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Bank Of India Personal Loan Interest Rate

Bank Of India offers personal loans at attractive interest rates, flexible repayment tenures, and minimum processing charges. Bank Of India personal loan interest rates will vary with the loan amount, loan tenure, and some other factors as well.

Bank Of India

Bank of India (BOI) is one of the leading public sector banks in India. They offer personal loans to meet the diversified financial needs of individuals. It could be in the form of medical expenses, educational expenses, weddings, travel, or debt consolidation. Bank of India Personal Loan Interest Rate starts for eligible individuals as low from 9.65% p.

The Bank of India personal loans comes with competitive interest rates that ensure affordability and flexibility for salaried and self-employed applicants. Understanding these interest rates, along with associated charges and eligibility criteria, will help you to make informed borrowing decisions.

Bank of India Personal Loan Key Highlights

The following are some of the key highlights of the Bank of India personal loan. They are:

Bank of India Personal Loan Schemes

The following are some of the Bank of India Personal Loan Schemes available. They are:

Star Personal Loan:

The Star Personal Loan offered by Bank of India satisfies your every need. Some of the highlights of the loan includes:

Easy documentation with tie-up arrangements.
Best offers for Government, public-sector employees, doctors, and salary account holders.
No Collaterals required
0.50% interest concession for eligible women borrowers
No processing charges for differently abled customers
ROI is calculated based on the reducing balance method.

Loan Detail	Information
Loan Amount	25 Lakhs or 36 months your gross salary
Interest	Starting at 11.10% p.a. Linked with the credit score of customers
Tenure	84 months
Processing Charges	1% of the principal with a lowest amount of Rs.2,500 and a higher amount of Rs.15,000

Documents Required for the Loan:

Pre-requisite documents for the loan includes the following:

Identity Proof: PAN, Passport, Driving License, Voters ID card
Address Proof: Passport, Driving License, Aadhar Card, Utility Bills
Income Proof: Latest 6 months' pay slips, One-year ITR, Form 16, Last 3 years ITR,

Eligibility:

Individuals: Salaried or self-employed professionals.
Non-individual trust is not eligible for the loan.
An individual’s maximum age should not be more than 70 years at the time of repayment.

Star Pensioner Loan

Star Pensioner loan is a special personal loan offered by Bank of India for pensioners and family pensioners to meet their financial needs. The loan is available with flexible loan terms and affordable interest rates to ensure minimal stress for pensioners. The eligibility of the loan covers regular pensioners, family pensioners and defense pensioners with the amount depending on the age and repayment capacity of the retired employees.

Feature	Details
Loan Amount	Max of 10 Lakhs or 20 times of pension for secured and 15 times of pension for clean loan
Interest	Starting at 10.85% p.a.
Tenure	60 Months
Processing Charges	No processing charges for senior citizens 0.50% of the loan amount with a minimum of Rs.250 and maximum of Rs.1000

Documents Required:

Some of the pre-requisite documents for the Star Pensioner loan are:

Identity Proof: PAN, Passport, Driving License, Voters ID card
Address Proof: Passport, Driving License, Aadhar Card, Utility Bills
PPO from the branch

Eligibility:

Pensioners drawing pension from Bank of India.
Maximum age of 75 years at the time of repayment.

Star Suvidha Express Personal Loan

Star Suvidha Express Personal Loan is the one as the name specifies is meant for quick approval and disbursal of loan. This makes it ideal to handle various medical emergencies, weddings, education or travel. The loan comes with competitive interest rates, minimal documentation, with flexible repayment options. The loan can be used by eligible applicants based on their income and repayment capacity without the need to provide any collateral or security.

Loan Amount	Maximum of 20 Lakhs
Interest	Low ROI @11.10% p.a
Tenure	84 Months
Processing Charges	1% of the loan amount. Minimum of Rs.2,500 and Maximum of Rs.15,000

Documents Required

For Individuals:

Identity Proof: PAN Card, Passport, Driver License, Voters ID
Address Proof: Passport, Driver License, Aadhar Card, Latest any of the utility bills
Income Proof: Latest 6-month salary slip, Pay slip and One Year ITR, Form 16

Eligibility

Salaried customers have salary accounts with BOI.
Salaried home loan customers of BOI.
Age: 75 years at the time of repayment.

Star Rooftop Solar Panel Finance Loan

The Star Rooftop Solar Panel Finance Loan is given to individuals and businesses to install solar panels on the rooftops with ease. It offers flexible repayment options with competitive interest rates to make solar energy affordable. Borrowers can avail themselves of loans for both residential and commercial rooftop installations. The loan covers the cost of equipment, installation, and other associated expenses with it. This loan will help you transition to clean energy while managing payments conveniently over a structured term of payments.

Loan Amount	For Individuals: Maximum of 6 Lakhs For Housing Societies: 100 Lakhs
Quantum	Up to 3 KW = 2 Lakhs Above 3 KW to 10 KW = 6 Lakhs
Interest	Starting at 6% p.a.
Tenure	120 Months
Processing Charges	Nil

Documents Required

Identity Proof: PAN/Passport/Driving License/Voters ID
Address Proof: Passport/Driving License/Aadhar Card/Utility Bills
Income Proof: Last 6 months' salary slips/pay slips/one-year ITR/Form 16

Eligibility

Individuals/Registered Housing Societies/Residential Welfare Associations
Borrower/Coborrower should be the owner of the house
Age: Maximum of 70 years at the time of final repayment
No Prepayment Penalty

Star Mitra Personal Loan

The Star Mitra Personal Loan is designed to provide quick and hassle-free financial support for salaried and self-employed professionals. One of the key takeaways of the loan is that it is meant for differently abled people without any collaterals. The loan offers a competitive rate of interest, with flexible repayment options with minimal documentation. This makes it easy for these professionals to access funds for personal or emergency needs.

Loan Amount	Maximum Limit up to 2 Lakhs
Quantum	15 months of Net Monthly Salary 100% of Net Annual Income of Self-employed professionals
Interest	9.65% p.a
Tenure	60 months
Processing Charges	Nil

Documents Required

Identity Proof: PAN/Passport/Driving License/Voters ID
Address Proof: Passport/Driver License/ Aadhar Card/Utility Bills
Income Proof:
Salaried Employees: Latest 6 months' salary statement/Pay slips, One-year ITR, Form 16,
Self-employed: Last 3 years ITR with CA certified computation of Income/Profit & Loss Account/Balance Sheet
Doctor’s certificate certifying the handicap.

Eligibility

Salaried/Self Employed Professionals
Maximum Age: 70 years at the time of repayment

Star Personal Loan Doctor Plus

The Star Personal Loan Doctor Plus is given for qualified registered medical practitioners to provide financial protection against medical expenses. This loan is meant for cashless hospitalization, coverage of critical illness and routine medical check-ups. This is to ensure that your family gets quality healthcare without any financial stress. There are no hidden charges. And there is reducible overdraft facility available with the loan. And with attractive features like quick disposal without any collateral and easy documentation, it is ideal to safeguard your health and well-being.

Loan Amount	Maximum Limit of 25 Lakhs
Quantum	36 times of the Gross Monthly Salary
Interest	Starting from 11.10% p.a
Tenure	84 months
Processing Charges	Competitive in the market
Prepayment Penalty	50% of the charges are applicable to individuals. One time 1% of the loan amount with a minimum of Rs.1000 and maximum of Rs.10,000

Documents Required

Identity Proof: PAN/Passport/Driver’s License/Voters ID
Address Proof: Passport/Driving License/ Aadhar Card/Latest Utility Bills
Income Proof:

Salaried Professional: Latest 6 months' salary/pay slip, One-year ITR, Form 16
Self-Employed Professionals: Last 3 Years ITR with CA certified computation of income/ Profit & Loss Account/Balance Sheet/Capital Statement.

Registration certificate from state/ Indian Medical Council

Eligibility

3 years' experience in any field of medical field qualified medical practitioner.
Age: Maximum of 75 years at the time of repayment.

Factors Influencing the Bank of India Personal Loan Interest Rate

When applying for personal loan with Bank of India, your interest rate varies depending on various external factors. Some of them are discussed below:

Credit Score & Financial Health:

Borrowers with a high credit score and clean repayment history stand a high chance in securing the Bank of India Personal Loan with low interest rates.

Income Stability & Employment Type:

People with a stable income source will have a higher chance of getting a preferential rate of interest with BOI. Salaried individuals with accounts at BOI and Government employees are likely to receive a low interest rate.

Loan Amount & Tenure:

Larger loan amount or a longer repayment tenure always has a high interest rate due to an increased risk exposure.

Existing Relationship with the Bank:

Customers who maintain their salary accounts, fixed and recurring deposits and other banking products will enjoy discounted awards as a sign of their loyalty.

Market Conditions and RBI Policies:

The prevailing REPO rate, inflation trends, and monetary policies will also influence your Bank of India Personal Loan Interest Rates.

Bank of India Personal Loan EMI Calculation

Equated Monthly Instalment (EMI) is the fixed monthly payment you pay to the bank to repay your personal loan that includes your principal and rate of interest.

EMI = P X R X (1 + R) ^N / (1 + R) ^ N – 1

Where P = Principal, N = Tenure of the Loan R = Rate of Interest

Example Calculation of the Loan.

P = Rs. 5,00,000 N = 5 Years = 12 x 5 = 60 months R = 11/12/100 = 0.009167.

Now, we need to apply the formula

5,00,000 X 0.009167 X (1 + 0.009167) ^60/ (1+0.009167) ^ 60 –1

Monthly EMI = Rs. 11,006 per month

You can also check the EMI Calculation using Creditmantri's Bank of Baroda EMI Calculator

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Given this type of data might change over time, we cannot guarantee that the information supplied or included within it, is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.

Bank Of India Personal Loan Interest Rate FAQs

1. What are the current interest rates for the Bank of India Personal Loan?

The current interest rates for the Bank of India Personal Loan starts as low as 9.65% p.a to 11.10%p.a.

2. Does Bank of India offer personal loans to different loan schemes?

Yes. Bank of India Personal Loans has various schemes starting from Star Personal Loan, Star Pensioner Loan, Suvidha Express loan, Rooftop Solar Panel Finance Loan, Mitra Loan, Star Personal Loan Doctor Plus are some of the personal loan schemes available.

3. How is the Bank of India Personal Loan interest rate determined?

Bank of India Personal Loan interest rates are determined with the help of the credit score, income level, market conditions, employment history, loan amount, and relationship with the lender.

4. Does loan tenure affect the BOI interest rate?

Yes. If you have taken a personal loan with shorter tenure then you tend to pay less interest but with a higher EMI amount, whereas a longer tenure loan comes with small monthly payments but higher interest rates.

5. Are there any processing fees for the BOI personal loans?

In most of the personal loan schemes Bank of India charges nil processing fees or a rate that is competitive in the market.