Bank of India was founded on 7th September, 1906 in Mumbai. It now has over 4,963 branches across India and has 60 branches and 5 subsidiaries and 1 joint venture abroad. Bank of India also has its presence in 22 foreign countries and is spread across 5 continents.
Bank of India offers Star Holiday Loan Scheme to meet airfare, train and bus expenses. The loan can be used to meet the accommodation expenses while on pilgrimage, tour or excursion that you, your spouse, children and your parents or close relatives take in India or abroad.
|Type of loan||
Demand loan that is reducible as per repayment schedule.
|Quantum of loan amount||
Clean loan: Maximum limit is Rs.2 lakhs.
In the event you have a liquid collateral security that is at least 50% of the loan amount sanctioned, then the maximum loan amount limit is Rs.5 lakhs.
If the collateral security is equal to 100% of the loan amount sanctioned, then the maximum loan amount limit is Rs.10 lakh.
Pensioner get a maximum loan of Rs.1 lakh.
Minimum limit of loan:-
For metro and urban centres: Rs.10,000
For rural and semi urban centres: No limit
|Margin||No margin but the loan amount should not exceed the proposed requirement.|
Maximum: 24 EMIs with effect from one month after the 1st disbursement of the loan amount.
In exceptional cases, you will get up to 36 EMIs.
2% of the loan amount is charged as the processing fee subject to a minimum of Rs.1,000 and maximum of Rs.10,000 plus the service tax.
The minimum loan amount for the pensioners is Rs.500 and the maximum limit is Rs.2,000.
Processing fee will not be charged for senior citizens.
The BOI Star Holiday Loan scheme interest rate for fully secured advances where the collateral is at least 100% of the loan amount is base rate + 3% that is 12.95% per annum.
Interest rate for partly secured advances where the collateral is at least 50% of the loan amount is base rate + 3.50% that is 13.45% per annum.
Interest rate for clean or unsecured loan is base rate + 4.25% i.e. 14.20% per annum.
Base rate for pensioners or senior citizens for loan amount up to Rs.50,000 is base rate + 3% i.e. 12.95% per annum.
Bank of India Star Holiday Loan scheme is offered to salaried employees, professionals, self-employed, pensioners, staff members, agriculturists, businessmen and to individuals having a high net worth.How to calculate EMI on BOI Star Holiday Loan Scheme
You 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 you will have to 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.
Salaried employees, professionals, self-employed, pensioners, staff members, agriculturists, businessmen and to individuals having a high net worth can avail this loan.
The maximum loan amount offered is Rs.10 lakh.
The BOI Star Holiday Loan interest rate ranges from 12.95% to 14.20%.
The repayment term for the loan is 24 months and 36 months in exceptional cases.
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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