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  • Bank of India MSE Term Loan is Rated as "Excellent!" by 51 Users

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    Bank of India MSE Term Loan

    Bank of India provides secured loans that are ideally aimed to provide financial aid towards business needs of self-employed professionals, business owners typically those who would be falling under the category of Micro and Small Enterprises in rural, semi-urban, urban and metro areas. These loans can help out in the growth or in meeting urgent financial demands of any business.

    Where can a Bank of India MSE Term Loan be used?

    This secured loan is provided to self-employed individuals or entrepreneurs for the sake of furthering their business through the purchase of plant and machinery, equipment or other moveable assets. Long repayment terms allow the loan to function as an effective working capital tool.

    Who is eligible for a Bank of India MSE Term Loan?

    A secured business loan as this has a few eligibility criteria to be met in order for the financial institution to be able to sanction the loan. The eligibility requirements can be mentioned as follows –

    1. Applicants can be individuals, professionals, sole proprietorships, partnership firms and private limited companies (including closely-held public limited companies)
    2. The minimum turnover per financial year should be as per the set standards defined by the Industrial Act of India for MSME in case of Proprietorship, Partnership Firm, Private Limited Companies, Limited Companies (closely held), Societies and Trusts
    3. The minimum occupational stability for individuals and non-individuals needs to be 2 years prior to the application of the loan and the business should be having a positive trend in profit

    What are the types of financing under Bank of India MSE Term Loan?

    MSE Term Loan from Bank of India is a specific term loan with repayment period of up to 5 years.

    What are the loan limits under Bank of India MSE Term Loan?

    Based on the credit-worthiness of the applicant, placement of the enterprise and validity of documents, Bank of India can provide loans from INR 5 lakhs up to INR 1 crore.

    Typically, the upper limits of loans can be displayed in the following table –

    Enterprises located in Maximum Loan Amount (in INR)
    Rural Areas 5 lakhs
    Semi-urban Areas 10 lakhs
    Urban Areas 50 lakhs
    Metro Areas 1 crore
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    What are the interest rates for Bank of India MSE Term Loan?

    Interest rates for a MSE Term Loan could depend on the base lending rate and is based on the discretion of Bank of India. Further changes to the rates could be done by Bank of India as and when required. As per November 2015, the interest rate varies as per the amount of loan being availed. The differing slabs of interest rates are mentioned below –

    Loan Limits (in INR) Rate of Interest (per annum)
    <= 50,000 10.20%
    > 50,000 but <= 5 lakhs 11.20%
    > 5 lakhs but <= 10 lakhs 12.20%
    > 10 lakhs but <= 1 crore 12.95%

    Margin is charged at 15% by Bank of India

    What is the documentation required during applying for BOI MSE Term Loan?

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Photographs of each individual applicant and co-applicant, directors and promoters, in case of a company & Trusts, partners in case of a partnership firm or authorized person as applicable in case of societies
    2. Demand Promissory Note
    3. Deed of Hypothecation
    4. Instalment letter
    5. Equitable Mortgage as Primary Security wherever applicable
    6. IT Returns, Audited Profit and Loss Account statement and Balance Sheet for the last 2 years, six months bank statement of the primary current account, business proof, latest year provisional, sundry creditors and debtors list
    7. Certified true copies of bank account statements for the la
    8. st 6 months
    9. Know Your Customer (KYC) documents
    10. Partnership deed, Memorandum of Association (MOA) and Articles of Association (AOA) or License issued under the Shops and Establishments Act of the respective states for business proof
    11. Other connected documents applicable for Demand/Term Loans as per extant guidelines.

    The above set of documents comprise the minimum required list. To aid in credit approval, Bank of India might ask for extra documents if necessary.

    The secured term loan will accept the following as security against the financial aid being availed –

    • Hypothecation of Assets created out of bank finance as well as existing unencumbered assets of the MSE unit
    • Equitable Mortgage of Land or Land & Building which is part of the business activity such as business premises
    • Guarantee Cover under CGTMSE Guarantee Scheme

    What are the features of Bank of India MSE Term Loan?

    The MSE Term Loan from Bank of India is a good financing option for urgent financial needs on business grounds.

    Some key features of this specialised loan are as follows –

    1. Loan tenure or repayment period can be as high as 60 months
    2. Minimal documentation and faster approval
    3. Availability of financial aid in remote rural areas
    4. High loan amounts up to INR 1 crore

    Who can apply for Bank of India MSE Term Loan?

    The loan can be applied for through Bank of India’s branches, wherein relevant forms can be filled out and requisite documentation provided to initiate the process of availing the loan. Additionally, one could call or mail Bank of India requesting an executive assistance for application process.

    Bank of India MSE Term Loan Reviews

    • Bank of India Personal Loan
      "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? 6
      , belgaum
      Reviewed on Jul 24, 2018
    • Bank of India Personal Loan
      "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? 6
      , mumbai
      Reviewed on Jul 12, 2018
    • Bank of India Personal Loan
      "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? 2
      , hyderabad
      Reviewed on Jun 24, 2018
    • 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? 1
      , 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? 1
      , 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? 1
      , 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? 1
      , 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? 1
      , 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? 3
      , 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? 2
      , 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
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