Bank of India Personal Loan

Bank of India Personal Loan Interest Rates

Particulars	Rate of interest (p.a.)
Fully secured personal loan	1-year MCLR + 4.50%
Clean or unsecured personal loan	1-year MCLR + 5.50%
Personal loan for senior citizens aged 60 years and above for loans up to Rs.50,000	1-year MCLR + 3.50%
For financing secured under tie-up arrangements	1-year MCLR + 4.50%
Processing fee	2% of loan amount with at least Rs.1,000 and a maximum of Rs.10,000 along with applicable service tax
Stamp charges for loan documents	At actuals

• The rate of interest is a floating rate of interest at monthly rests.
• The processing fee is a one-time processing fee.

Bank of India Marginal Cost of Fund-Based Lending Rate (MCLR)

Loan tenor	MCLR
Overnight MCLR	7.70%
1-month MCLR	8.00%
3-month MCLR	8.10%
6-month MCLR	8.25%
1-year MCLR	8.30%

• These MCLR rates have been effective from October 10, 2017.
• The BOI Base Rate is 9.45% p.a. and it has been effective from October 10, 2017.
• The Benchmark Prime Lending Rate (BPLR) is 14.50% p.a. and it has been effective from February 9, 2013.

Why Choose Bank of India Personal Loan

BOI Star Personal Loan Scheme is loaded with an array of advantages that will benefit the borrower immensely. Here are some of the reasons that make Bank of India personal loans one of the most sought-after credit product in the financial market.

• Multipurpose Loan

Bank of India Personal Loan can be used for a variety of purposes including marriage expenses, educational expenses, and medical expenses and for purchase of consumer durables.

• Attractive Rate of Interest

Bank of India offers a very competitive interest rate for personal loans. The rate of interest is decided based on if you are taking an unsecured or a secured personal loans.

• Impeccable Customer Service

Bank of India extends a customer service helpline through with customers and borrowers can get all their queries answered. Customers can also visit the nearest physical branch to get more information on a particular product.

Features of BOI Star Personal Loan

• The maximum loan quantum offered by this loan is Rs.10 lakh. The loan quantum provided to an applicant will be determined by his or her income.
• It is offered as term loan or a demand loan or an overdraft. It can be reduced according to the repayment schedule.
• There is an overdraft limit with a maximum of up to Rs.1 lakh which will be given to confirmed employees working with the state or central government or with a PSU or with a well-recognised corporate entity.
• You can choose a secured loan or a clean/unsecured loan from Bank of India.
• BOI clean or unsecured loans are offered for the purpose of meeting wedding expenditures, education expenses, home renovation, medical treatment expenditures, or any other personal expenditures that are genuine in nature.
• BOI secured loans are offered for repaying prevailing home loans from other banks or financial institutions; for home renovation, home extension; for buying computers, electronic appliances, professional equipment; for funding education expenditures of self or spouse.

Loan Quantum Details for BOI Unsecured and Secured Loans

Particulars	BOI Clean or Unsecured Loans	BOI Secured Loans
Minimum loan amount	Metro and urban centres: Rs.10,000 Rural and semi-urban centres: No minimum loan size	Metro and urban centres: Rs.10,000 Rural and semi-urban centres: No minimum loan size
Maximum loan amount	Rs.5 lakh	Rs.10 lakh
Quantum of advance	For salaried employees: 10 times of monthly net take-home income For individuals or professionals of high net worth: 50% of gross annual income according to the last income tax returns	For salaried employees: 20 times of monthly gross emoluments For individuals or professionals of high net worth: 100% of gross average annual income according to income tax returns for the last 3 years
Repayment	Within 36 EMIs with effect from 1 month after the first disbursement	Within 60 EMIs with effect from 1 month after the first disbursement
Security	Legal or equitable mortgage of residential or commercial spaces. A hypothecation charge will be levied on the assets. Collateral or security such as assignment of LIC policies; bonds; pledging of gold or gold jewellery; relief bonds; NSC/Indira Vikas Patra; etc.

While setting the loan limit for BOI Personal Loan, one should make certain that the net take-home income is at least 40% of the gross income of the loan applicant.

Bank of India Personal Loan Eligibility Criteria

The eligibility criteria for Bank of India Personal Loan is given below.

• The applicant must be an Indian resident and must be over 18 years of age.
• Professionals, salaried employees, regular pensioners, high net worth individuals, family pensioners drawing monthly pension from bank branch, retired employees and staff members of BOI are eligible to apply for Bank of India Star Personal Loan.
• The applicant must have a regular source of Income and must have a good credit score.

Bank of India Personal Loan FAQs Section

What kind of Personal Loans does Bank of India offer?

Bank of India offers a mixture of both secure and unsecured personal loans. Secure personal loans are granted against some security or collateral while unsecured personal loans do not require any collateral.

What is the main aim of Bank of India personal loan?

The main aim of Bank of India personal loan is to grant finance for personal expenditures including expenses such as wedding expense, vacation expense, education fee and more. It is important that the borrower use the loan amount for legal purposes no matter what the expenditure is.

What is the type of advance granted by Bank of India?

Bank of India offers Demand/Term Overdraft/Loan are the types of advances offered under the scheme.

What is the eligibility criteria for the personal loan?

The applicant must be a resident of Indian and earning income to be eligible for the loan. Salaried employees, Professionals and individuals with high net worth, pensioners drawing regular monthly pension through one of the Branches of the bank, Staff members, and retired employees are eligible for the personal loan scheme.

How can one apply for the loan?

One can apply for the loan by visiting a branch of the bank or they can apply online through the banks official website or through a third party financial website that will process the application without any hassle.

Why should one choose Bank of India personal loan?

Bank of India offers a choice of secured and unsecured personal loans for a low rate of interest. The bank also offers a long tenure with an overdraft facility for its personal loan which is an added advantage.

What is the maximum amount granted?

The maximum loan amount granted for personal loans ranges from Rs.5 lakh to Rs.10 lakh depending on the kind of loan chosen.

What is the quantum of advance for salaried employees?

Ten times the take home salary is the quantum of advance offered for salaries employees under the personal loan scheme by Bank of India.

How can one check the instalment amount for personal loan?

One can easily check the personal loan installment amount by providing a few details with the help of a personal loan installment calculator available on many third party financial websites.

Does the bank offer Overdraft Facility?

Yes, the bank offers overdraft facility with an overdraft limit of maximum up to Rs.1 lakh rupees.