Availing Bank of India personal loans is a smooth process as the lender offers the same credit facility to all the applicants at an attractive interest rate. The bank offers the loan to one and all and ensures that you get the loan in the best way. To know more about BOI personal loan interest rates, just read the page below.
Bank of India Personal Loan Interest Rate Details 2024
Bank of India Personal Loan Interest Rates is dedicated to providing fair and competitive interest rates from 10.85% p.a.- 14.85% p.a. to meet the demands of its clients, including debt consolidation, personal spending, and unforeseen financial situations. To make sure that borrowers can easily and confidently manage their money, the Bank of India has customized its interest rates for personal loans to be more appealing and accessible
| Particulars | Details |
|---|---|
| Interest Rate | 10.85% to 14.85% (Salaried / Pensioner) RBLR + 2.50% = 11.85% (For others) |
| Loan Amount | ₹10, 000- ₹20 Lakh |
| Tenure | 3 Years |
| CIBIL Score | 750 and Above |
Star Personal Loan Scheme
| Irrespective of loan amount & for Individuals Spread is from 3.50% to 5.50% | |
|---|---|
|
Fully Secured |
RBLR + 4.50% = 13.85% |
|
Clean/Unsecured |
RBLR + 5.50% = 14.85% |
|
For Senior Citizens aged 60 years and above & for loans up to Rs. 50000.00 |
RBLR + 3.50% = 12.85% |
|
Financing Secured under tie-up arrangements. |
RBLR + 4.50% = 13.85% |
Advantages of Bank of India Personal Loan
Here are the few benefits of a Bank of India Personal Loan which could be beneficial for you:-
- Low Interest Rates - As the Bank of India has some of the lowest interest rates available, borrowers will be able to take advantage of lower monthly payments and overall borrowing costs.
- No Hidden Charges - Under Bank of India personal loan, from the start you know exactly what you are signing up for. Transparency is a fundamental value. You can be sure there aren't any unstated fees when you take out a personal loan.
- Minimal Documentation - The minimum documentation requirements at the Bank of India make applying for a personal loan a hassle-free affair. To help you obtain the money you require more quickly and easily without having to deal with a lot of paperwork, the bank has streamlined its processes.
- Apply Online - In the era of digital technology, convenience is crucial. With Bank of India, you may apply online for a personal loan from the convenience of your home or place of business. Easy and simple to use, the online application process lets you apply online, upload necessary documents, and monitor the progress of your loan through a safe online portal.
Calculating EMIs on Bank of India Personal Loans at Different Interest Rates
You may calculate your debt with the Bank of India Personal Loan EMI calculator. Our Wishfin personal loan EMI calculator can be used online to rapidly calculate the EMI amount.
Enter the loan amount, interest rate, and loan tenure to view the EMI for your Bank of India personal loan.
The table below displays the equal monthly installments (EMIs) for a Rs. 2,00,000 personal loan with interest rates of 10.85% p.a. up to 14.85% over terms of one to five years. You can alter the loan amount and other details to suit your needs.
|
Tenure (In Years) |
EMI (at 10.85% interest rate) |
EMI (at 14.85% interest rate) |
|---|---|---|
|
1 |
₹17,662.34 |
₹18,037.51 |
|
2 |
₹9,307.65 |
₹9,683.08 |
|
3 |
₹6,533.55 |
₹6,918.38 |
|
4 |
₹5,154.55 |
₹5,550.95 |
|
5 |
₹4,333.54 |
₹4,742.25 |
What Should You Do to Fetch the Lowest Interest Rate from Bank Of India
To ensure that you receive the best interest rate from the Bank of India or any other financial institution, here are some tips that can help you get a low interest rate from the Bank of India:-
- Improve your Credit Score - A personal loan with a higher credit score will probably have a lower interest rate because the bank will view you as a less risky borrower.
- Always Use your Salary Account - Use your salary to negotiate a better price on a personal loan if you are an employee. Getting a personal loan from a bank where you have a salary account is advantageous because personal loans are granted based on a person's credit history.
- Compare Interest Rates and Seasonal Offers - Before applying for a loan, it's critical to examine the interest rates and terms and conditions provided by different banks to make sure you're getting the best deal possible on a personal loan.
- Keep an Eye on Other Charges - You should consider all of the charges associated with a loan when evaluating its overall cost. To make a decision, you must take into account the interest that will apply for a particular tenure, processing fees, and foreclosure charges.
Documents Required for Individuals/ Salaried and Self-Employed Professionals
For Individuals -
- Proof of identity (anyone): PAN/Passport/Driver Licence/Voter ID
Proof of Address (any one): Passport/Driver Licence/Aadhar Card/ Latest Electricity Bill/Latest Telephone Bill/Latest Piped gas bill
- Proof of Income (anyone):
For Salaried -
- Latest 6 Month Salary/Pay Slip and One-year ITR/Form 16
For Self Employed -
- Last 3 years ITR with CA certified Computation of Income/Profit & Loss Account/Balance Sheet/Capital Account Statement.
Other Charges Associated with Bank of India Personal Loan
|
Processing Fees |
2% of the loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs. 10,000 |
|
Prepayment and Foreclosure Charges |
No charges |
Bank of India Tenure Wise MCLR
| Tenure Wise MCLR | Effective Rate |
|---|---|
| Overnight MCLR | 8.15% |
| 1 Month MCLR | 8.40% |
| 3 Months MCLR | 8.55% |
| 6 Months MCLR | 8.75% |
| 1 Year MCLR | 8.95% |
Bank of India Personal loan Balance Transfer
When pursuing a personal loan balance transfer, the interest rates provided by the new lenders are typically less than those assessed by your current lender. The new lender's personal loan interest rate would also be determined by the amount of your current outstanding debt, the length of the loan, your income, your credit score, and other elements of your credit profile.
Compare Personal Loan Interest Rates from Different Banks
Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.
Frequently Asked Questions
1. What is the interest rate of a personal loan in the Bank of India?
The interest rates on personal loans offered by the Bank of India range from 10.85% to 14.85% p.a., based on the applicant's credit score, occupation, type of personal loan program, and lender relationship.
2. What is the interest rate of 3 lakhs, 7 lakhs, 5 lakhs, and 10 lakhs in the Bank of India?
The interest rate on a personal loan of 3 lakh, 7 lakhs, 5 lakhs, and 10 lakhs from BOI starts at 10.85% p.a. but the applicant’s CIBIL score, income, and other major financial considerations also play a crucial role in determining your rate of interest.
3. What will be the concession rate under Bank of India personal loan for women?
The bank offers an interest rate concession of 0.50% to its women borrowers.
4. What is the Bank of India Personal Loan Customer Care number?
The Bank of India Personal Loan Customer Care Number Toll-free number,
- Toll-free number (24/7) - 1800 103 1906
- Telephone number (chargeable) - (022) - 4091 9191
- Head office number- 022-6668 4444
5. How can I negotiate the personal loan interest rate with the Bank of India?
If you have a great CIBIL score and a strong existing relationship with your bank, you can negotiate with your bank to get a lower interest rate.
6. At what minimum credit score can the applicants avail Bank of India Personal Loan?
Bank of India has not disclosed the minimum credit score required from applicants seeking personal loans. Nonetheless, candidates who have credit scores of 750 or above are more likely to be approved for personal loans with cheaper interest rates.
7. What are the eligibility criteria for a personal loan under the Bank of India?
For the loan to be approved, the candidate must reside in India and be employed. The personal loan program is open to salaried workers, professionals, and high net worth individuals, retirees receiving a regular monthly pension from one of the bank's branches, staff members, and retired workers.
