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Bank of India Personal Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
BOI Star Personal Loan 12.90% - 13.90%, Floating 1,000 to ₹10,000 + applicable tax, One time fee 10,00,000 60 months
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • Get loans at competitive interest rates
  • Simplified application form for easing out both applicants as well as approval procedure
  • Loans can be availed for a range of purpose which includes home renovation, education, wedding, medical expenses and so on.
Eligibility

  • The applicant should be any one of the following to secure the home loan from Bank of India – Salaried Individual, Self-employed personal, professionals, Non-Resident Indians, Hindu Undivided Family, Proprietor Firm, Persons of Indian Origin, Partnership firms and Corporate
  • The minimum age of the applicant should be 21 years
  • The applicant should have a regular source of income to secure the loan
Other Details

  • The maximum amount of loan availed under this scheme is Rs 10 lakhs
  • The applicants can avail 10 times of monthly net take home pay.
  • The processing fee is 2.00% of the loan amount
  • Stamp charges for documents will be levied on the borrowers
FAQs

Q: What are the types of personal loan in the Bank of India?

A: Bank of India offers two types of personal loan borrowers that are secure and unsecured personal loans.

Secure personal loans are granted against some security or collateral while unsecured personal loans do not require any collateral.

Q: What are the interest rates BOI providing for Personal loan borrowers?

A: BOI offers an attractive rate of interest for the personal loan applicants. The interest rate range is from 12.90% to 13.90% Based on the borrower's profile.

Q: How much is the processing fee for a personal loan in Bank of India?

A: BOI is charging 2% of the loan amount with at least Rs.1,000 and a maximum of Rs.10,000 along with applicable service tax.

Q: Why should I choose Bank of India for a personal loan?

A: Bank of India provides a choice of secured and unsecured personal loans for a low rate of interest. The bank also offers a long tenure with an overdraft facility for its personal loan.

Q: What are the features of star personal loan in the bank of India?

A: The personal loan product offered by the bank is known as BOI Star Personal Loan with attractive features as follows:

  • The maximum loan quantum offered by this loan is up to Rs.10 lakhs. The loan amount is determined by the applicant's income.
  • There is an overdraft limit with a maximum of up to Rs.1 lakh which will be given to confirmed employees working with the state or central government or with a PSU or with a well-recognised corporate entity.
  • You can choose a secured loan or unsecured loan option from Bank of India.
  • BOI secured loans are offered for repaying prevailing home loans from other banks or financial institutions; for home renovation, home extension; for buying computers, electronic appliances, professional equipment; for funding education expenditures of self or spouse.
  • BOI unsecured loans are offered for the purpose of meeting wedding expenditures, education expenses, home renovation, medical treatment expenditures, or any other personal expenditures that are genuine in nature.

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