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Bank of India Pension Loan Highlights |
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| Interest Rates | 11.60% p.a. onwards |
| Loan Amount | Up to Rs 20 lakh |
| Tenure | Up to 5 years |
| Processing Charges | Up to 1% of the loan amount |
Interest rates as of 10 March 2025
Table of Contents
Bank of India Pension Loan Interest Rates
Bank of India Pension loan interest rate starts at 11.60% p.a. Stated below are fixed and floating interest rates of pension loan:
Floating Interest Rates
| Star Pensioner Loan Scheme | 11.60% p.a. |
| Star Suvidha Express Personal Loan | 11.60% p.a. |
Fixed Interest Rates
| Star Pensioner Loan Scheme | 13.20% p.a. |
| Star Suvidha Express Personal Loan | 12.20% p.a. |
Fees and Charges of Bank of India Pension Loan
| Type | Processing Charges |
| Star Pensioner Loan Scheme | Senior Citizen (60 years & above)- NILFor others- One time @ 0.50% (Rs 250-Rs 1,000) |
| Star Suvidha Express Personal Loan | 1% of the loan amount (Minimum Rs 2,500; Maximum – Rs 15,000) |
Types of Bank of India Pension Loan Schemes
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
Star Suvidha Express Personal Loan
Purpose: Bank of India offers Star Suvidha Express Personal Loan scheme, a special personal loan scheme, to its select customers.
Loan Amount: Up to Rs 20 lakh
Tenure: Up to 7 years
Bank of India Pension Loan Eligibility Criteria
For Star Pensioner Loan
- The 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 Suvidha Express Personal Loan
- Salaried individuals having salary accounts with Bank of India.
- Maximum age at the time of loan maturity- 75 years.
- Existing salaried home loan borrowers of Bank of India.
Documents Required for Bank of India Pension Loan
While the Bank of India has not clearly stated the documents required for availing pension loans, the documentation, if any, should be minimal as the bank would already have most of the required documents due to the KYC of the pension accounts maintained with the bank.