Bank of India Personal Loan Eligibility

Bank of India offers personal loans at interest rate of 10.25% p.a., repayment tenure of up to 60 months and processing fee up to 2% of the loan amount.


Bank of India Personal Loan Eligibility Criteria

Following are the Bank of India personal loan eligibility criteria depending on the type of applicant and loan:

BOI Star Personal Loan

Applicant TypeEligibility Criteria
Salaried employees, professionals, individuals with high net worth, staff members, regular pensioners/ family pensioners drawing pension through Bank of India branch, retired employees (other than those who are dismissed or compulsorily retired) of Bank of India.While fixing the loan amount limit, the bank ensures that the net take home pay or income of the applicant (net of EMI of the proposed advance) does not go below 40% of the applicant's gross income.

Star Mitra Personal Loan

Applicant TypeEligibility Criteria
All salaried and self-employed physically challenged individuals, physically challenged minors (through their parents or legal guardians).
  • No advances offered to middle-men and NGOs.
  • Applicant must obtain the Doctor's Certificate regarding the extent of handicap & the need for the equipment.
  • Quotation or invoice must be presented in respect of the equipment to be purchased.
  • Must submit the stamped receipt after the purchase of the equipment.

BOI Star Doctor – Plus

Applicant TypeEligibility Criteria
Qualified registered medical practitioners
  • Minimum 3 years' experience in any branch of medical science recognized by MCI/DCI /other statutory /regulatory authorities to practice in India
  • Constitution of Borrower Individual/ Joint/ Proprietorship
  • Age: Minimum 25 years at the time of application and maximum 75 years at the time of loan maturity
  • Minimum net take-home income: 25% of gross monthly income

Additional Info: Also check Bank of India Balance Check

BOI Personal Loan Eligibility

Loan AmountRs. 10,000 - Rs. 10 Lakhs
Rate of Interest10.25% p.a.
Tenure1 month - 60 months
Lowest EMI possibleRs. 2,142 Per Lakh
Processing FeeUp to 2% of loan amount (minimum Rs. 1,000 and maximum Rs. 10,000)
Prepayment ChargesNil for loans with floating interest rates
Credit Score750 or above

Factors Affecting Bank of India Personal Loan Eligibility

  • Age of the borrower
  • The net income of the applicant
  • FOIR (Fixed Obligation to Income Ratio)
  • Co-applicant
  • CIBIL Score
  • Payments on past loans
  • The number of unsecured loans
  • Usage of credit limit
  • Multiple loan applications
  • Job stability & profession

Tips to Increase Your Bank of India Personal Loan Eligibility

  • Do not apply for too many loans.
  • Make timely repayment of all the existing loan EMIs & Credit Cards bills.
  • Opt for longer tenure
  • Opt for secured loans
  • Turn to your bank for personal loan application

BOI Star Pensioner Loan Scheme

Applicant TypeEligibility Criteria
  • Regular pensioners/ family pensioners who are drawing regular monthly pensions through the Bank of India branch
  • Retired employees (other than those who are dismissed or compulsorily retired)
The net take-home pension after deduction of loan's instalment should not be less than 40% of the pension amount.

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Bank of India Personal Loan Eligibility FAQs

Does Bank of India offer personal loans to self-employed individuals?


Bank of India has specific personal loans for self-employed individuals. However, the primary product, BOI Star Personal loan is not available for the general self-employed individuals. It is only available to salaried employees, pensioners, professionals, and HNW individuals.

What is unique about the BOI Star Personal loan product?


The BOI Star Personal loan product is available both as a clean as well as a secured loan.

What distinguishes a clean personal loan and a secured personal loan?


The clean personal loan does not require any collateral. The secured personal loan requires the borrower to furnish adequate collateral. The quantum of the loan in a clean loan is lower than that of a secured loan. Similarly, the rate of interest on the clean loan is higher than that of the secured loan.

For what purpose can you avail the BOI Star personal loan?


Customers can avail the BOI Star Personal Loan for all personal requirements. It includes expenses for marriage, education, medical, and other family functions. The borrower should not use the loan amount for unproductive purposes.

How does the bank recover the amount in a pension loan where the pensioner expires midway through the repayment?


Usually, the pensioner will have a nominee who is eligible to get a family pension. The bank can recover the loan from the family pension of the deceased pensioner. If there is no family pensioner, the guarantor to the loan becomes liable to repay the loan.

How does the Reverse Mortgage Loan qualify as a personal loan?


A personal loan is a facility where the bank grants loans with or without any security. The purpose of the loan is to meet the domestic emergencies of the borrower. The Reverse Mortgage Loan serves the same purpose. It supplements the income of the senior citizen borrower. Therefore, it qualifies as a personal loan.

How does the reducible limit in overdraft accounts work?


In overdraft with reducible limits, the Drawing Power decreases by the EMI amount every month. It ensures that the borrower closes the demand loan at the end of the repayment tenure.

Under such circumstances, how does it benefit the borrower?


The nature of the account is such that the borrower can deposit his/her surplus funds into the account. On doing so, the outstanding balance reduces considerably, thereby saving interest for the borrower.

Who qualifies as an HNW (high net worth) individual?


It depends on the bank's classification. Usually, persons with an average gross annual income of more than Rs. 1 crore qualify as HNW individuals.

What type of securities is acceptable in a secured personal loan?


Any tangible security in the name of the borrower is acceptable as security in a secured personal loan. It should be marketable and easily realisable. The ideal securities are Bank of India FDs, LIC policies having sufficient surrender value, NSCs, and KVPs.