Bank of India Personal Loan Details

Loan amountRs. 10,000 - Rs. 10 Lakhs
Rate of interest10.25% p.a.
TenureUp to 5 years
Lowest EMI possibleRs. 2,327 Per Lakh
Processing feeUp to 4% of the loan amount

Bank of India Personal Loan Features

Below are some attractive features of Bank of India Personal Loans:

  • Variety of personal loans available.
  • Loan amount can be used for marriage expenses, educational expenses, medical expenses, purchase of consumer durables, etc.
  • Attractive interest rate
  • Easy repayment plan

Additional Reading: How to get personal loan in Hyderabad?

Bank of India Personal Loan Benefits

Here are some important reasons why you should be applying for 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 for self-employed individuals 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 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 Rs. 10 Lakhs (depending on the loan scheme and your eligibility).

Additional Reading: How to get instant loan in Delhi?

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 SchemeEligibility Criteria
BOI Star Personal LoanWhile 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
  • 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
  • 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 SchemeThe 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 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
  • Nil for Senior Citizen aged 60 years and above for loan amount up to Rs. 50,000.
  • 2% of the loan amount (minimum Rs. 1,000 and maximum Rs. 10,000 for other borrowers.
Star Mitra Personal Loan
  • Nil for Senior Citizen aged 60 years and above for loan amount up to Rs. 50,000.
  • 2% of the loan amount (minimum Rs. 1,000 and maximum Rs. 10,000 for other borrowers.
Pensioner Loan Scheme
  • Nil for senior citizens aged 60 years and above
  • 2% of the loan amount (minimum Rs. 500 and maximum Rs. 2,000 (Fully Secured/ Clean/ Unsecured) for others
BOI Star Doctor - Plus BOI Star

50% concession for members of public


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

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 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:

  • 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.

Additional Reading: How to get personal loan in Chennai?

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 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.

Ph: 022-66684444

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Bank of India Personal Loan FAQs

✅ 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 Rs. 10 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.