Total EMI


Total Interest


Total Payments


Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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About Bank of India

Bank of India is one of the premium banking institutions in the country. Founded in the year 1906, this bank was created by some of the most eminent businessmen in Mumbai. Until July 1969, it was a private bank and was eventually nationalized.

Bank of India today has a very strong national presence with branches all over the country. The banking major also caters to international market with close to 60 offices and branches overseas. It also has one joint venture overseas, which has established it as one of the best banks in the country today.

As early as 1989, Bank of India introduced one of the first automated ATM facilities in Mumbai in the Mahim Branch. The bank continues to introduce modern infrastructure to help customers enjoy simplified and accessible banking services. This combination of modern techniques and traditional values makes it one of the most reliable banking partners for most people across the country.

Bank of India provides various funding options for customers including Home Loans, Personal Loans, Vehicle Loans, and a lot more, to help them improve their overall quality of life. Bank of India aims to become the primary choice for medium businesses, Corporates and retail customers. The banking major is also constantly thriving to provide developmental banking services to rural markets, mass markets and small businesses.

Bank of Baroda is known for providing a diverse range of loans and finance options to customers from various backgrounds. They also provide solutions that are extremely cost effective to enable customers to get the funds that they need in case of any financial emergency. The rate of response is quick in all sectors of banking including personal banking, corporate banking and NRI banking which helps all the stakeholders of Bank of India find solutions to various requirements.

About BOI Personal Loan Product

Bank of India offers Personal Loans to anyone who is looking for immediate funds within a specified period of time. A Personal Loan is a type of loan that is offered to individuals to help them meet all their personal financial requirements. This includes any immediate financial requirement such as medical expenses, an increase in budget for any domestic function such as a wedding, investment requirements for a business and also education and travel needs. These loans are available for a range of different purposes except of any speculative purposes that the individual may have.

The goal behind offering Personal Loans is to help the customer address any immediate financial need that they may have. These loans are very easy to apply for and have minimal documentation and processing time. The customer only has to fulfill certain eligibility criteria in order to be eligible for these loans. These loan plans are tailor-made to suit the requirements of the applicant. This allows them to get the right financial assistance when they need it, without having to make any compromises on their monthly budget for EMI.

Why Choose Bank of India Personal Loan?

Bank of India is one of the premier nationalized banks in the country today. You have several benefits of choosing to bank with Bank of India as mentioned below:

  • Bank of India offers the most cost-effective loan plans to customers to enable them to make easy repayments.
  • The repayment tenure offered on the loans is extremely flexible and can be chosen as per the repayment capacity of the individual.
  • The loan schemes and plans are provided to the customers based on their current credit rating and their monthly income, making the loan processes extremely transparent.
  • Bank of India also provides its customers with multiple options to repay the loans such as providing standing instructions for automatic debit and making the repayments using ECS to ensure that they do not miss out on any repayments.
  • The documents required for these loans are minimal and the processing time is also very low. This ensures that customers are able to get the financial assistance that they need in case of a genuine financial emergency.
  • Bank of India empowers every customer with several online banking facilities. You can check your loan account, make repayments and carry out several other transactions using your net banking account or the mobile app.

Benefits of Choosing EMI

An EMI or Equated Monthly Instalment is an amount that is paid towards the loan that you borrow from the bank. The EMI consists of two componenets: one is the principal amount and the other part is the interest payable as per the rate of interest decided by the bank.

Using these parameters, the EMI load per month is calculated. Most Personal Loans in India only allow monthly repayments and do not provide weekly or fortnightly payment options.

There are several benefits of opting for EMI payments towards a loan:

  • Making payments via an EMI is a lot more affordable and convenient than making a lump sum payment when you have any financial emergency. During financially challenging days, a lump sum payment can dry up all the available funds that you may require for your regular expenses.
  • Getting a loan on an EMI helps to build your Credit Score. Unless an individual has any existing credit account, his credit score is deemed zero or NA. Having no credit history makes it extremely hard to avail a loan as the lender is not aware of your credit worthiness.

An EMI imparts more flexibility with credit repayment. The EMI can be adjusted based on your repayment capacity by choosing a different loan tenure or interest rate. Since it is divided into smaller amounts, you do not have the burden of making large repayments at once to the lender.

Why Calculate EMI Before Applying For a Loan?

When you are applying for a loan, you need to know what the actual liability is. It is not enough to divide the principal amount across the repayment tenure. You need to understand that a rate of interest is charged on the principal amount which changes the amount (EMI) that you will have to pay each month. This is the most important factor when it comes to choosing the right loan plan for yourself.

Calculating EMI beforehand has certain advantages:

You are able to manage your expenses: Once you have agreed to pay a certain amount as EMI, you need to make consistent payments to ensure that you do not lose your credit score. If you are aware of the EMI before the loan application is sent out, you will be able to understand if you can afford this expense without disrupting your regular expenses.

Calculating EMI thus enables you to make changes in your loan plan as per your financial situation.

You will be able to check your debt to income ratio: This is one of the most important factors when it comes to availing a loan. The lenders calculate a debt-to-income ratio which determines what portion of your income each month is deducted as an EMI each month. Only if this net salary is above a certain percentage of the gross salary will the individual be considered eligible for a Personal Loan. That way, you will know if you can avail a loan before you apply for it or not. This reduces any chances of the loan being rejected which can, in turn affect your credit score.

You can make necessary adjustments before agreeing to a loan plan: When you get a loan from a bank, you can change certain parameters to make the EMI more affordable. In order to make these adjustments, you should know how much you need to pay each month to begin with.

To reduce the EMI, you have the option of reducing the principal amount of the loan. If that is not an option, you can also increase the tenure of the loan and reduce the burden of the EMI.

You can find better deals: Checking the EMI offered by different banks or financial institutions is the best way to choose which plan is the most suitable for you. You may notice that one bank offers lower interest rate than the other or may find another plan within the same bank that is better for you. Based on the EMI that you calculate when you are scouting for a loan, you can choose to transfer the balance from an existing loan and reduce your monthly expenses besides consolidating all your loans to avail easier repayment options.

How is an EMI Calculator Useful?

If you visit the bank that you choose to get your loan from, you will be able to get the exact EMI that is payable towards the loan.

This EMI is calculated using a formula as mentioned below:

P*r* (1+r)^n/([(1+r)^n]-1)

In this formula,

The letter P denotes the Principal Amount.

Bank of India offers a maximum loan amount of 10 Lakh in case of Secured Personal Loans and a maximum loan of 5 Lakh in case of Unsecured Personal Loans.

The letter R denotes the rate of interest.

The rate of interest offered by Bank of India depends on 1 year MCLR. The base MCLR is 8.7 % as per the recent revision on 10th May 2019. The current rate of interest offered on Personal Loans is between 12.20 to 14.20 % depending upon the type of loan, and the employment status of the applicant.

The letter N denotes the term of the loan or repayment tenure.

The repayment tenure offered by Bank of India is between 1 to 3 years.

Using an EMI calculator is an easy option available to customers to check their EMI from the comfort of their home.

There are several benefits of using this simple EMI tool:

It is accurate: The EMI calculator uses the standard formula mentioned above to check the EMI payable towards a loan. The user only has to enter the loan amount, the repayment tenure and the rate of interest that he or she is currently being charged. Once these details have been entered, the tool can calculate the EMI for you accurately. You will also be able to assess the amount that will be paid towards the interest charged on the loan and the total payment made for the tenure of the loan.

It saves a lot of time: Calculating EMI manually is extremely time-consuming. Especially when you are trying to compare multiple loan options available to you, it can be quite a task. Thus, it is a good idea to use an EMI calculator that displays the results instantly.

In addition to this, you will also eliminate any chances of human error that can send your budget spiraling. With accurate results given to you instantly, you will also be able to decide which loan plan works for you and successfully apply for an affordable loan.

These tools are handy:You have two kinds of EMI Calculators. One allows you to use a slider to enter the loan amount, tenure and the rate of interest. The other one requires you to key in these details. Both options are extremely handy and simple to use. These tools can be accessed through any mobile device or desktop device from your home or office. That way, you are able to calculate the EMI on the go.

Using these calculators, you will never miss out on any new plan that you come across while scouting for the best personal loans.

How to Use My Money Mantra Personal Loan EMI Calculator?

My Money Mantra has been in the business of providing simple financial solutions to customers who are in need. It allows them to check out loans plans and deals from over 90 banking and non-banking organizations. You can make a choice as per your budget.

To make it easier for customers to decide upon the loan plan that best suits them, MyMoneyMantra also offers several free financial tools. You have tools that allow you to check the prepayment charges towards the loan, the EMI payable and several other aspects of the loan.

The Personal Loan EMI Calculator available on MyMoneyMantra website is very simple to use. This tool is available under the "Financial Tools" Menu on the Home Page. Choose the EMI Calculator and enter the loan amount, tenure and interest rate charged towards the loan. You may enter the tenure in years or in months. The EMI calculator will tell you the accurate EMI that is payable, the interest payable towards the loan and the whole amount that you will be paying through the tenure of the loan.

Here is a simple example of the EMI calculated towards Bank of India Loans for different tenures. The rate of interest that is considered in these calculations is 12.15%.

Loan Amount 1 year 2 years 3 years

1 Lakh




2 Lakhs




3 Lakhs




Types of Bank of India Personal Loan

Bank of India offers a variety of loan products for you to choose from. Under the Personal Loan schemes provided, there are currently three options available:

BOI Star Personal Loan

  • This scheme allows customers to use the loan for various personal needs such as wedding expenses, medical expenses, education, purchase of any consumer durables etc.
  • The maximum quantum of loan available under this scheme is 10 Lakh.
  • In case of salaried individuals, a maximum of 10 months Net salary is provided as loan.
  • In case of high net worth individuals, the maximum loan available is 50% of the gross annual income as per the tax returns for the previous year.
  • In case of salaried employees, 20 times the monthly gross emoluments can be availed as loan.
  • In case of high net worth individuals and professionals, 100% of gross annual income as per the last three years' income tax returns may be availed.
  • The interest rate on this loan is based on 1 year MCLR which is currently at 8.65% as revised on 10th March 2019.
  • The rate of interest for fully secured loans is 1 year MCLR + 4.50%.
  • The rate of interest for clean or unsecured loans is 1 year MCLR + 5.50%.
  • The rate of interest for fully secured loans under tie up arrangements is 1 year MCLR + 4.50%.
  • The rate of interest for senior citizens above the age of 60, availing loans above 50000 is 1 year MCLR + 3.50%.
  • The tenure of the loan is between 1 to 3 years.
  • The minimum loan amount in case of metro and urban centers is 10000.
  • There is no minimum cap on loans for rural and semi-urban areas.

Eligibility for BOI Personal loan

The eligibility criteria for BOI Personal loan is as follows:

  • It is available to salaried employees, professionals and individuals with a high net worth and pensioners. Regular pensioners and family pensioners who are drawing a salary through a BOI branch, besides retired employees those who have been dismissed or voluntarily retired and BOI staff, are also eligible.
  • The net income after deducting the EMI should not be less than 40% of the gross income of the applicant.
  • The processing charges for fully secured, unsecured and tie up arrangement loans is 2% of the loan amount, subject to a minimum amount of 1000 and maximum of 10000.
  • The processing charges for loans provided to senior citizens above the age of 60 years are waived off.

BOI Star Mitra Personal Loan

  • This loan provides financial assistance to physically challenged individuals.
  • The loan can be used to purchase durables and aids or appliances to help with physical or social rehabilitation.
  • They can get a demand or term loan which is secured.
  • The maximum loan amount available is 1 Lakh.
  • In case of salaried individuals, they can get up to 10% of their net salary.
  • In case of self-employed individuals, they can get up to 50% of the net annual income as per the last IT return.
  • A margin of 10% must be provided for these loans.
  • The repayment tenure for these loans is 12 to 60 months.
  • The rate of interest offered for these loans is 1.00%+ BSS (0.30%) above one year MCLR. This is a fixed rate of interest.
  • The loan is based on the hypothecation of the goods purchased using the loan.

BOI Star Holiday Loan

  • This loan is provided to meet different expenses related to pilgrimages. This tour can be undertaken by the applicant or the spouse, children, parents and other close relatives of the individual.
  • The loan covers expenses such as accommodation, airfare, train or bus charges, sightseeing expenses etc.
  • The rate of interest offered is the same as the BOI Star Personal Loans.
  • The loan amount must not exceed the expected expenses for the trip.
  • A maximum repayment tenure of 24 months is available.
  • This is a demand loan provided to individuals who are able to fulfill the eligibility criteria set by BOI.
  • A maximum clean loan of up to 2 Lakh is available.
  • In case of secured loans with liquid collateral security such as NCS, KVP, IVP and LIC policy, the maximum loan available is 5 Lakh. The security should be at least 50% of the loan amount that is sanctioned.
  • A maximum of 10 Lakh is provided as loan for 100% secured loans.
  • Pensioners can get a maximum loan of 1 Lakh.
  • The minimum loan amount in case of metros and urban centers is 10000.
  • There is no minimum cap in case of loans provided to rural and semi urban areas.

The eligibility criteria for these loans is as follows:

  • It is provided to salaried employees, professionals or self-employed individuals, people engaged in business, individuals with a high net worth, agriculturists, pensioners and staff members.
  • The net income after deducting the EMI should not be less than 40% of the total gross income of the applicant.

Documents Required for BOI Personal Loans

The documents required for BOI Personal Loan are as follows:

For salaried individuals:

  • Duly filled and signed application form with photograph
  • Copy of passport, voters ID or driving License
  • Processing Fee Cheque
  • Last 3 months' Bank Statements or past 6 months' Pass Book
  • Latest Salary Slip
  • Current Dated Salary Certificate with Form 16

For self-employed individuals

  • Duly filled and signed application with photograph
  • Copy of Voters ID, Passport or Driving License
  • Processing Fee Cheque
  • Last 3 months' Bank statements or 6 months passbook
  • Latest Bank Statement
  • Latest ITR or Form 16.

What are the Factors that Affect Eligibility?

The eligibility criteria for any "loan" or "credit" product are pre-set by the bank. In order to understand if you qualify for a certain loan plan, it is always advised that you check the eligibility criteria thoroughly. In case you are unable to fulfill these conditions, chances are that your loan may get rejected, reducing your current Credit Score.

There are a few factors that affect eligibility, as mentioned below:

  • Your Credit Score plays the most important role in case of any Personal Loan. The higher the Credit Score, the better the interest rate and the quantum of loan provided. The reason for this is that individuals who have a higher Credit Score are considered to be more Credit Worthy as they make timely repayments on the loans and have a good credit behavior overall.
  • The income of the individual determines how much EMI he or she will be able to pay each month. As per the BOI criteria, the net salary after making all deductions should not be less than 40% of the gross salary. This ensures that the individual will also be able to manage the daily expenses and will be able to repay the loan on time. This ratio is known as the debt to income ratio.
  • The higher the take home salary, the higher the loan amount provided. For individuals who have a high net worth, even the interest rates on the loan will be significantly reduced.

What are the Factors that Affect EMI?

The EMI that you pay is calculated based on the loan amount, the tenure of the loan and the interest rate charged towards the loan. Each factor determines how high or low the EMI will be.

  • The interest rate: If the interest rate is higher, the EMI will subsequently be higher. It is possible to find a loan plan with a better interest rate to help you get an EMI that you can afford to pay. The interest rate is also negotiable based on your Credit Score and income each month. The higher the score, the lower the interest rate. The interest may also be lowered for those with a high net worth. Some banks also provide subsidies for special loans.
  • The tenure of the loan: If you want to reduce the EMI that you pay each month, the best way to do this is by increasing the tenure of the loan. The longer the tenure, the lower the EMI. However, it is important to consider the fact that a longer tenure will also mean that you will be paying a higher amount towards the interest portion of the loan.
  • The loan amount: Since the loan is calculated based on the principal amount, this is the biggest factor in determining the EMI of the loan. The lower the principal amount, the lower the EMI.

How to Choose the Best EMI?

You have the option of choosing an EMI that is perfect for you by following some simple tips:

  • Add all your monthly expenses and deduct it from your salary. The remaining amount will determine how much EMI you can afford. Choose an EMI that is below the amount that is remaining after deducting the expenses.
  • The tenure for a Personal Loan with BOI is up to 3 years. So make sure that you plan all your finances for this period. In case you have any added expenses in the years to come, ensure that your EMI will fit into the monthly budget.
  • Look for a loan plan that offers the best interest rates. This will help you reduce your EMI considerably. You can also use the Personal Loan EMI calculator on MyMoneyMantra or on the website of the bank to choose the best EMI.
  • The EMI that you choose must allow you to repay the loan in the shortest span of time. Even though it is not the lowest EMI possible, it should be affordable. This ensures that you do not pay too much towards the interest of the loan and also helps you get debt free faster.

Personal Loan EMI Changes in case of Prepayment

Bank of India allows customers to prepay the Personal Loans for no additional costs. This is a very beneficial feature as it allows you to close your loan faster and become debt free. It can also have a very positive effect on your Credit Score. The burden of the EMI will reduce if you are able to make part pre-payments or even close the loan account fully.

When you make part pre-payments, you reduce the principal amount. As a result the EMI will also reduce. However, customers have the option of retaining the EMI that they are currently paying in order to close the Personal Loan account faster.

If you want to lower your EMI per month, you can retain the current repayment tenure. Since the EMI is spread across the tenure, the amount that you pay each month will reduce and also relieve you from the added burden of the EMI each month.

BOI Personal Loan: FAQs

How much can I borrow maximum under BOI Star Personal Loan?

BOI Star personal loans can help you avail a secured loan of up to 10 Lakh to fulfill your various personal needs such as wedding expenses, medical expenses, education and a lot more.

Are BOI Personal loans secured or unsecured?

With Bank of India, you have the option of borrowing secured or unsecured loan, according to your needs. The rate of interest differs for the two types of loans in addition to the maximum loan amount provided. In case of secured loans, you can provide up to 50% or 100% security in the form of liquid collateral like LIC policies and KVP.

What is the maximum tenure of a Star Personal Loan?

You can get between 12 to 48 months to repay your loan with a Star Personal Loan.

What is the Star Mitra Personal Loan?

Star Mitra Personal Loan provides funding for disabled individuals to purchase any equipment that is required for their social and physical rehabilitation. These loans are based on the hypothecation of this equipment which is provided as security or collateral.

What is the rate of interest offered for BOI Star Personal Loan?

The interest rate on this loan is based on 1 year MCLR which is currently at 8.70% as revised on 10th May 2019. The rate of interest depends upon the type of loan availed and differs as mentioned below:

  • The rate of interest for fully secured loans is 1 year MCLR + 4.50%
  • The rate of interest for clean or unsecured loans is 1 year MCLR + 5.50%
  • The rate of interest for fully secured loans under tie up arrangements is 1 year MCLR + 4.50%
  • The rate of interest for senior citizens above the age of 60, availing loans above 50000 is 1 year MCLR + 3.50%

Is this loan available to self-employed individuals?

Yes. Bank of India Personal Loans are available to both salaried as well as self-employed individuals.

How to apply for a BOI Personal Loan Online?

You can apply for BOI Personal loan on MyMoneyMantra, without having to visit the bank branch. You can also call MMM customer care services to learn more about BOL loans. All you need is to fill an online application form along with KYC documents and income proof and the loan is processed instantly. As you fill MMM Personal Loan form, a loan representative will call you and assist you get the best rate and fastest disbursal.

What are the prepayment charges on BOI Star personal loans?

BOI does not charge any prepayment fees on loans that have a floating rate of interest. Therefore, customers have the option of pre-paying these loans without any added fees. You can make part payments or even pre-close a Personal Loan.

What is a Star Holiday Loan?

A Star Holiday Loan is a type of Personal Loan that is exclusively provided for travel and pilgrimage purposes. It is provided to fulfill the travel needs of the applicant, his or her spouse, children, parents and other close relatives. All the charges associated with travel such as the flight tickets, bus or train charges, accommodation charges and the expected sight-seeing charges can be covered by this loan.