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.
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.
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.
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.
|
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 |
|
BANKS |
INTEREST RATE |
|
12% to 24% |
|
|
11.30% to 16.40% |
|
|
12.15% to 15.15% |
|
|
11.50% to 12% |
|
|
10.75% to 21.50% |
|
|
10.50% to 16.99% |
|
|
20.00% to 22.00% |
|
|
10.50% to 17.99% |
|
|
10.99% to 16.25% |
|
|
11.00% to 19.20% |
|
|
12.00% to 14.00% |
|
|
14.00% to 23.00% |
|
|
10.75% to 17.84% |
|
|
11.00% to 16.75% |
|
|
7.65% to 12.65% |
|
|
12.15% to 14.15% |
|
|
12.05% onwards |
|
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 |
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
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.
Interest rates for Bank of India personal loan starts from 12.15% to 14.15%.
Bank of India personal loan minimum loan amount is Rs.1 lakh and maximum amount is Rs. 20 lakh
Bank takes nearly 4 to 5 days after loan confirmation to process the 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/2020Know More About
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
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