• loading

    We found 1 Bank of India (BOI) Personal Loan Interest Rates
    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 Interest Rates is Rated as "Excellent!" by 50 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Bank of India (BOI) Personal Loan Interest Rates

    About Bank of India (BOI) Personal Loan

    From renovating your home and vacationing abroad to medical exigencies and tuition fees, personal loans offered by Bank of India can help you fulfil your dreams. You can acquire a personal loan by simple documentation and hassle-free processing offered by Bank of India. You can choose a loan tenure from 1 to 3 years and avail of attractive personal loan interest rates. Bank of India offers Star Personal Loan Scheme to customers who need it to meet their various personal requirements. The maximum loan amount is Rs.10 lakhs, depending upon the income, with competitive interest rates and easy repayment plan. Bank of India offers personal loans to regular pensioners who draw their regular monthly pension through the Bank of India branch. A special loan scheme for the physically challenged is also offered by Bank of India wherein the borrowers can repay the loan in 12 to 60 months at a fixed interest rate on a reducing balance and 1% above base rate.

    Bank of India (BOI) Personal Loan Interest Rates

    Personal loan offered by Bank of India depends on several factors such as a customer’s credit history, monthly income and repayment capacity among others. Bank of India offers a floating personal loan interest rate of 12.95% to 14.95%. Under the star pensioner scheme, Bank of India offers interest rates of 13.70%, 14.2% and 12.95% for fully secured, unsecured and senior citizens (60 years and above for loans upto Rs.50,000) respectively. Under its Star personal loan scheme, Bank of India offers interest rates of 13.95%, 14.95% and 13.95% for fully secured, unsecured and finance secured with tie-ups respectively.

    Customers can repay their personal loan in equated monthly installments (EMIs). At the time of booking of a personal loan, Bank of India will calculate the EMI based on the loan amount approved, interest rate and tenure. Bank of India offers both secured and unsecured loans. Customers can examine the benefits of the various schemes to zero in on one that is most suits their financial requirements.

    Bank of India Personal Loan Interest Rates 2018

    Particulars Salaried Self-Employed
    Interest rate Secured loans: 4.50% above 1 Year MCLR = 13% p.a. Unsecured loans: 6.00% above 1 Year MCLR = 14.5% p.a. Secured loans: 4.50% above 1 Year MCLR = 13% p.a. Unsecured loans: 6.00% above 1 Year MCLR = 14.5% p.a.
    Loan Amount For Unsecured Loans:
    Maximum Rs.5 lakh
    Minimum:
    Metro & Urban: Rs.10,000
    Semi-Urban & Rural: No minimum amount
    For Secured loans:
    Maximum Rs.10 lakh
    Minimum:
    Metro & Urban: Rs.10,000.
    Semi-Urban & Rural: No minimum amount.
    For Unsecured Loans:
    Maximum Rs.5 lakh
    Minimum:
    Metro & Urban: Rs.10,000
    Semi-Urban & Rural: No minimum amount
    For Secured loans:
    Maximum Rs.10 lakh
    Minimum:
    Metro & Urban: Rs.10,000.
    Semi-Urban & Rural: No minimum amount.
    Loan Tenure For unsecured loans: Maximum of 36 months, with a few exceptional cases where 60 months is permissible.
    For secured loans: Maximum 60 months.
    For unsecured loans: Maximum of 36 months, with a few exceptional cases where 60 months is permissible.
    For secured loans: Maximum 60 months.
    Lowest EMI For Metro and Urban areas:
    Secured loan: Rs.228 per month.
    Unsecured loan: Rs.345.
    For Semi-Urban & Rural: NA.
    For Metro and Urban areas:
    Secured loan: Rs.228 per month.
    Unsecured loan: Rs.345.
    For Semi-Urban & Rural: NA.
    Processing Fee 2% of the loan amount + GST
    Minimum: Rs.1,000.
    Maximum: Rs.10,000.
    2% of the loan amount + GST
    Minimum: Rs.1,000.
    Maximum: Rs.10,000.
    Age No limit specified No limit specified
    Prepayment/ForeClosure Charges None None

    How to calculate interest/ EMI on my Bank of India bank personal loan?

    EMI comprises the interest on loan in addition to the principal to be repaid. The sum of principal and interest is divided by the tenure of the loan. Top rate aggregator websites such as bankbazaar.com provide a personal loan EMI Calculator which helps customers calculate the exact EMI which needs to be paid. All a customer has to do is enter the details of loan amount, tenure, interest rate applicable and processing fee, if any and click ‘calculate’. The customer will then find all the required information such as amortization figures and loan repayment figures for a specific loan amount. An amortization table provide a breakdown of loan repayment. The amortization table displays each payment to be made after principal is deducted resulting in new balance after each payment.

    For instance, Amol Rao, a 29-year-old marketing executive opts for the Star personal loan scheme for a sum of Rs. 5 lakhs for 3 years at 12.95%. Rao, therefore, has to pay Rs.16,835 as the first EMI after acquiring the loan.

    The amortization table is as follows:

    YearPrincipal paid (Rs)Interest paid (Rs)Balance amount (Rs)
    Year 114,571756,30235,4283
    Year 216,574936,27018,8534
    Year 318,853413,4850

    Factors affecting your Bank of India Personal Loan Interest Rates

    There are various factors which affect interest rates offered on Bank of India personal loan as listed below.

    • Repayment capacity: The repayment capacity of a borrower is of seminal importance. Banks usually provide personal loans up to 10 times the monthly salary of a customer. Banks check the CIBIL score of an applicant to determine his repayment capacity. Bank of India will offer attractive interest rates to loan applicants with a regular income and a robust credit history,
    • Relationship with Bank of India: If a customer has a good rapport with his or her bank, there is no trust deficit. Consequently, the bank will be in a position to reduce their interest rates offered to privileged customers. Also, a long-standing customer of a bank can negotiate a lower interest rate, provided he or she fulfils all the required eligibility criteria for availing of a Bank of India personal loan.
    • Loan tenure: Interest rate offered by Bank of India depends upon the loan tenure chosen by customers. If the customer opts for a short loan tenure, the bank is most likely to charge a higher interest rate as compared to loans offered on longer tenures.

    Note: Bank of India can alter its Interest rates at its discretion.

    How CIBIL score affects Bank of India Personal Loan interest rate?

    CIBIL score reveals an individual’s repayment capacity and credit history. A robust CIBIL score will boost the chances of a loan applicant to acquire a personal loan at competitive interest rates. If loan applicants have a low CIBIL score, they are unlikely to get their loan approved. If Bank of India decides to approve a loan request by an individual who has a low credit score, the interest rate charged on the loan may be higher compared to those who have a good credit score.

    Key things about Bank of India Personal Loan interest rates

    1. Q. How does repo rate affect the personal loan interest rate?

      When the RBI raises the repo rate, banks do not immediately raise their interest rates. In several cases, if a bank has had a lean growth rate, it will be reluctant to immediately pass on the increased rates to its customers. Banks analyze their liquidity and cost of funds before passing on the hike in repo rate to their customers by way of increased interest rates.

    2. Q. Can I acquire a personal loan from Bank of India bank without a good credit score?

      It is always prudent to have a robust credit score to avail of the credit facility from any bank. A good credit score paves the way for a loan getting approved in that all banks including Bank of India review the credit history and repayment capacity of an individual before approving a loan.

    3. Q. Does Bank of India offer floating interest rates? What is the difference between floating and fixed interest rate?

      Yes. Bank of India offers a floating rate of interest under its star personal and star pensioner loan scheme. Fixed interest rate entails repayment of loans in fixed equal installments since interest rate doesn't change with market fluctuations. Floating interest rate, on the other hand, varies according to market conditions. The floating interest rate changes depending on the base rate.

    Bank of India (BOI) Personal Loan Interest Rates Reviews

    • 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? 3
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 2
      , 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? 1
      , 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
    Common Loader Icon
     Loading your search... Loading your search...
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.