Overview
Whether you are Salaried-Employee, a Self-Employed Professional or a Self-Employed Businessman, Bank of India offers you loan starting from Rs. 10,000 to as high as Rs. 5 Lacs within 10 days of approval and no minimum loan amount criteria is there for Rural and Semi-Urban areas applicants. The Processing charges charged by Bank of India is 2% of the loan amount or minimum Rs. 1,000 to maximum of Rs.10,000 and No processing fees is charged in case of senior citizens and the tenure to repay your loan is 12 months to up to maximum of 60 months (1 year to up to maximum of 5 years).
Bank of India provides various schemes under which you can avail loan with minimal charges such as ‘’Bank of India Star Personal Loan, Bank of India Star Pensioner loan, Bank of India Star Doctor plus loan, and Bank of India Star Holiday Loan’’. The Annual Interest Rate charged by Bank of India is ranging between 12.05% to up to maximum of 14.05% Here, the Pre-Closure charges are Nil as compared to other banks such as Federal Bank which charges 2% of the outstanding amount.
Bank of India is a good fit for you if?
Senior Citizens
Availing personal loans from Bank of India could be a good choice for you if you are a senior citizen since the rate of interest is very low as compared to other competing banks and financial institutions charging a high amount of interest. There are no processing fees charged by Bank of India so without wasting your money on necessary charges, you can take advantage of this type of loan.
Doctors
As a doctor takes care of his patient by saving his / her life, Bank of india also takes care of his customers and made a scheme for doctors who want a huge amount of money to achieve their goals by availing loans up to a maximum of Rs. 20 Lacs with lower interest rates equals to 11.85% per annum.
Bank of India Personal Loan at a glance
| Annual Interest Rate | 12.05% – 14.05% per annum |
| Loan Term | 12 Months – 60 Months |
| Loan Amount | Rs. 10,000 – Rs. 5 Lacs No Minimum Loan Amount Criteria in Rural and Semi-Urban Areas |
| Time of Funding | Within 10 days |
| Pre-Closure Charges | Nil |
Bank of India provides a personal loan with a minimum amount of Rs. 10,000 to as high as Rs. 5 Lacs within 10 days of approval and there is no minimum loan amount criteria in case of Rural and Semi-Urban Areas. The annual interest rate charged by the bank on this type of personal loan is ranging between 12.05% to up to maximum of 14.05% per annum. The tenure to repay the loan is 12 months to a maximum of 60 months. There are no Pre-closure charges charged by the bank on personal loan.
Why Choose Bank of India?
Zero Processing Charges for Senior Citizens
Bank of India could be a good alternative for you if you are a senior citizen as no processing fees are charged for applicants of age 60 years or above. So you can apply for a personal loan from the Bank of India without wasting your money on unnecessary charges.
50% concession to Doctors
As a doctor saves the life of his patient, Bank of India saves money of doctors by making a scheme named ‘’Bank of India Doctor plus loan’’ under which bank of India provides a 50% concession to those who are availing loan under this scheme. So if you are a doctor who needs a loan to achieve your goals, then you can take advantage of this scheme.
Part-Payment Allowed
Offers part-payment facility unlike other competing banks and FIs such as Bandhan Bank.
What to watch out for?
High Processing Charges
The processing charges charged by Bank of India is really very high as it charges 2% of the loan amount on amount ranging from minimum of Rs. 1,000 to maximum of Rs. 10,000 while in case of Federal Bank the processing charges are up to 0.50% of the loan amount or a minimum of Rs. 500 and in case of Canara bank, the processing charges are ranging from Zero to up to maximum of Rs. 5,000.
BOI Account is Mandatory for Pensioner
If you are thinking of availing loan from Bank of India, then you must know that the salary account is mandatory to avail loan means regular pensioners and family pensioners must be drawing monthly pension through BOI account as compare to other competing banks or financial institutions where you can avail personal loan without having any salary account in the bank.
Compare Bank of India Personal Loans to Other Banks
| Bank Name | Bank of India | Federal Bank | Canara Bank |
| APR | 12.05% – 14.05% | 11.49% – 14.49% | 10.90% – 13.90% |
| Loan Term | 12 Months – 60 Months | 12 Months – 48 Months | 12 Months – 72 Months |
| Maximum Lending Amount | Rs. 5 Lacs | Rs. 10 Lacs | Rs. 5 Lacs |
| Processing Fee | 2% of the loan amount Min Rs. 1,000 to Max Rs. 10,000 Zero for Senior Citizens | 0.50% of the loan amount. Min Rs. 500 | Zero to up to Rs. 5,000 |
| Time to Funding | Within 10 days | Within 7 days | Within 7 days |
| Pre-Closure Fee | Nil | 2% of the outstanding amount | Nil |
Coming to the comparison part, Bank of India can lend up to maximum of Rs. 5 Lacs within 10 days of approval while, Federal Bank can lend up to maximum of Rs. 10 lacs within 7 days of approval and in case of Canara Bank, the maximum lending amount is Rs. 3 lacs, Rs. 5 Lacs for Pensioner and the time of funding is within 7 days of approval. The processing charges charged by Bank of India is 2% of the loan amount, minimum of Rs. 1,000 to maximum of Rs. 10,000 and Zero for Senior Citizens, while in case of Federal Bank the processing charges are up to 0.50% of the loan amount or a minimum of Rs. 500 and in case of Canara bank, the processing charges are ranging from Zero to up to maximum of Rs. 5,000.
The typical APR is ranging from 12.05% to up to maximum of 14.05% per annum, while in case of Federal Bank, the typical APR is ranging from 11.49% to up to maximum of 14.49% per annum and 10.90% to up to maximum of 13.90% per annum in case of Canara Bank. The tenure to repay your loan is 12 months to 60 months in Bank of India while 12 months to up to 48 month in case of Federal Bank and 12 months to up to 72 months in case of Federal Bank. The Pre-Closure charges charged by Bank of India is Nil while Federal Bank charges 2% of the outstanding amount and there are no Pre-Closure charges charged by Canara Bank for personal loans.
Bandhan Bank Personal Loan Eligibility Criteria
| Minimum Age | 21 Years 25 (for Doctors) |
| Maximum Age | 58 Years 75 (for Doctors and Pensioners) |
| Minimum Experience | 3 Years (for Doctors) |
- Minimum age of the applicant should not be less than 21 years at the time of loan application.
- Maximum age should not be more than 58 years at the time of loan maturity.
- Minimum age of a doctor availing Doctor Plus Loan, should be 25 at the time of loan application and maximum age should not exceed 75 years at the time of loan maturity.
- Age of the pensioner should not be above 75 year at the time of loan maturity.
- Doctors applying for Doctor Plus Loan, should have a minimum experience of 3 years in any branch of medical science.
Bandhan Bank Personal Loans Schemes
BOI Star Personal Loan
Bank of India provides personal loan for Salaried Employees, Professionals, Individuals having high net worth income, Bank of India employees including working and retired except who are dismissed or compulsorily retired. Bank of India also includes Pensioners and family pensioners drawing pension through bank of India Branches. You can avail personal loan as high as Rs. 5 Lacs, subject to minimum Rs. 10,000 in metro and urban cities and there is no minimum limit in Rural and Semi-Urban cities. Salaried employees can take as high as upto 10 times of his/her net take-home pay and maximum 50% of gross annual take-home pay for professionals and high net worth individuals.
The Repayment period ranges from 12 months to 36 months usually, and upto 60 months in some exceptional cases. The interest rate charged by Bank of India is equal to 14.05% per annum. Interest rate equals to 12.05% per annum for senior citizens for loans upto Rs. 50,000. If loan is secured under tie-up arrangements, the interest rate equals to 13.05% per annum. Processing charges equal to 2% of the loan amount, subject to minimum Rs. 1,000 to maximum Rs. 1,000. There are no processing charges for senior citizens in case of Bank of India Star Personal loan.
Documents for Salaried
- Employee ID
- Salary Slip/Certificate with Form 16/ITR
- Bank Statement
- Loan Application along with KYC Documents and Photographs
Documents for Self-Employed
- Copy of P&L Account and Asset Sheet
- Latest ITR
- Loan Application along with KYC Documents and Photographs
BOI Star Pensioner Loan
Bank of India provides you a Star Pension Loan scheme for personal loans to regular pensioners and family pensioners drawing pension through Bank of India Branches. It also provides loans to retired employees of Bank of India except dismissal and compulsorily retired.The tenure to repay your loan ranging from 12 months to up to 36 months usually and up to 60 months in some exceptional cases. The interest rate charged will be equal to 11.05% per annum. There are no processing charges for senior citizens (applicants of 60 years of age or above). Otherwise equals to 2% of the loan amount, subject to minimum Rs. 500 to maximum of Rs. 2,000.
If pension payment order (PPO) is held with Bank of India Branch then you can avail maximum of Rs. 5 Lacs, where age of the pensioners including family pensioners should not be more than 75 years and if the age of the pensioner is more than 75 years then you can avail maximum of Rs. 1 Lacs for both pensioners and family pensioners.
If Pension is directly received at Bank of India Branch from Treasury/DPDO then you can avail maximum of Rs. 3 Lacs for regular pensioners and Rs. 1.5 Lacs for Family Pensioners, where the age of the pensioner should not be more than 75 years and if the age of the pensioner is more than 75 years, then you can avail maximum of Rs. 1 Lacs for both salaried and family pensioners.
Documents for Salaried
- Documents for Pensioners’ half of PPO
- Loan Application along with KYC Documents and Photographs
BOI Doctor Plus Loan
As a doctor takes care of his patient by saving his / her life, Bank of India also takes care of his customers and made a scheme for doctors who want to avail loans up to maximum of Rs. 20 Lacs to achieve their personal requirements. A salaried doctor can avail up to 24 times of gross monthly and up to 2 times of gross annual income for Self-Employed as per the latest ITR. Depreciation is allowed depending upon the audited financial statements for eligible loan amounts. If a doctor is a partner in a partnership firm then the proportionate share of depreciation could be added back for enhanced eligibility criteria.
No security is required for personal loan of upto Rs. 5 Lacs. In case of loan above Rs. 5 Lacs to Rs. 10 Lacs, a third-party guarantee of one person equivalent to the loan amount is required. For loans above Rs. 10 Lacs to up to maximum of Rs. 20 Lacs, collateral security is must. The tenure to repay your loan ranging from 12 months to up to maximum of 84 months and the interest rate will be equal to 11.85% per annum with a processing charge which is equal to 1% of the loan amount.
Documents required for Doctors:
- Highest Professional Qualification
- Latest ITR
- Bank Account Statement
- Loan Application along with KYC Documents and Photographs
BOI Star Holiday Loan
Having a desire to go for a dream holiday with your loved ones but are incapable of bearing the high expenses because of your low income? Need not to worry about the charges as Bank of india has made a scheme for you named as ‘’Bank of India Star Holiday Loan’’ which provides personal loan for Salaried-Employees, Professionals, Self-Employed, individuals having high net worth income and the employees of Bank of India or overseas. You can avail personal loan from minimum Rs. 10,000 to up to Rs. 2 Lacs in metro and urban cities, and in Rural and Semi-Urban areas, there is no minimum limit.
Pensioners can avail upto Rs. 1 Lac only with a tenure ranging from 12 months to 24 months usually, and upto 36 months in exceptional cases. The rate of interest equals 14.05% per annum. The Interest rate equals to 12.05% per annum for senior citizens who are availing loan up to Rs. 50,000. Interest rate equal to 13.05% per annum if loan is secured under tie-up arrangements and the processing charges equals to 2% of the loan amount, subject to minimum Rs. 1,000 to up to maximum of Rs. 1,000. No processing fee is charged for senior citizens.
Documents required for Salaried:
- Employee ID
- Salary Slip/Certificate with Form 16/ITR
- Bank Statement
- Copy of Passport and Visa in case of Foreign travel
- Loan Application along with KYC Documents and Photographs
Documents required for Professionals and High Net Worth Individuals:
- Copy of P&L Account and Asset Sheet
- Latest ITR
- Loan Application along with KYC Documents and Photographs
- Copy of Passport and Visa in case of Foreign travel
Documents required for Pensioners:
- Documents for Pensioners’ half of PPO
- Copy of Passport and Visa in case of Foreign travel
- Loan Application along with KYC Documents and Photographs
Bank of India Personal Loan Interest Rates
| Personal Loan | Applicable Interest Rate |
| BOI Star Personal Loan | 12.05% – 14.05% per annum |
| BOI Star Pensioner Loan | 11.05% per annum |
| BOI Star Doctor Plus | 11.85% per annum |
| BOI Star Holiday Loan | 12.05% – 14.05% per annum |
Bank of India provides you various schemes under which you can avail loan and the interest rate charged is different in different schemes such as Bank of India star Personal loan which charges interest rate ranging from 12.05% to up to 14.05% per annum while in case of Bank of india star pensioner loan the interest rate charged by the bank is 11.05% per annum, 11.85% per annum in case of Bank of India star Doctor plus and 12.05% to up to maximum of 14.05% per annum in case of Bank of India Star Holiday Loan.
Bank of India Personal Loans Fees & Charges
| Type of Charges | Applicable Charge |
| Processing Charges | For Personal Loan: 2% of the loan amount Min Rs. 1000 to Max Rs. 10,000 For Pensioner Loan: 2% of the loan amount Min Rs. 500 to Max Rs. 2000 For Doctor Plus Loan: 1% of the loan amount |
| Prepayment Charges | Nil |
| Part-payment | Nil |
| Penal Interest | 2% per month on the overdue amount |
Bank of India charges a processing fees based on different categories such as for Personal loan, it charges 2% of the loan amount or minimum Rs. 1,000 to maximum of Rs. 10,000, for pensioners loan it is 2% of the loan amount or minimum Rs. 500 to maximum of Rs. 2,000 which is different in case of Doctors Plus loan as the processing charges in Doctors plus loan is 1% of the loan amount. You can apply for this type of loan as there are no foreclosure charges, no part-payment fees are charged to apply for a personal loan from Bank of India.
The penal charges are up to 2% of the overdue amount which are different as compared to other banks such as ICICIC which charges 24% per annum of the overdue amount. Unlike other banks, there are no unnecessary charges charged by the bank such as swap charges, Loan cancellation charges, EMI bounce charges, postage charges for any notice, which is really a good thing. So you can easily apply for a personal loan from the Bank of India without wasting your money on unnecessary charges.
After I Applied?
Check Loan Status
- Through Customer Care
- Dial 1800-220-229 from your registered mobile number.
- Press 1 for english, or for Hindi Press 2
- If you are a NRI Press 1 or Press 2 if you are living in India.
- Then Press 9 to talk with customer case executive
FAQs
How can I contact Bank of India Personal Loan Customer Care?
Phone: 1800-220-229 (toll-free) / (022) – 4091-9191
Email: boi.callcentre@bankofindia.co.in
Do I have to provide any margin money in order to avail personal loan?
In case of BOI Star Mitra Personal Loan, a margin money equal to 10% of the loan amount is necessary. Otherwise, no margin money is required for any other personal loans.
What is the ratio of EMI and Net take-home salary for Bank of India Personal Loans?
Net take-home income should not be less than 40% of the gross income of the applicant. In case of gross monthly income of a salaried applicant is upto Rs. 1 Lac for Doctor Plus Loan, net take-home income should not be less than 40% of the gross monthly income.
If Gross monthly income is over Rs. 1 Lac to upto Rs. 5 Lacs, then net take-home income should not be less than 30% of the gross monthly income. If gross monthly income is above Rs. 5 Lacs, then net take-home income should not be less than 25% of the gross monthly income.
When can I start repaying my personal loan?
Repayment of the loan would start 1 month later from the date of loan disbursement in case loan amount is fully disbursed to you.