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    Bank of India Star Mitra Loan

    We found 1 Bank of India Star Mitra Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13% - 14% Fixed
    1,000 to ₹10,000 + S.T. One time fee
    10K - 5L
    1-3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    Bank of India Star Mitra Loan is Rated as "Excellent!" by 32 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    About Bank of India

    Bank of India was founded on 7th September, 1906 in Mumbai. It was under private ownership till July, 1969. The Bank now has over 4,963 branches across India and has 60 branches and 5 subsidiaries and 1 joint venture abroad. The bank has its presence in 22 foreign countries and is spread across 5 continents.

    BOI Star Mitra Loan

    This is a special loan scheme offered to the physically challenged to help them function independently. The Bank of India Star Mitra Loan can be used to buy durable and sophisticated aids or appliances that promotes physical and social rehabilitation.

    Features of Bank of India Star Mitra Loan

    Type of loan Demand or term loan (Secured).
    Loan amount

    Minimum - No limit

    Maximum – Rs.1 Lakh.

    Margin 10%
    Repayment term

    12 to 60 months

    The repayment term commences one month after the full disbursement or 3 months after the first disbursement, whichever is earlier.

    Security The equipment purchased through the loan is the security.
    Insurance Insurance is waived but borrower must obtain insurance at his own cost.
    Processing charges Waived
    Term and conditions to be met
    • The doctor’s certificate has to be obtained with regard to the extent of handicap and the need for the equipment.
    • Invoice of the equipment that needs to be purchased.
    • Stamped receipt that has to be submitted after the purchase of the equipment.

    Bank of India Star Mitra Loan interest rates

    The Bank of India Star Mitra Loan rate of interest is Base rate + 1%. Base rate is 9.70% +1% that is 10.70% . It is a fixed rate that is compounded monthly on a daily reducing balance.

    Eligibility Criteria for taking Bank of India Star Mitra Loan

    BOI Star Mitra Loan is available to physically challenged individuals that are both salaried and self-employed. Physically challenged minors can avail this loan facility through their parent or legal guardians. The advances will not be given through middlemen or NGOs.

    The eligible loan amount is 10 times the net salary of the salaried individual and 50% of the net annual income for self-employed. The net take home salary after availing the loan must not be less than 40%. If a minor is availing the loan, then his parent or guardian's income will be the deciding criteria.

    How to calculate EMI on BOI Star Mitra Loan

    Before taking a loan it is important to 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. BankBazaar offers you EMI Calculators, where all you need to do is fill in details of how much loan amount that you are taking and for what period and at what interest rate.

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

    Bank of India Star Mitra Loan FAQs

    Who can take BOI Star Mitra Loan?

    Physically challenged can take this loan to buy durable and sophisticated aids or appliances that promotes physical and social rehabilitation

    What is the maximum loan limit?

    The maximum loan amount offered is Rs.1 lakh.

    What is the BOI Star Mitra Loan interest rate?

    The BOI Star Mitra Loan Interest rate offered is 10.70%.

    What is the repayment period offered?

    12 to 60 months that commences one month after full disbursement or three months after the first disbursement, whichever is earlier?

    Should I take an insurance on the appliance brought with the loan amount?

    It is advisable for a person to obtain insurance on the appliances brought.

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  • Bank of India Star Mitra Loan Reviews

    • 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? 1
      , 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
    • Bank of India Personal Loan
      "Need improvement..."
      0.5 1.5/5 "Bad"
      They have their own policy. Very difficult to get a loan from Bank of India. When I was approach them for a personal loan I did not received any response. Even from higher officer end as well. They were very rude and it would be better if they provide proper service.
      Was this review helpful? 5
      , chennai
      Reviewed on Nov 21, 2015
    • Bank of India Personal Loan
      "Helpful in loan"
      0.5 5.0/5 "Blown Away!"
      I am happy with the service provided by Bank of India based on the personal loan.They are helpful for getting the loan.The response provided by them was quite good.The interest rate applied for the loan was quite good and the charges deducted was also nominal.I will recommend about Bank of India to others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 29, 2015
    • Bank of India Personal Loan
      "Best"
      0.5 5.0/5 "Blown Away!"
      Bank of India personal loan rate of interest is around 13% and the loan got disbursed within 2 days of time. I have taken around 50000 Rupees as the capital. EMI is easy with them with the tenure of 5 years of time. Documentation is also good with them and easy too.
      Was this review helpful? 6
      , new delhi
      Reviewed on Sep 26, 2015
    • Bank of India Personal Loan
      "Reduce the charges"
      0.5 5.0/5 "Blown Away!"
      I took personal loan from Bank of India .Nearly 18% rate of interest was offered and within 15 days the loan was disbursed. Rs.5000 was charged as the processing fee. I felt that the interest rate and processing fee charged are high. I have the salaried account with them so the process went on smooth.The loan amount given was less comparing to the hdfc bank.
      Was this review helpful? 5
      , kolkata
      Reviewed on Sep 26, 2015
    • Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the personal loan with the Bank of India. The rate of interest is around 14.5% and am happy with that. There are no processing charges because am working there only. Services are good with them and there are no issues with that. Within a week of time the loan got disbursed to my account.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 04, 2015
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