Bank of India Personal Loan

Disclaimer: Bank of India is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Bank of India for personal loans. No offers/services from Bank of India are being provided by Paisabazaar for personal loans. For further information about  Bank of India for personal loans, users are required to reach out directly to Bank of India.

Note: Rates as of 18th December 2024

Bank of India Personal Loan Interest Rates

Bank of India Personal Loan interest rates start from 10.85% p.a. It offers personal loan interest rates based on the applicant type, loan type and applicant’s existing relationship with the bank. While the bank has not disclosed interest rate differentiation based on the credit score, monthly income, job profile, employer’s profile, etc. of its personal loan applicants, Indian Bank may also consider these factors, just like many lenders do, while setting its personal loan interest rates.

Floating rates

Fixed Rates

Comparison Table of Personal Loan Interest Rates for Various Lenders

Know more about lowest personal loan interest rates offered by other personal loan lenders

Bank of India Personal Loan Fees and Charges

Also know about the personal loan processing fee

Types of Bank of India Personal Loans 

BOI Star Personal Loan

Purpose: Bank of India offers regular personal loan scheme to fulfill all the personal financial requirements of the applicants like marriage, education, medical, etc.

Loan Amount: Up to Rs 25 lakh

Tenure: Up to 7 years

Processing Fees: One time 2% of loan amount

BOI Star Pensioner Loan

Purpose: Bank of India Pension loan scheme fulfills the personal financial needs of the pensioners/family pensioners

Loan Amount: Up to Rs 10 lakh

Tenure: Up to 5 years

Processing Fees: One time 2% of loan amount

BOI Star Personal Loan- Doctor Plus

Purpose: Bank of India offers Personal loan for doctors for any approved personal purpose other than gold purchase, investment in shares or speculative purposes.

Loan Amount: Up to Rs 25 lakh

Tenure: Up to 7 years

Processing charges: 50% concession in charges as applicable to members of public for personal loan

Star Suvidha Express Personal Loan

Purpose: Bank of India offers a special personal loan scheme, Star Suvidha Express Personal Loan scheme to its select customers.

Loan Amount: Up to Rs 20 lakh

Tenure: Up to 7 years

Star Mitra Personal Loan

Purpose: BOI Star Mitra Personal Loan scheme is a special scheme offered to differently abled individuals to finance the purchase of sophisticated aids or appliances and durables to promote their physical and social rehabilitation.

Loan amount: Up to Rs 2 lakh

Tenure: Up to 5 years

Eligibility Criteria for Bank of India Personal Loan

BOI Star Personal Loan

• Salaried, self-employed and professionals are eligible for BOI Star Personal Loan.
• Groups of permanent and confirmed employees can also avail personal loans from Bank of India.
• Maximum age of the applicant at the time of loan maturity should be 70 years.

Also know about personal loan for salaried individuals in detail

For Pensioners

• Maximum age of the applicant should be 75 years at the time of loan maturity.
• Regular pensioners/family pensioners drawing pension through Bank of India.

For Star Suvidha Express Personal Loan

• Salaried individuals having salary accounts with Bank of India
• Existing salaried home loan borrowers of Bank of India
• Maximum age at the time of loan maturity- 75 years

For Doctors

• Medical practitioners who are qualified and registered for at least 3 years in any medical science branch are eligible.
• The loan repayment should be done by 75 years of age

BOI Star Mitra Personal Loan

• Salaried, self-employed individuals and professionals are eligible for Start Mitra Personal Loan scheme.
• Maximum age of the applicant at the time of loan maturity should be 70 years.

Bank of India may also consider the monthly income and credit score of its applicants, just like other banks and NBFCs do to check personal loan eligibility of their applicants.

Documents Required for Bank of India Personal Loan

• ID Proof- Passport/PAN/Voter ID/Driving License
• Address Proof- Driving License/Aadhar Card/Passport/Latest telephone bill/Latest electricity bill/Latest piped gas bill
• Income Proof- Latest 6 month salary slip and 1 year ITR/Form 16 for salaried individuals; last 3 years ITR with CA certified Computation of Income/Profit & Loss Account/Balance Sheet/Capital Account Statement

EMI Calculator

Bank of India Personal Loan Customer Care

Call Centre is available 24×7

Toll Free Numbers- 1800 103 1906

Chargeable Number- (022) – 40919191

Also know about Bank of India Personal Loan customer care numbers and grievance redressal in detail

FAQs

1. What is the turnaround time for the disbursal of Bank of India Personal Loan?

Ans. Bank of India has not specified the disbursal time for personal loans. However, most banks/NBFCs usually take 2-7 working days for the disbursal of personal loans. Some lenders also offer pre-approved instant personal loans to select customers. To apply with lenders offering personal loans with quicker disbursal.

2. Can I choose between a fixed or floating rate for the personal loan?

Ans.. Bank of India offers personal loans at floating rates only.

3. At what minimum credit score can the applicants avail Bank of India Personal Loan?

Ans. Bank of India has not specified the cut-off credit score for personal loan applicants. However, applicants with credit scores of 750 and above have higher chances of availing personal loans at lower interest rates.

4. I do not have a pension account with Bank of India? Can I avail Bank of India Personal Loan?

Ans. No, Bank of India offers BOI Star Pensioner Loan to regular pensioners or family pensioners drawing monthly pension from Bank of India.