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Bank of India Personal loan offers financial cushion to the customers who wish to fulfill any financial requirements. This loan is available to meet different types of personal purposes such as wedding expenses, medical expenses, education expenses, to pay off all the existing debts, to enjoy vacations etc. The bank provides personal loans in the form of secured and unsecured loans. You can either avail the BOI secured loan by pledging security as collateral or you can get the BOI unsecured loan in which you need not to offer any security to the bank. The Bank of India Star personal loan comes at competitive rates and minimal documentation. 

BOI Personal Loan Interest Rates & Charges

Loan Amount Ranges from Rs 10,000 to Rs 10 lakh 
Interest Charges Starts at 10.85% per annum
Processing Fees 2% of loan amount + applicable taxes (Rs 1,000 to 10,000)
Tenure Up to 36-60 months
Prepayment Penalty NIL 

Bank Of India Personal Loan Features and Benefits

These features and benefits of BOI personal loan are the highlights that you can consider when looking for a personal loan:

1. Loan for Different Purposes : BOI Star home loan offers funds to fulfill different needs and wants. You can use the personal loan to meet wedding expenses, education expenses, travel expenses and other expenses, as approved by the bank. You can also count on BOI personal loan to pay off your debts and to renovate/repair your home. 

2. Types of Personal Loan : Bank of India provides secured and unsecured types of personal loan. You have to offer security as collateral to the bank to avail BOI secured personal loan. On the other hand, the secured personal loan by Bank of India does not require to provide any security as collateral. 

3. Interest Charges : The BOI Star personal home interest rates start at 10.85% per annum and range up to 12.85% per annum. 

4. Loan Amount : Bank of India personal loan allows customers who reside in metro or urban areas to apply for the minimum Rs 10,000 as secured personal loan amount. The maximum loan amount the customers from metro and urban areas can avail is Rs 10 lakh. When it comes to the customers from semi-urban and rural areas, there is no minimum amount. In case of Bank of India unsecured personal loan amount, the customers can avail up to Rs 5 lakh loan amount. 

5. Loan Tenure : Bank of India allows you to repay your BOI Star personal loan with a flexible amount of time. You get the repayment tenure of up to 36 months to repay unsecured personal loan and up to 60 months to repay secured personal loan. BOI enables you to repay your personal loan in monthly installments.

Bank Of India Personal Loan Schemes

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
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.
Star Pension Loan 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.
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
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 for Bank of India Personal Loan

The bank checks your eligibility before availing you the personal loan. The eligibility for personal loan is assessed based on many important factors such as the employment status of a customer, income, creditworthiness etc. Therefore, it is essential that you look at the eligibility criteria for personal loan before heading to the application part.

Here is the eligibility criteria for BOI personal loan that you should meet:

  • The applicant should be at least 21 years old to avail the loan.
  • The applicant should be a salaried or self employed person or a self employed professional.
  • The applicant should have a steady income.
  • The applicant should have a good credit history. 

Documents Required for Bank of India Personal Loan

You should have the following documents that are required for the procedure of BOI Star personal loan:

Documents Salaried Individuals Self Employed Individuals
Identity Proof Aadhar Card, Passport, Driving Licence, Voter ID Card Aadhar Card, Passport, Driving Licence, Voter ID Card
Address Proof Passport, Voter ID Card,  Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill Passport, Voter ID Card,  Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill
Income Proof Salary Slips, Bank Statement, Form 16, Salary Certificate IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax
Other Documents Passport-size Photographs, Application Form Passport-size Photographs, Application Form

Bank of India Star Personal Loan EMI Calculator

Bank of India offers you to use the loan EMI calculator which you can use to find out the total amount of installment you have to pay every month to repay the loan. 

Here is how to use the Bank of India Personal Loan EMI calculator:

  • Navigate to the official website of Bank of India.
  • Tap on the menu at the top right corner of the page. 
  • Find and click on the “Calculator” option.
  • Stop at the EMI Calculator.
  • Enter the required information: total personal loan amount, loan repayment period and the rate of interest applicable.

You can now see the “Monthly Loan EMI” payment now. 


AXIS Bank Personal Loan 12% to 24%
SBI Personal Loan 11.30% to 16.40%
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%
Canara Bank Personal Loan 12.05% onwards

How to Apply for Bank of India Star Personal Loan

If you want to apply for the Bank of India personal loan then all you need to do is visit the nearest branch of Bank of India. There, you can enquire about this type of loan and gain more information. When visiting the BOi branch, it is best that you carry the necessary documents which you will need at the time of personal loan application procedure. 

Alternatively, you can dial 8010968305 and give a missed call on it to apply for the Bank of India personal loan.Or you simply send an SMS  <HL> to 7669300024. The bank will give you a call to proceed with your home loan application. 

Bank of India Customer Service Contact Information

If you want to get started with the personal loan application or you have any query or complaint regarding the loan, then you can reach out to the customer service of Bank of India. 

Here are the numbers that you can dial:

1800 220 229
1800 103 1906

FAQs  On Bank Of India Personal Loan

Q.1 What can I pledge as security for BOI Star personal loan?

You can pledge mortgage of commercial or residential property, gold articles, policies or bonds as security in order to avail the Bank of India secured personal loan. 

Q.2 How can I check the status of my BOI Star personal loan?

You can check the status of your Bank of India personal loan application by calling the customer service.. You can also log into your NetBanking account to keep an eye on your personal loan application status.

Q.3 How can I calculate the installment for my personal loan from the Bank of India?

You can use the Bank of India Loan EMI calculator to calculate the monthly instalments which you will have to pay for BOI personal loan. The calculator requires the total amount of loan you avail, loan repayment tenure and the rate of interest to fetch you the amount. 

Q.4 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%.

Last Updated on : 24/Mar/2021

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%
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

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