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Bank of India Personal Loan Highlights |
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| Interest rate | 11.10%-16.20% p.a. |
| Loan Amount | Up to Rs 25 lakh |
| Loan Tenure | Up to 7 years |
| Processing Fees | 0.50%-1% (Minimum Rs 250 and Maximum Rs 15,000) |
Note: Rates as of 26 June 2025
Table of Contents
Bank of India Personal Loan Interest Rates
Bank of India Personal Loan interest rates start from 11.10% p.a. It offers personal loan interest rates based on the applicant type, loan type and applicant’s existing relationship with the bank. While the bank has not disclosed interest rate differentiation based on the credit score, monthly income, job profile, employer’s profile, etc. of its personal loan applicants, Indian Bank may also consider these factors, just like many lenders do, while setting its personal loan interest rates.
Floating rates
| Clean/Unsecured | 14.10% p.a. |
| Financing secured under tie-up arrangements | 13.10% p.a. |
| For senior citizens above 60 years of age and above and loan amounts up to Rs 50,000 | 12.10% p.a. |
| Star Pensioner Loan Scheme | 11.10% p.a. |
| Star Suvidha Express Personal Loan | Salaried/Pensioner- 11.10%
Others- 12.10% |
Fixed Rates
| Clean/Unsecured | 16.20% p.a. |
| Financing secured under tie-up arrangements | 15.20% p.a. |
| For senior citizens above 60 years of age and above and loan amounts up to Rs 50,000 | 14.20% p.a. |
| Star Pensioner Loan Scheme | 13.20% p.a. |
| Star Suvidha Express Personal Loan | Salaried/Pensioner- 12.20%
Others/NRI- 13.20% |
Comparison Table of Personal Loan Interest Rates for Various Lenders
| Banks/NBFCs | Interest Rates(p.a.) |
| Bajaj Finance | 10% - 31% p.a. |
| Axis Bank | 10.49% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.99% onwards |
| HDFC Bank | 10.85% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 11.99% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | Up to 24% |
| L&T Finance | 11.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.90% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 14%-36% |
| Cashe | 33.50% onwards |
Know more about the lowest personal loan interest rates offered by other personal loan lenders.
Bank of India Personal Loan Fees and Charges
| Type | Processing Charges |
| Star Personal Loan | 1% of the loan amount (Minimum Rs 2,500; Maximum – Rs 15,000) For Senior Citizens- NIL |
| Star Pensioner Loan Scheme | Senior Citizen (60 years & above)- NIL
For others- One time @ 0.50% (Rs 250-Rs 1,000) |
| Star Suvidha Express Personal Loan | 1% of the loan amount (Minimum Rs 2,500; Maximum – Rs 15,000) |
Also know about the personal loan processing fee.
Types of Bank of India Personal Loans
BOI Star Personal Loan
Purpose: Bank of India offers a regular personal loan scheme to fulfill all the personal financial requirements of the applicants like marriage, education, medical, etc.
Loan Amount: Up to Rs 25 lakh
Tenure: Up to 7 years
BOI Star Pensioner Loan
Purpose: Bank of India Pension loan scheme fulfills the personal financial needs of the pensioners/family pensioners.
Loan Amount: Up to Rs 10 lakh
Tenure: Up to 5 years
Star Suvidha Express Personal Loan
Purpose: Bank of India offers a special personal loan scheme, Star Suvidha Express Personal Loan scheme to its select customers.
Loan Amount: Up to Rs 20 lakh
Tenure: Up to 7 years
Star Mitra Personal Loan
Purpose: BOI Star Mitra Personal Loan scheme is a special scheme offered to differently abled individuals to finance the purchase of sophisticated aids or appliances and durables to promote their physical and social rehabilitation.
Loan amount: Up to Rs 2 lakh
Tenure: Up to 5 years
Eligibility Criteria for Bank of India Personal Loan
BOI Star Personal Loan
- Salaried, self-employed and professionals are eligible for BOI Star Personal Loan.
- Groups of permanent and confirmed employees can also avail personal loans from the Bank of India.
- The maximum age of the applicant at the time of loan maturity should be 70 years.
Also know about personal loan for salaried individuals in detail
For Pensioners
- The maximum age of the applicant should be 75 years at the time of loan maturity.
- Regular pensioners/family pensioners drawing pension through Bank of India.
For Star Suvidha Express Personal Loan
- Salaried individuals having salary accounts with Bank of India.
- Existing salaried home loan borrowers of Bank of India.
- Maximum age at the time of loan maturity- 75 years.
BOI Star Mitra Personal Loan
- Salaried, self-employed individuals and professionals are eligible for the Start Mitra Personal Loan scheme.
- The maximum age of the applicant at the time of loan maturity should be 70 years.
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.
Documents Required for Bank of India Personal Loan
- ID Proof- Passport/PAN/Voter ID/Driving License
- Address Proof- Driving License/Aadhar Card/Passport/Latest telephone bill/Latest electricity bill/Latest piped gas bill
- Income Proof- Latest 6 month salary slip and 1 year ITR/Form 16 for salaried individuals; last 3 years ITR with CA certified Computation of Income/Profit & Loss Account/Balance Sheet/Capital Account Statement
EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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
1. What is the turnaround time for the disbursal of the Bank of India Personal Loan?
Ans. 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.
2. Can I choose between a fixed or floating rate for the personal loan?
Ans.. Bank of India offers personal loans at floating and fixed interest rates.
3. At what minimum credit score can the applicants avail Bank of India Personal Loan?
Ans. 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.
4. I do not have a pension account with Bank of India? Can I avail Bank of India Personal Loan?
Ans. No, Bank of India offers BOI Star Pensioner Loan to regular pensioners or family pensioners drawing monthly pension from Bank of India.