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Detailed Information about 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.
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 |
|
BOI Star Mitra Personal Loan |
Physically challenged individuals (includes minors, salaried and self-employed individuals) |
10.10% |
|
Disclaimer: Interest rates are subject to market conditions and financial institutions’ discretion.
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.
Your Personal loan will be granted within a few days. You do not need to wait for weeks to get your loan authorised.
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.
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Personal loans from BOI can be utilised for a number of objectives, including wedding expenditures, medical emergencies, holidays, outstanding debts, and so on.
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
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
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
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.
Also Check Other Lenders Personal Loan Options |
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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.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
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.
Yes. The minimum age of the applicant must be 21 years.
The bank may take a few days to complete the whole procedure and disburse the loan amount.
The bank provides an online EMI calculator on its website which you may use to calculate your monthly EMIs.
You may contact the BOI’s customer officials through the numbers 18001031906, 1800220229, and 022 40919191.
No minimum CIBIL score requirement has been set by the Bank of India for a personal loan. However, a score of 750 or above can improve your chances of securing the required loan.
Visit the nearest branch office of the Bank of India to initiate the process. Bank officials will guide you through the procedure.
