Bank of India Personal Loan

Founded on 7th September 1906, the Bank of India has become one of the most trusted banks in India. It provides personal loans with multiple benefits like competitive interest rates, an easy application process, options for secured and unsecured loans, loans for senior citizens, etc. The demand for personal loans has been increasing. Nowadays, many individuals consider taking a personal loan to arrange funds for vacations, medical emergencies, weddings, etc. BOI personal loan is one of the best and most reliable options for obtaining a personal loan. Let’s look at its interest rate, features & benefits and get a more comprehensive idea of what it offers.

Bank of India Personal Loan Interest Rate

The Bank of India offers two types of personal loans: BOI Star Personal Loan and BOI Star Mitra Personal Loan. Here’s a closer look at the BOI personal loan interest rate. 

Disclaimer: Interest rates are subject to market conditions and financial institutions’ discretion.

Check Different Types of Personal Loans

Bank of India Personal Loan Features & Benefits

Below are the details about the features & benefits you will receive with your Bank of India loan. 

• Flexible Repayment: As the bank provides repayment tenure of 12 months to 60 months for BOI Star Mitra Personal Loan, you can opt to repay the loan amount in convenient      EMI payments.

• Rapid Approval: Your Personal loan will be granted within a few days. You do not need to wait for weeks to get your loan authorised.

• Maximum Loan Amount: The BOI offers two forms of personal loans: secured and unsecured loans. If you are applying for a secured personal loan, you may get a maximum       amount of up to ₹20 Lakhs. On the other hand, if you are opting for an unsecured loan, you may get up to ₹10 Lakhs. 

• Loan with Multiple Purposes: Personal loans from BOI can be utilised for a number of objectives, including wedding expenditures, medical emergencies, holidays, outstanding debts, and so on. 

• Excellent Customer Service: Customers and borrowers can contact the bank’s customer care executives to know about their products or to resolve any query. You can also visit their nearest branch to learn more about their products.

Bank of India Personal Loan Eligibility Criteria

You can contact the bank officials to know the age criteria in order to apply for a BOI Personal loan. Apart from this, below are the individuals who are eligible for  BOI Personal Loan:

• Permanent salaried workers

• Professionals and people with a high net worth

• Regular pensioners or family pensioners drawing a regular monthly pension through a branch

• Staff members

• Retired workers (other than those who have been terminated or are forced to retire) of BOI

Bank of India Personal Loan EMI Calculator

The bank provides an online Personal Loan EMI calculator on its website which you may use to calculate your monthly EMIs. Knowing the precise amount of the EMIs will assist you in planning your monthly expenditures wisely.  Also, you are not required to pay any charges to use this online tool.

Let’s understand this with an example. Let’s assume the interest rate is 13% and the loan amount is ₹5 Lakhs. By varying the loan duration, you can increase or decrease the amount of your EMIs.

Calculate Personal Loan EMI

Here are the steps to follow to calculate your monthly EMI. 

• Visit the official website of BOI.

• You will see an option of ‘calculator’ on your right. Click on that.

• A new page will appear. Enter the required details like loan amount, interest rate, and repayment tenure.

• The final result will appear on the screen.

How is Bank of India Personal Loan EMI Calculated

The loan amount, loan duration, and interest rate are taken into consideration while determining the EMI of a BOI Personal Loan. To get your exact loan EMI, utilise the bank's personal loan EMI calculator.

The following formula may also be used to manually calculate the Bank of India Personal Loan EMI:

P x R x (1+R)^N / [(1+R)^N-1]

Where,

P is the principal amount of loan

R is the rate of interest

N is the number of monthly payments

1. How to Apply for Bank of India Personal Loan

Here are the steps to follow.

• Visit your nearest branch of BOI

• Fill in the application form carefully.

• Submit it along with the supporting documents.

• Following that, officials will complete the verification and further process.

2. Documents Required for Bank of India Personal Loan

Following is the list of documents required for obtaining BOI personal loan:

• Identity proof (Aadhaar card, Voter Id card, Driving license)

• Resident proof (Passport, Aadhaar card, Driving license, Voter ID card, Utility bills)

• Salary slips for last six months (Salaried individuals)

• Bank statement for current six months (Self-employed applicants)

• ITR/Form 16 for the last two years (Salaried people)

• ITR for the last three years (Self-employed professionals)

• Passport size photographs

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