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BOI Personal Loan
Bank of India Personal Loan Rates Details
| Particulars | Rate of interest (p.a.) |
|---|---|
| Fully secured personal loan | 1 year MCLR + 4.50% = 11.85% p.a. |
| Clean or unsecured personal loan | 1 year MCLR + 5.50% = 12.85% |
| Personal loan for senior citizens aged 60 years and above for loans up to Rs.50,000 | 1 year MCLR + 3.5% = 10.85% |
| For financing secured under tie-up arrangements | 1 year MCLR + 4.50% = 11.85% p.a. |
| Processing fee | 2% of loan amount with the minimum being Rs.1,000 and the maximum being Rs.10,000 along with applicable service tax. For senior citizens no processing fee would be charged |
*Note: The one-year MCLR is 7.35%
• The processing fee is a one-time processing fee.
The personal loan product offered by the bank is known as BOI Star Personal Loan. It is provided to customers under the retail loan segment. This loan is given for funding wedding arrangement expenses, education plans, medical treatment expenses, buying of consumer durables, and so on.
Features of BOI Star Personal Loan
• 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.
Loan Quantum Details for BOI Unsecured and Secured Loans
| 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. | |
While setting the loan limit for BOI Personal Loan, one should make certain that the net take-home income is at least 40% of the gross income of the loan applicant.
Bank of India Marginal Cost of Fund-Based Lending Rate (MCLR)
| Tenure | MCLR |
|---|---|
| Overnight MCLR | 6.70% |
| 1-month MCLR | 7.20% |
| 3-month MCLR | 7.25% |
| 6-month MCLR | 7.30% |
| 1-year MCLR | 7.35% |
| 3-year MCLR | 7.80% |
These MCLR rates have been effective from 1 February 2021.
Bank of India Personal Loan Eligibility Criteria
The eligibility criteria for Bank of India Personal Loan is given below.
● The applicant must be an Indian resident and must be over 18 years of age.
● Professionals, salaried employees, regular pensioners, high net worth individuals, family pensioners drawing monthly pension from bank branch, retired employees and staff members of BOI are eligible to apply for Bank of India Star Personal Loan.
● The applicant must have a regular source of Income and must have a good credit score.
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.
FAQs on Bank of India Personal Loan
● What kind of personal loans does Bank of India offer?
Bank of India offers a mixture of both secure and unsecured personal loans. Secure personal loans are granted against some security or collateral while unsecured personal loans do not require any collateral.
● What is the main aim of Bank of India personal loan?
The main aim of Bank of India personal loan is to grant finance for personal expenditures including expenses such as wedding expense, vacation expense, education fee and more. It is important that the borrower use the loan amount for legal purposes no matter what the expenditure is.
● What is the type of advance granted by Bank of India?
Bank of India offers Demand/Term Overdraft/Loan are the types of advances offered under the scheme.
● What are the eligibility criteria for the personal loan?
The applicant must be a resident of Indian and earning income to be eligible for the loan. Salaried employees, Professionals and individuals with high net worth, pensioners drawing regular monthly pension through one of the Branches of the bank, Staff members, and retired employees are eligible for the personal loan scheme.
● How can one apply for the bank of india loan?
One can apply for the loan by visiting a branch of the bank or they can apply online through the banks official website or through a third party financial website that will process the application without any hassle.
● Why should one choose Bank of India personal loan?
Bank of India offers a choice of secured and unsecured personal loans for a low rate of interest. The bank also offers a long tenure with an overdraft facility for its personal loan which is an added advantage.
● What is the maximum amount granted in boi bank?
The maximum loan amount granted for personal loans ranges from Rs.5 lakh to Rs.10 lakh depending on the kind of loan chosen.
● 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. You can also call the number 022-40919191 for your personal loan queries but the number will be chargeable.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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