Bank of India Personal Loan


Avail the best interest rates, as Bank of India offers personal loans starting from 9.10% p.a. for a loan amount ranging up to Rs 25 lakh. They also have special offers for pensioners, with rates as low as 11.75% p.a., and for doctors, with rates starting at 12.25% p.a.

Experience seamless services with BOI personal loans. Apply for Bank of India personal loan online now and enjoy the benefits of excellent global service and cost-effectiveness.

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Bank of India Personal Loan Details

Discover the convenience and ease of applying online for a BOI personal loan. However, before applying for the same, glance through the interest rates by Bank of India, processing fees, etc that are designed to meet your financial needs in just a few clicks. Experience hassle-free borrowing and quick approvals online.

Interest rate Starts from 9.10% p.a to 14.75% p.a.
Loan Amount Up to Rs. 25 lakh
Processing Fees One time 2% of loan amount Rs 1,000 - 10,000
Loan Tenure 84 months

Table of Contents: Bank of India Personal Loan

Bank of India Interest Rates & Charges

The interest rate is determined based on factors such as applicant type, loan type, and existing relationship with the bank. Bank of India provides personal loans starting from 9.10% p.a. For detailed information on BOI interest rates and charges for various personal loan schemes, refer to their table below for a detailed understanding:

Name of Personal Loan Scheme Best for Rate of Interest (% p.a.)
BOI Star Personal Loan Salaried individuals, self-employed individuals, and professionals 12.15% p.a. and so on
BOI Star Mitra Personal Loan For all physically challenged individuals – minors through their guardian, salaried, and self-employed. 9.95% p.a.
BOI Star DOCTOR – Plus Registered medical practitioners 10.95% p.a. to 11.95% p.a.
BOI Star Pensioner Loan Scheme Regular pensioners and family pensioners 11.15% p.a.

Types of Bank of India Personal Loan

Bank of India offers a diverse range of loans to suit your unique financial needs. Whether you're looking for a secured loan with attractive interest rates or an unsecured loan with quick approval, we have options to match your requirements.

BOI Star Personal Loan

BOI Star Pensioner Loan

BOI Star Personal Loan - Doctor Plus

Star Suvidha Express Personal Loan

Bank of India Personal Loan EMI Calculator

Introducing the Bank of India Personal Loan EMI calculator—a tool for understanding and managing your multi-purpose loan finances.

BOI Personal Loan EMI calculator helps you determine the total EMI, cost of interest and amount payable for different amounts , rate of interest, repayment tenure. Let this EMI calculator simplify your calculations to know the optimum tenure and EMI for Bank of India Personal loan depending upon the repayment capacity of the borrower.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Comparison of Bank of India Personal Loan Vs Other Banks

When exploring personal loans, it's crucial to be well-informed about various aspects, such as the benefits of an EMI calculator and having a clear understanding of Bank of India Personal Loan interest rates. Not just that, it's essential to compare these rates with other leading banks and NBFCs in order to discover the most affordable ones for your borrowing needs.

Loan Lenders Interest Rates (p.a.) Processing fees
Bank of India 9.10% p.a -14.75% p.a. 2% of loan amount
HDFC Bank 10.50% onwards Up to 2.50%
SBI 11.00%-15.00% Up to 1.50%
ICICI Bank 10.75% onwards Up to 2.50%
Axis Bank 10.49% onwards 1.5% to 2%

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Bank of India Personal Loan Eligibility

When it comes to Bank of India's personal loan eligibility criteria, there are certain factors that the bank considers before approving a loan. This criteria evaluates your personal loan eligibility on the basis of multiple factors including your credit score, age, etc., Following are the Bank of India personal loan eligibility criterias.

Factors General Eligibility Criteria
Age Over 18 years
Monthly Income Minimum of ₹10,000
Work Experience Should be salaried or a self-employed individual
Credit Score 750

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Scheme-Wise Bank of India Personal Loan Eligibility

BOI Personal loan schemes offer competitive interest rates and flexible repayment options. Find out more about these various schemes for a personal loan by checking the criteria below.

BOI Star Personal Loan Eligibility

  • Work experience - A salaried,self-employed and should be drawing pension form the bank.
  • Residential Status - Indian
  • Interest Rate - 12.15% to 14.15% p.a
  • Age - 75 years
  • Loan Amount - Rs.10,000 - Rs 10 Lakh
  • Loan Tenure - 12 months - 60 months

BOI Star Pensioner Loan Eligibility

  • Work experience : Family pensioners, retired employees of Bank of Baroda
  • Residential Status - Indian
  • Interest Rate - 10.25%
  • Age - 75 years
  • Loan Amount - Rs.10,000 - Rs 10 Lakh
  • Loan Tenure - 60 months

BOI Star Personal Loan - Doctor Plus Eligibility

  • Work experience : Qualified registered medical practitioner with minimum 3 years' experience in any branch of medical science
  • Residential Status - India
  • Age - 75 years
  • Interest Rate - 9.75% p.a
  • Loan Amount - Rs.10,000 - Rs 10 Lakh
  • Loan Tenure - 84 months

Star Suvidha Express Personal Loan

  • Work experience : Salaried customers having salary accounts with BOI
  • Residential Status - India
  • Age - 75 years
  • Interest Rate - 10.25%
  • Loan Amount - Rs.10,000 - Rs 10 Lakh
  • Loan Tenure - 84 months

Bank of India Personal Loan Documents Required

Here is a table for the Bank of India Personal Loan documents required when applying for an BOI Personal Loan:

ID Proof Passport/Voter ID/Driving License
Address Proof Driving License/Passport/Aadhar Card/Latest Telephone bill/Latest electricity bill/ Latest piped gas bill
Income Proof Latest 6 month salary slip and 1 year ITR/Form 16 for salaried individuals/last 3 years ITR with certified computation of Income/Balance Sheet/Capital Account Statement/Profit & Loss Account

Features of Bank of India Personal Loan

The exclusive features and benefits offered by Bank of India ranges from interest rates to flexible repayment options. Let’s go through the exclusive features and benefits that makes taking BOI loans most convenient and seamless:

Apply Online!

Now complete the online
process in just 5 minutes

Tenure

Now avial presonal loan
under tenure period of
84 months

Flexibility

Can be used for a
varity of purposes.

Low Interest Rates

Get loan at an interest
rate starting from 9.10% p.a.

Maximum Loan Amount

Apply for upto 25 lakh
loan amount

No Collateral

Get personal loan without
pledging any collateral

Steps to Apply for BOI Personal Loan with Buddy Loan

Here’s the step-by-step process that you can follow to apply for Bank of India personal loan on Buddy Loan:

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take the next step? Apply for a Personal loan now!

Frequently Asked Question on MoneyTap Loan

Eligibility for a instant loan from Bank of India varies based on factors such as income, credit score, employment stability, and repayment capacity. It is recommended to contact the bank for specific eligibility criteria.

The maximum personal loan amount from Bank of India depends on factors like income, creditworthiness, and repayment capacity. Contact the bank for accurate information on loan limits.

You can avail Rs25 Lakh upto personal loan amount from Bank of India depends on factors like income, creditworthiness, and repayment capacity. Contact the bank for accurate information on loan limits.

Bank of India may offer various types of personal loans, home loans, vehicle loans, education loans etc to employees of corporates as well and many more.

Individuals who meet the eligibility criteria of Bank of India's criteria for income, credit score, and employment stability are eligible to apply for a personal loan.

10,000 is the minimum salary required to avail personal loan in BOI.

Bank of India provides personal loans starting from 9.10% p.a. Onwards.

Yes, If your annual salary is 20,000, then you're eligible for a personal loan because the monthly income requirement begins from Rs. 10,000 onwards.

No, you don't have to pledge any security or collateral to Bank of India for personal loans.

Bank of India takes 2-7 working days to approve a personal loan varies depending on various factors.

Documents required for a BOI personal loan typically include identification proof, address proof, income proof, bank statements, and other relevant documents.

Yes, you can as a couple co-applicant on a Personal Loan turn into co-borrowers in a loan application is usually approved.

The applicants to have a minimum CIBIL score of 750 or more to be eligible for its personal loans.

Bank of India does not impose any penalty for the early repayment of personal loans.

Pre-payment charges for a BOI personal loan charges a one-time processing fee of 2% of the loan amount + GST is applicable, subject to a minimum of Rs.1000/- and a maximum of Rs.10,000.

Pre-payment charges for a Bank of India personal loan charges a one-time processing fee of 2% of the loan amount + GST is applicable, subject to a minimum of Rs.1000/- and a maximum of Rs.10,000/-.

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