At least 21 years old

Less than 58 years old

Salaried / Self – Employed
with regular income

Earn more than the minimum
income required

Minimum income required
40 % of gross income

Maximum allowed personal loan is Rs.5 lakhs

EMIs of other loans lower
your eligibility

Pay off your credit card bills

Choose longer tenure loan up to 36 months

About Bank of India (BOI) Personal Loan

Life is spontaneous and uncertain, it keeps throwing umpteen financially pressing situations at us. Even though we can be financially prepared to meet some events, some demanding situations like unexpected medical expenses and wedding expenses leave us searching our pockets for pennies. Bank of India Personal Loan will be your friend in need and will financially empower you to face any situation with confidence. Be it your child’s education or purchase of a refrigerator, BOI Star Personal Loan will make your dreams come true.

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 Bank of India Personal Loan

Given below are some of the features and benefits of Bank of India Star Personal Loan.

• BOI Personal Loan Types

  Bank of India offers unsecured and secured personal loans for customers. Unsecured personal loans can be used for medical expenses, educational expenses and repair or renovation of house while secured personal loans can be used for repayment of existing loans from other banks and for purchase of consumer durables.

• Security

  For personal loans, Bank of India takes legal or equitable mortgage of residential or commercial properties as security. Collateral security will be taken in form of Indira Vikas Patra, Kisan Vikas Patra, LIC policy assignment, relief bonds and pledge of gold & jewellery.

• High Loan Quantum

  Borrowers can get a high quantum of up to Rs. 10 lakhs and the quantum of advance is decided based on the repayment capacity of the borrower.

Bank of India Personal Loan Interest Rates

Bank of India offers multiple types of personal to allow individuals take care of their personal needs. Personal loans are useful in situation like financing a wedding, payment of children’s tuition expenses, paying for a holiday and other such similar needs which may rise with time. The bank offers a variety of personal loans like fully secured loans, clean / unsecured loans and personal loans for senior citizens. All new personal loans are available with the new MCLR based interest rate. Existing customers can however continue availing personal loans under the Base Rate system.

Bank of India MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

Following the recent instructions issued by the Reserve Bank of India, Bank of India will be issuing personal loans on the MCLR based interest rates. MCLR takes into account various factors like marginal cost of funds, tenor premium, operating costs and negative carry on account of cash reserve ratio (CRR). The following table shows the current MCLR based rates offered by the bank with effect from 7/6/2016.

Bank of India Personal Loan Interest Rates (MCLR)

Following the instructions passed by the RBI, Bank of India will provide personal loans to new borrowers on the MCLR based interest rate system. The new MCLR based interest rate with effect from 7/6/2016 are as follows.

BSS – Business strategy Spread

Bank of India Base Rate & Prime Lending Rates (For existing borrowers)

The base rate for personal loans has been revised to 9.70% with effect from 5/10.2015. The Prime Lending Rate (BPLR) on personal loans has been set at 14.50% with effect from 9/2/2013.

Bank of India Personal Loan Interest Rate (Base Rate)

For all existing borrowers, the bank will continue to provide loans on the Base Rate system of interest. However, existing loan borrowers also have the option to migrate to the MCLR based interest rate system. However, the interest charged on the loan will be dependent on the tenure of the loan as well. The base rate is subject to change without prior notice.

Note: The MCLR rates given above are effective as of June 7, 2016. Interest rates on loans are subject to change, without prior intimation, with any change in the MCLR or the Base Rate. You are advised to check with the bank for the currently applicable rate of interest at the time of application.

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 bank’s 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.