Bank of India Personal Loan Interest Rates
Bank of India offers personal loan interest rates starting at 10.85% per annum for amounts up to ₹20 lakh with repayment terms of up to 3 years. Additionally, the bank provides specialised loan schemes such as the BOI Star Doctor-Plus for medical professionals at an interest rate of 10.85% per annum, and the BOI Star Pensioner Loan Scheme for retirees at an interest rate of 11.85% per annum.
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.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)- 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 |
Bank of India Personal Loan EMI Calculator
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Bank of India Personal Loan Interest Rates vs Other Bank Loan
| Interest Rates | Range (p.a.) |
| SBI Personal Loan Interest Rate | 11.45% – 14.85% |
| HDFC Personal Loan Interest Rate | 10.75% onwards |
| Axis Bank Personal Loan Interest Rate | 11.25% onwards |
| ICICI Personal Loan Interest Rate | 10.85% onwards |
| BOB Personal Loan Interest Rate | 11.15% – 18.75% |
| PNB Personal Loan Interest Rate | 10.40% – 16.95% |
| Canara Bank Personal Loan Interest Rate | 10.95% – 16.40% |
| IDFC Personal Loan Interest Rate | 10.99% – 23.99% |
| Yes Bank Personal Loan Interest Rate | 10.99% onwards |
| Navi Personal Loan Interest Rates | 9.90% – 45.00% |
| Union Bank Personal Loan Interest Rates | 11.35% – 15.45% |
| Indian Bank Personal Loan Interest Rate | 10.00% – 15.05% |
| Tata Capital Personal Loan Interest Rate | 10.99% onwards |
| Kotak Personal Loan Interest Rate | 10.99% onwards |
| Bandhan Bank Personal Loan Interest Rates | 9.47% onwards |
(Source: Bank website; rates as of 4 September 2024)
Bank of India Personal Loan Interest Rates FAQs
What is the interest rate range for personal loans at the Bank of India?
Bank of India offers personal loan interest rates between 10.85% and 14.85% per annum. The exact rate depends on factors like your credit score, occupation, the type of loan, and your relationship with the bank.
What is the minimum loan amount for a personal loan with Bank of India?
The minimum loan amount for Bank of India personal loans varies by location. In metro cities and urban centres, the minimum is typically Rs. 10,000. For rural or semi-urban areas, there is no specified minimum loan amount.
How can I secure the lowest personal loan interest rate from the Bank of India?
Bank of India determines personal loan interest rates based on factors like credit score, occupation, existing relationship with the bank, and the specific loan scheme. Generally, the best rates are available to salaried applicants with strong credit profiles.
Are the personal loan interest rates from Bank of India fixed or floating?
Bank of India provides personal loans with floating interest rates, which are tied to the Repo Base Lending Rate (RBLR). Changes in the repo rate can affect your loan’s interest rate, depending on when your rate is adjusted.
Does Bank of India offer any special discounts on personal loan interest rates?
Currently, Bank of India does not advertise any specific discounts or offers on personal loan interest rates. For potential discounts or offers, it’s best to contact the bank directly.