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 | 8.65% p.a. onwards |
Loan Amount | Up to Rs. 10 lakh |
Loan Tenure | Up to 60 months |
Processing Fees | Up to 2% of loan sanctioned |
Types of Loans | Star Personal Loan, Star Mitra Personal Loan, BOI Star Pensioner Loan Scheme. BOI Star Doctor- Plus and Star Holiday Loan Scheme |
Bank of India offers various types of personal loans that are designed to fulfill the diverse needs of different groups of applicants. From salaried professionals and physically challenged individuals to pensioners and students, various types of applicants can avail a personal loan from Bank of India for amounts up to Rs. 10 lakh.
Table of Contents
Features of Bank of India Personal Loan
- Loan amount: The loan amount offered by Bank of India starts from as low as Rs. 10,000 and goes up to Rs. 10 lakh. The loan amount offered to an individual depends on the applicant category he/she belongs to
- Flexible tenure: Repayment tenure of Bank of India (BoI) personal loan is flexible as the repayment period varies from 12 to 60 months and can be selected by an individual as per his/her repayment ability
- Flexible end use: Bank of India offers various types of personal loans like BOI Star Personal Loan, Star Mitra Personal Loan, BOI Star Pensioner Loan Scheme, BOI Star Doctor Plus and Star Holiday Loan Scheme. These loans can be availed by different individuals to fulfil various personal needs
- Easy application: All types of personal loans offered by Bank of India can easily be applied online and these require minimal documentation

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Bank of India Personal Loan Interest Rates
The following are the interest rates of various types of personal loans offered by Bank of India:
Type of Personal Loan | Interest Rate (p.a.) |
Star Personal Loan | 10.85% onwards |
Star Mitra Personal Loan | 8.65% onwards |
BOI Star Pensioner Loan Scheme | 9.35% onwards |
BOI Star Doctor- Plus | 9.85% onwards |
Star Holiday Loan Scheme | 12.35% onwards |
Types of Bank of India Personal Loans
1. BOI Star Personal Loan
BoI Star Personal Loan can be availed to deal with a variety of expenses like getting married, paying medical bills, opting for higher studies, renovating your home and more.
- The loan amount offered starts from Rs. 10,000 (available in only select centres) and goes up to Rs. 10 lakh.
- The maximum tenure allowed for this loan is 60 months.
Type of Applicant | Eligible Loan Amount |
Salaried Employees | 10 times of monthly net take home pay or 20 times of monthly gross pay |
Professionals/individuals of high net worth | 50 % of Gross Annual Income as per last Income Tax Returns or 100 % of Gross Average Annual Income as per last three years Income Tax Returns |
The following are the interest rates applicable to different types of Star Personal Loan offered by BoI:
Type of Star Personal Loan | Interest Rate |
Fully Secured | 11.85% p.a. |
Clean/Unsecured | 12.85% p.a. |
For senior Citizens aged 60 years and above & for loans up to Rs. 50,000 | 10.85% p.a. |
Financing Secured under tie-up arrangements | 11.85% p.a. |
2. Star Mitra Personal Loan
Star Mitra Personal Loan is offered with an aim to help physically challenged individuals with funds so that they can live independently.
- The loan amount can be used to purchase durable appliances/aids that may help them in day to day life.
- The maximum loan amount offered under Bank of India’s Star Mitra Personal Loan is Rs. 1 lakh.
- The interest rate for this Bank of India personal loan starts at 8.65% p.a.
Eligible Loan Amount | |
Salaried Employees | 10 times of net salary for salaried persons |
Self- employed individuals | 50% of net annual income as per latest Income Tax Return |
Note: Net take home of an individual should not be less than 40% after he has availed the loan amount. Also, in case of minors, income of parents/guardian would determine the eligibility)
3. BOI Star Pensioner Loan Scheme
This loan is offered to pensioners so that they can live independently and can pay their own medical bills or arrange for other expenses by themselves.
- Maximum loan amount offered to pensioner and family pensioners is 15 times of monthly pension up to Rs. 5 lakh max.
- The maximum limit of BOI Star Pensioner Loan Scheme for individuals over 75 years is Rs. 1 lakh.
- Interest rate offered in case of this scheme starts at 9.35% p.a.

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4. BOI Star Doctor- Plus
BOI Star Doctor- Plus loan is offered to qualified registered medical practitioners for any approved purpose. The maximum loan amount that can be availed is Rs. 20 lakh.
Eligible Loan Amount | |
For salaried | 24 times of gross monthly salary |
For others | Two times of Gross Annual Income as per Income Tax Return Depreciation (as per audited financial statements) |
The following are the interest rates applicable to various types of Doctor-Plus loans from Bank of India:
Type of BoI Star Doctor-Plus Loan | Interest rate |
Fully Secured | 8.85% p.a. onwards |
Clean/Unsecured | 9.85% p.a. onwards |
5. Star Holiday Loan Scheme
Star Holiday Loan Scheme is offered to meet expenses related to a vacation like train/bus/airfare charges, accommodation, sightseeing, shopping, etc. The minimum loan amount offered is Rs. 10,000.
Eligible Loan Amount | |
In case liquid collateral security is offered like TDRs, NSCs, IVPs, KVPs, LIC Policy (Surrender Value) etc. at least equal to 50% of loan amount sanctioned | Up to Rs. 5 lakh |
In case liquid collateral security is offered like TDRs, NSCs, IVPs, KVPs, LIC Policy (Surrender Value) etc. at least equal to 100% of loan amount sanctioned | Up to Rs. 10 lakh |
Pensioners | Up to Rs. 1 lakh |
The following are the interest rates of various types of holiday loans offered by Bank of India:
Type of Holiday Loan | Interest Rate |
Fully Secured | 11.35% p.a. |
Clean/Unsecured | 12.35% p.a. |
Eligibility Criteria
1. BOI Star Personal Loan
The Bank of India Star Personal Loan is offered to
- Salaried employees
- Professionals and individuals with high net worth
- Regular pensioners or family pensioners drawing regular monthly pension through a BoI Branch,
- BoI Staff members
- Retired BoI employees (other than those dismissed/compulsorily retired)
2. 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.
3. BOI Star Pensioner Loan Scheme
This pension loan from BoI is available to the following groups of individuals:
- 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
4. BOI Star Doctor- Plus
The following are key eligibility criteria for the Doctor-Plus personal loan from BoI:
- You should be a qualified registered medical practitioner with min. 3 years’ experience in a branch of medicine recognized by DCI/MCI/other statutory/regulatory authorities to practice in India
- You should be at least 25 years old and your maximum age at the time of completing repayment should be 75 years
5. Star Holiday Loan Scheme
The holiday loan scheme from Bank of India can be availed by:
- Salaried employee
- Self-employed individuals and professionals
- Individuals with high net worth
- Agriculturists
- Pensioners
- BoI Staff members

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Documents Required for Bank of India Personal Loan
The documents required to opt for Bank of India Personal Loan can vary as per the type of personal loan you opt for. However, some key documents required to avail this loan is as follows:
- Identity proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for self-owned properties), Aadhaar, etc.
- Income proof: Bank Account Statement, Salary Slips, etc.
How to Apply for Bank of India Personal Loan with Paisabazaar?
The following are the key steps to apply for a personal loan from Bank of India on Paisabazaar.com:
Step1. Initiate your personal loan application by filling out the online application form available on Paisabazaar. Then click on ‘Proceed’ once you are done
Step2. You will be redirected to the next page that shows offers from various lenders arranged according to the chances of approval
Step3. Select the loan offer(s) from Bank of India (if available) or give a call to the customer care team of Paisabazaar for further assistance
Step4. The last step would be filling another online form asking for additional information so that your personal loan application can be forwarded to the desired lender.
Personal Loan Verification Process
The subsequently mentioned steps discuss the Bank of India personal loan verification process:
Step1. When you have filled out your personal loan application and it is sent by Paisabazaar to the bank, you get a verification call from the bank’s representative. During this call, the document pickup is scheduled by the representative.
Step2. After applicable documents including ID Proof, Address Proof and Income Proof are picked up by the representative, they are verified by the bank
Step3. Once your documents have been verified, the bank will call you again for confirmation regarding the final offer from the bank that includes the loan amount, interest rate and tenure
Step4. Once you agree to the personal loan terms and conditions, the amount gets disbursed to your account
Check Bank of India Personal Loan Application Status
The following is a step-by-step guide to check the personal loan application status on the BoI website:
Step1. Go to the Bank of India personal loan status tracking page
Step2. Enter your application number and mobile number then click on ‘Submit’ to view your personal loan application status.
Fees and Other Charges
The following are the various fees and charges apart from interest charges that are applicable to a Bank of India personal loan:
Types of Personal Loan | Processing Fees |
Star Personal Loan | One time :2.00% of loan amount Min. Rs.1,000 Max. Rs.10,000 |
Senior Citizen (60 years & above): No Processing Charges | |
Star Mitra Personal Loan | Waived |
BOI Star Pensioner Loan Scheme | One time 2.00% of loan amount Min. Rs. 500 Max.Rs.2,000 |
No Processing Charges for senior citizens (60 years & above) | |
BOI Star Doctor- Plus | 50% concession in processing fees as compared to members of public seeking personal loan. No waiver of processing charges under festive offer for Doctors (Individuals). |
Star Holiday Loan Scheme | One time processing charge 2.00% of loan amount – Min. Rs.1,000 / Max. Rs.10,000 |
Senior Citizen (60 years & above): No Processing Charges |
How to Login on Bank of India Portal?
1. Go to the Bank of India Internet Banking Portal.
2. Enter your User ID and Password, then click on ‘Submit’.
Bank of India Personal Loan Statement
You can check your personal loan statement from Bank of India in the following ways:
Online Method: Log into your BoI Internet banking account as discussed earlier. After logging in you will be able to view/download your personal loan account statement online.
Offline Route: In order to request a copy of your personal loan account statement offline, you can either make an in-person visit to your nearby Bank of India branch or call up BoI customer care on their registered customer care numbers.
Bank of India Personal Loan EMI Calculation
The following personal loan EMI calculation is an illustration of how the monthly EMI of a Bank of India PL changes based on loan tenure, loan principal and interest rate.
Loan principal @ interest | Monthly EMI Payout | ||||
1 Year Tenure | 2 Year Tenure | 3 Year Tenure | 4 Year Tenure | 5 Year Tenure | |
3 lakh @ 10% | Rs. 26,374 | Rs. 13,843 | Rs. 9,680 | Rs. 7,608 | Rs. 6,543 |
5 lakh @ 11% | Rs. 53,028 | Rs. 27,964 | Rs. 19,643 | Rs. 15,507 | Rs. 13,045 |
10 lakh @ 11.25% | Rs. 88,498 | Rs. 46,723 | Rs. 32,857 | Rs. 25,967 | Rs. 21,867 |
15 lakh @ 12% | Rs. 1,33,097 | Rs. 70,435 | Rs. 49,642 | Rs. 39,316 | Rs. 33,177 |
Comparison of Bank of India Personal Loan vs Other Lenders
Particulars | Bank of India | HDFC Bank | Citi Bank | Axis Bank | ICICI Bank | Bajaj Finserv |
Interest Rate | Starting from 8.65% p.a. | Starting at 10.75% p.a. | Starting from 9.99% p.a. | Starting at 12% p.a. | Starting at 11.50% p.a. | Starting from 12.99% p.a. |
Tenure | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
Loan amount | Up to Rs. 10 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Up to Rs. 20 lakh | Upto Rs. 25 lakh |
Processing Fee | Up to 2% of the loan amount | Upto 2.50% of the loan amount | Upto 3% of the loan amount | Upto 2% of loan amount sanctioned | Upto 2.25% of loan amount sanctioned | Upto 3.99% of the loan sanctioned |

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Bank of India Customer Care
- You can call on 1800 220 229 / 1800 103 1906 / 022-4091 9191
- You can visit the nearest Bank of India branch
- You can write a letter to Bank Of India, Star House, C – 5, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051
Know more about Bank of India Customer Care
Benefits of Applying for Personal Loan at Paisabazaar
- Convenience: At Paisabazaar, you can apply for a personal loan anytime, anywhere from the comfort of your home or office. You don’t have to visit a physical bank branch or be constrained by the bank’s working hours
- Documentation: You can either upload scanned copies of your documents online or can schedule a document pickup from your home or office
- Quick approval: When you apply for a personal loan at Paisabazaar, your application is instantly forwarded to the bank. Therefore, you can expect an instant approval from the bank if you meet the eligibility criteria and your documents are verified
- Compare and choose: Paisabazaar allows you to compare interest rates and other features such as foreclosure charges, processing fees, disbursal offered by various lenders. This way, you get to choose the bank offering the lowest interest rate to make your EMIs affordable
Important Aspects
- Decide a reasonable loan amount: You need a personal loan maybe due to a financial emergency or to fulfil a dream. But how do you decide how much to borrow? Use Paisabazaar’s Personal Loan EMI Calculator to know about the EMIs that you would be paying during the tenure and borrow an amount as per your repayment ability
- Credit score: This 3 digit number is a reflection of your past repayments and is considered by all the lenders to know your credit worthiness. If you have a high credit score, you have higher chances of being approved for a personal loan
- Choose tenure wisely: While a longer tenure can decrease individual EMI payouts, a shorter tenure would lead to lower overall interest payout. You need to find a balance between the higher EMI payout and longer tenure to find the combination that is most suitable for you
- Compare all the options: Different lenders offer different interest rates on a personal loan. You must compare all the offers by various lenders and ideally choose a loan with lowest interest rate as this would result in lower overall interest payout
FAQs
Q1. How do I apply for Bank of India personal loan offline?
You can visit the nearest branch of Bank of India to apply for a personal loan offline.
Q2. How is my personal loan interest rate decided?
The interest rate offered by Bank of India to an individual is influenced by multiple factors such as his credit score, loan amount, age, repayment history, etc.
Q3. Can I reapply for Bank of India personal loan if my loan application gets rejected?
You will have to call the customer care at 1800 220 229 / 1800 103 1906 / 022-4091 9191 to check if it is possible to reapply for the personal loan.
Q4. How do I pay BoI personal loan EMI?
The personal loan EMI offered by BoI may be paid using the following methods:
- Standing instruction on BoI account
- ECS mandate drawn on a bank other than BoI
- Draft/Cheque deposit
- NEFT/RTGS transfer from other bank
Q5. What if I miss a Bank of India personal loan EMI?
If you miss an EMI, you will be charged a penal interest on the overdue amount and your credit score will also decrease especially if your miss multiple payments.
Q6. Can I prepay a Bank of India personal loan?
Yes. It is usually possible to prepay your Bank of India personal loan subject to payment of prepayment penalties and associated charges that may be applicable.
Q7. Can I get a top-up personal loan from Bank of India?
Existing personal loan borrowers may be eligible for a top-up personal loan from Bank of India. However, the rates at which these loans are offered as well as the tenure and quantum of the loan are decided by the bank on a case-by-case basis.
Q8. Does Bank of India offer special rates on personal loans to senior citizens?
Yes. In case pensioners are drawing their pension from Bank of India these applicants may be eligible for pension loans starting at as low at 9.35% p.a. However, the actual rate applicable to the personal loan may vary from one applicant to another.