Bank of India Personal Loan Interest Rates
The Bank of India provides personal loans ranging from ₹20 lakh with tenure up to three years at an interest rate of between 10.85% and 14.85% per annum. It offers special loan schemes for doctors under the BOI Star Doctor-Plus Scheme offering an interest rate of 10.85% per annum and for pensioners under the BOI Star Pensioner Loan Scheme which attracts an interest rate of 11.85% per annum; thus this bank is best suited to these respective groups.
Bank of India Personal Loan Interest Rates 2024
The Bank of India offers a range of personal loan interest rates tailored to different borrower profiles and needs. For unsecured personal loans, the interest rate is set at 14.85%. If the loan is secured through tie-up arrangements, the rate is slightly lower at 13.85%. Senior citizens aged 60 and above, who are applying for loans above ₹50,000, can benefit from a reduced interest rate of 12.85%.
Additionally, the Star Pensioner Loan Scheme provides an even more attractive rate of 11.85% for eligible pensioners. For medical professionals, the BOI Star Personal Loan - Doctor Plus also offers a competitive interest rate of 12.85%. These tailored rates reflect the bank's efforts to accommodate the diverse financial needs of its customers.
Star Suvidha Express Personal Loan Interest Rates
The interest rates for the Star Suvidha Express Personal Loan are set according to the applicant's employment status. For salaried individuals and pensioners, the interest rate is 10.85%. On the other hand, for those in other categories, the rate is slightly higher at 11.85%. These rates reflect the bank’s approach to assessing risk and offering competitive loan options based on the borrower's financial stability and employment background.
In addition to the Star Suvidha Express Personal Loan, the Bank of India provides specialised personal loan options such as the BOI Star Doctor-Plus and the BOI Star Pensioner Loan Scheme. These loans are available at interest rates of 12.25% per annum for doctors and 11.75% per annum for pensioners.
Benefits of Bank of India Personal Loan
Competitive Interest Rates
Access low and transparent interest rates.
No Hidden Charges
Experience a clear borrowing process with no unexpected fees.
Minimal Documentation
Enjoy a streamlined documentation process for hassle-free borrowing.
Online Application
Apply online in just 15 minutes for a quick and efficient process.
Bank of India Personal Loan 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)- NILFor 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 |
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Bank of India Personal Loan Interest Rates vs Other Bank Loan
The table below highlights the interest rates provided by various banks, enabling you to compare and choose the best option for your needs. The actual interest rate you qualify for will depend on the bank's policies and your credit profile. Bank of India offers personal loans with rates starting at 10.85% per annum, subject to your financial profile. Note: All the interest rates are as of January 2025. For latest interest rates, please refer to the bank’s website.
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Bank of India Personal Loan EMI Calculator
https://www.livemint.com/loans/bank-of-india-personal-loan-emi-calculator
Factors Affecting Bank of India Personal Loan Interest Rate
There are several factors which influence the Bank of India personal loan interest rate, some of which are explained below:
Repayment Capacity: A significant factor is that a borrower is in a position to repay. Personal loans from the bank are available at ten times the customer's monthly income. Bank of India would have been willing to provide loans at low interest rates to the applicants whose credit history is clear and the customer has a stable income.
Relationship with Bank of India: There is no lack of trust when a consumer and their bank get along well. The bank will therefore be able to lower the interest rates it offers to its most favored clients. Additionally, a bank's long-standing customers who meet all the requirements to qualify for a Bank of India personal loan might bargain for a reduced interest rate.
Loan Term: The duration for which the customer wants to borrow is a factor that decides the interest rate Bank of India is willing to offer. In comparison to loans provided for longer tenures, the bank will charge a higher interest rate if the consumer chooses a short loan tenure.