Bank of India offers personal loans with interest rates starting from 10.25% p.a., with flexible loan tenures of up to 60 months and loan amounts of up to Rs. 10 lakh. These loans are designed to cater to a variety of personal financial needs, such as medical expenses, weddings, travel, or debt consolidation.
Bank of India personal loans come with quick approval, minimal documentation, and no collateral requirement. Additionally, the bank provides flexible repayment options, ensuring that borrowers can comfortably manage their finances while meeting their immediate personal requirements.
| Interest Rate | 10.85%-16.10% p.a. |
| Loan Amount | Up to Rs 25 lakh |
| Tenure | Up to 7 years |
| Processing Fees | 0.50%-1% (Minimum Rs 250 and Maximum Rs 10,000) |
Types of Personal Loans
| Personal Loan Type | Purpose | LTV Ratio | Tenure | Special Features |
| Star Personal Loan | General personal expenses (wedding, travel, etc.) | Up to 100% | 12 to 60 months | No collateral required, quick processing, and disbursement. |
| BOI Star Mitra Personal Loan | For employees of reputed institutions and government | Up to 90% | 12 to 48 months | Concessional interest rates, simplified documentation, and fast-track approval. |
| Pensioner Loan | Financial needs of retired individuals | Up to 85% | 12 to 48 months | Tailored for pensioners, no processing fees, and easy eligibility criteria. |
| Star Holiday Loan | For financing holidays and travel plans | Up to 100% | 12 to 36 months | Special schemes during holiday seasons, competitive interest rates. |
| BOI Star Education Loan | For higher education and related expenses | Up to 100% | Up to 15 years | Includes moratorium period, lower interest rates, flexible repayment options. |
| Star Loan Against Property | Loan for personal use against property | Up to 75% | 12 to 84 months | Higher loan amount, competitive rates, loan against residential/commercial property. |
Bank of India Personal Loan Features & Benefits
Loan Amount:
- The loan amount typically ranges from ₹10,000 to ₹10 lakhs, depending on the applicant’s eligibility, income, and repayment capacity.
- The actual loan amount sanctioned is based on factors like credit history, income level, and existing liabilities.
Interest Rates:
- Bank of India offers competitive interest rates, which generally range between 9.75% and 14.50% per annum.
- The interest rate can vary depending on the loan amount, tenure, and the applicant’s creditworthiness.
- Special interest rates may be offered for specific categories such as government employees or pensioners.
Loan Tenure:
- The repayment tenure for personal loans varies from 12 to 60 months.
- Borrowers have the flexibility to choose a tenure that best suits their financial situation.
No Collateral Required:
- Bank of India’s personal loans are unsecured, meaning they do not require any collateral or security.
- This feature makes it accessible to a wider range of customers who may not have assets to pledge.
Processing Fee:
- A nominal processing fee, usually around 2% of the loan amount, is charged.
- The processing fee is deducted from the loan amount at the time of disbursement.
- Special offers or seasonal campaigns might include processing fee waivers or reductions.
Quick Disbursement:
- Once the loan application is approved, the disbursal process is swift, ensuring funds are available to the borrower in a timely manner.
- The quick disbursement feature is particularly beneficial during financial emergencies.
Flexible Repayment Options:
- Bank of India offers flexibility in repayment, allowing borrowers to choose EMIs (Equated Monthly Installments) based on their repayment capacity.
- The bank also provides options for part-prepayment and foreclosure of the loan without hefty penalties.
Eligibility Criteria:
- Bank of India’s personal loans are available to salaried employees, self-employed professionals, business owners, and pensioners.
- The minimum age requirement is 21 years, and the maximum age at loan maturity should not exceed 60 years for salaried employees and 70 years for pensioners.
Documentation:
- Minimal and straightforward documentation is required, including identity proof, address proof, income proof, and bank statements.
- The bank may also require additional documents depending on the applicant’s profile and the loan type.
Top-Up Loan Facility:
- Existing personal loan customers may be eligible for a top-up loan, which provides additional funds on top of the existing loan.
- This facility is subject to eligibility and the bank’s discretion.
Bank of India Personal Loan Interest Rate
| Customer Type | Effective Rate Of Interest |
| For Salaried | 10.50% to 12.50% per annum |
| For Self-employed | 11.00% to 14.00% per annum |
Bank of India Personal Loan Processing Fees and Charges
| Fee/Charge Type | Details |
| Processing Fee | Up to 2% of the loan amount (subject to a minimum of ₹1,000 and a maximum of ₹15,000). |
| Prepayment/Foreclosure Charges | Nil for individual borrowers. No prepayment charges are levied, allowing borrowers to repay the loan early without any penalty. |
| Late Payment Charges | 2% per month on the overdue amount, in addition to the applicable interest rate. |
| Stamp Duty | As per the state laws where the loan agreement is executed. |
| Documentation Charges | Generally, no separate charges; however, any additional charges for special documentation (if required) may be levied. |
| Loan Cancellation Charges | Nominal charges may apply; processing fees are generally non-refundable. |
| Cheque Bounce Charges | ₹500 per instance, plus applicable taxes. |
| Duplicate Statement Issuance | ₹100 per statement, plus applicable taxes. |
| Duplicate Amortization Schedule Issuance | ₹200 per instance, plus applicable taxes. |
| Loan Account Statement Charges | Usually free for the first copy; charges may apply for additional copies. |
Eligibility criteria for Bank of India Personal Loan
| Requirements | Salaried | Self-Employed |
| Residency | Indian/NRI | Indian/NRI |
| Age | 21 to 60 years | 21 to 65 years |
| CIBIL Score | Minimum of 700 | Minimum of 700 |
| Minimum Net Income | ₹15,000 per month (may vary based on location and loan amount) | ₹2,00,000 annual gross income (may vary based on profession) |
Documents required for Bank of India Personal Loan
Identity Proof (Any one of the following):
- Aadhaar Card
- Passport
- Voter ID Card
- Driving License
- PAN Card
2. Address Proof (Any one of the following):
- Aadhaar Card
- Passport
- Voter ID Card
- Utility Bills (Electricity, Water, etc.) – Not older than 3 months
- Bank Account Statement with Address
- Driving License
3. Age Proof (Any one of the following):
- Birth Certificate
- PAN Card
- Passport
- School/College Leaving Certificate
- Aadhaar Card
4. Income Proof:
- For Salaried Individuals:
- Latest Salary Slips (Last 3 months)
- Form 16 or Income Tax Return (ITR) of the last 2 years
- Bank Statements reflecting salary credits for the last 6 months
- For Self-Employed Individuals:
- Income Tax Returns (ITR) for the last 2 to 3 years
- Profit and Loss Statement and Balance Sheet for the last 2 to 3 years (Audited or Certified)
- Bank Statements of the last 6 to 12 months
- Business Continuity Proof (Trade License, GST Registration, etc.)
5. Employment Proof:
- For Salaried Individuals:
- Employee ID Card
- Employment Appointment Letter/Offer Letter
- Employer’s Confirmation on Letterhead (if required)
- For Self-Employed Individuals:
- Business Registration Certificate (Certificate of Incorporation, GST Registration, etc.)
- Professional Degree Certificate (if applicable for professionals like doctors, CAs, etc.)
- Business Continuity Proof (Trade License, etc.)
6. Signature Proof:
- Passport
- PAN Card
- Driving License
- Bank Account Cheque Leaf with the signature
7. Recent Photographs:
- Passport-sized photographs (Typically 2 to 3 copies)
8. Loan Application Form:
- Duly filled and signed loan application form provided by Bank of India.
9. Additional Documents (if applicable):
- Processing Fee Cheque as applicable.
- Existing Loan Account Statements for the last 12 months (if applying for a balance transfer or top-up loan).
- NOC from existing lender (if applicable for balance transfer).
Bank of India Personal Loan EMI Calculator
Calculate your EMI using Bank of India’s online EMI calculator. Simply enter the loan amount, tenure, and interest rate to get an estimate of your monthly payments. [Link to EMI Calculator]
How to Apply for a Personal Loan at the Bank of India?
You can easily apply for a Bank of India Personal Loan online by following these easy steps:
- Visit the Bank of India website or nearest branch.
- Click on ‘Apply Now’.
- Provide your personal and income details.
- Select Bank of India from the list of lenders.
- Choose your preferred loan amount and repayment tenure.
- Submit the application.
- Contact Us at +91 636909 5433 or Visit Grow Associates for more convenient option
Types of Bank of India Personal Loans
1. Star Personal Loan
- Purpose: This loan is designed to meet general personal expenses such as weddings, travel, medical emergencies, education, or any other personal financial needs.
- Description: The Star Personal Loan offers flexible repayment options, competitive interest rates, and requires no collateral, making it accessible to a wide range of borrowers.
2. BOI Star Mitra Personal Loan
- Purpose: Tailored for salaried employees of reputed institutions and government organizations.
- Description: This loan provides special interest rates, simplified documentation, and fast-track approval, catering specifically to the financial needs of employees in stable employment.
3. Pensioner Loan
- Purpose: Designed to meet the financial needs of retired individuals, particularly pensioners.
- Description: This loan offers favorable terms, including no processing fees and easy eligibility criteria, ensuring that pensioners can access funds without financial strain.
4. Star Holiday Loan
- Purpose: Specifically for financing holidays and travel-related expenses.
- Description: The Star Holiday Loan offers competitive interest rates and is often available with special schemes during holiday seasons, helping borrowers plan their vacations without financial worries.
5. BOI Star Education Loan
- Purpose: Aimed at students or their guardians to cover the cost of higher education, including tuition fees, books, accommodation, and other related expenses.
- Description: This loan includes a moratorium period during the course of study, offers lower interest rates, and provides flexible repayment options, making higher education more accessible.
6. Star Loan Against Property
- Purpose: A loan for personal use that is secured against residential or commercial property.
- Description: This loan offers higher loan amounts, competitive interest rates, and longer tenures, making it an attractive option for individuals needing significant funds against their property value.
Why Apply for Personal Loans through Grow Associates?
- Offers from Top Lenders: 30+ partner Banks/NBFCs/Fintechs provide the best available loan at one place.
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- Personalized Solutions & High Approval Chances: Personal loan offers are ranked according to your credit score and eligibility factors, maximizing your chances of approval.
- Pre-Approved Loans: Access pre-approved personal loan offers based on your credit health.
- End-to-end Assistance: From loan selection to fund disbursement, [Platform/Agency Name] assists you at every step.
Compare Bank of India Personal Loan with Other Banks and NBFCs
| Bank Name | Interest Rate | Processing Fee | Foreclosure Charges | Late Payment Fee |
| Bank of India | 10.50% – 14.50% p.a. | Up to 2% of the loan amount (min ₹1,000, max ₹15,000) | Nil for individual borrowers | 2% per month on the overdue amount |
| ICICI Bank | 10.99% to 22% p.a. | Up to 2.5% of the loan amount + GST | 5% of the outstanding principal amount + GST | 2% per month on the overdue amount |
| Kotak Mahindra Bank | 10.99% to 24% p.a. | Up to 2.5% of the loan amount + GST | 5% of the outstanding principal amount + GST | 2% per month on the overdue amount |
| HDFC Bank | 11% to 21% p.a. | Up to 2.5% of the loan amount + GST | 4% of the outstanding principal amount | 2% per month on the overdue amount |
| State Bank of India | 10.55% to 15.65% p.a. | 1% to 1.5% of the loan amount + GST | 3% of the prepaid amount | 2% per month on the overdue amount |
| Axis Bank | 12% to 24% p.a. | Up to 2% of the loan amount + GST | 5% of the outstanding principal amount | 2% per month on the overdue amount |
| Bajaj Finserv | 11% to 24% p.a. | Up to 3.99% of the loan amount + GST | 4% of the outstanding principal amount + GST | 2% per month on the overdue amount |
| Punjab National Bank | 8.80% to 14.85% p.a. | 1% of the loan amount + GST | 3% of the prepaid amount | 2% per month on the overdue amount |
Brief Summary
Bank of India offers a versatile personal loan product designed to meet a wide range of financial needs, from personal expenses like weddings, travel, and medical emergencies to education and home renovations. With competitive interest rates typically ranging from 10.50% to 14.50% per annum, the loans are accessible to both salaried and self-employed individuals. The loan amount can range from ₹10,000 to ₹10 lakhs, with flexible repayment tenures between 12 to 60 months.
FAQs
- How to get the lowest personal loan interest rate from the Bank of India?
To secure the lowest personal loan interest rate from the Bank of India, you can focus on maintaining a high credit score (typically 750 or above), which demonstrates good creditworthiness. Additionally, having a stable income, minimal existing debt, and a strong repayment history can also improve your chances of getting a lower rate. If you’re an existing customer with a strong banking relationship or if you qualify for special schemes (like being a government employee), you may also be eligible for preferential interest rates.
- How can I calculate the interest cost of a Bank of India Personal Loan?
You can calculate the interest cost of a Bank of India Personal Loan using the loan’s principal amount, interest rate, and tenure. The easiest way to do this is by using an EMI calculator available on Bank of India’s official website or other financial portals. By entering the loan amount, interest rate, and loan tenure, you can get an estimate of your monthly EMI and total interest payable over the loan term.
- How can I reduce my Bank of India personal loan interest rate?
To reduce your personal loan interest rate, you can take several steps:
Improve Your Credit Score: A higher credit score can help you negotiate better interest rates.
Choose a Shorter Tenure: Opting for a shorter repayment period often results in lower interest rates.
Leverage Existing Relationship: If you are an existing Bank of India customer with a good track record, you might be able to negotiate a lower rate.
Opt for Special Offers: Look for promotional offers during festivals or specific periods when the bank offers reduced interest rates.
Consider Balance Transfer: If you already have a personal loan with a higher rate, you can transfer it to Bank of India if they offer a lower rate, thereby reducing your overall interest burden.
- What is the minimum loan amount when I apply for a personal loan through Bank of India (BOI)?
The minimum loan amount you can apply for through Bank of India is ₹10,000. This amount may vary based on the type of personal loan and specific customer criteria.
- I am a salaried individual. How does the Bank of India (BOI) decide on the maximum loan amount that can be availed by me?
Bank of India determines the maximum loan amount for salaried individuals based on several factors, including your monthly net income, credit score, repayment capacity, and existing financial obligations. Typically, the bank offers a loan amount that ensures your Equated Monthly Installment (EMI) does not exceed 50% of your net monthly income. Additionally, your employer’s profile, job stability, and years of experience may also influence the loan amount sanctioned.
