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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 |
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 |
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.
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.
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.
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.
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)
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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