Bank of India Personal Loan Interest Rates

Purpose: The loan can be used for multiple purposes without restriction on the end-use. The loan can be used for clearing existing debts, to meet medical expenses, to plan a wedding, for travel (both domestic and abroad), for the higher education of your children, for the makeover of your home, etc. 
Quantum: The loan can be availed up to Rs. 10 Lakhs, depending on the type of loan you have chosen. 
Interest: The rate of interest is competitive and starts at 10.85% p.a. and goes up to 13.75% p.a. The Best Personal loan Interest Rate depends on the type of loan availed. 
Security: No collateral security is required for the loan 
Repayment: Flexible repayment options with a maximum of 60 months 
Special scheme: There are special schemes for pensioners and differently-abled persons

• The Bank of India personal loan interest rates vary between 10.85% p.a.  
• The bank offers concessional rates to senior citizens above 60 years. 
• The bank charges lower interest rates on secured personal loans than unsecured ones. 
• Bank of India personal loan rates are linked to RBLR or MCLR  
• Current RBLR is 6.85% w.e.f. 01.06.2020 and BOI MCLR is 7.35% w.e.f. 01.10.2020.

Few factors below that affects interest rates on personal loan:
• Amount of loan to be obtained
• Monthly income
• Status of the employer
• Relationship with the bank
• Repayment tenure
• Credit score and repayment history
• Individual’s negotiation skills