Note: The Bank of India COVID 19 emergency loans discussed on this page have been discontinued as of 30th June 2020. The details on this page have been retained for archival information purposes only. Even though these loans are no longer available, you can still apply for a Bank of India personal loan to meet various personal financial needs.
Individual borrowers can avail the Bank of India COVID-19 Personal Loan (CPL) to deal with liquidity crunch resulting from COVID-19 and the subsequent lockdown. Bank of India (BoI) offers personal loans up to Rs. 5 lakh as part of the scheme along with repayment tenure of up to 36 months including a moratorium period of 6 months.
Features of Bank of India COVID-19 Personal Loan
Some key features of Bank of India COVID-19 Personal Loan are given below:
- Loan Amount: Customers can avail a personal loan up to Rs. 5 lakh under the CPL scheme from BoI to deal with liquidity crunch resulting from COVID-19 and the current lockdown. Salaried individuals can avail a loan amount up to 3 times of the latest drawn gross salary. Whereas, self-employed individuals can avail a personal loan up to 3 times of their monthly income as per the latest ITR
- Flexible End Use: The loan availed can be used to meet any personal financial need/ liquidity crunch
- Minimal Documentation: The application process is hassle-free and involves minimal documentation, making it convenient and extremely easy for individuals who wish to apply for the personal loan scheme.
- Quick Disbursal: Bank of India COVID-19 Personal Loan is expected to be disbursed within 3 working days from the date of receipt of the application/documents to disbursement (after the lockdown is lifted).
Bank of India COVID-19 Personal Loan Interest Rate
Bank of India COVID-19 Personal Loan is being offered at the concessional rate equal to current BoI RBLR (Repo-based lending rate) of 7.25% p.a.
The following types of applicants are eligible to apply for the Bank of India COVID-19 Personal Loan:
- Customers who have salary accounts with BoI (customer should be drawing his/her salary through a BoI branch for more than one year)
- All existing BoI personal loan and home loan borrowers (irrespective of salary account tie-up)
Note: Bank of India CPL is currently NOT available to Bank of India current or ex-staff.
Documents Required for Bank of India COVID-19 Personal Loan
The following documents are needed to apply for BoI COVID-19 Personal Loan:
- Duly filled
- KYC documents and latest address proof
- Latest salary slip/ITR
- 2 Passport size photographs
How to Apply for Bank of India COVID-19 Personal Loan?
You can apply for BoI COVID-19 Personal Loan both online and offline by following the steps given below:
- Online Method
To apply for the personal loan scheme online follow the steps given below:
- Visit the official website of Bank of India.
- Click on ‘Online Services’ and select ‘COVID 19 Personal Loan (CPL)’.
- Next, click on ‘Apply for Loan’ and fill in your personal, address and loan details.
- Check eligibility and apply for COVID-19 Personal Loan (CPL).
- Offline Method
You can also apply for a BoI COVID-19 Personal Loan offline by physically submitting a duly-filled loan application form at the nearest Bank of India branch.
Check Bank of India COVID-19 Personal Loan Application Status
Follow the steps given below to check the status of your Bank of India COVID-19 personal loan application:
- Visit the official website of Bank of India.
- Select ‘COVID 19 Personal Loan (CPL)’ listed under Online Services.
- Next, click on ‘Track Status’ and enter your Reference Number to view the status of your loan application.
Fees and other Charges
Some of the key fees and charges associated with Bank of India COVID-19 personal loan are given below:
How to Login on Bank of India Portal?
To login to Bank of India’s net banking portal simply follow the steps given below:
1. Visit the official website of Bank of India.
2. Under Internet Banking, select ‘Personal’.
3. Enter your login credentials and the captcha code and click on ‘Submit’.
Bank of India COVID-19 Personal Loan Statement
Customers can avail the BoI COVID-19 personal loan statement both online and offline:
- Online: To view or download your personal loan account statement online you can simply log in to your Bank of India internet banking account.
- Offline: To avail a physical copy of your personal loan account statement, you can either visit the nearest BoI branch or call up the bank’s customer care department to place a request.
Bank of India COVID-19 Personal Loan EMI Calculation
The rate of interest for Bank of India COVID-19 Personal Loan is 7.25% p.a. A sample of EMI calculations using different combinations of loan amounts and tenures is given below:
|Loan Amount (Rs.) and Interest Rate|
Monthly EMI Payout (Rs.)
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|50,000 @ 7.25% p.a.||4,332||2,244||1,550||1,203||996|
|1 lakh @ 7.25% p.a.||8,664||4,489||3,099||2,406||1,992|
|5 lakh @ 7.25% p.a.||43,321||22,443||15,496||12,031||9,960|
Comparison of Bank of India COVID-19 Personal Loan vs. Other Lenders
COVID-19 personal loans are a newly introduced variant of personal loans introduced by only a few lenders in India. The following table compared Bank of India COVID-19 personal loan to similar offerings from other leading banks.
|Particulars||Bank of India||Bank of Baroda||Indian Bank||Bank of Maharashtra||Punjab National Bank|
|Interest Rate||7.25% p.a||10.25%||Starting from 8.75%||Starting from 8.45||Starting from 9.05%|
|Tenure||Up to 36 months including moratorium period of 6 months||12 to 60 months||Up to 36 months including moratorium period of 6 months||Up to 36 months including moratorium/ holiday period of 6 months||Upto 60 months|
|Loan amount||Upto Rs. 5 lakh||Upto Rs. 5 lakh||Up to Rs. 2 lakh||Upto Rs. 3 lakh||Upto Rs. 3 lakh|
|Processing Fee||NIL||Rs. 500/- plus applicable GST||NIL||NIL||NIL|
Bank of India Customer Care
- For queries and grievances you can send an email to COVID19@bankofindia.co.in
- You can call on 1800-220-229 and 1800-103-1906 (toll-free) or 022-409-1919 (chargeable).
- You can also visit the nearest Bank of India branch in-person to get your queries answered
Q1. Who can avail a Bank of India COVID-19 personal loan?
- Customers drawing their salary regularly through a BoI branch for more than one year
- All existing Bank of India personal loan and home loan borrowers (with or without salary account tie-up)
Q2. I am an ex-staff member of the bank. Can I avail Bank of India COVID-19 personal loan?
No, staff/ ex-staff members are not eligible to apply for the personal loan scheme.
Q3. What is the maximum loan amount available under the BoI COVID-19 Personal Loan scheme?
Applicants can avail loan amount of up to Rs. 5 lakh under the Bank of India CPL scheme subject to the following limits:
- Self-employed applicants can avail a personal loan up to 3 times of their monthly income as per the latest Income Tax Return.
- Salaried applicants can get a loan up to 3 times of their most recently drawn gross salary.
Q4. What is the tenure option available under BoI COVID-19 personal loan scheme?
The loan comes with a repayment period extending up to 36 months including a moratorium period of 6 months.
Q5. I have already availed a personal loan from Bank of India. Can I apply for the COVID-19 personal loan scheme?
Yes, you are eligible to apply for the Bank of India COVID-19 Personal Loan (CPL) scheme subject to other terms and conditions as specified by the bank.
Q6. I have secured a home loan from one of the BoI branches. Am I required to apply for CPL through the same branch?
No, you can apply for CPL by visiting any (the nearest) BoI Branch or you can submit your application online and provide any additional documents at your nearest branch at a later date (post lockdown).