Bank of India personal loans are great solutions for those who are in need of immediate cash. The loan amount can be used to meet a variety of expenses such as wedding costs, medical expenses, education expenses, etc. With interest rates starting from just 12.90%, Bank of India personal loans come with repayment tenures ranging from 12 months to 36 months. The maximum amount you can borrow through a Bank of India personal loan is Rs.5 lakh.
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 (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.
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 Marginal Cost of Fund-Based Lending Rate (MCLR)
Tenure
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.
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.
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.
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.
BOI going to raise minimum Rs.1,000 crore by selling its stakes in SIDBI, STCI, and ECIS
Bank of India (BOI) is planning to raise a minimum of Rs.1,000 crore by selling its stakes in its associate companies namely STCI Finance Ltd., Small Industries Development Bank of India (SIDBI), and Equifax Credit Information Services Pvt Ltd (ECIS). This public sector bank is taking this step in order to monetise the non-crore assets and raise a minimum of Rs.1,010 crore. It intends to sell 113,83,781 equity shares of STCI with a face value of Rs.100 making for 29.96% of the whole paid-up equity share capital of STCI with Rs.510 per share as floor price. The target is to raise at least Rs.581 crore from this stake sale. It also wants to sell 151,00,000 equity shares of SIDBI with a face value of Rs.10 each including 2.84% of the total paid-up equity share capital of the non-banking firm with Rs.273 per share as floor price. The bank is hoping to raise a minimum of Rs.412 crore by means of this sale. Coming to the ECIS stakes, BOI proposes to disinvest 47,25,000 equity shares with a face value of Rs.10 each which comprise 3.50% of the overall paid-up equity share capital of the company with Rs.37 per share as floor price. It expects to raise at least Rs.17.50 crore via this stake sale.
12 October 2018
Bank of India hikes MCLR by 0.10%
The Bank of India has decided to increase its MCLR (Marginal Cost of funds based Lending Rate) by 0.10% for several tenures. The increase in MCLR is by 10 basis points. The MCLR for 1 year now stands at 8.50% and the overnight MCLR is 7.90%. The 1-month and 3-month MCLR is 8.20% and 8.30% respectively. The hike in 6-month MCLR is 0.10%, and it now stands at 8.45%.
The changes will be effective from 10 June 2018.
Several leading banks have raised their MCLR in the recent past. This has led to an increase in the rate of interest charged on consumer loans such as home loans, car loans, personal loans, and business loans.
20 June 2018
Bank of India Organising CSR Activities across India as Part of Mahotsava Celebrations
Bank of India, in line with its Mahotsav celebrations donated over 80 thermos flasks to an old age home in Chimbel. The program was led by Shripad Y Naik, union minister of Goa for AYUSH, health and family welfare. BOI also distributed 500 tiffin boxes to children with special needs in a separate event at Disha School, Panaji. As part of its CSR activities, Bank of India is running Mahotsava program in different locations across India. The bank aims to enhance its relationship with the customers and promote its retail loans, MSME loans, agriculture loans amongst other products.
I had taken this loan a long time back and the experience i had with them was quite good. The process did not took much time and the loan amount which they had provided was satisfactory as well. The interest rate with them was around 11.49% which was quite nominal and there has not been any charges made by them.
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1
RAMNIWAS BUDANIA
, new delhi
Reviewed on Mar 07, 2019
I have taken personal loan through BANK OF INDIA , the tenure period is 3 year . I've been a long time customer BANK OF INDIA and their services are excellent.I a really impressed the way they treat their customers on the basis of the transactions. Overall it has been a smooth experience. .
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9
GULNAZ UNNISA
, bangalore
Reviewed on Dec 07, 2018
I took a personal loan from the Bank Of India for 50000. The experience was good, after submitting the documents I got the loan amount with in 2 days. The interest rate was very good. I'll have to pay an EMI of 1200 for 48 months. It has been a good experience so far.
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22
VIJAY S KAMATAGI S KAMATAGI
, belgaum
Reviewed on Jul 24, 2018
It has been a very good experience i had with them and the loan amount which they had provided had been satisfactory and the interest rate with them also had been good as well. The services from the staff and their customer support also had been well and good.
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13
NERGES ASHDIN DODHY
, mumbai
Reviewed on Jul 12, 2018
I have taken personal loan I have taken personal loan from the Bank of India . Am satisfied with the rate of interest which they have provided . There is no processing fees they provide 3 years tenure period . They came in person and provided the loan . Am satisfied with customer service
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6
SREERAM RAGULA
, hyderabad
Reviewed on Jun 24, 2018
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 .
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3
THANGAVEL SARAVANAN
, navi mumbai
Reviewed on Apr 30, 2018
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.
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5
GOPINATH JAGUWA MOHAN
, chennai
Reviewed on Apr 23, 2018
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.
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3
DRATRI GANGOPADHYAY
, new delhi
Reviewed on Mar 23, 2018
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.
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5
VK MURUGESAN MURUGESAN
, coimbatore
Reviewed on Feb 27, 2018
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.
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 .
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4
SANTOSH DHUNNULAL CHAURASIA
, mumbai
Reviewed on Jan 31, 2018
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.
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.
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4
PRANABINDU BIKASH DAS
, kolkata
Reviewed on Jan 09, 2018
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.
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5
PANCHAL MEHULBHAI
, ahmedabad
Reviewed on Nov 13, 2017
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 .
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.
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2
SHRINIDHI SHRINIDHI
, bangalore
Reviewed on Oct 11, 2017
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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5
HARISHANKAR V
, bangalore
Reviewed on Aug 17, 2017
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.
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.
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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5
BISWARANJAN MOHAPATRA
, bhubaneshwar
Reviewed on May 25, 2017
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