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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
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Bank of India Personal Loan is Rated as "Excellent!" by 48 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Bank of India Personal Loan

    Bank of India (BOI) is a well-established bank in India that provides a comprehensive range of banking products and services. You can rely on the bank to give you prompt and outstanding services. When you have emergency financial requirements or any other immediate personal need, you can reach out to Bank of India for a great personal loan product.

    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.

    Perfect Personal Loan Deals for you


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

    01
    02
    03
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    Bank of India Personal Loan Minimum Age

    At least 21 years old

    Bank of India Personal Loan Maximum Age

    Less than 58 years old

    Bank of India Personal Loan Eligible Employment Type

    Salaried / Self “ Employed
    with regular income

    Bank of India Personal Loan Minimum Income

    Earn more than the minimum
    income required


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

    01
    02
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    Bank of India Personal Loan Minimum Salary

    Minimum income required
    40 % of gross income

    Bank of India Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs.5 lakhs

    Bank of India Personal Loan EMI

    EMIs of other loans lower
    your eligibility


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

    01
    02
    Bank of India Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Bank of India Personal Loan Tenure

    Choose longer tenure loan up to 36 months


    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

    Bank of India Personal Loan Interest RatesUpdated on 26 May 2018

    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

    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.


    Bank of India Personal Loan Reviews

    • Bank of India Personal Loan
      "BEST SERVICE"
      0.5 5.0/5 "Blown Away!"
      Taken personal loan from Bank of india , with promising rate of interest while comparing to other banks available in market. Easy approval process , am satisfied with the loan amount based on my requirements . Customer service and the customer response is best in terms of clearing queries .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Apr 30, 2018
    • Bank of India Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The BANK OF INDIA has offered me the loan on time, they have delivered the required loan amount and I am satisfied with it. The customer support service and the response is good with the BANK OF INDIA and I am satisfied with the interest rate which they have offered was very low when compared with other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 23, 2018
    • Bank of India Personal Loan
      "Better card to use"
      0.5 4.0/5 "Great!"
      Bank of India has disbursed my personal loan amount within 10 days of time. The customer support service is good with the bank of India. The rate of interest and the charges are good with the bank of India. The prompt response has been given by this bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 23, 2018
    • Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with BANK OF INDIA 1 year back. The loan amount was 11 lakhs and the Interest rate was satisfactory . The loan process was very smooth and easy. The loan was approved on time and they have provided door step service for collecting documents.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 27, 2018
    • Bank of India Personal Loan
      "Personal loan with BOI"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from BOI. The approved loan amount was 40000. The rate of interest was nominal only. The monthly EMI comes around 860 with a total tenure of 4 years. 2 years i have paid the EMI.The customer service and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 20, 2018
    • Bank of India Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      My personal loan was taken with BANK OF INDIA 6 months back. The loan amount was 12 lakhs and the Interest rate was 8.52% and the tenure period was 3 years . Here the loan process was good and the processing fee was nominal. I had a good experience here overall .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 31, 2018
    • Bank of India Personal Loan
      "Need improvement "
      0.5 2.0/5 "Expected more"
      The bank of India personal loan service was not up to the mark and they never gave me the response which I was expected from them. The response part need to be improved with the bank of India personal loan services. The rate of interest and the charges are average with the bank of India, rather I would say it is lesser than HDFC bank.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • Bank of India Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Personal Loan from Bank of India and the experience was very good. The loan amount was for Rs 2.5 lakhs with the rate of interest of 14.99% which is nominal rate. This was a preapproved loan and the loan amount was disbursed within a day. Customer service was good and they followed up on time. The tenure of the loan is 4 years and it was overall a good service from BOI.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 09, 2018
    • Bank of India Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I had applied for the personal loan from Bank of India, my loan application was approved and the requested amount was disbursed. The loan amount was for 1 lakh with the rate of interest of 11% which is nominal when compared to other banks. Door step service was given to collect the documents. The customer service was good and they responded well. The process was very smooth and the loan amount was approved within 2-3 days.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Nov 13, 2017
    • Bank of India Personal Loan
      "OK OK EXPERIENCE"
      0.5 2.0/5 "Expected more"
      I am having a ok ok experience with the Bank of India as i took a personal loan from there . Customer service was good the bank provided me the rate of interest of 16% as it was high and also charged me rupees 3500 . I did not had an option so i took the loan from there .
      Was this review helpful? 0
      , raipur
      Reviewed on Oct 29, 2017
    • Bank of India Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I went to Bank of India branch, they provided me preapproved option within a day they processed the loan and got the disbursed at end of the day. I took the loan amount of Rs.75 lakhs with 14% of interest. Now it got closed and I got NOC, they done simple documentation process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 11, 2017
    • 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 2
      , 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
      Was this review helpful? 1
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 1
      , 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.
      Was this review helpful? 2
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 30, 2016
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