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Bank of India Personal Loan

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Processing Fee

nil*

Max Tenure

nil*

Best Rate

10.99%

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Bank of India Personal Loans

Bank of India is a leading commercial bank headquartered in Mumbai. The bank has 5100 branches as on 31 January 2017, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture. It provides a wide range of banking products and financial services to its customers.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Bank of India Personal Loans

Bank of India offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Bank of India.

Apply Bank of India Personal Loan

Advantages of Bank of India

  • Low interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum income requirement
  • No processing fees for pensioners and physically challenged

Documentation Required for Bank of India Personal Loans

Important documents to be submitted while applying for personal loans with Bank of India

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Bank of India Personal Loans

Catering to the needs of various sections of people, tailor-made Bank of India personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Key Highlights

Eligibility CriteriaSalaried/Self-EmployedPensioners
AgeBetween 21-60 yearsAll who draw pension thorough UCO
Loan TenureUp to 60 monthsUp to 60 months
Loan AmountUp to 5 LakhsUp to 5 Lakhs
Interest Rate1 Year MCLR + 5.50%1 Year MCLR +2.50%

Features of Bank of India Star Personal Loan

Objective:

The aim of the Bank of India personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

No Collateral Required:

As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Bank of India personal loan. However, suitable third-party guarantee is acceptable.

Loan Amount:

You can get loan up to INR 5,00,000 or 10 times of monthly net income or 50% of gross annual income.

Convenient Borrowing:

You can apply online or visit nearby Union Bank of India branches.

Eligibility Criteria:

Salaried employees, Professionals and individuals with high net worth, regular pensioners or family pensioners drawing regular monthly pension through Branch, Staff members, retired employees (other than dismissed/compulsorily retired) of our Bank

Features of Star Mitra Personal Loan

Objective:

The aim of the Bank of India personal loan is to provide financial assistance for physically challenged individuals to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

Security:

Hypothecation of the Equipment purchased out of Bank Finance

Loan Amount:

You can get loan up to INR 1,00,000 or 10 times of monthly net income or 50% of gross annual income.

Loan Tenure:

Up to 60 months

Convenient Borrowing:

You can apply online or visit nearby Bank of India branches.

Eligibility Criteria:

All Physically Challenged Individuals – both salaried and self-employed, All Physically Challenged Minors through their Parents/Legal Guardians. (No advances to middle-men and NGOs)

Interest Rates on Union Bank of India Personal Loans

Processing Charges:

Nil

Terms and Conditions:

Doctor’s Certificate to be obtained regarding the extent of handicap and the need for the equipment

Quotation/Invoice in respect of the equipment to be purchased

Stamped receipt to be submitted after purchase of the equipment

Features of Star Pensioner Loan Scheme

Objective:

The aim of the Bank of India personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

No Collateral Required:

As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Bank of India personal loan. However, suitable third-party guarantee is acceptable.

Loan Amount:

You can get loan up to INR 5,00,000 or 15 times of monthly pension.

For individuals above 75 years of age, the maximum limit is INR 1 Lac.

Convenient Borrowing:

You can apply online or visit nearby Bank of India branches.

Eligibility Criteria:

Regular pensioners or family pensioners drawing regular monthly pension through the branch

i. Fully Secured1 Year MCLR + 4.50%
ii.Clean/Unsecured1 Year MCLR + 5.50%
iii.For Senior Citizens aged 60 years & above for loans up to Rs. 50,000/-1 Year MCLR + 3.50% 
iv.Financing Secured under tie-up arrangements1 Year MCLR + 4.50%
Fully Secured/Clean/Unsecured as per Star Pensioner Loan Scheme1 Year MCLR +2.50%

EMI Payment Methods

Your Bank of India personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Bank of India, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of India account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Bank of India account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Bank of India account at your nearest Bank of India Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

The processing fees are applicable except for Star Mitra and Pensioner loan scheme. Processing fees have to be paid upfront.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does Bank of India Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

Bank of India offers personal loans at the cheapest rates of interest, with no security or collateral

Bank of India offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an Bank of India personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the Bank of India personal loan?

You can either apply online or visit the nearest Bank of India loan centre for a personal loan.

Bank of India Personal Loans Summary

Bank of India provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Bank of India personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Bank of India personal loans do not impose much burden on the customers.

Customer Reviews

4 / 5 (190 Reviews)
13 Feb 2018

Very good

13 Jan 2018

Bank off indai good

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