Bank of India offers personal loans for different financial needs. Interest rates start from 10.85% p.a. for pensioners and 11.85% p.a. for general applicants, with loan amounts going up to Rs. 20 lakh.
The bank also offers special schemes such as rooftop solar panel finance, where interest rates start from 5.75% p.a. Separate benefits are available for doctors, pensioners, and women borrowers. Women beneficiaries get a 0.50% interest rate concession.
Bank of India Personal Loans come with minimal paperwork, clear loan terms, and flexible repayment options. You can use the loan for personal, medical, or other financial needs.
Bank of India Personal Loan Details
Here are the main details of a Bank of India Personal Loan, including interest rates, loan amounts, fees, and repayment tenure:
| Features | Details |
| Interest Rate | Starts from 10.85% p.a. |
| Loan Amount | Up to Rs. 20 lakh |
| Processing Fees | NIL for Senior Citizens, Differently Abled & Solar Loans;
Competitive charges for general applicants |
| Loan Tenure | Up to 84 months (General) |
Bank of India Interest Rates & Charges
Bank of India Personal Loan interest rates depend on the applicant’s category, employment type, loan scheme, and credit history.
Women borrowers get a 0.50% interest rate concession under general personal loan schemes.
| Name of Personal Loan Scheme | Best for | Rate of Interest (% p.a.) |
| BOI Star Personal Loan | Salaried employees, self-employed individuals, and professionals | Starting from 11.85% p.a. (0.50% concession for women) |
| BOI Star Pensioner Loan | Regular pensioners and family pensioners | Starting from 10.85% p.a. |
| Star Suvidha Express Personal Loan | Select pre-approved Bank of India customers | 11.85% p.a. |
| PM Surya Ghar – BOI Star Rooftop Solar Panel Finance Loan | Individuals and Housing Societies installing solar panels | Starting from 5.75% p.a. |
| BOI Star Doctor Plus | Registered medical practitioners | Attractive rates with 50% processing charge concession |
Note: Interest rates may change depending on the bank’s policies and market conditions. Senior citizens, family pensioners, differently abled borrowers, and solar finance applicants get zero processing fees and zero prepayment penalties. Penal interest of 2% per month applies on overdue payments.
Types of Bank of India Personal Loan
Bank of India offers different personal loan schemes for needs such as weddings, higher education, medical expenses, solar installations, and pension-related expenses.
BOI Star Personal Loan
- Purpose: Can be used for weddings, higher education, travel, medical expenses, and other personal needs.
- Loan Amount: Up to Rs. 20 lakh, with a maximum of 30 times the net monthly salary.
- Tenure: Up to 84 months or 7 years.
- Key Benefit: Women borrowers get a 0.50% interest concession, while differently abled applicants pay no processing fee.
BOI Star Pensioner Loan
- Purpose: Provides funds to regular and family pensioners for personal financial needs.
- Loan Amount: Up to Rs. 10 lakh, including up to 20 times the net monthly pension for secured loans and 15 times for clean loans.
- Tenure: Up to 60 months.
- Key Benefit: Senior citizens pay no processing fee or prepayment penalty.
- SMS ‘SPL’ to 8467894404 or give a missed call to 8010968370.
Star Suvidha Express Personal Loan
- Purpose: Paperless loan facility for selected pre-approved Bank of India customers.
- Loan Amount: Up to Rs. 20 lakh, with a maximum of 24 times the net monthly income.
- Tenure: Up to 84 months.
- Key Benefit: Quick processing with minimal documentation.
- SMS ‘STAR SUVIDHA EXPRESS PERSONAL LOAN’ to 8467894404 or give a missed call to 8010968370.
PM Surya Ghar – BOI Star Rooftop Solar Panel Finance Loan
- Purpose: Used to finance rooftop solar panel installations.
- Loan Amount: Up to Rs. 6 lakh for individuals for installations of up to 10 KW and up to Rs. 100 lakh for housing societies.
- Tenure: Up to 120 months or 10 years.
- Key Benefit: Interest rates start from 5.75% p.a., with zero processing fees.
BOI Star Doctor Plus
- Purpose: Financial support for registered medical practitioners.
- Loan Amount: Up to Rs. 20 lakh.
- Tenure: Available up to 68 years of age, with loan closure before 75 years of age.
- Key Benefit: 50% concession on standard processing charges.
Bank of India Personal Loan EMI Calculator
A Bank of India Personal Loan EMI Calculator can help you estimate your monthly repayment before taking a loan.
Enter the following details:
- Loan amount
- Interest rate
- Loan tenure
The calculator will show your estimated monthly EMI, total interest payable, and total repayment amount. This can help you choose a tenure that matches your repayment capacity.
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 | 10.85% onwards | Up to 1% |
| HDFC Bank | 9.99% onwards | Up to ₹6,500 |
| SBI | 10% onwards | Up to 1.5% |
| ICICI Bank | 9.99% onwards | Up to 2.5% |
| Axis Bank | 9.99% onwards | Up to 2% |
| IndusInd Bank | 10.49% onwards | Up to 3.5% |
| IDFC First Bank | 9.99% onwards | Up to 3.5% |
| Bajaj Finserv | 10% onwards | Up to 4.13% |
| Tata Capital | 10.99% onwards | Up to 5% |
Note: The interest rates mentioned above are subject to change at the lender’s discretion.
Bank of India Personal Loan Eligibility
Bank of India checks factors such as age, income, profession, employment stability, and credit score before approving a personal loan.
Here are the main eligibility conditions:
| Factors | General Eligibility Criteria |
| Age Criteria | Minimum 18 years |
| Income & Profession | Salaried employees, self-employed professionals, doctors, and pensioners with stable income |
| Loan Quantum | Up to 30 times net monthly salary (Star Personal Loan) / 24 times (Suvidha Express) / 20 times net pension |
| Work Experience | Confirmed employment in Government, PSU, reputed corporates, or established practice |
| Credit Score | Preferred CIBIL score of 750 or above for seamless approval |
Not sure of your credit score? Check now for free!
Bank of India Personal Loan Documents Required
A Bank of India Personal Loan requires a few basic documents for identity, address, and income verification.
| Document Type | Accepted Documents |
| Identity Proof | Passport / Voter ID / Driving License / Aadhaar Card |
| Address Proof | Aadhaar Card / Passport / Driving License / Latest Telephone Bill / Electricity Bill / Piped Gas Bill |
| Income Proof | Salaried: Latest 6 months salary slips and Form 16 / 1-year ITR
Self-Employed: Last 3 years ITR with computation, Profit & Loss statement, and Balance Sheet |
Features of Bank of India Personal Loan
Here are some of the main features and benefits of a Bank of India Personal Loan:
- Competitive Interest Rates: Interest rates start from 10.85% p.a. for pensioners, 11.85% p.a. for general applicants, and 5.75% p.a. for solar panel finance.
- Special Concessions: Women borrowers receive a 0.50% interest concession. Senior citizens and differently abled borrowers pay zero processing fees.
- Loan Amount Based on Income: Eligible borrowers can get up to 30 times their net monthly income, subject to a maximum loan amount of Rs. 20 lakh.
- Flexible Repayment Tenure: General personal loans can be repaid over up to 84 months, while solar panel loans have a tenure of up to 120 months.
- No Hidden Charges: Loan charges are clearly disclosed. Pensioners and solar panel borrowers also have no prepayment penalty.
- Collateral-Free Options: Clean personal loan options are available without pledging collateral or security.
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!
Bank of India Personal Loan Customer Care Number
You can contact Bank of India for personal loan queries, application support, or other service requests through the following channels:
| Contact Channel | Contact Details |
| Domestic Toll-Free Helpline | 1800 103 1906 / 1800 220 229 |
| Chargeable Number (24×7) | (022) – 40919191 |
| WhatsApp Assistance | +91 7997987601 |
| Missed Call for Balance Inquiry | 9811255430 / 9811255450 |
| Customer Support Email | cgro.boi@bankofindia.bank.in |
| NRI Helpline Number | +91 7969241100 |
| NRI Customer Email | FEBO.NRI@bankofindia.bank.in |
| SMS Support (Star Suvidha Express Loan) | Send SMS ‘STAR SUVIDHA EXPRESS PERSONAL LOAN’ to 8467894404 or missed call to 8010968370 |
| SMS Support (Star Pensioner Loan) | Send SMS ‘SPL’ to 8467894404 or missed call to 8010968370 |
| Head Office Address | Bank of India Head Office, Star House, C – 5, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 |
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