Bank of India Personal Loan

Bank of India offers multiple types of personal loans to salaried, self-employed, or professionals at an interest rate of 8.75% p.a. onwards for loan amounts of up to Rs.25 lakhs and for repayment tenure up to 84 months. It also offers personal loans to pensioners at 10.25% p.a. and customized personal loans to doctors at 9.75% p.a.

Bank of India Personal Loan Overview
Loan Amount	Up to Rs.25 Lakhs
Maximum Loan Tenure	Up to 7 years
Interest Rate	8.75% to 13.75% p.a.
Processing Fees	One time up to 2.00% of the Loan amount (Rs.1000 to Rs.10000)+GST
Maximum Age Limit	Up to 75 years
Occupation	Salaried/Self-employed/Professionals

Important Features: Bank of India Personal Loan

The important features or benefits of availing personal loan from the Bank of India are as follows:

• Low-interest rate- Bank of India grants the personal loan at a reasonable interest rate starting from 8.75% per annum.
• No hidden charges- No hidden charges are included when you’re availing loan from the Bank of India. Borrowers can make trouble free loan closures.
• Minimal documentation- Get your loan with less paperwork and documentation.
• Online application- Applicants can easily avail loan from the Bank of India, the complete process can finish in 15 minutes, turnaround time is very less.
• Alternative loan offers- Bank of India provides different and attractive personal loan offers for Doctors, Government, PSU employees, and salary account holders.
• Processing fees- Normally processing fee is charged up to 2% of the loan amount with GST. But no processing charges for differently abled customers.
• No collateral security- Clean personal loan facility is available without pledging of any security.
• No prepayment penalty- Borrower doesn’t need to pay any prepayment charges to foreclose the loan amount.
   

Bank of India: Personal Loan Eligibility Criteria

The Bank of India personal loan eligibility criteria depends upon the type of personal loan availed by the borrower.

1. Star Personal Loan

• Individual Occupation- Salaried/Self-employed/Professionals.
• Non-individuals Trust is not eligible under this personal loan scheme.
• Only a group of permanent and confirmed employees avail of star personal loan.
• Age Limit- Maximum age of 70 years at the time of final loan repayment.
   

2. Star Pensioner Loan

• Individual pensioners or family pensioners draw pensions through the Bank of India branch.
• Age Limit- Maximum age of 75 years at the time of final personal loan repayment.
   

3. Star Suvidha Express Personal Loan

• Salaried customers having salary accounts with Bank of India can avail of a star suvidha express personal loan.
• Existing salaried Home loan customers of Bank of India are eligible.
• Age Limit- Maximum age of 75 years at the time of final repayment of the loan.
   

4. Star Mitra Personal Loan

• Individual Occupation- Salaried/Self-employed/Professionals.
• Age Limit- Maximum age of 70 years at the time of final loan repayment.
   

5. Star Personal Loan - Doctor Plus

• Qualified registered medical practitioner with a minimum of 3 years of work experience in any branch of medical science.
• The borrower’s age should be at least 25 years old.
• Age Limit- Maximum age of 75 years at the time of final loan repayment.
   

Bank of India may also consider the annual income and credit score of its applicants, just like other lending institutions do to check the personal loan eligibility criteria of their applicants.

Bank of India Personal Loan Interest Rates

Bank of India personal loan interest rates range between 8.75% p.a. to 13.75% p.a. The bank offers personal loans based on the applicant type, types of personal loans, credit score, and existing relationship with the bank.

Differentiation in interest rate based on credit score, monthly income, job profile, employer’s profile, etc.

Types of Loan	Interest Rates
Fully Secured Loan	12.75% p.a.
Clean/Unsecured Loan	13.75% p.a.
For senior citizens aged 60 years and above and for loans up to Rs.50,000	11.75% p.a.
Financing secured under tie-up arrangements	12.75% p.a.
BOI Star Personal Loan	Starts from 9.75% p.a.
BOI Star Pensioner Loan	Starts at 10.25% p.a.
Star Suvidha Express Personal Loan	Starts at 8.75 % p.a.
Star Mitra Personal Loan	Starts at 9.25% p.a.
BOI Star Personal Loan - Doctor Plus	Ranging from 9.25 % for a fully secured loan and 13.75 % for a clean/unsecured loan

Bank of India Personal Loan Processing Fees and Other Charges

Below are the processing fees and other charges of the Bank of India for availing of a personal loan.

Type of Loans	Processing Fees/Charges
Star Personal Loan	1. Salaried- 0.50% of the loan amount (Rs.500 to Rs.2,500). 2. Non-Salaried- One time @1% of loan amount (Rs.750-Rs.5,000). 3. For Senior Citizens- No processing charge. 4. 0.50% interest concession to women beneficiaries.
Star Pensioner Loan	1. For Senior Citizens 60 years & above age- NIL 2. For others- One time @0.50% of loan value (Rs.250- Rs.1000).
Star Suvidha Express Personal Loan	One time at Rs.1000+Applicable GST
Star Mitra Personal Loan	NIL
BOI Star Personal Loan - Doctor Plus	50% of the charges applicable to the individuals One time @1.00% of loan value (Rs.1,000/- to Rs.10,000)

For Example- Shilpa avails a personal loan for Rs.15 Lakhs, the interest rate is 12.75% and the repayment period is 3 years. Calculate EMIs, total interest payable, and the total payable amount.

• Monthly EMIs of Rs.50,360 and the total interest payable will be Rs.3,12,978. The total amount repayable in 3 years will be Rs.18,12,978 (principal + interest).
   

Bank of India Personal Loan Documents

The following are the below mandatory documents needed to avail personal loan from the Bank of India.

Bank of India Star Personal Loan (for individuals)

• Identity Proof (any one)- PAN Card/ Passport/ Driving Licence/ Voter ID
• Address Proof (any one)- Passport/ Driver’s License/ Aadhar Card/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Piped gas bill
• Income Proof (any one) - For salaried latest 6 Month Salary, pay slip, one-year ITR, and Form 16 are required. For self-employed last 3 years, ITR with CA certified Computation of Income, Profit & Loss Account, Balance Sheet, and Capital Account Statement is required.
• Additional document for Star Mitra Personal Loan- Doctor’s certificate regarding the extent of handicap and need of equipment.
• Additional document for Doctor Plus BOI Star Personal Loan - Copy of registration with State/ Indian Medical Council.
• Additional document for Star Pensioner Loan - PPO with the branch.
   

Types of Bank of India Personal Loan

1. BOI Star Personal Loan

Purpose- Regular personal loan scheme offered to fulfill all the personal financial requirements of the applicants like marriage, education, medical, travelling, home renovation, etc.

• Loan Amount- Up to Rs.25 lakhs.
• Repayment Tenure- Maximum repayment tenure up to 84 months or 7 years.
• Interest rate is calculated on daily reducing balance.
• Interest rate is linked with CIBIL Personal Score (in the case of individuals).
• Personal loan EMI starts from Rs.1,622/- per lakh.
• Maximum loan amount up to 36 times the gross monthly salary.
• No processing fees for differently abled customers.
   

2. BOI Star Pensioner Loan

Purpose- Bank of India star pensioner loan scheme to fulfill the personal financial needs of the pensioners or family pensioners.

Loan Amount:

• Where Pension Payment Order (PPO) is held with Nagpur Government Business Branch or DPDO- Up to Rs.10 lakhs.
• Pension directly received from the branch from treasury up to Rs.5 lakhs.
• Family pensioners getting pension through treasury or DPDO up to Rs.3 lakhs.
• Maximum loan amount up to 20 times for a secured loan and 15 times for a clean loan of the net monthly pension.
   

Other Details:

• Personal loan EMI starts from Rs.2,138/- per lakhs.
• No processing charges for senior citizens.
• Maximum loan amount limit-up to Rs.10 Lakhs.
• Maximum loan repayment tenure is up to 60 months or 5 years.
   

3. Star Suvidha Express Personal Loan

Purpose- It is a special personal loan scheme offered to selected customers of the Bank of India.

• Interest rate is calculated on daily reducing balance.
• Personal loan EMI starts from Rs.1,597/- per lakh.
• Maximum loan amount up to 24 times the gross monthly salary for a salaried individual.
• Maximum loan quantity up to 36 times the gross monthly for existing Home Loan Customers.
• Maximum repayment tenure up to 84 months or 7 years.
• Maximum loan amount limit up to Rs.20 lakhs.
• Borrower can avail of more than one personal loan.
   

4. Star Mitra Personal Loan

Purpose- It is a special scheme for differently-abled persons to purchase durable and sophisticated aids or appliances to promote their physical and social rehabilitation.

• Borrower can avail of a maximum loan amount of up to Rs.2 Lakhs.
• Low rate interest starting from 8.50% per annum (for DRI case 4%).
• No processing charges or fees.
• Personal loan EMI starts from Rs.1,622/- per lakh.
• Maximum loan amount up to 15 times the net monthly salary or 100% of net annual income for self-employed.
• Maximum repayment tenure up to 60 months or 5 years.
   

5. BOI Star Personal Loan- Doctor Plus

Purpose- It is a personal loan for doctors (qualified registered medical practitioners) for any approved personal purpose other than gold purchase, investment in shares, or speculative purposes.

• Maximum loan amount- Up to Rs.25 lakhs.

• Loan tenure- Up to 68 years of age and closure of loan before 75 years of age.
• Processing charges- 50% concession in fees as applicable to members of the public for a personal loan.
• Personal loan EMI starts from Rs.1,648/- per lakh.
• Maximum loan amount up to 36 times the gross monthly salary.
• Maximum personal loan repayment tenure up to 84 months or 7 years.
• Reducible Overdraft facility is available.
• Borrower can avail of more than one personal loan.
   

Also Read- Federal Bank Personal Loan

Pros and Cons of Bank of India Personal Loan

Following are the pros and cons of availing of a personal loan from Bank of India as per ratings and reviews of the users on google playstore.

PROS	CONS
Easy to use and secure app	App is not compatible with all android version
The mini statement is available to check transactions	User facing technical issues
User-friendly app with good interface	fewer features are available
No hidden fees or charges
Prepayment penalty- NIL

Bank of India App Google Playstore Ratings

The rating given by the users about the Bank of India App is great on playstore, more than 1 crore users download their app, and the review is quite well customers are delighted with a user-friendly interface, you can check the below table.

1.	Playstore Rating	3.8/5*
2.	Number of Downloads	1 Crore+
3.	Number of Users Review	1,02,508
4.	Content Rating	3+
5.	App Size	25 MB

Personal Loan Comparison Chart: Bank of India with Other Banks

To get the best offers to meet your requirement you need to compare all personal loan providers with the Bank of India. Check the below chart for information.

Banks Name	Loan Amount	Repayment Tenure	Interest Rate (per annum)
Bank of India	Up to Rs.25 Lakhs	Up to 7 years	8.75% to 13.75%
HDFC Bank	Up to Rs.40 Lakhs	Up to 5 years	11% to 21%
Federal Bank	Up to Rs.25 Lakhs	Up to 4 years	10.49% to 17.99%
Axis Bank	Rs.50,000-Rs.40 Lakhs	1 to 5 years	12% to 21%
ICICI Bank	Up to Rs.50 Lakhs	1 to 6 years	10.75% onwards
IndusInd Bank	Rs.30,000-Rs.50 Lakhs	1 to 6 years	10.49% to 29.5%
IDFC First Bank	Up to 1 Crore	Up to 5 years	Starts at 10.49%
Kotak Mahindra Bank	Up to 25 Lakhs	1 to 5 years	10.99% onwards
Bank of Maharashtra	Up to Rs.20 Lakhs	Up to 7 years	8.90%  to 14.70%

Frequently Asked Questions for Bank of India

1. What is the turnaround time for the disbursement of the Bank of India personal loan?

• Bank of India does not specify the disbursal time for personal loans. However, most banks usually take 2-7 working days for the disbursal of personal loans.
   

Also Read- Tata Capital Personal Loan

2. Bank of India offers personal loans at a fixed or floating interest rate?

• Bank of India offers personal loans at floating interest rates.
   

3. What is the minimum credit score required to avail Bank of India Personal Loan?

• Bank of India has not specified the cut-off CIBIL score for personal loan applicants. But, applicants with credit scores of more than 750 have higher chances of availing of personal loans at the best interest rates.
   

4. Is there any prepayment penalty to avail loan from the Bank of India?

• No, the borrower does not need to pay any penalty to foreclose the loan.
   

5. What are the Bank of India Customer Care Details?

• Toll free customer care number- 1800 103 1906
• Chargeable number - (022) - 40919191 (available 24X7)
• Head Office Address- Bank of India Star House C - 5, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Pincode- 400051. Phone number: 022-66684444.