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  • Bank of India Loan for Pensioner Reviews

    • 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? 1
      , 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? 0
      , 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
    • 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.
      Was this review helpful? 1
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 1
      , 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
      Was this review helpful? 0
      , 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.
      Was this review helpful? 1
      , 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
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 1
      , 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
      , 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
      , 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
      , hyderabad
      Reviewed on Dec 18, 2015
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    Bank of India Loan for Pensioner is Rated as "Excellent!" by 37 Users

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    Bank of India Loan for Pensioner

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    Bank of India

    Bank of India was founded on 7th September, 1906 in Mumbai. The Bank now has over 4,963 branches across India and has 60 branches and 5 subsidiaries and 1 joint venture abroad. Bank of India has its presence in 22 foreign countries and is spread across 5 continents.

    BOI Loan for Pensioner

    This is a special loan scheme offered to those receiving regular pension or those drawing regular pension through the branch.

    Unsecured loan can be taken to meet marriage expenses, medical expenses and education of self, spouse, child or near relatives. The loan amount can also be used for repairs, renovation and extension of your house or to meet any other personal expenses. If borrower is opting for the unsecured loan, an undertaking will be obtained from the borrower stating that the amount has been used for the purpose declared.

    Secured loan can be used to repay the existing home loan or to purchase consumer durables, computers or professional equipment. Proof of receipt for expenses incurred has to be obtained.

    Features of Bank of India Loan for Pensioner

    Type of loan Demand or term loan or overdraft that is reducible as per repayment schedule.
    Maximum loan amount When the borrower is above 75 years then the maximum loan offered is Rs.1 lakh.
    Repayment term

    For unsecured loan, maximum EMIs offered is 36 months with effect from one month after the first disbursement or 60 EMIs are offered for exceptional cases.

    For secured loan, the borrower will get maximum 60 EMIs with effect from one month after the first disbursement.

    Processing charges

    Senior citizens will not have any processing fees charged.

    For others, a one-time processing fee is charged at 2% on the loan amount, subject to a minimum of Rs.500 and a maximum of Rs.2,000 plus service tax.

    Other charges applicable are the stamp paper charges and loan agreement copy charges.

    Quantum of loan amount
    1. Regular pensioner or family pensioner where age of the borrower does not exceed 75 years at the end of the repayment period:
      • If the PPO is held in the branch, then the loan amount is 15 times of the monthly pension for pensioner or family pensioner the maximum loan amount is Rs.5 lakh.
      • If the pension is received at branch from treasury or DPDO, then the loan amount is 15 times of monthly pension, the maximum loan amount for pensioners is Rs.3 lakh and for family pensioner is Rs.1.5 lakh.
    2. Where the borrower’s age exceeds 75 years:
      • Depending on the eligibility, the borrower may be sanctioned more than one loan, secured as well as unsecured loan.
      • If the PPO is held in the branch, then the loan amount is 3 times the net pension. The maximum loan amount offered is Rs.50,000.
      • If the pension is received at branch from treasury or DPDO, then the loan amount offered is 3 times the net pension, the maximum limit being Rs.50,000.

    Bank of India Loan for Pensioner Interest rates

    The Bank of India (BOI) Loan for Pensioner rate of interest is Base rate + 2%. Base rate is 9.70% +2% that is 11.70%. If a collateral security is available and it is over 25% of the loan amount, you will get a concession on the interest at 1 base point for 1% security maximum available base point is 100.

    Eligibility Criteria for taking Bank of India Loan for Pensioner

    BOI Loan for Pensioner is offered to regular pensioners or family pensioners who are drawing a regular monthly pension through the branch or the retired employees other than those who were dismissed or compulsorily retired.

    How to Calculate EMI on BOI Loan for Pensioner

    One must know how much EMI you will be paying each month and how long it is going to take for you to clear out the loan, before taking a loan. BankBazaar offers you EMI Calculators, where all you need to do is fill in details of the loan amount, tenure and the interest rate.

    Based on your capacity to pay off the loan EMI, you can choose the tenure that you see fit. BankBazaar will give you a breakup of the loan, amortization, repayment details, interest and principal components etc.

    Bank of India Loan for Pensioner FAQs

    Who can take BOI Loan for Pensioner?

    BOI Loan for Pensioner is offered to regular pensioners or family pensioners or to retired employees.

    what is the maximum loan limit?

    The maximum loan amount offered is Rs.5 lakh.

    What is the BOI Loan for Pensioner interest rate?

    The BOI Loan for Pensioner interest rate offered is 11.70%.

    What is the repayment period offered?

    The repayment term for unsecured loan is 36 months and 60 months in exceptional cases. Secured loan repayment term is 60 months.

    Is there a processing fee charged?

    Yes, 2% of the loan amount is charged as the processing fee, however, the processing fee is not charged for senior citizens.

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