• Bank of India Personal Loan

    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 8.90% p.a., Bank of India personal loans come with repayment tenures ranging from 12 months to 60 months. The maximum amount you can borrow through a Bank of India personal loan is Rs.10 lakh.
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    Bank of India Personal Loan Interest Rates

    Particulars Rate of interest (p.a.)
    Fully secured personal loan 1-year RBLR + 4.50% = 8.90%
    Clean or unsecured personal loan 1-year RBLR + 5.50% = 9.90%
    Personal loan for senior citizens aged 60 years and above for loans up to Rs.50,000 1-year RBLR + 3.50% = 7.90%
    For financing secured under tie-up arrangements 1-year RBLR + 4.50% = 8.90%
    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
    *Note: The one-year RBLR is 4.40%
    • The processing fee is a one-time processing fee.

    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 7.25%
    1-month MCLR 7.75%
    3-month MCLR 7.80%
    6-month MCLR 7.85%
    1-year MCLR 7.95%
    3-year MCLR 8.45%
    These MCLR rates have been effective from April 1, 2020.
    • The BOI Base Rate is 9.40% p.a. and it has been effective from March 10, 2019.
    • 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.

    Know more about BOI Star Personal Loan Eligibility

    Bank of India Personal Loan FAQs

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    6. 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.

    7. 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.

    8. 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.

    9. 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.

    10. Does the bank offer Overdraft Facility?

      Yes, the bank offers overdraft facility with an overdraft limit of maximum up to Rs.1 lakh rupees.

    11. How do I check the status of my Bank of India personal loan?

      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.

    12. How do I get in touch with the customer care of Bank of India?

      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.

    News about Bank of India Personal Loan

    • Interest Rates Cut by Bank of India

      Bank of India has announced a 25-bps reduction in its MCLR across tenors from one month to one year. For overnight tenors the reduction in MCLR is 15 bps. The one-year MCLR is now 7.95% p.a.

      The bank has also reduced its EBR which is linked to the repo rate by 75 bps. The EBR now stands at 7.25% p.a. The interest rates will be reduced effective from 1 April 2020.

      31 March 2020

        

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    Bank of India Personal Loan Reviews

    Write a Review
    • Bank of India
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan directly through bank of india .this loan is still active and the agent shared all the required details about the card process.This loan was availed for my personal use and paying the premium on delay basis .if pay the premium on delay no extra charges for that.
      Was this review helpful? 19
      , bangalore
      Reviewed on Mar 05, 2020
    • Bank of India
      Bank of India
      "Great bank "
      0.5 5.0/5 "Blown Away!"
      I have selected bank of india personal loan already existing Account holder .Customer service is good and responsive . They provide loan mount Rs 3 lakhs tenure 3 years , Rate of interested is normal , EMI Rs 11,000.one time processing fee charger is applicable , kyc documents directly bank there is no delay disbursal loan amount.
      Was this review helpful? 13
      , mumbai
      Reviewed on Jul 31, 2019
    • Bank of India
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan from Bank of India. The approval is quick at this bank for customers with a good credit score. They also provided a decent rate of interest and processing charges. The documentation process was quite minimal because the manager in the bank was helpful.
      Was this review helpful? 11
      , pune
      Reviewed on Jul 29, 2019
    • Bank of India
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The experience with the personal loan of BANK OF INDIA is good and also the process was easy. The rate of interest was nominal also the loan amount given was sufficient with this bank. The documentation process was easy and simple, the service is good.
      Was this review helpful? 5
      , ahmedabad
      Reviewed on Jun 08, 2019
    • Bank of India
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken a Personal loan from BANK OF INDIA a while back where the process had been good. The loan amount has been fine, but the interest rate with them was around 16% which was quite high when compared with the other banks. The processing fee and charges has been pretty nominal.
      Was this review helpful? 4
      , gurgaon
      Reviewed on Apr 12, 2019
    • Bank of India
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan with the BANK OF INDIA where they have given the satisfactory loan amount added on that the rate of interest was nominal than others also the documentation process was smooth and simple to get the personal loan.
      Was this review helpful? 6
      , kolkata
      Reviewed on Apr 03, 2019
    • Bank of India
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I hold my housing loan with Bank of India previously,They have given me sufficient loan amount ,like based on my requirement they have given me,and the rate of interest they have charged me was nominal,the rate of interest was fixed,and the process went smooth in getting loan,and the processing fee they did not charged as it got waived off,now i have closed this loan.
      Was this review helpful? 5
      , gurgaon
      Reviewed on Apr 02, 2019
    • Bank of India
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 6
      , new delhi
      Reviewed on Mar 07, 2019
    • Bank of India
      "Best service"
      0.5 4.0/5 "Great!"
      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. .
      Was this review helpful? 15
      , bangalore
      Reviewed on Dec 07, 2018
    • Bank of India
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 27
      , belgaum
      Reviewed on Jul 24, 2018
    • Bank of India
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 18
      , mumbai
      Reviewed on Jul 12, 2018
    • Bank of India
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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
      Was this review helpful? 15
      , hyderabad
      Reviewed on Jun 24, 2018
    • Bank of India
      "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? 6
      , navi mumbai
      Reviewed on Apr 30, 2018
    • Bank of India
      "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? 11
      , chennai
      Reviewed on Apr 23, 2018
    • Bank of India
      "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? 5
      , new delhi
      Reviewed on Mar 23, 2018
    • Bank of India
      "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? 6
      , coimbatore
      Reviewed on Feb 27, 2018
    • Bank of India
      "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? 11
      , hyderabad
      Reviewed on Feb 20, 2018
    • Bank of India
      "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? 10
      , mumbai
      Reviewed on Jan 31, 2018
    • Bank of India
      "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? 4
      , ahmedabad
      Reviewed on Jan 16, 2018
    • Bank of India
      "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? 14
      , kolkata
      Reviewed on Jan 09, 2018
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