Bank of India Personal Loan

Please Note: Bank of India is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.

Note: Rates as of 22nd September 2023

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Bank of India Personal Loan Interest Rates

Bank of India Personal Loan interest rates start from 10.25% 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.

Comparison Table of Personal Loan Interest Rates for Various Lenders

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Bank of India Personal Loan Fees and Charges

Also know about the personal loan processing fee

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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: Bank of India Pension loan scheme 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

Star Suvidha Express Personal Loan

Purpose: Special personal loan scheme for select customers of Bank of India.

Loan Amount: Up to Rs 20 lakh

Tenure: Up to 7 years

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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

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For Pensioners

• Retired employees
• Regular pensioners/family pensioners drawing pension from 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

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.

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

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Bank of India Personal Loan Customer Care

Call Centre is available 24×7

Toll Free Numbers

1800 103 1906

Chargeable Number

(022) – 40919191

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FAQs

1. What is the turnaround time for the disbursal of 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 rates only.

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.