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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.
That dream wedding, most eagerly awaited foreign vacation, that long pending home renovation, an unexpected medical emergency or numerous other unexpected expenditure; any one can be faced with these contingencies. Banks and financial times are the saviours in tough times like these.
BOI Star Personal Loan scheme offers their customers with numerous personal loan products that can be used for these needs. Personal loan products of Bank of India are designed keeping in mind the urgency of the loan and the appropriate amount of loan that can satisfy the customer’s needs.
The interest rate on a personal loan plays an important role in choosing a persona loan. Bank of India offers competitive interest rates to their customers based on the credit profile and repaying ability. Following is the interest rate offered by the bank.
About Bank Of India Personal Loan Interest Rate
The interest rates applicable for customers is as mentioned below –
Personal loan interest rate varies for each customer. Following are the important factors that play an important role in determining your interest rate on a personal loan.
A good credit score ensures a higher loan amount and lower interest rate. Banks consider a higher credit score as an indication of your creditworthiness. This highly impacts your loan amount and interest rate eligibility.
A higher income ensures timely repayment of the loan. Banks give better loan terms to individuals with higher income. Hence, make sure to include your income from all sources to ensure better loan amount and interest rate eligibility.
Working in a reputed organisation can certainly get you a good deal on your personal loan. Most banks have a list of approved employers and reputed organisations, that they refer to while processing your loan. Employment in these organisations assures the bankers of your job stability and income flow. Hence you are bound to get offers of higher loan amount and lower interest rate.
Existing customers of the bank are always given preference, because their credit history is easier to obtain. If you are an existing customer of Bank of India, the bank can look at your account information, any existing loans or credit card payments and your general financial standing. Thus, an existing customer is given preferential interest rates on loans.
BOI Star personal loans can be availed to satisfy a wide range of needs
Clean/Unsecured loans can be availed for
Secured loans are offered for
The loan amount and the interest rate vary for each applicant. They are based on numerous factors like income, employment type, age, existing relationship with the bank and the applicant’s latest credit score. The factors help the bank in figuring out the repayment capacity of the applicant which then effects the loan amount and the rate of interest you are eligible for. Other basic criteria are
The Bank of India official website has an EMI calculator for your convenience. This EMI calculator lets you to calculate the monthly EMI for the loan amount and the corresponding interest rate. This helps you in the loan application process.
The loan amount is calculated based on various factors. It could be either of the below
Security or Collateral
Bank of India accepts the following security or collateral to process your personal loan (except in unsecured/clean loan)
For Clean/Unsecured loans – Maximum of 36 months
For Secured loans – Maximum of 60 months
Bank of India charges a one-time processing fee of 2% of the loan amount on both secured and unsecured personal loans.
However, for senior citizen personal loans, no processing fee shall be levied.
1. Does Bank of India require any security or collateral for personal loans?
Yes, Bank of India requires some kind of security or collateral for personal loans. You can provide any equitable or legal mortgage of commercial/residential property. You can also provide any gold/gold ornaments, NSC/Indra Vikas Patra, Bonds, Assignments of LIC Policies, Relief Bonds, etc; as collateral
2. How much personal loan can I get from Bank of India?
The eligible loan amount varies for each applicant. It is based on factors like net monthly income, age, employment type, existing relationship with bank and your latest credit score. Bank of India offers loans starting from Rs. 10,000/- up to Rs. 10 lakh. Contact your nearest bank branch to find out your eligibility.
3. Can a physically challenged person, who is a minor, obtain a loan under the Star Mitra loan scheme?
Yes, a physically challenged person who is still a minor can apply for the Star Mitra loan through their parents or legal guardians.
4. What are some of the purposes for which I can apply for a personal loan?
Bank of India personal loans can be availed for a number of needs.
5. What are the loan disbursement methods available with Bank of India?
Bank of India Personal loans can be availed either as a term loan, a demand loan or an overdraft facility.
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