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Bank of India Personal Loan

Bank of India offers personal loans @ 11.10% p.a. onwards for loan amounts of up to Rs 25 lakh. It also offers personal loan to pensioners @ 11.10% p.a. The bank offers an interest rate concession of 0.50% to its women borrowers.

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max. Loan Amt.Upto ₹40L
Rate of Interest9.99% - 17.15%
Tenure upto1-5 Years
Processing Fee1% - 1.5%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Bank of India Personal Loan Highlights

  • Interest rate: 11.10%-16.20% p.a.
  • Loan Amount: Up to Rs 25 lakh
  • Loan Tenure: Up to 7 years
  • Processing Fees: 0.50%-1% (Minimum Rs 250 and Maximum Rs 15,000)

Disclaimer: Bank of India is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Bank of India for personal loans. No offers/services from Bank of India are being provided by Paisabazaar for personal loans. For further information about  Bank of India for personal loans, users are required to reach out directly to Bank of India.

Bank of India Personal Loan Interest Rates

Bank of India Personal Loan interest rates start from 11.10% p.a. It offers personal loan interest rates based on the applicant type, loan type and applicant’s existing relationship with the bank. While the bank has not disclosed interest rate differentiation based on the credit score, monthly income, job profile, employer’s profile, etc. of its personal loan applicants, Indian Bank may also consider these factors, just like many lenders do, while setting its personal loan interest rates.

Floating rates

Clean/Unsecured 14.10% p.a.
Financing secured under tie-up arrangements 13.10% p.a.
For senior citizens above 60 years of age and above and loan amounts up to Rs 50,000 12.10% p.a.
Star Pensioner Loan Scheme 11.10% p.a.
Star Suvidha Express Personal Loan Salaried/Pensioner- 11.10%Others- 12.10%

Fixed Rates

Clean/Unsecured 16.20% p.a.
Financing secured under tie-up arrangements 15.20% p.a.
For senior citizens above 60 years of age and above and loan amounts up to Rs 50,000 14.20% p.a.
Star Pensioner Loan Scheme 13.20% p.a.
Star Suvidha Express Personal Loan Salaried/Pensioner- 12.20%Others/NRI- 13.20%

Comparison Table of Personal Loan Interest Rates for Various Lenders

Banks/NBFCs Interest Rates(p.a.)
Bajaj Finance 10% - 31% p.a.
Axis Bank 9.99% onwards
IndusInd Bank 10.35% onwards
IDFC FIRST Bank 10.5% onwards
HDFC Bank 9.99% onwards
ICICI Bank 11% onwards
Kotak Mahindra Bank 10.5% onwards
Tata Capital 11.99% onwards

Bank of India Personal Loan Fees and Charges

Type Processing Charges
Star Personal Loan 1% of the loan amount (Minimum Rs 2,500; Maximum – Rs 15,000)
For Senior Citizens- NIL
Star Pensioner Loan Scheme Senior Citizen (60 years & above)- NILFor others- One time @ 0.50% (Rs 250-Rs 1,000)
Star Suvidha Express Personal Loan 1% of the loan amount (Minimum Rs 2,500; Maximum – Rs 15,000)

Also know about the personal loan processing fee.

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Types of Bank of India Personal Loans

BOI Star Personal Loan

  • Purpose: Bank of India offers a regular personal loan scheme to fulfill all the personal financial requirements of the applicants like marriage, education, medical, etc.
  • Loan Amount: Up to Rs 25 lakh
  • Tenure: Up to 7 years

BOI Star Pensioner Loan

  • Purpose: Bank of India Pension loan scheme fulfills the personal financial needs of the pensioners/family pensioners.
  • Loan Amount: Up to Rs 10 lakh
  • Tenure: Up to 5 years

Star Suvidha Express Personal Loan

  • Purpose: Bank of India offers a special personal loan scheme, Star Suvidha Express Personal Loan scheme to its select customers.
  • Loan Amount: Up to Rs 20 lakh
  • Tenure: Up to 7 years

Star Mitra Personal Loan

  • Purpose: BOI Star Mitra Personal Loan scheme is a special scheme offered to differently abled individuals to finance the purchase of sophisticated aids or appliances and durables to promote their physical and social rehabilitation.
  • Loan amount: Up to Rs 2 lakh
  • Tenure: Up to 5 years

Eligibility Criteria for Bank of India Personal Loan

BOI Star Personal Loan

  • Salaried, self-employed and professionals are eligible for BOI Star Personal Loan.
  • Groups of permanent and confirmed employees can also avail personal loans from the Bank of India.
  • The maximum age of the applicant at the time of loan maturity should be 70 years.

Also know about personal loan for salaried individuals in detail

For Pensioners

  • The maximum age of the applicant should be 75 years at the time of loan maturity.
  • Regular pensioners/family pensioners drawing pension through Bank of India.

For Star Suvidha Express Personal Loan

  • Salaried individuals having salary accounts with Bank of India.
  • Existing salaried home loan borrowers of Bank of India.
  • Maximum age at the time of loan maturity- 75 years.

BOI Star Mitra Personal Loan

  • Salaried, self-employed individuals and professionals are eligible for the Start Mitra Personal Loan scheme.
  • The maximum age of the applicant at the time of loan maturity should be 70 years.

Bank of India may also consider the monthly income and credit score of its applicants, just like other banks and NBFCs do to check personal loan eligibility of their applicants.

Documents Required for Bank of India Personal Loan

  • ID Proof- Passport/PAN/Voter ID/Driving License
  • Address Proof- Driving License/Aadhar Card/Passport/Latest telephone bill/Latest electricity bill/Latest piped gas bill
  • Income Proof- Latest 6 month salary slip and 1 year ITR/Form 16 for salaried individuals; last 3 years ITR with CA certified Computation of Income/Profit & Loss Account/Balance Sheet/Capital Account Statement

Bank of India Personal Loan Customer Care

Call Centre is available 24×7

Toll Free Numbers- 1800 103 1906

Chargeable Number- (022) – 40919191

Also know about Bank of India Personal Loan customer care numbers and grievance redressal in detail

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Bank Of India Lenders

HDFC BANKHDFC BANKAxis BankAxis BankKotak Mahindra BankKotak Mahindra BankICICI BankICICI BankFederal BankFederal BankIDFC First BankIDFC First BankIndusind BankIndusind BankRBL BankRBL BankTata CapitalTata Capital
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FAQs

Bank of India has not specified the disbursal time for personal loans. However, most banks/NBFCs usually take 2-7 working days for the disbursal of personal loans. Some lenders also offer pre-approved instant personal loans to select customers. To apply with lenders offering personal loans with quicker disbursal.

Bank of India offers personal loans at floating and fixed interest rates.

Bank of India has not specified the cut-off credit score for personal loan applicants. However, applicants with credit scores of 750 and above have higher chances of availing personal loans at lower interest rates.

No, Bank of India offers BOI Star Pensioner Loan to regular pensioners or family pensioners drawing monthly pension from Bank of India.

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Last updated: 30 August, 2025

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