Are you looking for a personal loan? If so, you’re in luck. The Bank of India has a wide range of personal loan products available, with different features and eligibility requirements. In this article, we’ll explore the different types of personal loans the bank offers and help you decide which one is best for you.
Bank of India Personal Loan Highlights
| Interest rate | Starting from 11.75% p.a |
| Loan Amount | Up to Rs. 20 lakh |
| Loan Tenure | Up to 5 years |
| Processing Fees | 2% of loan amount |
What is a Bank of India Personal Loan?
Bank of India personal loan is a short-term unsecured loan sanctioned by a bank which is used mainly for personal purposes such as purchasing a car, house, wedding expenses, educational fees and many more. The loan amount is up to Rs 20 lakh with an interest rate of 11.75% to 13.75% p.a., and the loan tenure is up to five years.
To be eligible for a Bank of India personal loan you must have an active bank account with the bank and should not have any outstanding loans with the bank or any other financial institution. You should also not be in default on any existing loans.
Bank of India Personal Loan Interest Rates
Bank of India may have the best interest rates available. The bank offers personal loans in different amounts and with different terms, so you can find the loan that is right for you. The interest rates vary depending on the credit score and other factors, but Bank of India usually has the lowest rates available.
| Clean/Unsecured | 13.75% p.a. |
| For senior citizens above 60 years of age and above loan of Rs 50,000 | 11.75% p.a. |
| Financing secured under tie-up arrangements | 12.75% p.a. |
| BOI Star Personal Loan- Doctor Plus | 11.25% p.a. |
| For Pensioners | 10.75% p.a. |
Bank of India Personal EMI Calculator
If you are looking to get a personal loan from a bank, then you should check out the Bank of India Personal EMI calculator. This calculator will help you figure out your monthly payments, and it also includes an interest rate calculator. So, if you’re interested in getting a personal loan from Bank of India, then you should use this calculator to get started.
Types of Bank of India Personal Loans
Bank of India offers a wide variety of personal loans to meet the needs of all borrowers. There are several types of personal loans available, each with its own benefits and drawbacks. The following is a brief overview of the different types of Bank of India personal loans:
- BOI Star Personal Loan: To fulfil the personal financial requirements of applicants, we give out loans up to Rs 20 lakh. There are two types of loans, Unsecured loans and secured loans. The processing fees for both loans are 2% of the loan amount.
- BOI Star Personal Loan- Doctor Plus: The purpose of the loan is to buy any approved purposes, other than gold purchase and investment in shares, for a doctor that is registered. The loan can be up to Rs 20 lakhs, and the author can borrow up to age 68 years old. You get a 50% concession on processing charges for personal loans as it applies to those who are members of public policy.
- BOI Star Pensioner Loan: To fulfil the personal financial needs of pensioners and their families, the bank provides loans up to Rs. 10 lakh. People can also get a loan for pension benefits they’ve received.
- BOI Covid-19 Pensioner Loan: The loan amount for pensioners is between Rs 2 and Rs 1 lakh. The tenure can be up to 3 years and there are no processing fees.
Who is Eligible for a Bank of India Personal Loan?
Bank of India Personal Loan is available to individuals who are residents of India and have a bank account with the Bank of India. The loan can be used for a variety of purposes, such as purchasing a vehicle, starting a business, or covering some immediate expenses. To be eligible for the loan, you must meet the following requirements:
- Salaried employees, professionals who have a high income, BofI staff members and retired BofI employees are eligible for this scheme.
- You must have a valid bank account with Bank of India
- You must be 18 years or older
- You must have an active personal credit history with the Bank of India
For Doctors
There are medical practitioners in India who have a minimum of 3 years of experience in any one medical science.
- Minimum Age to Apply: 25
- The loan is due to be repaid in 75 years
For Pensioners
- Retired employees
- Regular pensioners/family pensioners drawing pension from Bank of India.
Bank of India Personal Loan Features & Benefits
As a borrower, it’s important to know the features and benefits of a personal loan offered by your bank. Bank of India offers a variety of loans varying in terms of amount, tenure, and interest rate. Here are the key features of a Bank of India personal loan:
- Multipurpose: The Bank of India Personal Loan can help with a variety of purposes including marriage expenses, educational expenses, and medical expenses. It can also be used for the purchase of consumer durables.
- Low-interest rate: The Bank of India rates its personal loans at 11.75% p.a.
- Loan Amount: You can avail loan amount up to Rs 20 lakh from Bank of India.
- No Collateral Required: You don’t have to pledge any collateral for a personal loan from Bank of India because they’re unsecured loans.
- Flexible Loan Terms: With a Bank of India personal loan, you can choose from a range of flexible loan terms that fit your needs.
- Attractive Rate of Interest: If you take out a personal loan from Bank of India, you will be charged the lesser of two interest rates–one for secured loans, and one for unsecured loans.
- Quick Loans Processing: The processing time for Bank of India personal loans is relatively short – usually within 24 hours. This means you can get your money quickly and without having to go through complicated procedures or wait for long periods of time.
Drawbacks of a Bank of India Personal Loan
Though Bank of India Personal Loans are popular options for many people, there are some drawbacks to consider before taking one out. For example, these loans are not available to everyone and have stricter eligibility requirements than most other loans. Also, the interest rates on these loan are typically higher than those found on other types of loans, so be sure to check out what the prime rate used by your bank is—it could be very different from the one advertised by Bank of India. Once you have answered all your questions when applying for a loan, you’ll know whether or not this is the right type of loan for you.
Online Apply for Personal Loan in Bank of India
To apply for Bank of India personal loan, first visit the bank’s website and complete the online application form. You will need to provide your full name, address, phone number, email address, the amount you want to borrow (in rupees), and your desired repayment schedule. After submitting your application, you will receive an automated response confirming your eligibility for a personal loan from Bank of India. If you have any questions about the process or your loan application, please contact Bank of India customer service at 1-800-1020-4000.
Conclusions
If you’re looking for a reliable, affordable personal loan, Bank of India is the perfect option. Whether you need money to purchase a car or start your own business, our loans are tailored to meet your needs and can help you get the funding you need in a timely manner. Apply now and let us help get your life back on track!
Read Also – Union Bank Car Loan Review
FAQs
Q. What is the maximum loan amount?
A. The maximum loan amount is Rs 20 Lakhs.
Q. What are the pre-requisites for applying for a personal loan?
A. You must have a valid ID card and two recent passport size photographs. Your bank account must be in good standing. You should also have a valid driving license and proof of residence.
Q. How long does it take to get the loan approval?
A. It usually takes about 2-3 business days for the approval process. However, this may vary depending on the number of applications being processed at any given time.
