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Bank of India Personal Loan Interest Rates

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Bank of India provides personal loans at interest rates starting from 10.85% p.a. You can choose a repayment tenure of up to 60 months. Personal loan interest rates levied on the loan depend on the borrower’s income, age, credit score, job/business experience, and other factors.

  • Details
  • Features of Bank of India Personal Loan
  • Schemes Interest Rates
  • Schemes Fees
  • Key Things
  • Factors Affecting Loan Interest Rates:

Bank of India Personal Loan Details

ParticularsSalaried/Self Employed
Interest Rate10.85% p.a.
Processing FeeUp to 2% of loan amount (minimum Rs. 1,000 and maximum Rs. 10,000)
Loan Tenure1 months to 60 months
Loan AmountUp to Rs. 10 lakhs
Credit Score750 or above
Lowest EMI per LakhRs. 2,142
Prepayment ChargesNil for loans with floating interest rates

Features of Bank of India Personal Loan

  • Purpose: The loan can be used for multiple purposes without restriction on the end-use. The loan can be used for clearing existing debts, to meet medical expenses, to plan a wedding, for travel (both domestic and abroad), for the higher education of your children, for the makeover of your home, etc.
  • Quantum: The loan can be availed up to Rs. 10 Lakhs, depending on the type of loan you have chosen.
  • Interest: The rate of interest is competitive and starts at 10.85% p.a. and goes up to 13.75% p.a. The best personal loan interest rate depends on the type of loan availed.
  • Security: No collateral security is required for the loan.
  • Repayment: Flexible repayment options with a maximum of 60 months 
    Special scheme: There are special schemes for pensioners and differently-abled persons

BOI Personal Loan Schemes Interest Rates

BOI Star Personal Loan
  • For fully secured loan: RBLR + 4.50% = 11.75% p.a.
  • For clean/unsecured loan: RBLR + 5.50% =10.85% p.a.
  • For a loan above Rs. 50,000 to senior citizens above 60 years: RBLR + 3.50% = 10.35% p.a.
  • For secured loan under tie-up arrangement: RBLR + 4.50% = 11.35% p.a.
BOI Star Pensioner Loan SchemeFor both secured and unsecured loans: RBLR + 2.50% = 9.35% p.a.
BOI Star Holiday Loan
  • For fully secured loan: RBLR + 4.50% = 11.35% p.a.
  • For unsecured/clean loan: RBLR + 5.50% = 12.35% p.a.
BOI Star Mitra Loan7.35% (1 Year MCLR) + 2.30% (CRP) + 0.30% (BSS)= 9.95% p.a.

BOI Personal Loan Schemes Fees

BOI Star Personal Loan
  • 2% of the loan amount, minimum Rs. 1,000 and maximum Rs. 10,000. 
  • Nil for Senior Citizens aged 60 years & above.
BOI Star Mitra Loan SchemeNil
Doctor Plus SchemeConcession of 50% in the processing charges as applicable to Personal Loans to the general public.
BOI Star Pensioners Loan Scheme
  • 2% of the loan amount, minimum Rs. 500 and maximum Rs. 2,000.
  • Nil for Senior Citizens aged 60 years & above.
BOI Star Holiday Loan Scheme
  • 2% of the loan amount, minimum Rs. 1,000 and maximum Rs. 10,000.
  • Nil for Senior Citizens aged 60 years & above.

Key Things About Bank of India Personal Loan Interest Rates

  • The Bank of India personal loan interest rates vary between 10.85% p.a.
  • The bank offers concessional rates to senior citizens above 60 years.
  • The bank charges lower interest rates on secured personal loans than unsecured ones.
  • Bank of India personal loan rates are linked to RBLR or MCLR
  • Current RBLR is 6.85% w.e.f. 01.06.2020 and BOI MCLR is 7.35% w.e.f. 01.10.2020.

Factors Affecting Bank of India Personal Loan Interest Rates:

A few factors below that affect interest rates on personal loans:

  • Amount of loan to be obtained
  • Monthly income
  • Status of the employer
  • Relationship with the bank
  • Repayment tenure
  • Credit score and repayment history
  • Individual negotiation skills

FAQs

Bank of India offers the following types of Personal Loans:

  • BOI Star Personal Loan
  • BOI Star Mitra Loan
  • BOI Star Holiday Loan
  • BOI Star Doctor Plus
  • BOI Star Pensioner Loan

The rate of interest ranges from 10.85% p.a., depending on the type of loan.

The tenure ranges from 12 months to 60 months, depending on the type of loan.

The quantum of loan can be up to Rs. 10 Lakhs, depending on the type of loan.

Salaried individuals, self-employed individuals/professionals and businessmen can apply for the loan. There are special loans for pensioners, physically challenged persons and qualified doctors.