As per RBI guidelines, interest rates on all retail loans with effect from 1st April, 2016 will be linked to 1 year MCLR (Marginal Cost of funds based Lending Rate). BOI MCLR with effect from 10th December 2018 is 8.70% p.a.
| Particulars | Rate of interest |
|---|---|
| I. Fully Secured | 1 Year MCLR + 4.50% |
| II. Clean/Unsecured | 1 Year MCLR + 5.50% |
| III. Financing secured under tie up arrangements | 1 Year MCLR + 4.50% |
| IV. For Senior Citizen aged 60 years & above for Loans Up to Rs.50,000/- | 1 Year MCLR + 3.50% |
A one-time processing fee of 2% of the loan amount + GST is applicable, subject to a minimum of Rs.1000/- and a maximum of Rs.10,000/-. This fee is waived off for Senior Citizens (60 years & above).
