Rate + as shall be advised by BOIUL at the time of loan application
  • Repayment Period; Maximum term of up to 60 months for new car and Maximum term of up to 36 months for second hand (used) car.

  • Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
  • Financial Card Number for the borrowing entity.
  • Third party guarantee of persons with adequate worth. (Can be waived at the discretion of BOIUL depending on the standing of the borrower)
  • BOIUL will register a first charge on the Log book of the vehicle being purchased from the loan.
  • The vehicle must be comprehensively insured noting BOIUL as the beneficiary to the vehicle. A copy of the vehicle insurance policy must be obtained from the borrower before drawdown of the loan.
 
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