Bank of India Personal Loan Interest Rate
BOI Star Personal Loan Interest Rates
Particulars | Interest rates (p.a.) |
Clean/Unsecured | 14.75% |
Financing secured under tie-up arrangements | 13.75% |
For senior citizens above 60 years of age and above loan of Rs 50,000 | 12.75% |
Star Pensioner Loan Scheme | 11.75% |
BOI Star Personal Loan- Doctor Plus | 12.25% |
Star Suvidha Express Personal Loan
Particulars | Interest rates (p.a.) |
Salaried/Pensioner | 10.25% |
Others | 11.25% |
Note: Interest rates as of 28th September 2023
Along with this, Bank of India also offers personal loans for doctors and personal loan for pensioners under the BOI Star Doctor–Plus and BOI Star Pensioner Loan Scheme at interest rates of 12.25% p.a. and 11.75% p.a. respectively.

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What are the factors affecting personal loan interest rates?
The differential interest rates of various Bank of India Personal Loan schemes and for different categories of its personal loan applicants have not been disclosed. Note that as with any other lender, Bank of India may also factor in various parameters such as monthly income, job profile, credit score, employer’s profile, etc. of its personal loan applicants for setting their personal loan interest rates. Let us walk you through some of the prime factors that influence the interest rates of your personal loan.
Credit score
Many lenders consider the credit scores of their loan applicants when fixing their interest rates. Applicants with higher credit scores (750 and above) are more likely to avail loans at lower interest rates compared to those with lower credit scores. Timely repaying credit card bills and EMIs, avoiding multiple credit card applications or loans within a short period and maintaining minimum credit utilisation ratio helps maintain higher credit scores, and thereby improves your credit card, home loan and personal loan eligibility.
Moreover, errors in the credit report can also lower the credit score, which is why it is crucial to keep checking the credit reports at regular intervals, identify such errors and take necessary precautions to avoid this from happening.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card co-branded with SBM Bank India Ltd.

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Income
Bank of India offers personal loans to individuals with high net worth. Higher income indicates higher loan repayment capacity, which further lowers the credit risk of banks. Like Bank of India, other lenders also prefer offering lower personal loan interest rates to applicants with higher income.
Employer
Many banks consider the employer profile of their loan applicants when setting their interest rates. Lenders usually offer personal loan for salaried at lower interest rates than those set for personal loan for self-employed. Salaried applicants of government and PSUs are also offered lower interest rates considering their higher job and income security. Personal loan applicants working in MNCs and reputed private sector organisations are also offered lower interest rates as such organisations have higher capacity of tackling economic downturns compared to the applicants employed in other private sector organisations.
Existing relationship with the lender
Many lenders offer personal loans at concessional interest rates to applicants having existing lending or deposit accounts with them. Hence, those planning to apply for personal loan should always contact the banks/NBFCs with whom they already have an existing banking or lending relationship to enjoy lower interest rates.
What are the tips to avail personal loans at low interest rates?
- Maintain a credit score of 750 or above.
- Check for pre-approved personal loan offers from banks and NBFCs.
- Keep track of personal loan interest rates offered by top banks/NBFC, especially during festive seasons.
- Enquire with banks/NBFCs with whom you have deposit or loan accounts.
- Visit online financial marketplaces to check and compare personal loan offers from different banks.

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FAQs
1. What is the personal loan interest rate range offered by Bank of India?
Ans: Bank of India Personal Loan Interest Rates range between 9.75%-14.25% p.a.
2. How much personal loan can I take from the Bank of India?
Ans: Borrowers can avail personal loan for up to Rs 20 lakh from Bank of India.