Bank of India Personal Loan
Bank of India (BOI) offers Personal Loans of up to Rs. 10 Lakhs at interest rates starting from 11.60% p.a., processing fee of up to 2% of the loan amount, and tenure of up to 5 years.
Apply for Bank of India Personal Loan @ 11.60% Interest Rates

Bank of India Personal Loan Details
The following are some important Bank of India Personal Loan details:
Loan amount | Rs. 10,000 - Rs. 10 Lakhs |
Rate of interest | 11.60% p.a. |
Tenure | Up to 5 years |
Lowest EMI possible | Rs. 2,327 Per Lakh |
Processing fee | Up to 4% of the loan amount |
Bank of India Personal Loan Features
Below are some attractive features of Bank of India Personal Loans:
- A variety of personal loans are available.
- The loan amount can be used for marriage expenses, educational expenses, medical expenses, purchase of consumer durables, etc.
- Attractive interest rate
- Easy repayment plan
Bank of India Personal Loan Benefits
Here are some important reasons why you should be applying for a BOI 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: The personal loan for salaried and self-employed individuals is easily available. 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 in both the form of secured and unsecured loans. If you have collateral to offer, you can get a better deal on a Personal Loan at an attractive interest rate.
- Flexible tenure: The tenure for repayment of the loan is flexible and can be customised according to the needs and convenience of the borrower. The loan can be repaid within a maximum period of 60 months.
- Loan amount: You can avail up to Rs. 10 Lakhs (depending on the loan scheme and your eligibility).
Bank of India Personal Loan Eligibility Criteria
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 |
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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 |
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BOI Star Doctor - Plus |
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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. |
Documents Required for Bank of India Personal Loan
When you apply for a Personal Loan from the Bank of India, you will be required to submit the following documents:
- 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)
Bank of India Personal Loan Charges
BOI Star Personal Loan |
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Star Mitra Personal Loan |
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Pensioner Loan Scheme |
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BOI Star Doctor - Plus BOI Star | 50% concession for members of public |
Star Holiday Loan Scheme |
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How to Calculate Bank of India Personal Loan EMI?
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 in 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 that 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, the bigger the EMI they have to pay each month till the maturity date.
- Rate of Interest: The higher the interest rate, the bigger the EMI that the borrower has to pay. Since the rates of interest keep changing, so does the EMI.
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 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 email ID BOI.Callcentre@bankofindia.co.in or contact their headquarters 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
FAQs
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.