Bank of India (BoI) offers multiple personal loan schemes including Star Personal Loan, Star Mitra Personal Loan, BOI Star Pensioner Loan Scheme, BOI Star Doctor- Plus and Star Holiday Loan Scheme. The loan amount offered is up to Rs. 20 lakh and can be conveniently repaid within a flexible tenure ranging from 12 to 60 months. One of reasons for the popularity of this loan is the simple list of Bank of India personal loan documents required as part of the application process.
Bank of India Personal Loan Documents Required
The documents required to apply for Bank of India Personal Loan may vary depending upon the specific BoI personal loan scheme that you select. However, the basic documents required to apply for the personal loan are:
- Identity proof: Aadhaar, Passport, PAN (mandatory), Voter Identity Card, Driving License, Passport, etc.
- Address proof: Ration Card, Electricity Bill, Telephone Bill, Bank Account Statement, Passport, Driving License, Sale Deed/Property purchase agreement (for self-owned properties), Aadhaar Card, PAN Card, etc.
- Income proof: Bank Account Statement, Salary Slips, ITR, etc.
Please note that the bank may ask for additional documents, if required, on a case by case basis.
Things to Consider Before Applying for a Personal Loan
- Know your credit score: Credit score is one of the most important factors taken into consideration by the lenders. Therefore, it is necessary to maintain a good credit score to avail a personal loan at lower interest rate
- Check all eligibility criteria: Before you submit your personal loan application to the respective lender, make sure you meet the eligibility criteria to avoid rejection of your personal loan application
- Know all fees and charges: Apart from interest rate, there are other fees and charges that also have to be paid during the loan tenure. These fees and charges include processing fee, late payment charge, prepayment charge, etc. Therefore, ask your lender about all such charges to avoid shocks in future
- Compare all available options before you apply: In order to avail the best deal on your personal loan, compare personal loan offers from various banks on Paisabazaar.com and choose the one that suits your requirements best
Q1. What is the interest rate of Bank of India Personal Loan?
The interest rate of Bank of India Personal Loan varies as per the type of personal loan scheme you select. The applicable rates are as follows:
|Type of Personal Loan||Interest Rate|
|Star Personal Loan||11.50% onwards|
|Star Mitra Personal Loan||9.50% onwards|
|BOI Star Pensioner Loan Scheme||10.50% onwards|
|BOI Star Doctor- Plus||11.00% onwards|
|Star Holiday Loan Scheme||13.50% onwards|
Q2. How do I get in touch with the customer care team of Bank of India?
You can call on 1800-220-229 / 1800-103-1906 / 022-4091-9191 or you can visit the nearest branch of the bank.
Q3. How do I repay Bank of India Personal Loan?
You can repay Bank of India Personal Loan in easy EMIs through Standing instruction on BoI account, ECS mandate drawn on a bank other than BoI, Draft/Cheque deposit and NEFT/RTGS transfer from other bank.
Q4. I am a self-employed businessman. Can I get a personal loan from Bank of India?
BoI personal loans are mainly targeted at salaried individuals and pensioners, so not offered to self-employed businessmen at present. However, they may offer other lending products based upon your profile at the bank’s discretion if you contact them.
Q5. How soon will my application be processed?
Provided you have submitted all Bank of India personal loan documents required along with a completely filled out application form and everything is in order, your loan application will be processed within 5 working days of submission.