About Bank of India Personal Loan Personal Loan

A commercial bank headquartered at Bandra Kurla complex in Mumbai, India, Bank of India (BOI) was founded over 100 years ago in 1906. It has always been a government owned bank since nationalization in 1969. The bank had 5100 branches in January 2017 and 56 offices abroad. It offers a wide range of services under the personal loan segment and is counted amongst the most preferred banks by people from all segments, for various financial services.

A great multitude of people avail Bank of India personal loan for their immediate financial requirements like wedding expenses, purchase of consumer durables, education expenses, medical expenses etc. It offers personal loans under two different schemes – BOI Star Personal Loan and BOI Star Mitra Personal Loan. While the former is the regular personal loan type, the latter is extended specifically to physically challenged people.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

As regards the Bank of India personal loan eligibility criteria, the bank extends the regular personal loan facility to salaried employees, self-employed professionals and high net worth individuals. Apart from that, family pensioners or regular pensioners drawing a certain monthly pension amount through a Bank of India branch can avail it too. Retired employees and staff members can also avail a Bank of India personal loan. With regard to the personal loans meant for physically challenged people, they can be salaried, self-employed or even minors (through legal guardians or parents). Following are more details on the exact eligibility criteria for Bank of India personal loan.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Bank of India Personal Loan Features / Details

Coming to the Bank of India Star personal loan features, the extended loan offer can vary anywhere from rupees INR 10,000 to INR 10 lakh. While the minimum loan amount can be anything in case of rural and semiurban centres, a capping of INR 10,000 is applied on the minimum loan amount extended in metro and urban centres. For Bank of India Mitra personal loan, there is a capping on the maximum loan amount at INR 1 lakh. No such stipulation is there on the minimum amount. The loan tenure in both the variants is up to 60 months.
BOI offers a 24/7 toll-free helpline available for customers to get any of their problems and issues resolved. Please go through the below mentioned details for more Bank of India personal loan features.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Bank of India Personal Loan Fees / Charges

Bank of India doesn’t charge any processing fee for personal loans extended to senior citizens. A one-time 2% charge is levied on the loan amount, with minimum and maximum of INR 1000 and INR 10,000 respectively. In case of pensioners, this minimum and maximum limits are relaxed to INR 500 and INR 2000 respectively (plus service tax). However, it is always better to check the latest fees and charges as they might change from time to time. Following are more details on them.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees