Multiple schemes like BOI Star Personal Loan, Star Mitra Personal Loan, BOI Star Pensioner Loan Scheme, Star Education Loan, BOI Star Doctor- Plus, BOI Star Vidya Loan Scheme and Star Holiday Loan Scheme are offered by Bank of India under the personal loan category. Depending upon an individual’s eligibility, a loan amount of upto Rs. 20 lakh is offered by the bank, which can be repaid maximum by 60 months.
Bank of India Personal Loan - Eligibility Criteria
BOI Star Personal Loan
Professionals and individuals with high net worth, salaried employees, regular pensioners or family pensioners drawing regular monthly pension through Branch, staff members and retired employees of Bank of India can avail this loan
Star Mitra Personal Loan
All physically challenged individuals who are either salaried professionals or self- employed individuals and parents/guardians of all minors (physically challenged) can avail this loan
BOI Star Pensioner Loan Scheme
- Regular or family pensioners who are drawing monthly pension through the branch or retired employees (other than dismissed/compulsorily retired) are eligible for this loan
- The maximum age of regular pensioner/family pensioner at the end of repayment period should be maximum 75 years
Star Education Loan
- You should be an Indian citizen
- You should have a secured seat to a higher education course in any of the recognized institutions of India or Abroad through either merit based selection process or entrance test (after completion of HSC that is 10 plus 2 or equivalent)
- You must have a good academic career
- You should not have any outstanding education loan from any other institution
- Your father or mother has to be the co- borrower
BOI Star Doctor-Plus
- You should be a qualified registered medical practitioner with minimum 3 years of experience in any branch of medical science that is recognized by DCI/MCI/other statutory/regulatory authorities to practice in India
- You should be at least 25 years old and your maximum age should be 75 years
BOI Star Vidya Loan Scheme
You should be an Indian student who has secured admission in selected premier educational institutes in India, either through entrance test or selection process.
Bank of India Personal Loan - Eligibility Calculator
To help potential personal loan customers decide whether they are eligible to get a loan from Bank of India, one can take the help of the Paisabazaar’s Personal Loan Eligibility Calculator, which will require a few basic details from you and will let you know about the eligibility just after performing a few simple steps.
Factors Affecting Bank of India Personal Loan Eligibility
- Income: The higher the income of the individual, the better will be his chances of being qualified for a personal loan from Bank of India. The income of the applicant is considered to evaluate whether he/she will reimburse the credit on schedule
- Credit score: If an applicant’s credit score is below 750 due to missed repayments in the past or any other reason, his application might face rejection in such a case
- Age: Bank of India considers the age of an applicant when analyzing his eligibility for the credit. If the applicant is young and earns a regular salary, he has more possibility of being qualified than an applicant reaching on his retirement years
- Doctor’s certificate: In case of the Star Mitra Personal Loan, the candidate should present a medicinal certificate to demonstrate that he/she is physically challenged to benefit a loan.
Ways to Improve Personal Loan Eligibility
- Ensure that your credit score is over 750: The reimbursement record of the applicant is one of the principle factors that decide of the applicant is eligible or not. If your credit score is low, ensure that you improve it before making a personal loan application. Loan applicant rejections cut down the CIBIL score too.
- Net income: Ensure that the net income that you procure is sufficient in comparison with the advance amount that you would wish to avail. If your salary is low, apply for a sensible advance amount
- Calculate your EMI: Make sure that the EMI amount is not over 40%-50% of your net monthly salary if you wish to be qualified for the personal loan. You can calculate your EMIs by using Paisabazaar’s Personal Loan EMI Calculator
What is the minimum and maximum loan amount that I can avail from Bank of India Personal Loan?
The minimum loan amount is Rs. 10,000 and the maximum loan amount is Rs. 20 lakh.
What is the interest rate of Bank of India Personal Loan?
The interest rate of Bank of India Personal Loan starts from 13.10%.
How do I apply for Bank of India personal loan offline?
Where can I contact the customer care of Bank of India?
You can call on 1800 220 229 / 1800 103 1906 / 022-4091 9191.