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 51 Users

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    Bank of India (BOI) Personal Loan Eligibility Calculator

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    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.

    Personal Loan Reviews

    • Bank of India Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the Bank Of India for 50000. The experience was good, after submitting the documents I got the loan amount with in 2 days. The interest rate was very good. I'll have to pay an EMI of 1200 for 48 months. It has been a good experience so far.
      Was this review helpful? 11
      , belgaum
      Reviewed on Jul 24, 2018
    • Bank of India Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with them and the loan amount which they had provided had been satisfactory and the interest rate with them also had been good as well. The services from the staff and their customer support also had been well and good.
      Was this review helpful? 7
      , mumbai
      Reviewed on Jul 12, 2018
    • Bank of India Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan I have taken personal loan from the Bank of India . Am satisfied with the rate of interest which they have provided . There is no processing fees they provide 3 years tenure period . They came in person and provided the loan . Am satisfied with customer service
      Was this review helpful? 3
      , hyderabad
      Reviewed on Jun 24, 2018
    • Bank of India Personal Loan
      "BEST SERVICE"
      0.5 5.0/5 "Blown Away!"
      Taken personal loan from Bank of india , with promising rate of interest while comparing to other banks available in market. Easy approval process , am satisfied with the loan amount based on my requirements . Customer service and the customer response is best in terms of clearing queries .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Apr 30, 2018
    • Bank of India Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The BANK OF INDIA has offered me the loan on time, they have delivered the required loan amount and I am satisfied with it. The customer support service and the response is good with the BANK OF INDIA and I am satisfied with the interest rate which they have offered was very low when compared with other banks.
      Was this review helpful? 1
      , chennai
      Reviewed on Apr 23, 2018
    • Bank of India Personal Loan
      "Better card to use"
      0.5 4.0/5 "Great!"
      Bank of India has disbursed my personal loan amount within 10 days of time. The customer support service is good with the bank of India. The rate of interest and the charges are good with the bank of India. The prompt response has been given by this bank.
      Was this review helpful? 1
      , new delhi
      Reviewed on Mar 23, 2018
    • Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with BANK OF INDIA 1 year back. The loan amount was 11 lakhs and the Interest rate was satisfactory . The loan process was very smooth and easy. The loan was approved on time and they have provided door step service for collecting documents.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Feb 27, 2018
    • Bank of India Personal Loan
      "Personal loan with BOI"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from BOI. The approved loan amount was 40000. The rate of interest was nominal only. The monthly EMI comes around 860 with a total tenure of 4 years. 2 years i have paid the EMI.The customer service and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 20, 2018
    • Bank of India Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      My personal loan was taken with BANK OF INDIA 6 months back. The loan amount was 12 lakhs and the Interest rate was 8.52% and the tenure period was 3 years . Here the loan process was good and the processing fee was nominal. I had a good experience here overall .
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 31, 2018
    • Bank of India Personal Loan
      "Need improvement "
      0.5 2.0/5 "Expected more"
      The bank of India personal loan service was not up to the mark and they never gave me the response which I was expected from them. The response part need to be improved with the bank of India personal loan services. The rate of interest and the charges are average with the bank of India, rather I would say it is lesser than HDFC bank.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • Bank of India Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Personal Loan from Bank of India and the experience was very good. The loan amount was for Rs 2.5 lakhs with the rate of interest of 14.99% which is nominal rate. This was a preapproved loan and the loan amount was disbursed within a day. Customer service was good and they followed up on time. The tenure of the loan is 4 years and it was overall a good service from BOI.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jan 09, 2018
    • Bank of India Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I had applied for the personal loan from Bank of India, my loan application was approved and the requested amount was disbursed. The loan amount was for 1 lakh with the rate of interest of 11% which is nominal when compared to other banks. Door step service was given to collect the documents. The customer service was good and they responded well. The process was very smooth and the loan amount was approved within 2-3 days.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Nov 13, 2017
    • Bank of India Personal Loan
      "OK OK EXPERIENCE"
      0.5 2.0/5 "Expected more"
      I am having a ok ok experience with the Bank of India as i took a personal loan from there . Customer service was good the bank provided me the rate of interest of 16% as it was high and also charged me rupees 3500 . I did not had an option so i took the loan from there .
      Was this review helpful? 0
      , raipur
      Reviewed on Oct 29, 2017
    • Bank of India Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I went to Bank of India branch, they provided me preapproved option within a day they processed the loan and got the disbursed at end of the day. I took the loan amount of Rs.75 lakhs with 14% of interest. Now it got closed and I got NOC, they done simple documentation process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 11, 2017
    • Bank of India Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Bank of India has approved and disbursed my loan within 10 days of time. The customer service with bank of India is very good. The way they give response to the customer is very good. The rate of interest is nominal when compared with others. I am satisfied with the loan amount.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2017
    • Bank of India Personal Loan
      "Process is good. "
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Bank of India and the experience to get this loan was not a huge deal. The process was simple and the documentation was not much. The response was timely and I got the funds I needed with a normal interest rate and charges.
      Was this review helpful? 0
      , warangal
      Reviewed on Aug 10, 2017
    • 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? 3
      , 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? 2
      , 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? 3
      , margao
      Reviewed on May 13, 2017
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