Please Note: Bank of India is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Bank of India Personal Loan Highlights | |
| Interest rate | For general public- 13.25%-14.25% p.a. For pensioners- 11.25% p.a. For doctors- 11.75% p.a. |
| Loan Amount | Up to Rs. 20 lakh |
| Loan Tenure | Up to 3 years |
| Processing Fees | One time 2% of loan amount Rs 1,000-10,000 |
Note: Rates as of 6th October 2022
Apply for Personal Loan at lower interest rates Apply Now
Table of Contents
Your pre-approved Personal Loan offers are just a click away Apply Now
Bank of India Personal Loan Interest Rates
| Clean/Unsecured | 14.25% p.a. |
| Financing secured under tie-up arrangements | 13.25% p.a. |
| For senior citizens above 60 years of age and above loan of Rs 50,000 | 12.25% p.a. |
| For Pensioners | 11.25% p.a. |
| BOI Star Personal Loan- Doctor Plus | 11.75% p.a. |
Know more about Bank of India Personal Interest Rates in detail
Comparison Table of Personal Loan Interest Rates for Various Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 11.00% onwards | Apply Now |
| SBI | 10.30%-15.10% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.75% onwards | Apply Now |
| Bajaj Finserv | 13.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Know more about lowest personal loan interest rates offered by other personal loan lenders
Apply for Personal Loan at lower interest rates Apply Now
EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply for Personal Loan at Attractive Interest Rates Apply Now
Bank of India Personal Loan Fees and Charges
| Type | Processing Charges |
| Star Personal Loan | For Salaried- 0.50% (Rs 500-Rs 2,500) For Non-Salaried- One time @ 1% (Rs 750-Rs 5,000) For Senior Citizens- NIL |
| Star Pensioner Loan Scheme | Senior Citizen (60 years & above)- NIL For others- One time @ 0.50%(Rs.250- Rs.1000) |
| Star Personal Doctor Loan | 50% concession in charges as applicable to Members of public for Personal Loan and Vehicle loan |
Also know about the personal loan processing fee
Apply for Personal Loan at lower interest rates Apply Now
Types of Bank of India Personal Loans
BOI Star Personal Loan
Purpose: Regular personal loan scheme offered to fulfill all the personal financial requirements of the applicants like marriage, education, medical, etc.
Loan Amount: Up to Rs 20 lakh
Tenure: Unsecured loan- Up to 3 years Secured loan- Up to 5 years
Processing Fees: One time 2% of loan amount
BOI Star Pensioner Loan
Purpose: Pension loan to fulfill the personal financial needs of the pensioners/family pensioners
Loan Amount:
- Where PPO is held with Nagpur Government Business Branch/DPDO- Up to Rs 10 lakh
- Pension directly received from branch from treasury- Up to Rs 5 lakh
- Family pensioners getting pension through treasury/DPDO- Up to Rs 3 lakh
Note:
- For pensioners opting for secured personal loan, loan amount is up to 20 months of net pension*
- For pensioners opting for unsecured loan, loan amount is up to 15 months of net pension*
- *net pension= gross income – income tax & EMI of other loans
- *net take home pension- at least 40% of the pension amount (after deduction of loan installment)
Processing Fees: One time 2% of loan amount
BOI Star Personal Loan- Doctor Plus
Purpose: Personal loan for doctors for any approved personal purpose other than gold purchase, investment in shares or speculative purposes
Loan Amount: Up to Rs 20 lakh
Tenure: Up to 68 years of age; closure of loan before 75 years of age
Processing charges: 50% concession in charges as applicable to members of public for personal loan
Apply for Personal Loan with Quick Disbursal Click Here
Eligibility Criteria for Bank of India Personal Loan
BOI Star Personal Loan
- Salaried permanent employees,
- Professionals and individuals having high net worth
- Staff members
- Retired Bank of India employees
- Regular pensioners/family pensioners drawing pension from Bank of India
Also know about personal loan for salaried individuals in detail
For Pensioners
- Retired employees
- Regular pensioners/family pensioners drawing pension from Bank of India
For Doctors
- Medical practitioners who are qualified and registered for at least 3 years in any medical science branch recognized by DCI/MCI/regulatory authorities/statutory authorities for practicing in India
- The applicant should be at least 25 years old
- The loan repayment should be done by 75 years of age
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.
Apply for Personal Loans at lower interest rates Apply Now
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
FAQs
Q. What is the turnaround time for the disbursal of Bank of India Personal Loan?
A. 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, click here.
Q. Can I choose between a fixed or floating rate for the personal loan?
A. Bank of India offers personal loans at floating rates only.
Q. At what minimum credit score can the applicants avail Bank of India Personal Loan?
A. 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.
Q. I do not have a pension account with Bank of India? Can I avail Bank of India Personal Loan?
A. No, Bank of India offers BOI Star Pensioner Loan to regular pensioners or family pensioners drawing monthly pension from Bank of India.
