Bank of India Personal Loan Eligibility

Bank of India offers various personal loan schemes for a variety your requirements, such as to meet expenses related to medical emergencies, purchase of home appliances, travel, etc. You can get a loan amount up to Rs. 10 lakh depending on your credit profile and repayment capability. Read this article to know the eligibility criteria to avail different types of Bank of India personal loan.

Bank of India Personal Loan Eligibility Criteria

The following table summarizes the eligibility criteria for the different types of personal loans offered by Bank of India:

How to Improve your Bank of India Personal Loan Eligibility?

You can improve your chances of getting a personal loan from Bank of India by following the tips mentioned in this section.

• You should maintain a good repayment history to have a high credit score. You can achieve this by making timely payments of the EMIs of your ongoing loans and dues of your credit cards.
• Maintain a low credit utilization ratio, ideally below 30%. In other words, don’t use a large part of the total credit available to you to improve your creditworthiness.
• Avoid multiple loan applications at the same time. It can portray you as credit hungry leading to several hard enquiries of your credit report.
• Ensure that your Fixed Obligation to Income Ratio (FOIR) is low. The ratio refers to the proportion formed by ongoing loan EMIs and other dues in your monthly income. A low FOIR is reflective of a greater repayment capability, and hence improves your chances of getting a personal loan.

Frequently Asked Questions (FAQs)

Q1. What is the maximum loan amount offered under Bank of India Star Personal Loan?

Ans. The maximum loan amount offered under Bank of India Star Personal Loan is Rs. 10 lakh.

Q2. What is the interest rate on Bank of India personal loan?

Ans. Bank of India personal loan interest rate starts from 10.35% p.a.

Q3. Can NGOs avail Bank of India Star Mitra Personal Loan?

Ans. No, middlemen and NGOs cannot avail Bank of India Star Mitra Personal Loan.

Q4. Can both salaried and self-employed professionals apply for BOI STAR DOCTOR –Plus?

Ans. Yes, both salaried and self-employed professionals can apply for BOI STAR DOCTOR –Plus.

Q5. What is the maximum personal loan amount offered by Bank of India to pensioners?

Ans. The maximum personal loan amount offered through Bank of India pension loan is Rs. 5 lakh.

Q6. What is the 24×7 toll-free customer care number of Bank of India?

Ans. The 24×7 toll-free customer care number of Bank of India is 1800-103-1906.

Q7. How can I apply for Bank of India personal loan online?

Ans. You can use the Paisabazaar personal loan application form to apply online for Bank of India personal loan.

Q8. Do I need to pledge a security to avail Bank of India Star Mitra Personal Loan?

Ans. No, you need not pledge any collateral to avail the Start Mitra Personal loan from Bank of India. However, the bank can hypothecate the instrument purchased with the loan amount in case of a default.

Q9. How much does Bank of India charge as processing fee on personal loan?

Ans. Bank of India charges 2.00% of the loan amount with the minimum of Rs.1,000 and a maximum of Rs.10,000 as a one-time processing fee on personal loans. However, the bank does not charge any processing fee if you are a senior citizen (60 years & above).

Q10. How can I calculate the EMIs for my personal loan taken from Bank of India?

Ans. You can use Paisabazaar personal loan EMI calculator to check the EMIs for your personal loan taken from Bank of India.