Bank of India, which was established on September 7th, 1906, has grown to be one of India's most recognized banks. It offers a variety of financing options, including business loans. Bank of India business loans come with a number of advantages, including affordable interest rates and simple application procedures. The need for company financing has been growing as the country embraces a startup culture. A business loan from Bank of India is one of the finest and most trustworthy ways in order to start a new firm or grow an existing one.
Let's take a closer look at its interest rate, features, and perks to get a better sense of what it has to offer.
Bank of India offers business loans to individuals, sole proprietors, partnership businesses, and limited corporations in order to build or extend their existing operations. Here’s a closer look at the BOI business loan interest rate & other charges.
Interest rate |
10.20% onwards |
Processing charges |
₹500 onwards |
Loan amount |
Up to ₹5 Crores |
Maximum tenure |
7 years |
**Disclaimer: Interest rates are subject to market conditions and financial institutions’ discretion.
In order to make the process of BOI business loans more transparent, the institution offers an EMI calculator on its website. The main objective of Bank of India’s business loan EMI calculator is to give the details about the precise amount of monthly EMIs that a borrower needs to pay. It allows you to save time by providing you with the result within just a few seconds. Moreover, it eliminates the possibility of errors.
Since it’s a free tool, you can use it anytime and anywhere. With the help of Bank of India’s business loan calculator, you can plan your finances wisely. You are only required to provide details about the principal loan amount, interest rate, and repayment tenure. You can refer to the table below to understand this better.
Loan amount |
Interest rate |
Repayment tenure (in months) |
EMI |
₹10 Lakhs |
10.20% |
60 |
₹21346 |
₹10 Lakhs |
10.20% |
48 |
₹25459 |
₹10 Lakhs |
10.20% |
36 |
₹32361 |
₹10 Lakhs |
10.20% |
24 |
₹46237 |
If you are considering applying for a BOI business loan, you must be aware of its eligibility criteria in order to save your time and avoid rejection. Here are the details about the same.
Micro & Small Enterprises (MSME) in rural, semi-urban, urban, and metro areas are eligible to apply for the loan.
Limited companies and proprietorship businesses should have been in operation for at least three years, and they must have audited financial statements.
The company should have generated profits during the previous two years.
The credit rating must satisfy the bank's standardised requirements.
You may visit your nearest branch and contact the officials. They will guide you throughout the application process. Furthermore, before visiting the bank, you can go through their website to learn about the solutions available for business loans.
Apart from BOI, there are several banks that offer business loans. Here’s a closer look at their interest rates.
Our Partners |
Interest Rate Range |
Max Loan Amount/ Tenure |
Avail Loan |
17% onwards |
72 months |
||
20% onwards |
36 months |
||
28% onwards |
36 months |
||
12% onwards |
36 months |
||
18% onwards |
60 months |
||
20% onwards |
48 months |
||
16% onwards |
36 months |
||
15% onwards |
9 months |
||
15% onwards |
36 months |
||
1.25% p.m. onwards |
72 months |
**Disclaimer: Interest rates are subject to market conditions and financial institutions’ discretion.
You can contact the BOI official with the help of details given below:
Toll-free number |
1800 220 229 1800 103 1906 |
Landline number |
022 40919191 |
Email ID |
bankofindiaantwerp@skynet.be |
Fax number |
0032 3231 8387 |
Here are the steps to follow.
Visit the nearest branch
Fill in the application form
Submit it along with the supporting documents
In addition to the above-mentioned steps, you may also ask the bank officials to guide you throughout the process.
This is entirely up to the bank's discretion and will vary from case to case.
You can visit the website and track your application status.
Under PSB loans, you may apply for MSME or SME loans from the Bank of India and get approval within 59 minutes of application form submission.
The minimum loan amount under PSB Loans in 59 minutes is ₹1 Lakh, while the highest loan amount is ₹5 Crores.