Compare & Choose from the Best Business Loan Offers 
Please Note: Bank of India is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Bank of India is one of the leading commercial banks that has expanded its presence substantially in the last few years, nationally as well as internationally. Bank of India provides a range of banking and financial products to its customers, that includes various types of MSME loans to individuals, proprietors, firms and companies.
Table of Contents :
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
| Bank/NBFCs | Interest Rate | |
| HDFC Bank | 10.00% – 22.50% p.a. | Apply Now |
| FlexiLoans | 1% per month onwards | Apply Now |
| ZipLoan | 1% – 1.5% per month (Flat ROI) | |
| Axis Bank | 14.25% – 18.50% p.a. | Apply Now |
| IDFC First Bank | 14.50% onwards | |
| Kotak Mahindra Bank | 16% – 19.99% | Apply Now |
| Fullerton Finance | 17% – 21% | |
| Bajaj Finserv | 17% p.a. onwards | Apply Now |
| RBL Bank | 17.50% – 25% p.a. | Apply Now |
| ICICI Bank | 17% onwards | |
| Indifi Finance | 1.5% per month onwards | Apply Now |
| Lendingkart Finance | 1.5% – 2% per month | Apply Now |
| Tata Capital Finance | 19% p.a. onwards | Apply Now |
| NeoGrowth Finance | 19% – 24% p.a. | Apply Now |
| Hero FinCorp | Up to 26% p.a. | Apply Now |
Note: Business loan interest rates are updated as on September 2022.
Types of MSME Loans from Bank of India – September 2022
| Loan Types / Categories | Star Laghu Udyami Samekat Loan | Star SME Liquid Plus | Star SME Contractor Credit Line |
| Min. Loan Amount | Rs. 5 lakh | Rs. 10 lakh | Rs. 10 lakh |
| Max. Loan Amount | Rs. 1 crore | Rs. 5 crore | Rs. 5 crore |
| Interest Rate | 10.20% onwards | As per applicant’s profile | As per applicant’s profile |
| Repayment period | Max. up to 5 years | Max. up to 7 years | As per loan amount |
Note: With effect from 1st August 2022, Bank’s 1-year MCLR stands at 7.60%.
The enterprises/business owners who wish to get financial assistance from Bank of India can apply for its business loans. These loans can be utilized for business expansion purposes and meeting working capital requirements. Depending on the type of loan, various documents need to be furnished with the bank for assessment of the business and eligibility criteria. After verification of documents, Bank of India may sanction business loans to applicants.
Apply for Business Loan @ 16% p.a. onwards Apply Now
Also Check & Compare – Business Loan Interest Rate of Top Banks
Loan Schemes from Bank of India
Below mentioned are the key loan products offered by Bank of India:
1. Star Laghu Udyami Samekat Loan
The Star Laghu Udyami Samekat Loan is offered to Micro and Small Enterprises, for a maximum repayment period of 5 years, with a moratorium of 3-6 months. The loan is a Composite Loan in the form of Demand/ Term Loan, given for investment and working capital requirements of the small businesses.
Quantum of Loan:
Rural Area: Maximum Amount – Rs. 5 lakh
Semi-urban Area: Maximum Amount – Rs. 10 lakh
Urban Area: Maximum Amount – Rs. 5 lakh
Metro Area: Maximum Amount – Rs. 1 crore
Rate of Interest:
Upto Rs. 50,000: 10.20% p.a. onwards
From Rs. 50,000 to Rs. 5 lakh: 11.20% p.a. onwards
From Rs. 5 lakh to Rs. 10 lakh: 12.20% p.a. onwards
From Rs. 10 lakh to Rs. 1 crore: 12.95% p.a. onwards
Documents Required:
- KYC documents
- Deed of Hypothecation CH1/ CH2
- Demand Promissory Note
- Installment letter
- Equitable Mortgage as Primary Security
- Other documents required for demand loans
Apply for MSME Loan @ Low Interest Rates Apply Now
2. Star SME Liquid Plus
Star SME Liquid Plus loan is a term loan, given to proprietorship / partnership firm which qualifies to be a SME. The firms need to be doing business for at least 3 years and should be making profit for last 2 years to apply for this loan. The businesses must have entry level credit rating of SBS 5. The loan needs to be repaid through 84 installments, within 7 years with a moratorium of up to 12 months.
Quantum of Loan: Minimum Rs. 10 lakh and Maximum Rs. 5 crore
Rate of Interest: Depends on the prevailing structure of the bank
Documents Required:
- Identity and residence proof along with borrower’s photograph
- Balance sheet/ Profit & Loss statement of last 3 years
- Partnership letter if the applicant is a partnership firm
- MoA and AoA of the company
- Certificate of Incorporation and Commencement of Business
- Copy of Board Resolution for availing loan, if the applicant is a limited company
- Deed of Guarantee No. OD – 194 (if applicable)
- Term Loan Agreement cum Hypothecation Agreement No. IFD – 1 / IFD – 10 / L – 516 (Whichever applicable)
3. Star SME Contractor Credit Line
The Star SME Contractor Credit Line loan is a line of credit given for meeting the working capital needs of civil contractors, mining contractors, engineering contractors, transport contractors, etc. This line of credit is offered to established proprietorship firms, partnership firms, limited companies, etc. The applicant company must be engaged in doing business for the last 3 years and should have the entry level credit rating of SBS 5.
Quantum of Loan: Minimum Rs. 10 lakh and Maximum Rs. 5 crore
Rate of Interest: Depends on the applicant’s profile and loan amount
Documents Required:
- Identity and residence proof along with the borrower’s photograph
- Balance sheet/ Profit & Loss statement of last 3 years
- Partnership letter, if the applicant is a partnership firm
- Certificate of Incorporation and Commencement of Business
- Copy of Board Resolution for availing loan if the applicant is a limited company
- P Note LG – 12 Application for Documentary Credit
- Bearer letter LG – 13
- L – 516; LG – 15 Counter Guarantee
- For Fund based; For BG; For LC: IFD – 10
- OD – 194 (if applicable)
Bank Of India Customer Care Number
Toll-Free Numbers: 1800-220-229 / 1800-103-1906
Landline Number (For customers within India) – (022) 40919191
Also Read: Top 6 Government Loan Schemes for Small Businesses
BOI MSME Schemes
Apart from these loans, the Bank of India also offers different loans for specific purposes that are as follows:
- SME Auto Express: To SMEs run by individuals/ companies/ societies/ trusts/ firms for purchasing new vehicles
- Star SME Education Plus: To Educational institutions for construction/ repair of the infrastructure and purchase of equipment/ fixtures
- BOI Star Doctor Plus: To qualified individuals, as well as healthcare firms/ companies/ trusts with 51% shareholding of qualified practitioners
- Star Start-up Scheme: To the eligible start-ups for funding innovation/ development/ deployment/ commercialization of new product/ process/ services
- Star MSME E-Rickshaw Finance: To the transport operator individuals/ firms for the purchase of new e-rickshaws and battery replacement
Best MSME Loan offers with minimum documentation Apply Now
Additional MSME Schemes
- (TReDS) Trade Receivables E-Discounting System
- BOI Star Doctors Plus
- BOI Star Vyapar
- CLCS-TU Scheme
- Loan for Small Road & Transport Operators (SRTOs)
- Pradhan Mantri Credit Scheme
- STAR Asset Baked Loan (BSABL)
- STAR Channel Credit
- Star Laghu Udyami Samekat Loan
- Star MSME E-Rickshaw
- Star MSME GST Plus Scheme
- Star SME Auto Express
- Star SME Contractor line of Credit
- Star SME Education Plus
- Star SME Liquid Plus
- Star Start-Up Scheme
- Star Weaver MUDRA Scheme
- Technology Upgradation Fund Scheme
Bank of India also offers loans under various Government sponsored schemes, such as PMMY, Stand up India, PMEGP, Pradhan Mantri Credit Scheme, Weavers Mudra Scheme, Cluster Financing, etc.
Steps to Check Bank of India Business Loan Application Status
Follow the below steps to check your loan application status with Bank of Baroda:
Step 1: Visit the official website of Bank of Baroda or click here: https://www.bankofindia.co.in/Dynamic/Loan_Tracking
Step 2: Mention your Application Number
Step 3: Enter Your Mobile Number
Step 4: Click on the ”Submit” button to know your loan application status
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FAQs
Q. How do I apply for a Bank of India business loan offline?
Ans. To apply for Business loan from Bank of India, you personally as an applicant need to visit the bank branch with duly filled application form, business plan and along with all the required documents. After submitting the application form and documents, one of the banks’ representatives shall proceed with the loan formalities.
Q. Can I re-apply for a Bank of India business loan, if my loan application gets rejected?
Ans. This totally depends on the sole discretion of the bank and shall vary from case to case.
Q. How can I check my loan status in BOI?
Ans. To check your loan application status you can click on the below link and fill in the loan application number, along with a registered mobile number.
https://www.bankofindia.co.in/Dynamic/Loan_Tracking
Q. What are PSB loans in 59 minutes in Bank of India?
Ans. Applicants can apply for SME or MSME loans from Bank of India with the help of PSB loans, as they provide loan approval within 59 minutes of loan form submission.
Also Read: What type of documents are required for 59 minutes Loan?
Q. What is the loan amount in PSB loans in 59 minutes?
Ans. The loan amount offered by banks under PSB Loans in 59 minutes is minimum from Rs. 1 lakh and maximum up to Rs. 5 crore.