Bank of India’s Star Personal Loan Scheme is positioned to take care of a customer’s needs as well as desires. Depending on the income level, a maximum amount of Rs.10 lakhs can be sanctioned, with attractive rates of interest and easy repayment options. Minimum loan size at Metro and Urban centres is Rs. 10,000/-, whereas for rural and semi urban centres, there is no minimum prescribed limit. Salaried employees, professionals, high net worth individuals and regular pensioners are eligible to apply for this loan. This loan can be availed for the purpose of marriage, medical expenses, education, repairs and renovation. For repayment of an existing housing loan or purchase of consumer durables, collateral has to be provided by the borrower.
BOI Star Personal Loan – Charges
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).
What are Personal Loan Foreclosure Charges?
One of the most critical areas to consider while taking a loan is the ease of foreclosure. For the uninitiated, foreclosure means pre-payment of a loan before the expiry of its due date. For instance, if a customer takes a loan for 5 years, but due to an increase in income, he wants to repay the entire amount in 3 years, he can do the same, depending upon the terms and conditions laid down by the Bank. Banks usually charge a fee if a customer opts for prepayment, to make up for the loss of interest income.
Bank of India levies no penalty on foreclosure of personal loans so all the customers can easily prepay the loan amount and get free from the EMI stress early.
Conclusion
Taking a personal loan from Bank of India helps you in dealing with various emergencies. The easy application process, attractive interest rates and no penalty on foreclosure make it even for convenient for an individual to avail this loan.