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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. 

Product

Eligible Person

Interest Rate

Maximum Amount

BOI Star Personal Loan

Salaried and self-employed individuals

12.25% onwards per annum

  • Up to ₹10 Lakhs (unsecured)
  • Up to ₹20 Lakhs (secured)

BOI Star Mitra Personal Loan

Physically challenged individuals (includes minors, salaried and self-employed individuals)

10.10%

  • Up to ₹2 Lakhs (salaried)
  • Up to ₹1 Lakh (self-employed)

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

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&nbsp;<a title="Apply for Personal Loan" href="https://www.bajajfinservmarkets.in/loans/personal-loan.html" target="_blank">Personal loan</a>&nbsp;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.

Loan Amount

Interest Rate

Loan Duration

Monthly EMI

₹5 Lakhs

13%

60 months

₹11,377

₹5 Lakhs

13%

48 months 

₹13,414

₹5 Lakhs

13%

36 months

₹16,824

₹5 Lakhs

13%

24 months

₹23,771

₹5 Lakhs

13%

12 months

₹44,659

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

DISCLAIMER

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQs on Bank of India Personal Loan

What is the maximum personal loan amount that can be sanctioned by Bank of India?

If you are applying for a secured personal loan, you may get the maximum amount of up to ₹20 Lakhs. On the other hand, if you are opting for an unsecured loan, you may get a loan of up to ₹10 Lakhs. 

Is there an age limit to apply for Bank of India’s personal loan?

Yes. The minimum age of the applicant must be 21 years.

How much time is taken for the Bank of India personal loan to be approved?

The bank may take a few days to complete the whole procedure and disburse the loan amount.

How can I calculate Bank of India Personal Loan EMI?

The bank provides an online EMI calculator on its website which you may use to calculate your monthly EMIs.

How can I get in touch with Bank of India customer care?

You may contact the BOI’s customer officials through the numbers 18001031906, 1800220229, and 022 40919191.

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