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Bank of India Personal Loan Interest Rate 2026

Bank of India Personal Loan Interest Rates start from 10.85% per annum, making it a practical borrowing option for individuals looking to manage personal expenses without pledging any collateral. Whether you need funds for medical emergencies, travel, education, or consolidating existing debts, this loan is designed to offer financial flexibility with transparent terms.

Borrowers can avail loan amounts of up to ₹25 lakh, depending on their income, credit profile, and repayment capacity. Adding to the convenience, Bank of India allows a repayment tenure of up to 84 months, helping you spread EMIs comfortably and reduce monthly financial pressure. With competitive interest rates, flexible tenure options, and the trust of a leading public sector bank, Bank of India personal loans cater to both salaried individuals and pensioners seeking reliable credit solutions.

BOI Personal Loan Interest Rate Snapshot

Floating Rates

Scheme	Category	Effective Rate (p.a.)
Star Suvidha Express Personal Loan (SSEPL)	Salaried / Pensioner	10.85% p.a.
SSEPL	Others	11.85% p.a.
Star Personal Loan Scheme	Fully Secured	12.85% p.a.
Star Personal Loan Scheme	Clean / Unsecured	13.85% p.a.
Star Personal Loan Scheme	Senior Citizens (≤ ₹50,000)	11.85% p.a.
Star Mitra Personal Loan Scheme	All	9.40% p.a.
Star Pensioner Loan Scheme	Fully Secured / Clean	10.85% p.a.

Floating Rates

Scheme	Category	Rate (p.a.)
Star Suvidha Express Personal Loan (SSEPL)	Salaried / Pensioner	13.25% p.a.
SSEPL	Others / NRI	14.25% p.a.
Star Personal Loan Scheme	Fully Secured	15.25% p.a.
Star Personal Loan Scheme	Clean / Unsecured	16.25% p.a.
Star Personal Loan Scheme	Senior Citizens (≤ ₹50,000)	14.25% p.a.
Star Mitra Personal Loan Scheme	All	12.05% p.a.
Star Pensioner Loan Scheme	Fully Secured / Clean	13.25% p.a.

Bank of India Personal Loan Interest Rate (Latest)

The personal loan interest rates offered by Bank of India vary based on the loan scheme, borrower category, security, and whether the rate is floating or fixed. Below is a detailed breakdown of the latest Bank of India personal loan interest rates across various schemes.

1. Star Personal Loan

Floating Interest Rates

Loan Category	Interest Rate
Fully Secured Loan	12.85% p.a.
Clean / Unsecured Loan	13.85% p.a.
Senior Citizens (60+ & loan up to ₹50,000)	11.85% p.a.
Secured Loans under Tie-up Arrangements	12.85% p.a.

Fixed Interest Rates

Loan Category	Interest Rate
Fully Secured Loan	15.25% p.a.
Clean / Unsecured Loan	16.25% p.a.
Senior Citizens (60+ & loan up to ₹50,000)	14.25% p.a.
Financing under Tie-up Arrangements	15.25% p.a.

2. Star Pensioner Loan

Interest Type	Loan Category	Interest Rate
Floating	Fully Secured / Clean / Unsecured	RBLR + CRP 2.50% + BSP 0.25% (Presently 10.85% p.a.)
Fixed	Fully Secured / Clean / Unsecured	13.25% p.a.

3. Star Suvidha Express Personal Loan

Interest Type	Borrower Type	Interest Rate
Floating	Salaried / Pensioner	10.85% p.a.
Floating	Others	11.85% p.a.
Fixed	Salaried / Pensioner	13.25% p.a.
Fixed	Others (including NRI category)	14.25% p.a.

4. BOI Star Mitra Personal Loan

Interest Type	Interest Rate
Floating	RBLR + 1.30% (Presently 9.40% p.a.)
Fixed	12.05% p.a

5. BOI Star Rooftop Solar Panel Finance

Floating Interest Rates

Borrower Category	Effective Interest Rate
Individuals – Loan up to ₹2 lakh	RBLR – 2.35% → 5.75% p.a.
Individuals – Loan above ₹2 lakh	At RBLR → 8.10% p.a.
Registered Housing Societies / RWAs	RBLR + CRP 2.50% → 10.60% p.a.

Fixed Interest Rates

Borrower Category	Interest Rate
Individuals (up to & above ₹2 lakh)	10.75% p.a.
Registered Housing Societies / RWAs	13.25% p.a.

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 for ₹1 Lakh

Mr. Arun Kumar, a resident of Chennai, is a salaried individual working in a private company. He earns a monthly salary of ₹30,000. He has availed a personal loan of ₹1 lakh from Bank of India. The loan repayment tenure chosen is 1 year, and the applicable interest rate is 10.85% per annum.

The amortisation schedule for the personal loan taken by Mr. Arun Kumar is shown below.

For a salary of ₹30,000 per month

Loan Repayment Schedule – ₹1 Lakh Personal Loan

Month	Principal Paid (₹)	Interest Paid (₹)	Total Payment (₹)	Outstanding Balance (₹)
1	7,927.00	904.17	8,831.17	92,073.00
2	7,998.68	832.49	8,831.17	84,074.32
3	8,071.00	760.17	8,831.17	76,003.32
4	8,143.97	687.20	8,831.17	67,859.35
5	8,217.61	613.56	8,831.17	59,641.74
6	8,291.91	539.26	8,831.17	51,349.83
7	8,366.88	464.29	8,831.17	42,982.94
8	8,442.53	388.64	8,831.17	34,540.41
9	8,518.87	312.30	8,831.17	26,021.54
10	8,595.89	235.28	8,831.17	17,425.65
11	8,673.61	157.56	8,831.17	8,752.04
12	8,752.04	79.13	8,831.17	0.00

Mr. Arun Kumar will be paying monthly EMIs of approximately ₹8,831 for 1 year. Over the loan tenure, he will repay a total amount of about ₹1,05,974, which includes an interest component of approximately ₹5,974.

Bank of India personal Loan Interest Rate ₹5 Lakh

Ms. Ananya Rao, a resident of Bengaluru, is a salaried employee drawing a monthly salary of ₹50,000. She has availed a personal loan of ₹5 lakh from Bank of India (BOI). The loan repayment tenure opted is 3 years (36 months). The rate of interest applicable is 12.85% p.a. The amortisation schedule for the personal loan taken by Ms. Rao is shown below:

For a salary of ₹50,000 per month

Month	Principal Paid (₹)	Interest Paid (₹)	Total Payment (₹)	Outstanding Balance (₹)
1	11,457	5,354	16,811	4,88,543
2	11,580	5,231	16,811	4,76,963
3	11,704	5,107	16,811	4,65,259
4	11,829	4,982	16,811	4,53,430
5	11,956	4,855	16,811	4,41,474
6	12,084	4,727	16,811	4,29,390
7	12,213	4,598	16,811	4,17,177
8	12,344	4,467	16,811	4,04,833
9	12,476	4,335	16,811	3,92,357
10	12,610	4,201	16,811	3,79,747
11	12,745	4,066	16,811	3,67,002
12	12,881	3,930	16,811	3,54,121
13	13,019	3,792	16,811	3,41,102
14	13,158	3,653	16,811	3,27,944
15	13,299	3,512	16,811	3,14,645
16	13,442	3,369	16,811	3,01,203
17	13,586	3,225	16,811	2,87,617
18	13,731	3,080	16,811	2,73,886
19	13,878	2,933	16,811	2,60,008
20	14,027	2,784	16,811	2,45,981
21	14,177	2,634	16,811	2,31,804
22	14,329	2,482	16,811	2,17,475
23	14,482	2,329	16,811	2,02,993
24	14,637	2,174	16,811	1,88,356
25	14,794	2,017	16,811	1,73,562
26	14,952	1,859	16,811	1,58,610
27	15,113	1,698	16,811	1,43,497
28	15,274	1,537	16,811	1,28,223
29	15,438	1,373	16,811	1,12,785
30	15,603	1,208	16,811	97,182
31	15,770	1,041	16,811	81,412
32	15,939	872	16,811	65,473
33	16,110	701	16,811	49,363
34	16,282	529	16,811	33,081
35	16,457	354	16,811	16,624
36	16,633	178	16,811	0.00

Frequently Asked Questions

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

The interest rates for Bank of India Personal Loans currently start from around 9.65% p.a. and can go up to approximately 11.10% p.a., depending on the borrower’s profile and loan scheme.

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

Yes, Bank of India offers personal loans under multiple schemes such as Star Personal Loan, Star Pensioner Loan, Suvidha Express Loan, Rooftop Solar Panel Finance Loan, Mitra Loan, and Star Personal Loan Doctor Plus.

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

The interest rate is decided based on factors like the applicant’s credit score, income level, employment history, loan amount, prevailing market conditions, and existing relationship with the bank.

4. Does loan tenure affect the Bank of India personal loan interest rate?

Yes, a shorter loan tenure usually results in lower overall interest paid but higher EMIs, while a longer tenure reduces monthly EMIs but increases the total interest outflow.

5. Are there any processing fees for Bank of India personal loans?

In most personal loan schemes, Bank of India charges either no processing fee or a fee that is competitive and as per the bank’s prevailing guidelines.