Bank of India personal loans are offered at competitive interest rates under different schemes. It is one of the largest public-sector banks providing personal loans to salaried and self-employed individuals. The minimum monthly salary of the applicant must be INR 10,000. However, various factors like credit score, personal loan scheme, and occupation, the loan amount and interest rates differ to cater to all your personal and financial needs. Continue reading this blog to learn about eligibility, documentation, application process, and other details.
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Overview of Bank of India Personal Loans
Bank of India personal loans are offered up to INR 25 lakhs at the lowest interest rates starting from 10.85% p.a. You can use the loan amount with a one-time cash payment for various purposes, including personal loans for education. There are no hidden charges and you can close the loan as per your financial goals.
Minimal documentation and an online application process make it super convenient for you to apply for Bank of India personal loans within 15 minutes. Salaried, self-employed, and professionals can easily of personal loans from Bank of India. Those who belong to non-individual trusts can apply for loans under other schemes.
The maximum age must be 70 years at the time of final repayment. The rate of interest is calculated on a daily reducing balance. The applicant must have an excellent CIBIL score for personal loans to get the lowest interest rates and higher loan amounts.
| Loan Amount | Up to INR 25 lakhs |
| Interest Rates | 10.85% to 14.85% p.a. |
| Repayment Tenure | Up to 84 months (7 years) |
| Schemes | Star Personal Loans, Star Pensioner Loan, Star Suvidha Express Personal Loan, Star Mitra Personal Loan, Star Personal Loan- Doctor Plus |
| Benefits | -Can avail of more than one BOI personal loan -0.50% interest rate concession to women beneficiaries |
Also Read: Having a bad credit history? Check out how to avail of personal loans with low CIBIL scores.
Bank of India Personal Loan Interest Rates vs Other Lenders
The Bank of India personal loan interest rates start from 10.85% p.a. and go up to 14.85% p.a. The table below is a compilation of top banks for personal loans at competitive rates. You can compare the interest rates and other benefits before applying for the loans-
| Bank | Interest Rates |
| SBI Personal Loans | 10.90% to 13.85% p.a |
| HDFC Bank Personal Loans | 10.50% p.a onwards |
| ICICI Bank Personal Loans | 10.50% to 19.00% p.a |
| Bank of Baroda Personal Loans | 10.90% p.a onwards |
| IndusInd Bank Personal Loans | 10.49% p.a onwards |
| Union Bank of India Personal Loans | 13.35% p.a to 15.45% p.a |
| Axis Bank Personal Loans | 10.25% to 24.00% p.a |
| Kotak Mahindra Bank Personal Loans | 10.50% to 16.99% p.a |
| DBS Bank India Personal Loans | Starting from 10.99% p.a |
Bank of India Personal Loan Schemes
Various loan schemes are offered under the Bank of India personal loans. The eligibility criteria and requirements are different for different types based on the purpose.
Star Personal Loans
The most preferred personal loan scheme is the ‘Star Personal Loan’. The maximum amount offered is 36 times the gross monthly salary. The loan can be repaid in 84 months at EMIs starting from INR 1,105 per lakhs. The scheme offers attractive offers for doctors, government, PSU employees and salary account holders.
- Loans up to INR 25 lakhs at 10.85% p.a onwards.
- Zero processing fees for differently-abled applicants.
- Loans can be availed without pledging any security.
- No hidden charges or prepayment penalties.
Star Pensioner Loan
The Bank of India personal loan under the ‘Star Pensioner Loan’ is available to pensioners drawing pension through the Bank branch. The maximum age of the applicant must be 75 years at the time of final repayment under this scheme. The maximum loan amount will be up to 20 times for secured and 15 times for clean loans of the net monthly pension.
- The maximum loan of up to INR 10 lakhs is offered under Bank of India’s Star Pensioner Loan scheme.
- The loan can be repaid up to 60 months (5 years).
- No processing charges for senior citizens.
- No need to pledge any collateral/ asset with the bank.
- EMI starts from INR 2,205 per lakh.
Star Suvidha Express Personal Loan
Personal loans by the Bank of India under its ‘Star Suvidha Express Personal Loan’ scheme are offered up to INR 20 lakhs. It is only provided to salaried individuals having a salary account with BOI. You are required to show the last 6 months’ salary slips or one-year ITR as proof of income.
- The maximum amount of up to 24 times the gross monthly salary is offered for salaried
- The maximum amount of up to 36 times the gross monthly for existing home loan customers is offered.
- The loan can be repaid for up to 84 months (7 years).
- Minimal documents are required.
- EMI starts from INR 1,699 per lakh.
Star Mitra Personal Loan
Star Mitra Personal loan by Bank of India is a special scheme for the differently abled. The loan can be used to purchase durable and sophisticated appliances to promote your physical and social rehabilitation.
- Maximum loan of up to INR 2 lakhs.
- The maximum loan amount of up to 15 times the net monthly salary or 100% of net annual income for self-employed is offered.
- EMI starts from INR 2,130 per lakh.
- The loan must be repaid in 60 months (5 years).
- A doctor’s certificate regarding the extent of the handicap and the need for equipment is required before applying for the loan.
Star Personal Loan- Doctor Plus
The Doctor Plus Bank of India personal loan scheme is specially designed for qualified and registered medical practitioners. A minimum of 3 years of experience in any branch of medical science is required.
- The maximum loan that can be offered is up to INR 25 lakhs.
- EMI starts from INR 1,648 per lakh.
- Copy of registration with State/ Indian Medical Council is to be submitted along with other required documents.
- A reduced overdraft facility is also available.
- The loan is to be repaid for up to 84 months.
Also Read: Check here all the major details about Personal Loans and Tax Benefits.
Eligibility Criteria of Bank of India Personal Loans
Bank of India offers personal loans to a wide range of individuals. Salaried and self-employed individuals are eligible to avail of personal loans from the Bank of India. The minimum age should be 21 years. The bank also considers factors of credit score and employment stability when assessing loan eligibility. A minimum credit score of 750 and above is ideal.
Salaried Individuals
- Must be employed in a reputed private organization.
- The minimum income must be INR 10,000 per month. However, the specific requirements vary based on location and loan amount.
- A salary account with the bank is preferred but not mandatory for all loan schemes.
- For the Doctor Plus loan scheme, the medical practitioner must have 3 years of experience.
Pensioners
- Retired employees of the Bank of India and their families can apply.
- Pension should be disbursed through the Bank of India.
Self-Employed Individuals
- Specific eligibility criteria are based on income, business stability, and relationship with the bank.
Documents Required
You must submit documents related to identity, address, and income to apply for a Bank of India personal loan. Based on the documents submitted along with the Bank of India personal loan application, the bank will proceed with the verification and processing of the loan. Here’s the list of documents required-
- PAN/ Passport/ Voter ID/ Driving License for identification.
- Passport/ Driving Licence/ Aadhaar Card/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Piped gas bill for address proof.
- Latest 6 Month Salary/Pay Slip and One-year ITR/ Form16 for salaried employees.
- Last 3 years ITR with CA certified Computation of Income/ Profit & Loss Account/ Balance Sheet/ Capital Account Statement for self-employed.
- A doctor’s certificate regarding the extent of handicap and the need for equipment if applying under the Star Mitra Personal Loan.
- Copy of registration with State/ Indian Medical Council, if applying under the Star Personal Loan- Doctor Plus.
Also Read: Want a quick personal loan for higher education abroad? Check out all the information on Bajaj Finserv Personal Loan for Higher Education.
How to Apply for Bank of India Personal Loans?
Applying for Bank of India personal loans is easy and hassle-free. You can either visit the nearest bank branch or head to the bank’s official website to apply for BOI personal loans online. Follow these steps to apply-
Online Application Process
- Go to the official Bank of India website.
- Choose the specific personal loan scheme you wish to apply for, such as the Star Personal Loan or Star Pensioner Loan.
- Find the ‘Apply Now’ button associated with the loan type you selected.
- Enter your details, including your name, contact information, income, and other required information.
- After filling in all necessary details, apply. You will receive a reference number to track your application status.
- The bank will process your application and notify you regarding your loan eligibility and any further requirements.
Offline Application Process
- Go to the nearest Bank of India branch.
- Request a personal loan application form from the bank staff.
- Complete the form with the required information.
- Hand in the completed form along with the necessary documents to the bank representative.
This was all about Bank of India personal loans. The entire process can be completed quickly, often within 15 minutes for online applications, and approvals can take anywhere from 1 day to a week, depending on the completeness of your application and the bank’s policies.
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FAQs
Yes. Bank of India personal loans are offered at competitive interest rates under different schemes. The maximum amount is up to INR 25 lakhs at interest rates starting from 10.85% p.a.
Bank of India personal loans are offered to salaried, self-employed, and professionals. The loan amount is offered as a one-time cash payment. There are no hidden charges or prepayment penalties. You can apply online and offline within 15 minutes.
The approval time for a personal loan from the Bank of India typically ranges from 1 to 7 days. The entire process can be influenced by various factors, including the completeness of your documentation and your creditworthiness.
The Bank of India personal loan interest rates start from 10.85% p.a. and go up to 14.85% p.a.
The minimum monthly salary/ income of the applicant must be INR 10,000 to apply for Bank of India personal loans.
