Bank of India personal loans are a great solution for users who need immediate cash. The loan amount is up to 10 lakh at a low-interest rate of 8.90% p.a. with the tenures ranging from 12 months to 60 months. One can avail Bank of India personal loan to meet a variety of expenses such as wedding costs, medical expenses, education expenses, home renovation, etc.
Details
of Bank of India personal loan interest rate
|
Particulars
|
Details
of loan |
|
Interest rate |
12.15% p.a. onwards. |
|
Loan Tenure |
Maximum 60 months |
|
Processing fee |
2% of the disbursed loan |
|
Lowest EMI per lakh |
Rs. 2,235 per lakh for a tenure of 60 months |
|
Employment |
He/she must be confirmed employees and pensioners. |
|
Loan amount |
The loan amount is up to Rs. 10 lakh |
Features
of Bank of India personal loan
♦
BOI offers a personal loan amount of Rs. 10 lakh. The loan amount provided to the user
will be determined by the applicant’s income.
♦ It is offered by the lender for a term loan or demand loan or an overdraft that can be reduced according to the repayment schedule.
♦ The overdraft limit for the personal loan is up to Rs. 1 lakh where the user must be a working employee of the state or central government or with PSU or with a well-recognized corporate entity.
♦ One can choose a secured loan or an unsecured loan from the Bank of India.
♦ Bank of India offers an unsecured loan to the user when he/she wants to meet wedding expenditure, education expenses, medical treatment expenses, home renovation, or any other personal expenditures that are genuinely required.
♦ Bank of India is offered to repay the home loans from other banks or financial institutions such as home renovation, home extension, for buying computers, electronic appliances, professional equipment, education expenses, and more.
Eligibility
criteria of Bank of India personal loan
The user can apply for a Bank of India personal loan while having the eligibility criteria listed below:
♦ The applicant must be an Indian resident is eligible for applying for a personal loan.
♦ The applicant must be more than 18 years for the loan application process.
♦ He/ she must be professionals, salaried employees, regular pensioners, family pensioners drawing monthly pension from the bank, high net worth individuals, retired employees, and staff members of BOI for applying for the loan.
♦ The applicant must have a regular income.
♦ It is required to have a good credit score.
Factors affecting Bank of India personal loan
♦ Repayment capacity:
The repayment capacity of a loan is an important part. Banks are usually providing personal loans up to 10 times the monthly salary of the user. Lenders can check the CIBIL score of an applicant to determine the user’s repayment capacity. Therefore, the Bank of India is also one that offers attractive interest rates to loan applicants who have regular income and robust credit history.
♦ Loan tenure:
Bank of India offers interest rates depends upon the loan tenure chosen by customers. If the customer applies for a short loan tenure, in this case, the bank charges a higher interest rate as compared to loans offered on longer tenures.
Types
of Bank of India personal loan
1)
Bank of India Star personal loan
Bank of India Star personal loan can be availed to deal with a variety of expenses for the user such as marriage, paying medical bills, applying for higher studies, renovation of home, and others. However, the user may need to get an instant personal loan for any of their expenses when they have the certain eligibility criteria:
♦ The loan amount is starting from Rs. 10,000 up to Rs. 10 lakh.
♦ The maximum tenure of 60 months.
♦ The user must be a salaried employee.
♦ BOI staff members
♦ Interest rate of Bank of India personal loan 12.85% p.a.
♦ Minimal documentation required.
2)
Star Mitra personal loan
Star Mitra personal loan is offered by the Bank of India to the user to help the physically challenged individuals with funds so that they can live independently. There are certain eligibility criteria to apply for the loan which are listed below:
♦ The loan amount can be used to purchase durable appliances that help the user in day to day life.
♦ The highest loan amount for the Star Mitra personal loan users is Rs. 1 lakh.
♦ The interest rate offered by this bank starts at 8.65% p.a.
♦ Salaried employees of 10 times of net salary for salaried persons.
♦ The applicant’s minimum age should be 25 years and the maximum age should be a maximum of 75 years at the end of the repayment period.
3)
BOI Star Pensioner Loan Scheme
Star Pensioner Loan Scheme offers loans to the pensioners where they can afford any of their expenses such as medical bills or arranging other expenses. Here are some eligibility criteria for the Bank of India Star Pensioner loan scheme are as follows:
♦ The loan amount offered to pensioners and family pensioners is 15 times of monthly pension for a maximum of up to Rs. 5 lakh.
♦ The maximum limit of the BOI Star Pensioner loan scheme for individuals over 75 years is Rs. 1 lakh.
♦ Under this scheme, the interest rate of the loan amount starts at 9.35% p.a.
4) Bank of India Star Doctor-Plus
If you are applying for BOI Star Doctor-Plus loan then, you must know that, it is offered to qualified registered medical practitioners for any approved purpose. The user must have related eligibility criteria for applying for the loan.
♦ The maximum loan amount that can be availed is Rs. 20 lakh.
♦ For salaried employees, there must 24 times of gross monthly salary and for others two times of Gross Annual Income as per Income Tax return depreciation.
♦ For secured loan users the interest rate is 8.85% p.a. onwards and for unsecured loan users, the interest rate is 9.85% p.a. onwards.
5)
Star Holiday Loan Scheme
Star Holiday Loan Scheme is offered to meet the expenses related to vacation such as train/bus/airfare charges, accommodation, sightseeing, shopping, etc. The eligibility criteria of the user must be:
♦ Salaried employee
♦ Self-employed individuals and professionals
♦ Individuals with a high net worth
♦ Agriculturists can apply for a personal loan
♦ Pensioners should get a loan.
♦ Bank of India staff members can get the benefits
Documents
of Bank of India personal loan
♦ Identity proof: Applicant must submit passport, Aadhaar card, PAN, Voter Identity card, driving license, telephone bill, electricity bill, property purchase agreement/ sale deed, etc.
♦ Address proof: Applicant must submit an Aadhaar card, ration card, bank account statement, electricity bill, passport, telephone bill, driving license, and more.
♦ Income proof: Bank account statement, salary slips, and more.
How
to apply for a Bank of India personal loan online?
♦ Initiate your loan application by filling out the online application form available on the official site.
♦ You will be redirected to the next page that shows offers from various lenders arranged according to the loan approval.
♦ Select the loan offered from the Bank of India or can give a call to the customer care team of the bank.
Conclusion
With the help of the above-mentioned information, the user can get an instant solution for applying Bank of India personal loan. The schemes offered by the bank are Bank of India Star personal loan, BOI Star Doctor plus, Star Holiday loan Scheme, BOI Star pension loan scheme, and more. These schemes will help you to get an instant personal loan online and help you to fulfil the financial requirements.
