Bank of India Star Mitra Loan
This is a special personal 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 |
|
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 |
|
Interest rates of Bank of India Star Mitra
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 of Bank of India Star Mitra
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.
FAQs on Bank of India Star Mitra
- 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
- 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.
- 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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