| Particulars | Rate of interest (p.a.) |
|---|---|
| Fully secured personal loan | 1 year MCLR + 4.50% = 11.85% p.a. |
| Clean or unsecured personal loan | 1 year MCLR + 5.50% = 12.85% |
| Personal loan for senior citizens aged 60 years and above for loans up to Rs.50,000 | 1 year MCLR + 3.5% = 10.85% |
| For financing secured under tie-up arrangements | 1 year MCLR + 4.50% = 11.85% p.a. |
| Processing fee | 2% of loan amount with the minimum being Rs.1,000 and the maximum being Rs.10,000 along with applicable service tax. For senior citizens no processing fee would be charged |
The personal loan product offered by the bank is known as BOI Star Personal Loan. It is provided to customers under the retail loan segment. This loan is given for funding wedding arrangement expenses, education plans, medical treatment expenses, buying of consumer durables, and so on.
| 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.
| Tenure | MCLR |
|---|---|
| Overnight MCLR | 6.70% |
| 1-month MCLR | 7.20% |
| 3-month MCLR | 7.25% |
| 6-month MCLR | 7.30% |
| 1-year MCLR | 7.35% |
| 3-year MCLR | 7.80% |
These MCLR rates have been effective from 1 February 2021.
The eligibility criteria for Bank of India Personal Loan is given below.
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.
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.
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.
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.
Know more about BOI Star Personal Loan Eligibility
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.
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.
Bank of India offers Demand/Term Overdraft/Loan are the types of advances offered under the scheme.
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.
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.
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.
The maximum loan amount granted for personal loans ranges from Rs.5 lakh to Rs.10 lakh depending on the kind of loan chosen.
Ten times the take home salary is the quantum of advance offered for salaries employees under the personal loan scheme by Bank of India.
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.
Yes, the bank offers overdraft facility with an overdraft limit of maximum up to Rs.1 lakh rupees.
You can check the status of your personal loan from Bank of India by visiting the official website of the bank. You will just need to enter your application number and your mobile number to track the status of your personal loan application.
For any queries or grievances related to personal loan, you can contact Bank of India customer care at the toll-free numbers 1800-220-229 and 1800-103-1906. Both these toll-free numbers are available 24/7. You can also call the number 022-40919191 for your personal loan queries but the number will be chargeable.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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