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Bank of India Personal Loan

Bank of India Personal Loan

Bank of India offers multiple types of personal loans to salaried, self-employed, or professionals at an interest rate of 8.75% p.a. onwards for loan amounts of up to Rs.25 lakhs and for repayment tenure up to 84 months. It also offers personal loans to pensioners at 10.25% p.a. and customized personal loans to doctors at 9.75% p.a.

Bank of India Personal Loan Overview

Loan Amount

Up to Rs.25 Lakhs

Maximum Loan Tenure

Up to 7 years

Interest Rate

8.75% to 13.75% p.a.

Processing Fees

One time up to 2.00% of the Loan amount (Rs.1000 to Rs.10000)+GST

Maximum Age Limit

Up to 75 years

Occupation

Salaried/Self-employed/Professionals

Important Features: Bank of India Personal Loan

The important features or benefits of availing personal loan from the Bank of India are as follows:

Bank of India: Personal Loan Eligibility Criteria

The Bank of India personal loan eligibility criteria depends upon the type of personal loan availed by the borrower.

1. Star Personal Loan

2. Star Pensioner Loan

3. Star Suvidha Express Personal Loan

4. Star Mitra Personal Loan

5. Star Personal Loan - Doctor Plus

Bank of India may also consider the annual income and credit score of its applicants, just like other lending institutions do to check the personal loan eligibility criteria of their applicants.

Bank of India Personal Loan Interest Rates

Bank of India personal loan interest rates range between 8.75% p.a. to 13.75% p.a. The bank offers personal loans based on the applicant type, types of personal loans, credit score, and existing relationship with the bank.

Differentiation in interest rate based on credit score, monthly income, job profile, employer’s profile, etc.

Types of Loan

Interest Rates

Fully Secured Loan

12.75% p.a.

Clean/Unsecured Loan

13.75% p.a.

For senior citizens aged 60 years and above and for loans up to Rs.50,000

11.75% p.a.

Financing secured under tie-up arrangements

12.75% p.a.

BOI Star Personal Loan

Starts from 9.75% p.a.

BOI Star Pensioner Loan

Starts at 10.25% p.a.

Star Suvidha Express Personal Loan

Starts at 8.75 % p.a.

Star Mitra Personal Loan

Starts at 9.25% p.a.

BOI Star Personal Loan - Doctor Plus

Ranging from 9.25 % for a fully secured loan and 13.75 % for a clean/unsecured loan

Bank of India Personal Loan Processing Fees and Other Charges

Below are the processing fees and other charges of the Bank of India for availing of a personal loan.

Type of Loans

Processing Fees/Charges

Star Personal Loan

1. Salaried- 0.50% of the loan amount (Rs.500 to Rs.2,500).

2. Non-Salaried- One time @1% of loan amount (Rs.750-Rs.5,000).

3. For Senior Citizens- No processing charge.

4. 0.50% interest concession to women beneficiaries.

Star Pensioner Loan

1. For Senior Citizens 60 years & above age- NIL

2. For others- One time @0.50% of loan value (Rs.250- Rs.1000).

Star Suvidha Express Personal Loan

One time at Rs.1000+Applicable GST

Star Mitra Personal Loan

NIL

BOI Star Personal Loan - Doctor Plus

50% of the charges applicable to the individuals One time @1.00% of loan value (Rs.1,000/- to Rs.10,000)

For Example- Shilpa avails a personal loan for Rs.15 Lakhs, the interest rate is 12.75% and the repayment period is 3 years. Calculate EMIs, total interest payable, and the total payable amount.

Bank of India Personal Loan Documents

The following are the below mandatory documents needed to avail personal loan from the Bank of India.

Bank of India Star Personal Loan (for individuals)

Types of Bank of India Personal Loan

1. BOI Star Personal Loan

Purpose- Regular personal loan scheme offered to fulfill all the personal financial requirements of the applicants like marriage, education, medical, travelling, home renovation, etc.

2. BOI Star Pensioner Loan

Purpose- Bank of India star pensioner loan scheme to fulfill the personal financial needs of the pensioners or family pensioners.

Loan Amount:

Other Details:

3. Star Suvidha Express Personal Loan

Purpose- It is a special personal loan scheme offered to selected customers of the Bank of India.

4. Star Mitra Personal Loan

Purpose- It is a special scheme for differently-abled persons to purchase durable and sophisticated aids or appliances to promote their physical and social rehabilitation.

5. BOI Star Personal Loan- Doctor Plus

Purpose- It is a personal loan for doctors (qualified registered medical practitioners) for any approved personal purpose other than gold purchase, investment in shares, or speculative purposes.

Also Read- Federal Bank Personal Loan

Pros and Cons of Bank of India Personal Loan

Following are the pros and cons of availing of a personal loan from Bank of India as per ratings and reviews of the users on google playstore.

PROS

CONS

Easy to use and secure app

App is not compatible with all android version

The mini statement is available to check transactions

User facing technical issues

User-friendly app with good interface

fewer features are available

No hidden fees or charges

 

Prepayment penalty- NIL

 

Bank of India App Google Playstore Ratings

The rating given by the users about the Bank of India App is great on playstore, more than 1 crore users download their app, and the review is quite well customers are delighted with a user-friendly interface, you can check the below table.

1.

Playstore Rating

3.8/5*

2.

Number of Downloads

1 Crore+

3.

Number of Users Review

1,02,508

4.

Content Rating

3+

5.

App Size

25 MB

Personal Loan Comparison Chart: Bank of India with Other Banks

To get the best offers to meet your requirement you need to compare all personal loan providers with the Bank of India. Check the below chart for information.

Banks Name

Loan Amount

Repayment Tenure

Interest Rate (per annum)

Bank of India

Up to Rs.25 Lakhs

Up to 7 years

8.75% to 13.75%

HDFC Bank

Up to Rs.40 Lakhs

Up to 5 years

11% to 21%

Federal Bank

Up to Rs.25 Lakhs

Up to 4 years

10.49% to 17.99%

Axis Bank

Rs.50,000-Rs.40 Lakhs

1 to 5 years

12% to 21%

ICICI Bank

Up to Rs.50 Lakhs

1 to 6 years

10.75% onwards

IndusInd Bank

Rs.30,000-Rs.50 Lakhs

1 to 6 years

10.49% to 29.5%

IDFC First Bank

Up to 1 Crore

Up to 5 years

Starts at 10.49%

Kotak Mahindra Bank

Up to 25 Lakhs

1 to 5 years

10.99% onwards

Bank of Maharashtra

Up to Rs.20 Lakhs

Up to 7 years

8.90%  to 14.70%

Frequently Asked Questions for Bank of India

1. What is the turnaround time for the disbursement of the Bank of India personal loan?

Also Read- Tata Capital Personal Loan

2. Bank of India offers personal loans at a fixed or floating interest rate?

3. What is the minimum credit score required to avail Bank of India Personal Loan?

4. Is there any prepayment penalty to avail loan from the Bank of India?

5. What are the Bank of India Customer Care Details?

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