|Loan amount||Rs. 10,000 - Rs. 10 Lakhs|
|Rate of interest||8.85% - 12.35% p.a.|
|Tenure||Up to 5 years|
|Lowest EMI possible||Rs. 2,327 Per Lakh|
|Processing fee||Up to 4% of the loan amount|
Additional Info: Also check Bank of India Balance Check
Below are some attractive features of Bank of India Personal Loans:
Additional Reading: How to get personal loan in Hyderabad?
Here are some important reasons why you should be applying for Bank of India Personal Loan:
Additional Reading: How to get instant loan in Delhi?
The Bank of India personal loan 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||Eligibility Criteria|
|BOI Star Personal Loan||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|
|BOI Star Doctor - Plus|
|BOI Star Pensioner Loan Scheme||The net take-home pension after deduction of loan's instalment should not be less than 40% of the pension amount.|
When you apply for a Personal Loan from Bank of India, you will be required to submit the following documents:
|BOI Star Personal Loan|
|Star Mitra Personal Loan|
|Pensioner Loan Scheme|
|BOI Star Doctor - Plus BOI Star|
50% concession for members of public
|Star Holiday Loan Scheme|
The equated monthly instalment (EMI) for a Personal Loan from Bank of India can be calculated using the MyMoneyMantra Bank of India Personal Loan 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 Rs. 10 Lakhs.
The factors which affect the EMI are as follows:
Additional Reading: How to get personal loan in Chennai?
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 BOI.Callcentre@bankofindia.co.in 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.
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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.
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.
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.
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 Rs. 10 Lakhs as a Personal Loan amount (depending on the scheme and type of applicant).
Personal Loans by Bank of India are offered to salaried individuals, self-employed professionals, business owners, pensioners, handicaps, and people with high net worth.
Yes, Bank of India also offers Personal Loans to the retired professionals and existing staff of their bank after a thorough evaluation.
The Bank of India Star Mitra Personal Loan is a secured loan offered only to physically challenged people in their need.
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.