Bank of India



Apply Bank of India Personal Loan

About Bank of India Personal Loan

One might feel the need for a huge sum of money at any point of time for reasons both personal and professional. While it is easy to procure a loan in professional cases, it might be difficult to borrow a lump sum amount of money when one needs it for a personal reason. This is where Personal Loans serve as saviour. Most banks offer Personal Loans for a host of reasons such as an emergency, for clearing medical expenses, for a marriage in the family, for education and so on. The concept is that the bank lends you the sum of money you need, which you have to pay back on a monthly basis with interest for a particular tenure until it is successfully paid back.

The Bank of India which is one of the top five nationalised banks in India was initially a private bank and was nationalised in the year 1967. Presently, the bank is spread in five different continents and 22 foreign countries. In India, it has more than 5,000 branches spread over states, union territories and was the first nationalised bank to develop a fully computerised ATM system in Mumbai. The bank offers several loan schemes, personalised to suit your needs and has lucrative rates of interest for loans that would help you in need.

Bank of India, with its lucrative offers and various loan schemes, is like a friend who will help you even in your dire need. Seeking to fulfil the requirements of their customers and their family, Bank of India offers Personal Loans to their customers at reasonable interest rates and flexible tenures so that they can utilise the money in needs such as medical, personal, educational, business, and so on.

Bank Of India Personal Loan Interest Rate - Feb 2021

Interest rate

10.35 %

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

0.50 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

 2,090  Per Lakh

Why Bank of India Personal Loan?

The best part of a Personal Loan is that one gets to use it according to their requirement, unlike Housing Loans or Business Loans which have to be used for the purpose they have been borrowed for. As far as Personal Loans are concerned, they can be used to meet the needs of the hour such as to deal with a sudden financial crisis, to manage a medical emergency, to pull off a major family function such as a marriage or even to pay back previous debt.

Bank of India, one of the leading nationalised banks in the country, offers several Personal Loan schemes for its customers one of which would surely suit your requirements when you need funds. The bank offers secured as well as unsecured Personal Loans depending on your requirement. It comes with reasonable rates of interest and flexible tenures of repayment according to the convenience of the borrowers.

Features and Benefits of Bank of India Personal Loan

  • Suits all needs: Bank of India offers Personal Loans to its customers for various purposes. They can use it for their requirements, be it financial, educational, business-related, personal, or medical.
  • Easy availability: These loans are available easily to both salaried as well as self-employed individuals. There are also special schemes for pensioners and the physically disabled.
  • Low-interest rates: The rates of interest at which the Bank of India offers Personal Loans are incredibly low, thereby helping in easy and convenient repayment for the borrower.
  • Collateral-free loans: The Personal Loans provided by the Bank of India come both in the form of secured and unsecured loans. If you have collateral to offer, you can get a better deal on Personal Loan at the attractive interest rate.
  • Flexible tenure: The tenure for repayment of the loan is flexible and can be customised according to the need and convenience of the borrower. The loan can be repaid within a maximum period of 60 months.
  • Loan amount: You can avail up to 20 Lakhs (depending on the loan scheme and your eligibility).
  • Affordable rates of interest: The interest rates for Bank of India Personal Loans may vary from 10% to 14.20% per annum, depending on the loan type.

Bank of India Personal Loan Interest Rates

The rate of interest on Personal Loans depends upon the income of the borrower, the amount of loan being taken, and several other factors. The interest rate offered by Bank of India ranges between 10% and 14.20% (depending on the scheme you choose). There are also specialised rates of interest being offered to senior citizens, or for those with tie-up arrangements. The rate also varies with the borrower's CIBIL score and tenure of repayment. The currents rates of interest are illustrated in the table below:

Personal Loan Type Applicant Type Rate of Interest

BOI Star Personal Loan

Fully Secured




Financing secured under tie up arrangements


For Senior Citizen who are aged 60 years and above for loans up to 50,000


BOI Star Pensioner Loan Scheme

Fully Secured/Clean/ Unsecured


Star Mitra Personal Loan



BOI Star Doctor ?Plus

Fully Secured




Star Holiday Loan Scheme

Fully Secured                




For Senior Citizen who are aged 60 years and above for loans up to 50,000


Financing Secured under tie-up arrangements


*Interest rates are updated as on 1st March 2019

Types of Personal Loans Offered by Bank of India

BOI Star Personal Loan

This Personal Loan scheme is offered to the salaried employees, professionals, and pensioners to help them meet their and their family's various personal requirements such as funding marriage, medical, educational, consumer durable purchase, repair or renovation, and other expenses. This loan has two variants - secured and unsecured. The maximum amount offered under this scheme is up to 10 Lakhs, depending upon the applicant's income.

Star Mitra Personal Loan

This loan scheme is made for physically challenged persons to help them function independently by providing them financial aid to purchase durable and sophisticated appliances/ aids that promote their social and physical rehabilitation. The maximum loan amount offered under this scheme is 1 Lakh. The loan can be repaid conveniently over 12 to 60 months tenure.

BOI Star Doctor - Plus

Any qualified registered doctor and the medical practitioner can avail this loan for any approved purpose. The borrower has to submit a suitable declaration in this regard. The maximum amount that can be availed is capped at 20 Lakhs.

BOI Star Pensioner Loan Scheme

This loan scheme is offered to regular pensioners, family pensioners (drawing their regular monthly pension through Bank of India's branch), and retired employees to help them meet their immediate financial needs. The maximum loan amount offered is up to 5 Lakhs ( 1 Lakh for applicants above 75 years).

Star Holiday Loan Scheme

As the name suggests this loan can be availed to meet travel-related expenses like airfare/ train/ bus, accommodation, sightseeing, pilgrimage, tours, excursions, and so on within India or abroad. The loan can be availed by salaried employees/ self-employed/ professionals/ business owners/ individuals having high net worth/ pensioners/ agriculturists/ staff members. The loan amount offered can be up to 10 Lakhs and maximum repayment tenure is up to 36 months.

Bank of India Personal Loan Eligibility

The borrower will be granted a Personal Loan from the Bank of India in case of requirements such as a medical emergency, a sudden financial crisis, a need for funds for education, for a marriage in the family, travel, and so on.

The eligibility criteria depend on the type of applicant and loan scheme. Read below to know the eligibility criteria to be met to avail Bank of India Personal Loan:

Loan Scheme Type of Applicant Eligibility Criteria

BOI Star Personal Loan

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

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

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

BOI Star Pensioner Loan Scheme

  • 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.

Star Holiday Loan Scheme

Salaried employees/ Self-employed/ Professionals/ Pensioners/ People engaged in business/ Individuals with high net worth/ Agriculturists/ Staff members


 Time Taken to Process the Loan

Once all the necessary documents are provided to the bank along with the loan application, Bank of India usually takes 7-10 days to process the loan. The short processing time ensures that the customer gets the required funds quickly without much delay so that they can utilise the money as soon as possible.

Documents Required for Personal Loan from Bank of India

When you apply for a Personal Loan from Bank of India, you will be required to submit the copy of the following documents and keep them handy for quick and efficient processing of the loan:

  • 2 coloured passport sized recent photographs
  • PAN Card
  • ID Proof: Passport/ Voter's ID Card/ Driving License/ Aadhaar Card
  • Proof of Residence: Aadhaar Card/ Passport/ Electric Bill/ Telephone Bill
  • Income Tax Certificate by Revenue Authorities & Proof of Occupation
  • Additional Documents for BOI Mitra Personal Loan Applicants
    • Doctor's Certificate, Quotation of required equipment/ services for which loan is being seeked, Receipt of the same
    • Proof of relationship with the physically challenged person for whom the loan is being taken (If applicable)

Other Products by Bank of India

Apart from Personal Loans, Bank of India provides many other facilities that help customers in achieving their dreams and simplifying their lives. Some of these schemes are discussed below:

Savings Account

Current Account

Salary Account

Term Deposit

BOI Star Home Loan

BOI Star Diamond Home Loan

BOI Star Education Loan

BOI Star Top Up Loan

Earnest Money Deposit (EMD)

BOI Star Smart Home Loan

Pradhan Mantri Awas Yojana

BOI Star Vidya Loan

BOI Star Vehicle Loan


Star Pravasi Home Loan

BOI Star Loan Against Property

Padho Pardesh

Pradhan Mantri Kaushal Rin Yojna (Skill Loan)

CASA Term Insurance

SB Insurance

Corporate Credit

Rural Credit

NRI Loans/Deposits/Accounts/Investments

MSME Credit

Debit Cards

Credit Cards

Prepaid Cards

How to Calculate the EMI for a Personal Loan from the Bank of India?

The equated monthly instalment (EMI) for a Personal Loan from Bank of India can be calculated using the MyMoneyMantra EMI Calculator. You would need to fill the details such as loan amount, repayment tenure, and interest rate to generate EMI for the concerned loan scheme you are planning to avail. The loan amount depends on the borrower's income and CIBIL score and can be up to 20 Lakhs. The factors which affect the EMI are as follows:

  • Tenure of Loan: This is the period within which the loan has to be paid back in instalments every month to the bank. If the loan is to be paid back in a long tenure, the EMI would be lower and vice versa.
  • Loan Amount: The amount of loan you opt for determines the rate of interest and hence the EMI for the loan. The larger the amount of loan the borrower takes, bigger will be the EMI they have to pay each month till the maturity date.
  • Rate of Interest: The higher the interest rate, bigger would be the EMI that the borrower has to pay. Since the rates of interest keep changing, so does the EMI.

Bank of India Personal Loan Charges

Bank of India levies following charges on Personal Loans:

BOI Star Personal Loan

Processing Fee:

  • Nil for Senior Citizen aged 60 years and above for loan amount up to 50,000
  • 2% of the loan amount (minimum 1,000 and maximum 10,000 for other borrowers

Star Mitra Personal Loan

Processing Fee:

  • Nil for Senior Citizen aged 60 years and above for loan amount up to 50,000
  • 2% of the loan amount (minimum 1,000 and maximum 10,000 for other borrowers

BOI Star Doctor - Plus BOI Star

Processing Fee:

50% concession for members of public

Pensioner Loan Scheme

Processing Fee:

  • Nil for senior citizens aged 60 years and above
  • 2% of the loan amount (minimum 500 and maximum 2,000 (Fully Secured/ Clean/ Unsecured) for others

Bank of India Personal Loan Customer Care

The bank has a support team that will guide you whenever you are in a fix, no matter what time of the day it is. You can contact the customer care service of Bank of India anytime you want (all days, 24 hours) on the following phone numbers:

  • (022) - 40919191
  • 1800 220 229

You can also write to them on their e-mail id or contact their headquarter at the below-mentioned address:

Bank of India

Star House

C - 5, "G" Block,

Bandra Kurla Complex,

Bandra (East),

Mumbai - 400 051.

Ph: 022-66684444

Bank of India personal Loan latest News

BOI and UBI staff may get Canara Bank loans to purchase shares of their banks

State-owned loan providers Bank of India and Union Bank of India to make arrangements with Canara Bank for providing collateral-free loans to their employees to fund the purchase of shares under ESPS (Employee Stock Purchase Scheme). 

Bank of India puts 45 loan accounts to sale

According to sources, Bank of India, one of the leading nationalised banks, has blocked 45 bad loan accounts, worth almost 8,800 crores. Their officials have informed that the sale would be entirely on a cash basis and that this is the first time that overseas books such as Amtek Auto and Essar Steel have also been put a block on.

Bank of India is hoping to make a lot from the sale of real estate and non-core assets

Bank of India expects to raise almost 800 Crores by selling its stake in STCI and SIDBI, two of the leading financial non-banking companies in the second half of this financial year. The lender holds 2.84% stakes in SIDBI, while it holds a 29.96% in STCI Finance. The bank had similar plans last year as well until the value dropped suddenly and unexpectedly.

Frequently Asked Questions

What is a credit score?

A credit score is a 3-digit number varying between 300-900, allocated to each individual by the credit bureaus like CIBIL. This score is used to measure how successfully one has paid back the previous loans and Credit Card bill. More the credit score, more is your possibility of getting a loan.

Is the rate of interest offered on Bank of India Personal Loan floating?

Yes, the rates of interest offered by Bank of India for Personal Loans are floating, which means it is adjustable or variable and not fixed.

Is the Personal Loan by the Bank of India offered against security?

The Personal Loan offered by Bank of India is of two types, secured and unsecured. The secured loans are given against collateral, the unsecured ones are offered on the basis of the applicant's CIBIL score.

What can the bank do in case of a default of EMI?

If the bank is has your collateral, it can be ceased. However, in the case of an unsecured Personal Loan, since the bank usually doesn't have collateral to fall back on, the maximum they can do is file a civil suit.

What is the maximum amount of loan offered under the Bank of India Personal Loan?

The maximum amount of loan offered to an individual depends upon their income, age, and various other factors. However, individuals are offered a maximum amount of 20 Lakhs as a Personal Loan amount (depending on the scheme and type of applicant).

To whom does the Bank of India offer Personal Loans?

Personal Loans by Bank of India are offered to salaried individuals, self-employed professionals, business owners, pensioners, handicaps, and people with high net worth.

Are retired professionals eligible for the loan?

Yes, Bank of India also offers Personal Loans to the retired professionals and existing staff of their bank after a thorough evaluation.

How is the Star Mitra loan Scheme different than other Personal Loa schemes of the Bank of India?

The Bank of India Star Mitra Personal Loan is a secured loan offered only to physically challenged people in their need.

Why should you go for a Personal Loan?

Unlike Home Loans, Business Loans, Car Loans, and other such financial products which have to be taken to meet a specific requirement, a Personal Loan can be used for any kind of requirement, even for a sudden financial problem. Therefore, a Personal Loan is more flexible and helpful.

Why Apply for Personal Loan from Bank of India on MyMoneyMantra?

With MyMoneyMantra, you don't even have to worry about the formalities involved in the process of getting a loan. We would make your task much more convenient and easier by not only choosing the scheme which would be best suited for you but also by guiding you through the entire process of application. Our team will collect all documents from your doorstep and submit it to the bank, apart from doing all that is needed until the disbursement of the loan.

How to Apply for Bank of India Personal Loan on MyMoneyMantra?

On MyMoneyMantra, you get a host of options to choose from. It is extremely easy to apply for Bank of India Personal Loan on MyMoneyMantra. All you need to do is:

  • Visit MyMoneyMantra
  • Select the type of loan (Personal Loan in this case) required from Loans dropdown
  • Provide the necessary information including your gender, name, the city of residence, income, and other details depending on the loan type.
  • After this, your profile would be formed, and your loan requirements will be followed up by a relationship manager at MyMoneyMantra. They would advise you on the rest of the procedure.

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