Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 Bank of India (BOI) Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.90% - 13.90% Floating
    1,000 to ₹10,000 + applicable tax One time fee
    10K - 5L
    1-3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    Bank of India (BOI) Personal Loan Eligibility Calculator is Rated as "Excellent!" by 35 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    Bank of India Personal Loan Eligibility URL : https://www.bankbazaar.com/bank-of-india-personal-loan-eligibility-calculator.html

    About Bank of India Personal Loan

    Bank of India offers Star Personal Loans designed to meet any personal expense an individual could have, providing multipurpose loans to quell any monetary requirement. Bank of India offers these loans at competitive rates with flexible repayment options, providing immediate monetary relief in emergency situations. Personal loans offered by Bank of India are easy to obtain and hassle free, designed keeping the needs of the customer in mind.

    Bank of India Personal Loan Eligibility

    Bank of India offers two types of personal loans, with each loan having different eligibility criteria. Individuals who wish to apply for a Bank of India personal loan need to meet the basic eligibility criteria for each loan.

    Star Mitra Personal Loan
    • Physically Challenged– This loan can be availed only by physically challenged individuals.
    • Salaried/Self-Employed – The applicant needs to be salaried or self-employed with a regular source of income.
    • Minors – This loan can be availed by physically challenged minors through either their parents or legal guardians.
    • Doctor’s Certificate – The applicant needs to produce a Doctor’s Certificate indicating the extent of handicap.
    Star Personal Loan

    For Salaried Individuals

    • Salaried – The applicant should be a salaried employee or professional with a regular monthly income.
    • Net Worth – Individuals who are not salaried should have a high net worth to be eligible for this loan.

    For Pensioners

    • Regular Pension – The applicant should be a pensioner drawing monthly pension through the bank.
    • Job History– The applicant should not have been dismissed from service or compulsorily retired, if he/she worked for Bank of India.
    • Age Limit – The age of the applicant should be such that the entire loan amount is cleared before he/she attains the age of 75.

    Factors affecting Eligibility of Bank of India Personal Loans

    There are multiple factors which can affect the eligibility of an applicant when it comes to obtaining a personal loan, some of which are mentioned below.

    • Income – Banks are financial institutions which run on their ability to utilise money effectively. The income of an applicant is crucial for banks before they sanction a loan, as the income helps them gauge if the individual can repay the loan amount. Higher the income of an individual, higher the chances of him/her obtaining a loan.
    • Age – Middle aged and experienced individuals are more likely to get the loan approved compared to youngsters, as banks view youngsters as being opportunistic and unstable, willing to shift jobs at the drop of a hat. This makes them cautious while providing loans to young people.
    • City of Residence – The city of residence can play a crucial role in the loan application, with people residing in metropolitan cities finding it easier to get their loan sanctioned compared to residents of small towns.
    • Type of Employment – Permanent employees are likely to get the loan sanctioned faster than probationary or temporary employees, as they have a regular source of income from which the EMI can be deducted. Self-employed individuals need to have a good history of their business/venture in order for the bank to consider their application seriously.

    How CIBIL score affects your Bank of India Personal Loan Eligibility

    The CIBIL score of an individual plays a major role in determining whether he/she gets the loan approved or rejected, as Bank of India checks the CIBIL score to gauge the loan applicant. A good CIBIL score of around 800 or more would ensure that the loan application receives a favourable response from Bank of India. CIBIL scores ranging around 700 might be considered by the bank, but they might not readily sanction a personal loan in such cases. CIBIL scores below 700 are likely to be rejected by the bank, as a low CIBIL score raises concerns about the repayment capacity of the applicant.

    A CIBIL score reflects the credit history of an individual, including past loans and their repayment capacity. A good CIBIL score is likely to instil confidence in Bank of India and increase the chances of an applicant securing a loan.

    How to increase Bank of India Personal Loan Eligibility

    Improving the eligibility for a Bank of India personal loan might sound difficult but following a few simple steps could help individuals land that elusive loan.

    • Timely payment – Paying all credit card bills and EMIs on time will work wonders towards improving the eligibility for a personal loan.
    • Choosing longer tenure – A longer tenure would mean lower monthly EMIs, which could meet the required income requirements expected by the bank.
    • Prepayment – Prepaying any existing loan amount could make a huge difference in perception, improving the eligibility for a personal loan.
    • Mixing up the loans – A healthy mix of secured and unsecured loans is likely to make a huge difference in the loan application.
    • Limiting the applications– Applying for loans from multiple institutions is bound to make the applicant look desperate, lowering his/her credibility.
    • Limiting the loan amount – Not asking for amounts higher than needed could increase the chance of getting the loan approved.

    FAQs on Bank of India Personal Loan Eligibility

    Q. What is the minimum and maximum personal loan amount an individual can apply for?

    A. The minimum loan amount one could apply for is Rs. 10,000 in urban areas, with no minimum limit set in rural areas. The maximum amount depends on whether the loan is secured or unsecured, with the upper limit being Rs. 2 lakhs for unsecured loans and Rs. 10 lakhs for secured loans. The maximum loan amount for the physically challenged is Rs. 1 lakh.

    Q. Should the applicant provide any security in order to obtain the loan?

    A. Yes, applicants need to furnish security in the form of property, gold, LIC policies, Bonds or any other collateral to obtain Secured Loans.

    Q. Is there a minimum age requirement to avail the Star Mitra Personal Loan?

    A. There is no minimum age requirement to avail this loan, as even minors can obtain a loan through their parents.

    Q. Should an individual applying for Star Mitra Personal Loan have insurance?

    A. An applicant is advised to obtain an insurance at his/her own, though it is not compulsory.

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  • Personal Loan Reviews

    • Bank of India Personal Loan
      "100000"
      0.5 1.0/5 "Really Bad"
      Ranveer Kumar S/O- Saryug Sharma At- Kazichak Po+Ps- Barh Dist-Patna (Bihar) 803213 It was an excellent process with Bank of India. I had taken a personal loan and the bank has very good options. I got a lesser rate of interest and I can also close my loan any time in the tenure of five years and I do not get charged for it. Also their customer services are good too.
      Was this review helpful? 1
      , patna
      Reviewed on Jul 04, 2017
    • Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took personal loan from Bank of India .Nearly 13.5% rate of interest was offered and within 10 days the loan was disbursed. Rs.1500 to 2000 was charged as the processing fee. I felt that the service is good. I have the salaried account with them so the process went on smooth.The loan amount given was less comparing to the other banks
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on May 25, 2017
    • Bank of India Personal Loan
      "Best in terms and conditions"
      0.5 5.0/5 "Blown Away!"
      It was an excellent process with Bank of India. I had taken a personal loan and the bank has very good options. I got a lesser rate of interest and I can also close my loan any time in the tenure of five years and I do not get charged for it. Also their customer services are good too.
      Was this review helpful? 0
      , rourkela
      Reviewed on May 22, 2017
    • Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank of India personal loan process is good. They provide very good service I had taken this loan loan back and it is closed as well I had opted for 7 laks rupees loan amount with rate of intrerst 9% they have not charged any processing fee just . I just gave voter id and company letter. They had charged 3% as the foreclosure charge.
      Was this review helpful? 0
      , margao
      Reviewed on May 13, 2017
    • Bank of India Personal Loan
      "Very Good"
      0.5 4.5/5 "Excellent!"
      This is a very good opportunity to peoples, I Really like this loan system thats it. this loan system use of all particular persons. it will be more helpfull of peoples, I Really like this loan system, this will be used of all all types of employees and business providers thats it.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 06, 2016
    • Bank of India Personal Loan
      "Not a good one"
      0.5 3.0/5 "Satisfactory"
      I had tried to contact Bank Of India for the personal loan, it was at that point of time they were in need of more documents. The processing part is very lengthy and the features are also not that great. I did not submit my documents to BOI and the response time provided was also very good.
      Was this review helpful? 0
      , gulbarga
      Reviewed on Nov 14, 2016
    • Bank of India Personal Loan
      "Its fair"
      0.5 4.0/5 "Great!"
      I have an idea how BOI works, as I had taken a personal loan through them. The process was quite easy without any difficulties. Interest rate were fine with them and I got the amount that I applied with the bank. Insurance was also covered on this loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 30, 2016
    • Bank of India Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      Compared to the private banks the service offered very strict by Nationalized bank for the personal loan process, on the other hand they were able to provide very good payment options. Pre closure charges were nil after one year in Bank of India. Part payment options is available. Maximum time duration they use to take is in one week. Interest rate charged was 14% when i took the loan during the year 2013.
      Was this review helpful? 1
      , madurai
      Reviewed on Jun 04, 2016
    • Bank of India Personal Loan
      "User Friendly Nationalized Bank "
      0.5 5.0/5 "Blown Away!"
      Within the short span of time , Bank of India disbursed the personal loan the process was very good. Being a nationalized bank the interest rate charged was very less compared to the market .As I hold an account with the same bank so the loan details can be checked through the online portal and the hard copy of the loan documents were sent on time.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2016
    • Bank of India Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      After applying for the personal loan with Bank of India i got the amount within 2-3 days. Interest rate charged was 9.5% and the processing fee was nominal. Documentation was easy and the executive came to the place to collect. Part payment and pre closure is available.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Mar 28, 2016
    • Bank of India Personal Loan
      "Easy process but high rate "
      0.5 4.0/5 "Great!"
      The service provided was good with Bank of India related to the personal loan.since I hold the salary account they have completed the process within 3-4days of time.The rate applied was too high with Bank of India.They have applied average charges
      Was this review helpful? 0
      , jabalpur
      Reviewed on Mar 23, 2016
    • Bank of India Personal Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      Bank of India has been good in their services. I have taken a personal loan from them. The process for the loan is very good. The rate of interest was of 12.5%. As this rate is offered for the Women. The processing charges was normal too. Overall a good experience.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 11, 2016
    • Bank of India Personal Loan
      "Interest rate and processing fee is minimal "
      0.5 4.0/5 "Great!"
      The service provided was quite good with bank of India based on the personal loan application.The interest rate applied was good with Bank of India.The customer service process gets delayed each time. The interest rate applied was around 14.5% .They have applied minimal charges on processing
      Was this review helpful? 0
      , mangalore
      Reviewed on Feb 22, 2016
    • Bank of India Personal Loan
      "Flexible process!"
      0.5 3.0/5 "Satisfactory"
      Personal loan process was very much flexible with Bank of India. As I do have a good relationship with the executives, they are sanctioning the personal loan to me within 2 days on collecting relevant documents. In the year 2014, I have taken the loan amount from them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 02, 2016
    • Bank of India Personal Loan
      "simple process...."
      0.5 3.0/5 "Satisfactory"
      It was a personal loan and the bank has processed on basis my account. Ten years ago the rate of interest was 9.5%. I took the loan against my fixed deposit so the process was simple. Bank of India was charging high and there was some hidden charges.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 30, 2016
    • Bank of India Personal Loan
      "Best in service "
      0.5 5.0/5 "Blown Away!"
      The service provided by Bank of India was very good based on the personal loan application beng submitted.The process was good with best response provided.The documentation process was good with a best rate offered in the loan.They have not applied any charges in the loan.
      Was this review helpful? 2
      , dehradun
      Reviewed on Jan 05, 2016
    • Bank of India Personal Loan
      "Good response!"
      0.5 5.0/5 "Blown Away!"
      When I was in need of personal loan, I just reached my home branch for loan application. And the manager responded me in a prompt way. They provided me the loan with a better interest rate. More over the loan amount was approved and disbursed within a weekâ??s time from Bank of India.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 02, 2016
    • Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank of India takes only one day to disburse the personal loan with very less interest rate of 11% and the processing fee was just Rs.200. Documentation process was very simple. Part payment can be done without any extra charges.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 18, 2015
    • Bank of India Personal Loan
      "Need improvement..."
      0.5 1.5/5 "Bad"
      They have their own policy. Very difficult to get a loan from Bank of India. When I was approach them for a personal loan I did not received any response. Even from higher officer end as well. They were very rude and it would be better if they provide proper service.
      Was this review helpful? 5
      , chennai
      Reviewed on Nov 21, 2015
    • Bank of India Personal Loan
      "Helpful in loan"
      0.5 5.0/5 "Blown Away!"
      I am happy with the service provided by Bank of India based on the personal loan.They are helpful for getting the loan.The response provided by them was quite good.The interest rate applied for the loan was quite good and the charges deducted was also nominal.I will recommend about Bank of India to others.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 29, 2015
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