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    We found 1 Bank of India Personal Loan
    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
    Enquire
    Response Time : Within 30 minutes
    Documents
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    Eligibility Criteria
    Bank of India Personal Loan is Rated as "Excellent!" by 37 Users

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    Bank of India Personal Loan

    Bank of India (BOI) is an Indian state-owned commercial bank with headquarters in Mumbai, Maharashtra. Government-owned since nationalisation in 1969, Bank of India has 4545 branches as on 31 December 2013, including 54 branches and with total net income of 24887.1 Million. Bank of India key products are on commercial banking, retail banking, private banking, asset management, credit card. Retail loan in bank of india varies from scheme to scheme for customer.

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    You're probably eligible for an Bank of India Personal Loan if you are

    01
    02
    03
    04

    At least 21 years old

    Less than 58 years old

    Salaried / Self “ Employed
    with regular income

    Earn more than the minimum
    income required

    Check if youre eligible >>

    Your Bank of India Personal Loan amount eligibility is based on these factors

    01
    02
    03

    Minimum income required
    40 % of gross income

    Maximum allowed personal loan is Rs.5 lakhs

    EMIs of other loans lower
    your eligibility

    Check how much you can borrow >>

    Increase your eligible Bank of India Personal Loan amount by these steps

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 36 months

    Check eligible loan amount >>

    Documentation needed to apply for an Bank of India Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16
    Find me that perfect personal loan >>

    Bank of India Personal Loan Interest RatesUpdated on 23 Sep 2017

    Bank of India Personal Loan Details
    Interest Rate 12.90% to 13.90%
    Processing Fees 2.00% of loan amount Min. Rs.1000/- and Max. Rs.10,000/- (Plus applicable tax)
    Loan Tenure 3 Years
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    About Bank of India (BOI) Personal Loan

    Enquire for Bank of India 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 childs 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 childrens 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.

    TenorMCLR (in percentage)
    Overnight MCLR9.15%
    1 month MCLR9.20%
    3 months MCLR9.25%
    6 months MCLR9.30%
    1 year MCLR9.40%

    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.

    Type of Personal LoanRevised MCLR based Interest
    Fully Secured Loan4.00% + BSS (0.30%) above 1 year MCLR
    Clean / Unsecured Loan5.00% + BSS (0.30%) above 1 year MCLR
    For Senior citizens aged 60 years & above (for loans up to Rs 50,000)3.00% + BSS (0.30%) above 1 year MCLR
    Financing Secured under tie-up arrangement4.00% + BSS (0.30%) above 1 year MCLR

    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.

    Check more BOI Personal Loan Interest rate facts here

    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.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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    • Bank of India Personal Loan Reviews

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    • Bank of India Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Bank of India has approved and disbursed my loan within 10 days of time. The customer service with bank of India is very good. The way they give response to the customer is very good. The rate of interest is nominal when compared with others. I am satisfied with the loan amount.
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      , bangalore
      Reviewed on Aug 17, 2017
    • 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.
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      , 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.
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      , 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
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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.
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      , 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
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      , 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.
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      , 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
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      , 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.
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      , 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.
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      , 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

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      , 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

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      , 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

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      , hyderabad
      Reviewed on Dec 18, 2015
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