Bank of india personal loan - interest rates, Eligibility, Documents required

Bank of India (BOI) is a commercial bank with headquarters in the Bandra Kurla Complex, Mumbai and Founded in 1906, it has been government-owned since nationalization in 1969. Bank of India has 5316 branches as of 31 March 2019, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture.

Bank of India offers various types of personal loans that are designed to fulfill the diverse needs of different groups of applicants. From salaried professionals and physically challenged individuals to pensioners and students, various types of applicants can avail of a personal loan from Bank of India for amounts up to Rs. 20 lakh.

Bank of india personal loan - interest rates, Eligibility, Documents required  to apply for personal loan

Features of Bank of India Personal Loan

Loan amount: The loan amount offered by Bank of India starts from as low as Rs. 10,000 and goes up to Rs. 20 lakh. The loan amount offered to an individual depends on the applicant category he/she belongs to.

Flexible tenure: Repayment tenure of Bank of India (BoI) personal loan is flexible as the repayment period varies from 12 to 60 months and can be selected by an individual as per his/her repayment ability.

Flexible end use: Bank of India offers various types of personal loans like BOI Star Personal Loan, Star Mitra Personal Loan, BOI Star Pensioner Loan Scheme, BOI Star Doctor Plus, and Star Holiday Loan Scheme. These loans can be availed by different individuals to fulfill various personal needs.

Easy application: All types of personal loans offered by Bank of India can easily be applied online and these require minimal documentation

Documents Required for Bank of India Personal Loan

The documents required to opt for Bank of India Personal Loan can vary as per the type of personal loan you opt for. However, some key documents required to avail this loan is as follows:
  • Identity proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar
  • Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for self-owned properties), Aadhaar, etc.
  • Income proof: Bank Account Statement, Salary Slips.
  • Proof of age is also necessary
  • Proof of Income and Occupation.
  • Last 3 months bank statement/6 months bank passbook

Eligibility for Bank of India personal loan

  • The borrower must be an employee or a self-employed individual.
  • A minimum monthly income of ₹ 15,000 is essential.
  • The minimum age of the applicant must be 21 years and at max 58 years.

Bank of India interest rates and Fees

  • Prepayment/foreclosure is 0.65% p.a. on the outstanding loan amount for the remaining maturity of the loan subject to a max. of 2.25% of the outstanding loan amount.
  • Processing Fee is One time @ 2.00% of loan amount Min. Rs.1000/- and Max. Rs.10,000/-.No processing charges for Senior Citizens (60 years & above). Subject to a maximum of Rs. 10,000 + Service Tax.
  • Personal Loan General -Interest Rates for SECURED Loans: 13.20% per annum and for UNSECURED Loans: 14.20% per annum.

Bank of India personal loan features 

   Bank of India has attractive features and benefits from easy loan approval to higher loan amounts with flexible loan tenure. Bank of India offers its customers maximum quantum of the loan depending on their repayment history and credit score. Here are some features and benefits of the Bank of India personal loan:
  • Multipurpose loan
  • You can avail personal loan amount from Rs. 1 Lakh up to Rs. 10 Lakhs from Bank of India
  • Bank of India provides convenient loan repayment options ranging from 12 to 60 months commencing one month after full disbursement or from three months after first disbursement whichever is first
  • Documentation is simplified and quick
  • Attractive rate of interest
  • Hassle-free loan sanction and disbursal procedure
  • Loan payable in easy installment

Steps to apply for Bank of India  personal loan

Initiate your personal loan application by filling out the online application form available on BOI.

Then click on ‘Proceed’ once you are done

You will be redirected to the next page that shows offers from various lenders arranged according to the chances of approval

Select the loan offer(s) from Bank of India (if available) or give a call to the customer care team of Paisabazaar for further assistance

The last step would be filling another online form asking for additional information so that your personal loan application can be forwarded to the desired lender.

Bank of India customer care details

      Bank of India customer care number is  1800 103 1906; 1800 220 229. 

Conclusion (Personal view)

       The app is a bit rusty and needs lots of improvement, features are good as they give loans to laptops, mobiles as well buy registering into it, It is very reliable and safe and has a lot of experience in Loan disbursal. 

Visit the official app by "Clicking here" 

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