Bank of India Personal Loan
Customers who borrow personal loans from Bank of India can get rates as low as 10.85% p.a. and obtain financing for sums up to ₹25 lakh over a maximum period of 7 years. Customers who borrow from BOI personal loans can guarantee a trouble-free experience because these loans process quickly while requiring minimal documentation. Retirees can obtain financial support from Bank of India through the BOI Star Pensioner Loan Scheme with advantageous interest rates.
Features of Bank of India Personal Loan
Flexible tenure
Convenient EMIs with a repayment duration of up to seven years.
Easy documentation
The application system is simple with a low document burden that makes paperwork easy.
Quick disbursement
The loan assessment followed by money disbursement takes place in a short amount of time.
Collateral free
This unsecured personal loan functions without requiring any kind of security or guarantor possession.
Flexible usage
The loan proceeds enable pensioners to spend funds on travel expenses and educational fees as well as medical expenses and property remodeling and personal use.
Bank of India Personal Loan Interest Rates
Bank of India offers personal loans with interest rates starting at 10.85% per annum. Rates vary based on factors such as the applicant’s type, loan type, and their existing relationship with the bank. While specific criteria like credit score, monthly income, job profile, and employer profile are not detailed, they may influence the final rate, similar to other lenders.
| Clean/Unsecured | 14.85% p.a. |
| Financing secured under tie-up arrangements | 13.85% p.a. |
| For senior citizens above 60 years of age and above loan of ₹50,000 | 12.85% p.a. |
| Star Pensioner Loan Scheme | 11.85% p.a. |
| Star Suvidha Express Personal Loan | Salaried/Pensioner- 10.85% Others- 11.85% |
Bank of India Personal Loan: Breakdown of Fees and Charges
| Type | Processing Charges |
|---|---|
| Star Personal Loan | For Salaried- 0.50% ( ₹500- ₹2,500) For Non-Salaried- One time @ 1% ( ₹750- ₹5,000) For Senior Citizens- NIL |
| Star Pensioner Loan Scheme | Senior Citizen (60 years & above)- NIL For others- One time @ 0.50%(Rs.250- Rs.1000) |
| Star Personal Doctor Loan | 50% concession in charges as applicable to Members of public for Personal Loan and Vehicle loan |
| Star Suvidha Express Personal Loan | ₹1,000 |
https://www.livemint.com/loans/bank-of-india-personal-loan-emi-calculator
Bank of India Personal Loan EMI Calculator
Loan Amount
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Rate of Interest
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Loan Duration
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EMI Payment Schedule
Bank of India Personal Loan Interest Rates vs Other Bank Loan
| Bank | Interest rate |
|---|---|
State Bank of India | 11.45% onwards |
HDFC Bank | 10.85% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Yes Bank | 11.25% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Bandhan Bank | 9.47% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
Source: Bank’s website
Bank of India Personal Loan Options
Bank of India offers a variety of personal loan schemes to cater to different needs and customer profiles. Here’s a detailed overview of the available personal loan options:
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BOI Star Personal Loan
Purpose: This general-purpose personal loan is designed to meet a range of financial needs including marriage, education, medical expenses, and more.
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Loan Amount: Up to ₹25 lakh
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Tenure: Up to 7 years
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Processing Fees: One-time fee of 2% of the loan amount
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BOI Star Pensioner Loan
Purpose: Specifically tailored for pensioners and family pensioners, this loan addresses personal financial requirements such as medical expenses, home repairs, etc.
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Loan Amount: Up to ₹10 lakh
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Tenure: Up to 5 years
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Processing Fees: One-time fee of 2% of the loan amount
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BOI Star Personal Loan - Doctor Plus
Purpose: Exclusively for medical practitioners, this loan supports various personal needs except for gold purchases, investments in shares, or speculative activities.
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Loan Amount: Up to ₹25 lakh
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Tenure: Up to 7 years
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Processing Fees: 50% discount on standard processing charges
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Star Suvidha Express Personal Loan
Purpose: This special scheme is available to select BOI customers and can be used for a wide range of personal needs.
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Loan Amount: Up to ₹20 lakh
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Tenure: Up to 7 years
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BOI Star Mitra Personal Loan
Purpose: Designed to assist differently-abled individuals in purchasing specialized aids, appliances, and durables to aid in their physical and social rehabilitation.
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Loan Amount: Up to ₹2 lakh
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Tenure: Up to 5 years
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Bank of India Personal Loan Eligibility Criteria
BOI Star Personal Loan
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Salaried Employees: Permanent employees, professionals, and individuals with substantial net worth.
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Bank Staff: Current and retired Bank of India employees.
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Pensioners: Regular pensioners or family pensioners receiving their pension from BOI.
BOI Star Pensioner Loan
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Pensioners: Retired employees and regular pensioners or family pensioners drawing their pension from BOI.
Star Suvidha Express Personal Loan
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Salaried Employees: Those with salary accounts at Bank of India or existing salaried home loan borrowers.
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Age Limit: Maximum age at loan maturity should be 75 years.
BOI Star Personal Loan - Doctor Plus
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Doctors: Qualified medical practitioners registered for at least 3 years with recognized medical bodies (DCI/MCI/statutory authorities).
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Age Requirements: Applicants must be at least 25 years old and ensure repayment by age 75.
BOI Star Mitra Personal Loan
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Eligible Individuals: Salaried, self-employed, and professional individuals.
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Age Limit: Maximum age at loan maturity should be 70 years.
BOI may also consider the applicant's monthly income and credit score as part of the eligibility assessment, similar to other banks and financial institutions.
Documents Needed for a Personal Loan from Bank of India
If you're applying for a personal loan with the Bank of India, you'll need to provide several important documents to complete your application process. Here’s a streamlined list of what you’ll need:
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Identification Proof
Choose one of the following:
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Passport
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PAN Card
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Voter ID
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Driving licence
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Address Proof
Provide any one of the following:
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Driving licence
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Aadhar Card
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Passport
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Latest telephone bill
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Recent electricity bill
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Current piped gas bill
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Income Proof
Depending on your employment status, you’ll need to submit the following:
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Recent 6 months' salary slips
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Latest Income Tax Return (ITR) or Form 16
For Salaried Individuals:
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Last 3 years' Income Tax Returns
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CA-certified Computation of Income
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Profit & Loss Account
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Balance Sheet
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Capital Account Statement
For Self-Employed Individuals:
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Ensure that all documents are up-to-date and accurately reflect your current situation to facilitate a smooth loan application process.
Bank of India Personal Loan FAQs
How can I know about the processing status of my Bank of India personal loan application?
Users can monitor their loan status through the Bank of India official website by using their application number and cellphone number.
Does the Bank of India provide various types of personal loans to customers?
Bank of India extends both secured and unsecured personal loans to its customers. Bank of India requires borrowers to present collateral assets for secured loans although they do not need it for unsecured personal loan applications.
What is the turnaround time for Bank of India personal loan disbursal?
Bank of India does not specify a disbursal time. Typically, personal loan disbursal takes 2-7 working days. Some lenders offer instant loans for pre-approved customers.
Can I choose between fixed or floating rates for a personal loan?
Bank of India offers personal loans only at floating rates.
What is the minimum credit score required for a Bank of India personal loan?
While the exact credit score cut-off isn’t specified, a score of 750 or higher generally improves your chances of getting a personal loan at better rates.
What are the special concessions available for Bank of India personal loans?
Women borrowers can get a 0.50% interest rate reduction, pensioners are offered a rate of 11.85% per annum, and doctors can access customized loans starting at 10.85% per annum.