Multiple banks. Different interest rates. Call it a "conflict of interest".
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    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 36 Users

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    Promised Interest Rate

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    Personal Loan BYTES FROM OUR KITCHEN

    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 2017

    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.

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

    • 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? 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
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