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    • Bank of India (BOI) Personal Loan Interest Rates 2019

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    Bank of India offers personal loans interest rates starting from 12.15% to 14.15% p.a. BOI offers special personal loan rate of interest for doctors at 10.65% p.a. The maximum amount of loan that you can avail up to Rs.10 lakh on the basis of the scheme. The processing fee charged by the bank up to 2% of the loan amount, subject to a minimum amount of Rs.1,000 and a maximum of Rs.10,000. The loan repayment tenure can be extended up to 60 months.

    Particulars Details
    Interest Rate 12.15% p.a. onwards
    Processing Fee 2% of the disbursed loan amount
    Loan Tenure Up to 60 months
    Loan Amount Up to Rs.10 lakh
    Employment Status Confirmed employees and pensioners
    Lowest EMI per Lakh Rs.2,235 per lakh for a tenure of 60 months

    Personal Loan Schemes:

    Name of Personal Loan Scheme Best for Rate of Interest (% p.a.) Maximum Loan Amount (Rs.)
    BOI Star Personal Loan Salaried individuals, self-employed individuals, and professionals 12.15% p.a. and so on Up to Rs.10 lakh
    BOI Star Mitra Personal Loan For all physically challenged individuals – minors through their guardian, salaried, and self-employed. 9.95% p.a. Up to Rs.1 lakh
    BOI Star DOCTOR – Plus Registered medical practitioners 10.95% p.a. to 11.95% p.a. Up to Rs.20 lakh
    BOI Star Pensioner Loan Scheme Regular pensioners and family pensioners 11.15% p.a. Pensioners – Up to Rs.5 lakh
    Family pensioners – Up to Rs.1.5 lakh
    For 75+ years old borrowers – Up to Rs.1 lakh

    Factors affecting Bank of India (BOI) Personal Loan Interest Rates

    • 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 or her 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.

    Illustrations

    1. Ms. Michelle Talreja, a resident of Bengaluru, is an employed individual. She draws a monthly salary of Rs.25,000. She has availed a personal loan of Rs.3 lakh through Bank of India (BOI). The loan repayment tenure that she has opted for is 5 years. The rate of interest applicable to her loan amount is 14.80% p.a. The amortisation schedule for the personal loan taken by Ms. Talreja can be shown as follows:

    For a salary of Rs.25,000 per month.

    Loan Amount Rs.3 lakh
    Processing Fee 2%
    Loan Tenure 5 years or 60 months
    Rate of Interest 14.80% p.a.
    Month Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
    1 3,406 3,700 7,106 2,96,594
    2 3,448 3,658 7,106 2,93,147
    3 3,490 3,615 7,105 2,89,657
    4 3,533 3,572 7,105 2,86,124
    5 3,577 3,529 7,106 2,82,547
    6 3,621 3,485 7,106 2,78,926
    7 3,665 3,440 7,105 2,75,261
    8 3,711 3,395 7,106 2,71,550
    9 3,756 3,349 7,105 2,67,794
    10 3,803 3,303 7,106 2,63,991
    11 3,850 3,256 7,106 2,60,142
    12 3,897 3,208 7,105 2,56,244
    13 3,945 3,160 7,105 2,52,299
    14 3,994 3,112 7,106 2,48,305
    15 4,043 3,062 7,105 2,44,262
    16 4,093 3,013 7,106 2,40,169
    17 4,143 2,962 7,105 2,36,026
    18 4,195 2,911 7,106 2,31,831
    19 4,246 2,859 7,105 2,27,585
    20 4,299 2,807 7,106 2,23,287
    21 4,352 2,754 7,106 2,18,935
    22 4,405 2,700 7,105 2,14,530
    23 4,460 2,646 7,106 2,10,070
    24 4,515 2,591 7,106 2,05,555
    25 4,570 2,535 7,105 2,00,985
    26 4,627 2,479 7,106 1,96,358
    27 4,684 2,422 7,106 1,91,674
    28 4,742 2,364 7,106 1,86,933
    29 4,800 2,306 7,106 1,82,133
    30 4,859 2,246 7,105 1,77,274
    31 4,919 2,186 7,105 1,72,354
    32 4,980 2,126 7,106 1,67,375
    33 5,041 2,064 7,105 1,62,333
    34 5,103 2,002 7,105 1,57,230
    35 5,166 1,939 7,105 1,52,064
    36 5,230 1,875 7,105 1,46,834
    37 5,295 1,811 7,106 1,41,539
    38 5,360 1,746 7,106 1,36,179
    39 5,426 1,680 7,106 1,30,753
    40 5,493 1,613 7,106 1,25,260
    41 5,561 1,545 7,106 1,19,700
    42 5,629 1,476 7,105 1,14,070
    43 5,699 1,407 7,106 1,08,372
    44 5,769 1,337 7,106 1,02,603
    45 5,840 1,265 7,105 96,763
    46 5,912 1,193 7,105 90,851
    47 5,985 1,120 7,105 84,866
    48 6,059 1,047 7,106 78,807
    49 6,134 972 7,106 72,673
    50 6,209 896 7,105 66,464
    51 6,286 820 7,106 60,178
    52 6,363 742 7,105 53,815
    53 6,442 664 7,106 47,373
    54 6,521 584 7,105 40,852
    55 6,602 504 7,106 34,250
    56 6,683 422 7,105 27,567
    57 6,766 340 7,106 20,801
    58 6,849 257 7,106 13,952
    59 6,933 172 7,105 7,019
    60 7,019 87 7,106 0

    Ms. Michelle Talreja will be paying off EMIs of Rs.7,105 or Rs.7,106 for 60 months, i.e. till the month of May 2024. She will be paying off a total amount of Rs.4,32,331, wherein the interest amount of Rs.1,26,331 and processing fee worth Rs.6,000 is included.

    2. Ms. Carolina Diniz, a resident of Bengaluru, draws a monthly salary of Rs.50,000. She has availed a personal loan of Rs.5 lakh through Bank of India (BOI). The loan repayment tenure for the loan is 5 years. The rate of interest charged by the bank on the loan amount is 12.90% p.a. The amortisation schedule for Ms. Carolina’s loan has been given below:

    For a salary of Rs.50,000 per month

    Loan Amount Rs.5 lakh
    Processing Fee 2%
    Loan Tenure 5 years or 60 months
    Rate of Interest 12.90% p.a.
    Month Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
    1 5,976 5,375 11,351 4,94,024
    2 6,040 5,311 11,351 4,87,984
    3 6,105 5,246 11,351 4,81,879
    4 6,171 5,180 11,351 4,75,708
    5 6,237 5,114 11,351 4,69,471
    6 6,304 5,047 11,351 4,63,167
    7 6,372 4,979 11,351 4,56,795
    8 6,440 4,911 11,351 4,50,354
    9 6,510 4,841 11,351 4,43,845
    10 6,580 4,771 11,351 4,37,265
    11 6,650 4,701 11,351 4,30,615
    12 6,722 4,629 11,351 4,23,893
    13 6,794 4,557 11,351 4,17,099
    14 6,867 4,484 11,351 4,10,232
    15 6,941 4,410 11,351 4,03,291
    16 7,016 4,335 11,351 3,96,275
    17 7,091 4,260 11,351 3,89,184
    18 7,167 4,184 11,351 3,82,017
    19 7,244 4,107 11,351 3,74,773
    20 7,322 4,029 11,351 3,67,450
    21 7,401 3,950 11,351 3,60,050
    22 7,480 3,871 11,351 3,52,569
    23 7,561 3,790 11,351 3,45,008
    24 7,642 3,709 11,351 3,37,366
    25 7,724 3,627 11,351 3,29,642
    26 7,807 3,544 11,351 3,21,835
    27 7,891 3,460 11,351 3,13,943
    28 7,976 3,375 11,351 3,05,967
    29 8,062 3,289 11,351 2,97,905
    30 8,148 3,202 11,350 2,89,757
    31 8,236 3,115 11,351 2,81,521
    32 8,325 3,026 11,351 2,73,196
    33 8,414 2,937 11,351 2,64,782
    34 8,505 2,846 11,351 2,56,278
    35 8,596 2,755 11,351 2,47,682
    36 8,688 2,663 11,351 2,38,993
    37 8,782 2,569 11,351 2,30,212
    38 8,876 2,475 11,351 2,21,335
    39 8,972 2,379 11,351 2,12,364
    40 9,068 2,283 11,351 2,03,296
    41 9,166 2,185 11,351 1,94,130
    42 9,264 2,087 11,351 1,84,866
    43 9,364 1,987 11,351 1,75,503
    44 9,464 1,887 11,351 1,66,038
    45 9,566 1,785 11,351 1,56,472
    46 9,669 1,682 11,351 1,46,803
    47 9,773 1,578 11,351 1,37,030
    48 9,878 1,473 11,351 1,27,153
    49 9,984 1,367 11,351 1,17,169
    50 10,091 1,260 11,351 1,07,077
    51 10,200 1,151 11,351 96,877
    52 10,310 1,041 11,351 86,568
    53 10,420 931 11,351 76,147
    54 10,532 819 11,351 65,615
    55 10,646 705 11,351 54,969
    56 10,760 591 11,351 44,209
    57 10,876 475 11,351 33,334
    58 10,993 358 11,351 22,341
    59 11,111 240 11,351 11,230
    60 11,230 121 11,351 0

    Ms. Carolina will be paying off a monthly EMI amount of Rs.11,351 for a tenure of 60 months to repay her loan completely. The total amount that she would be paying off by the end of the tenure is Rs.6,91,057. This includes a processing fee of Rs.10,000 and a total interest amount of Rs.1,81,057.

    Frequently Asked Questions

    1. What is the minimum loan amount when I apply for a personal loan through Bank of India (BOI)?

      2. The minimum loan amount will depend on your geographical location. If you are a resident of a metro city or an urban centre, then you would be required to avail a minimum loan amount of at least Rs.10,000. However, if you are a resident of a rural area or semi-urban centre, there is no lower limit on the loan amount for Bank of India (BOI) personal loans.

    2. I am a salaried individual. How does the Bank of India (BOI) decide on the maximum loan amount that can be availed by me?

      3. The Bank of India (BOI) decides the maximum loan amount on the basis of a number of factors. However, the basic structure of the quantum of loan will be calculated as 10 times of your monthly net take-home pay. However, the final amount will be subject to your debt-to-income ratio.

    3. How can I get in touch with the Bank of India (BOI)?

      4. For any queries, you can get in touch with the bank at one of their nearest branch offices. On the other hand, you can also get in touch with the bank over the telephone at 1800 220 229, 1800 103, 1906, and 022 4091 9191.

    4. What are the eligibility criteria for a Bank of India (BOI) personal loan?

      5. You will be eligible to apply for a personal loan through Bank of India (BOI) if you belong to one of the following classes:

      a) Salaried individuals

      b) Regular pensioners and/or family pensioners who draw their monthly pension through Bank of India

      c) Individuals and professionals with a high net worth

      d) Retired employees and staff members of Bank of India (BOI)

    5. How much would I have to pay as processing fee if I take a personal loan of Rs.7 lakh through Bank of India (BOI)?

      6. The Bank of India (BOI) charges processing fee at the rate of 2% of the disbursed loan amount. However, the processing fee is subject to a maximum of Rs.10,000. Thus, for a loan amount of Rs.7 lakh, you would be paying a processing fee of Rs.10,000 only.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

        

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