Compare & Choose from the Best Personal Loan OffersPlease Note: Bank of India is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Bank of India Personal Loan Highlights – May 2022 | |
| Interest rate | For general public- 10.75% p.a. onwards For pensioners- 9.75% p.a. For doctors- 10.25% 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 |
Table of Contents
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Bank of India Personal Loan Interest Rates
| Clean/Unsecured | 12.75% p.a. |
| Financing secured under tie-up arrangements | 11.75% p.a. |
| For senior citizens above 60 years of age and above loan of Rs 50,000 | 10.75% p.a. |
| For Pensioners | 9.75% p.a. |
| BOI Star Personal Loan- Doctor Plus | 10.25% p.a. |
Comparison of Bank of India Personal Loan vs Other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| SBI | 9.60% – 13.85% |
| HDFC Bank | 10.25% – 21% |
| ICICI Bank | 10.25% onwards |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.75% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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 |
Types of Bank of India Personal Loans
1. BOI Star Personal Loan
- Purpose: 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
2. BOI Star Pensioner Loan
- Purpose: 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
3. BOI Star Personal Loan- Doctor Plus
- Purpose: Any approved purposes for registered medical practitioners, other than gold purchase, investment in shares, and for 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
4. BOI Covid-19 Personal Loan
- Loan Amount:
Salaried- Up to Rs 5 lakh (3 times of last drawn gross salary)
Existing personal loan applicants-
Salaried: Up to Rs 5 lakh (3 times of last drawn gross salary)
Self -employed: Up to Rs 5 lakh (3 times of monthly income based on latest ITR)
- Tenure: Up to 3 years
- Processing Fees: NIL
5. BOI Covid-19 Pensioner Loan
- Loan Amount: Pensioner- Up to Rs 2 lakh
Family Pensioner- Up to Rs 0.75 lakh
Pensioner getting pension through treasury/DPDO- Up to Rs 1 lakh - Tenure: Up to 3 years
- Processing Fees: NIL
Apply for Personal Loan with Quick Disbursal Click Here
Eligibility Criteria for Canara Bank Personal Loan
Eligibility for 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
Eligibility for Pensioners
- Retired employees
- Regular pensioners/family pensioners drawing pension from Bank of India
Eligibility 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
Eligibility for Covid-19 Personal Loan
- Applicants drawing salary from Bank of India
- Applicants with existing standard personal loan accounts
Eligibility for Covid-19 Pensioner Loan
- Family pensioners
- Regular pensioners
- Pensioners/family pensioners drawing pension through DPDO/treasury
- Retired employees of Bank of India getting pension from the bank
Apply for a Personal Loan Online Starting at only 10.25%* p.a. Apply Now
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.
Also Know: What is difference between fixed and floating interest rate?
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 score 750 and above have higher chances of availing personal loans at lower interest rates.
Also Read: How Step UP Credit Card is helpful in improving/building your credit score?
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.
