Bank of India is a government-owned bank since 1969 and has grown in size by developing unique products and services to cater the tastes of different people. Today, BOI is a brand name in commercial banking, retail banking, corporate banking and other financial operations. So, if you have any personal monetary reasons to be met, make sure you apply to suitable personal loan products of Bank of India. We have provided the details of the bank’s personal loan to update you.
Bank of India personal loans are good solutions for those who are in need of immediate cash. The loan amount can be used to meet a variety of expenses such as wedding costs, medical expenses, education expenses, etc. With interest rates starting from 10.85% p.a. Bank of India personal loans come with repayment tenures ranging from 12 months to 60 months. The maximum amount you can borrow through a Bank of India personal loan is Rs.20 lakh.
Bank of India personal loan apply
| Bank of India Personal Loan Highlights – 2022 | |
| Interest rate | For general public- 10.35% p.a. onwards,For pensioners- 9.35% p.a.For doctors- 9.85% p.a. |
| Loan Amount | Up to Rs. 20 lakh |
| Loan Tenure | Up to 3 years |
| Processing Fees | One time 2% of loan amount Rs 1,000-10,000 |
BOI Star Personal Loan Features:
- The maximum loan quantum offered by this loan is Rs.10 lakh. The loan quantum provided to an applicant will be determined by his or her income.
- It is offered as term loan or a demand loan or an overdraft. It can be reduced according to the repayment schedule.
- 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 a clean/unsecured loan from Bank of India.
- BOI clean or 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.
- 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 and Secured Loans Details
| Particulars | BOI Clean or Unsecured Loans | BOI Secured Loans |
| Minimum loan amount | Metro and urban centres: Rs.10,000 Rural and semi-urban centres: No minimum loan size | Metro and urban centres: Rs.10,000 Rural and semi-urban centres: No minimum loan size |
| Maximum loan amount | Rs.5 lakh | Rs.10 lakh |
| Quantum of advance | For salaried employees: 10 times of monthly net take-home income For individuals or professionals of high net worth: 50% of gross annual income according to the last income tax returns | For salaried employees: 20 times of monthly gross emoluments For individuals or professionals of high net worth: 100% of gross average annual income according to income tax returns for the last 3 years |
| Repayment | Within 36 EMIs with effect from 1 month after the first disbursement | Within 60 EMIs with effect from 1 month after the first disbursement |
| Security | Legal or equitable mortgage of residential or commercial spaces. A hypothecation charge will be levied on the assets. Collateral or security such as assignment of LIC policies; bonds; pledging of gold or gold jewellery; relief bonds; NSC/Indira Vikas Patra; etc. |
Bank of India Personal Loan Interest Rates:
| Clean/Unsecured | 12.35% p.a. |
| Financing secured under tie-up arrangements | 10.35% p.a. |
| For senior citizens above 60 years of age and above loan of Rs 50,000 | 11.35% p.a. |
| For Pensioners | 9.35% p.a. |
| BOI Star Personal Loan- Doctor Plus | 9.85% p.a. |
Bank of India Personal Loan Fees and Charges:
| Type | Charges |
| Star Personal Loan | Processing Fees: One time 2% of loan amount (Rs 1,000- 10,000)For senior citizens- NIL |
| Star Pensioner Loan Scheme | Processing Fees: One time 2% of loan amount (Rs 500- 2,000)For senior citizens- NIL |
| Star Personal Doctor Loan | Processing Fees: 50% concession in charges as applicable to members of public for personal loan |
| Covid-19 Personal Loan | Processing Fees: NIL |
Types of Bank of India Personal Loans
1. BOI Star Personal Loan
- Purpose: To fulfill all the personal financial requirements of the applicants like marriage, education, medical, etc.
- Loan Amount: Up to Rs 20 lakh
- Tenure: Unsecured loan- Up to 3 years
Secured loan- Up to 5 years - Processing Fees: One time 2% of loan amount
2. BOI Star Pensioner Loan
- Purpose: To fulfill the personal financial needs of the pensioners/family pensioners
- Loan Amount:
Where PPO is held with Nagpur Government Business Branch/DPDO- Up to Rs 10 lakh
Pension directly received from branch from treasury- Up to Rs 5 lakh
Family pensioners getting pension through treasury/DPDO- Up to Rs 3 lakh
Note: For pensioners opting for secured personal loan, loan amount is up to 20 months of net pension*
For pensioners opting for unsecured loan, loan amount is up to 15 months of net pension*
*net pension= gross income – income tax & EMI of other loans
*net take home pension- at least 40% of the pension amount (after deduction of loan installment)
- Processing Fees: One time 2% of loan amount
3. BOI Star Personal Loan- Doctor Plus
- Purpose: Any approved purposes for registered medical practitioners, other than gold purchase, investment in shares, and for speculative purposes
- Loan Amount: Up to Rs 20 lakh
- Tenure: Up to 68 years of age; closure of loan before 75 years of age
- Processing charges: 50% concession in charges as applicable to members of public for personal loan
4. BOI Covid-19 Personal Loan
- Loan Amount:
Salaried- Up to Rs 5 lakh (3 times of last drawn gross salary)
Existing personal loan applicants-
Salaried: Up to Rs 5 lakh (3 times of last drawn gross salary)
Self -employed: Up to Rs 5 lakh (3 times of monthly income based on latest ITR)
- Tenure: Up to 3 years
- Processing Fees: NIL
5. BOI Covid-19 Pensioner Loan
- Loan Amount: Pensioner- Up to Rs 2 lakh
Family Pensioner- Up to Rs 0.75 lakh
Pensioner getting pension through treasury/DPDO- Up to Rs 1 lakh - Tenure: Up to 3 years
- Processing Fees: NIL
Eligibility for BOI Star Personal Loan
- Salaried permanent employees,
- Professionals and individuals having high net worth
- Staff members
- Retired Bank of India employees
- Regular pensioners/family pensioners drawing pension from Bank of India
Eligibility for Pensioners
- Retired employees
- Regular pensioners/family pensioners drawing pension from Bank of India
Eligibility for Doctors
- Medical practitioners who are qualified and registered for at least 3 years in any medical science branch recognized by DCI/MCI/regulatory authorities/statutory authorities for practicing in India
- The applicant should be at least 25 years old
- The loan repayment should be done by 75 years of age
Eligibility for Covid-19 Personal Loan
- Applicants drawing salary from Bank of India
- Applicants with existing standard personal loan accounts
Eligibility for Covid-19 Pensioner Loan
- Family pensioners
- Regular pensioners
- Pensioners/family pensioners drawing pension through DPDO/treasury
- Retired employees of Bank of India getting pension from the bank
Why Choose Bank of India Personal Loan
BOI Star Personal Loan Scheme is loaded with an array of advantages that will benefit the borrower immensely. Here are some of the reasons that make Bank of India personal loans one of the most sought-after credit product in the financial market.
- Multipurpose Loan
Bank of India Personal Loan can be used for a variety of purposes including marriage expenses, educational expenses, and medical expenses and for purchase of consumer durables.
- Attractive Rate of Interest
Bank of India offers a very competitive interest rate for personal loans. The rate of interest is decided based on if you are taking an unsecured or a secured personal loans.
- Impeccable Customer Service
Bank of India extends a customer service helpline through with customers and borrowers can get all their queries answered. Customers can also visit the nearest physical branch to get more information on a particular product.
Bank of India Personal Loans EMI calculator:
EMI For Rs 1 lakh BOI personal loan
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FAQs on Bank of India Personal Loan
What kind of personal loans does Bank of India offer?
What is the main aim of Bank of India personal loan?
What is the type of advance granted by Bank of India?
What are the eligibility criteria for the personal loan?
How can one apply for the bank of india loan?
Why should one choose Bank of India personal loan?
What is the maximum amount granted in boi bank?
What is the quantum of advance for salaried employees?
Ten times the take home salary is the quantum of advance offered for salaries employees under the personal loan scheme by Bank of India.
How can one check the instalment amount for personal loan?
One can easily check the personal loan installment amount by providing a few details with the help of a personal loan installment calculator available on many third party financial websites.
Does the bank offer Overdraft Facility?
Yes, the bank offers overdraft facility with an overdraft limit of maximum up to Rs.1 lakh rupees.
How do I check the status of my Bank of India personal loan?
You can check the status of your personal loan from Bank of India by visiting the official website of the bank. You will just need to enter your application number and your mobile number to track the status of your personal loan application.
How do I get in touch with the customer care of Bank of India?
For any queries or grievances related to personal loan, you can contact Bank of India customer care at the toll-free numbers 1800-220-229 and 1800-103-1906. Both these toll-free numbers are available 24/7.