BOI Star Laghu Udyami Samekit Loan

What is the Eligibility Criteria?

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 -

• Applicants can be individuals, professionals, sole proprietorships, partnership firms and private limited companies (including closely-held public limited companies)
• 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
• 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 Star Laghu Udyami Samekit Loan?

Star Laghu Udyami Samekit Loan from Bank of India is a composite loan with facilities of demand loan and term loan with repayment period of up to 5 years.

What are the Loan Limits?

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 -

Interest Rate

Interest rates for a Star Laghu Udyami Samekit 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. 

Features

The Star Laghu Udyami Samekit 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 -

• Loan tenure or repayment period can be as high as 60 months
• Minimal documentation and faster approval (as low as 5 days)
• Availability of financial aid in remote rural areas
• High loan amounts up to INR 1 crore

How to Apply for Bank of India Star Laghu Udyami Samekit 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.

One can also apply for Bank of India Star Laghu Udyami Samekit Loan through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.

Online Process to Apply for Bank of India Star Laghu Udyami Samekit Loan 

The process to apply for Bank of India Star Laghu Udyami Samekit Loan is given below: 

1. Click on the link https://boiweb.bankofindia.co.in/online-may-we-reach-you.  
2. Click on the ‘Apply Now’ button. 
3. You will be directed to a new page where you will have to fill in the application form and provide all the necessary details. Enter the verification code and click on ‘Submit’. Follow the instructions as given. If all the details provided by you are correct, the application for this loan will then get approved and the loan amount will be disbursed to your bank account. 

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