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BANK OF INDIA PERSONAL LOAN

ABOUT BANK OF INDIA PERSONAL LOAN :

Bank of India is a state owned commercial bank and was established on 7 September 1906 and their headquarters in Mumbai. This bank provides a wide range of banking and financial services to the customers. Bank of India Personal Loan Scheme offers personal loans at the most interesting rates of interest to satisfy various personal requirements of customers. These personal loan offers are :

  • Marriage expenses

  • Medical expenses 

  • Educational expenses and

  • Purchase of consumer durables etc.

BENEFITS OF BANK OF INDIA PERSONAL LOAN :

1. Best loan amount :

Bank of India provides the best loan amount to the customers to fulfill personal requirements.The Minimum loan amount starts from Rs.10000 and maximum loan amount upto Rs. 10 lakh.

2. Convenient loan tenure :

Bank of India loan tenure from 12 months to 60 months. It should be the best and convenient loan tenure for the customers

3. Minimal documentation :

Bank of India provides less and minimal documentation for the customers. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and fast.

4. Best interest rate :

Bank of India offers personal loans at the most interesting rates of interest to satisfy various personal requirements of customers.The interest rate of Bank of India personal loans are from 12.15% to 14.15%

5. Fast loan processing :

The processing of personal loans from the Bank of India is approved in a very fast way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the personal loan either online or offline.

 

TYPES OF BANK OF INDIA PERSONAL LOAN :

1. UNSECURED LOANS : Unsecured loan is a loan that is not secured by a collateral such as land, gold etc. If you default on the loan the lender cannot automatically take your property. The unsecured loan is more flexible than the secured loan. Some examples of  unsecured loan are:

  • Marriage expenses

  • Medical expenses

  • Education of children

  • House renovation

2. SECURED LOANS : Secured loan is a loan backed by collateral financial assets you own like a home or a car that can be used as payment to the lender if you don't pay back the loan. Some examples of secured loan are :

  • Repairs/ Renovation/ Extension of House property. Education of self, spouse, children, near dependent relatives.

  • Purchase of consumer durables, computers, professional equipment etc.

 

PRODUCTS OF BANK OF INDIA PERSONAL LOAN :

1. BOI Star Personal Loan

BOI Star Personal Loan deals with a variety of expenses like preparations for wedding, urgent medical bills, home renovation and others. The loan amount is maximum Rs.10 Lakh and the tenure period is for 60 months. The interest rate starts from 11.50% onwards.

2. Star Mitra Personal Loan

BOI Star Mitra Personal Loan scheme for those peoples who live independently. Under this scheme the loan amount is Rs.1 Lakh which can be repaid in 12 to 24 months. The interest rate starts from 9.50% onwards.

3. BOI Star Pension Loan Scheme

This loan scheme is for the pensioners across the country in order to ensure that the senior citizens live independently and can manage to pay for their own expenses. The interest rate starts from 10.50% onwards.

4. BOI Star Doctor Plus

This particular loan is designed for the doctors in order to help them with establishing their own clinic, buy equipment, or for any other personal need.The interest rate starting from 11% onwards.

5. Star Holiday Loan

Star holiday loans provide help to individuals on their Exotic holiday trips with their families. The minimum loan amount offered under this scheme is Rs.10,000 and the repayment tenure is 12 to 36 months. The interest rate starts from 13.50% onwards.

 

ELIGIBILITY CRITERIA OF BANK OF INDIA PERSONAL LOAN :

ElLIGIBLE

Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies, Physically challenged person

AGE

25 years to 75 years at the time of loan maturity

INCOME

Minimum of 1 year with the current employer and Min.income is Rs 15000 



COMPARE OTHERS BANK PERSONAL LOAN INTEREST RATES :

BANKS 

INTEREST RATE

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

HDFC Bank Personal loan

10.75% to 21.50%

Kotak Mahindra Bank Personal Loan

10.50% to 16.99%

Yes Bank Personal Loan

20.00% to 22.00%

Citi Bank Personal Loan

10.50% to 17.99%

ICICI Bank Personal Loan

10.99% to 16.25%

Standard Chartered Bank Personal Loan

11.00% to 19.20%

IDBI Bank Personal Loan

12.00% to 14.00%

RBL Bank Personal Loan

14.00% to 23.00%

HSBC Bank Personal Loan

10.75% to 17.84%

IndusInd Bank Personal Loan

11.00% to 16.75%

Bank of Baroda Personal Loan

7.65% to 12.65%

Bank of India Personal Loan

12.15% to 14.15%

Canara Bank Personal Loan

12.05% onwards

 

DOCUMENTS REQUIRED FOR BANK OF INDIA PERSONAL LOAN :

CRITERIA

FOR SALARIED

FOR SELF-EMPLOYED

AGE PROOF

Aadhar card

Birth crtificate

Passport

Voter id

Aadhar card

Birth crtificate

Passport

Voter id

ID PROOF 

Photograph

Passport

Driving license

Voter id 

Aadhar card

Natural population register (containing details of name and address )

Photograph

Passport

Driving license

Voter id

Aadhar card

Natural population register (containing details of aname and address)

ADDRESS PROOF

Passport

Driving license

Voter id

Ration card

Utility bills 

Property Registration Document / Rental agreement

Passport

Driving license

Voter id 

Ration card

Utility bills

Property Registration Document / Rental agreement

INCOME PROOF

Latest 2 pay slip

Latest 3 month Bank statement

I year individual IT Return 

Computation of income schedule 

1 year audited P& L

Last 3 month Bank statement

 

HOW TO APPLY ONLINE ON BANK OF INDIA PERSONAL LOAN :

  • Go to Bank of India official portal

  • Now go to “Personal” section

  • Now go to “Loan”

  • Now select “Personal Loan”

  • Choose a suitable scheme according to your needs

  • Complete the registration form and attached all required documents

  • After that submit your application form

 

HOW TO CALCULATE EMI FOR BANK OF INDIA PERSONAL LOAN :

The mathematical formula for calculating EMIs is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], 

where ;

P stands for the loan amount or principal

R is the interest rate per month

N is the number of monthly instalments.

 

FREQUENTLY ASKED QUESTIONS :

1. What is the interest rate of a Bank of India personal loan?

Interest rates for Bank of India personal loan starts from 12.15% to 14.15%.

2. What is the minimum and maximum loan amount offered by Bank of India?

Bank of India personal loan minimum loan amount is Rs.1 lakh and maximum amount is Rs. 20 lakh         

3. How much time does it take to process the Bank of India personal loan?

Bank takes nearly 4 to 5 days after loan confirmation to process the Bank of India personal loan.

4. Is there any security required when applying for a Bank of India personal loan?

There is no security or collateral is required.when applying for a Bank of India personal loan

Last Updated on : 16/Jul/2020

Know More About

Bank Of India Personal Loan

You're eligible for a Bank Of India Personal Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Bank Of India Personal Loan Interest Rates

Updated on 25 Nov 2017

Bank Of India Personal Loan Details
Interest Rate (Monthly reducing balance) 12.15% - 14.15%
Processing Fees 2% of disbursed loan amount
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

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1L
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50L
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100L
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150L
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2Cr

Interest Rate

%
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5
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10
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12.5
|
17.5

Loan Tenure

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1
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10
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20
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25
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0
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120
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240
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300


Your Monthly Loan EMI


₹24,959