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  • Bank of India Star Mitra Loan is Rated as "Excellent!" by 51 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Bank of India Star Mitra Loan

    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.
    Apply for Personal Loan

    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.

    Bank of India Star Mitra 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? 13
      , 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? 8
      , 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? 4
      , 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? 1
      , 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? 3
      , 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? 2
      , 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? 2
      , 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? 2
      , 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? 2
      , 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? 2
      , 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? 2
      , 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? 1
      , 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? 1
      , 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? 4
      , 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? 1
      , 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? 4
      , 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? 3
      , 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? 1
      , 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? 5
      , margao
      Reviewed on May 13, 2017
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