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Bank Of India Personal Loan Details With Interest Rate

Kindly Check Complete Details For Bank Of India Personal Loan.


Bank Of India
Personal Loan
12.90%-13.90%
2%(1,000-10,000)
5-10 lacs
Upto 60 months
Full Details for Bank Of India Personal Loan

Bank of India Types of Loans


1.BOI Star Personal Loan
Star Personal Loan Scheme provides loan to meet various Personal requirements of customers and their family.
Bank offers loans for marriage expenses, medical expenses, educational expenses, purchase of consumer durables etc. Maximum quantum of advance is Rs.10.00 lakhs, depending upon the income, with very attractive interest rate and easy repayment plan.
Key Features of Bank of India Personal Loan:

  • Any sort of expenses that an individual might face whether it is a personal expense or a business related one; Bank of India personal Loan can be used for financing such expenses. In this regard, the loan granted by the bank is called a multi-purpose loan fulfilling all requirements.
  • These Bank of India personal loans are extended to all salaried individuals, Business professionals and individuals with a high net worth, individuals drawing regular pensions, or family pensioners drawing regular monthly pensions from the branch, staff members, retired employees ( not dismissed compulsorily retired) of the bank.
  • The maximum amount of loan to be sanctioned is Rs.10 lakhs. However, this depends upon the income of the individual.
  • The Bank of India offers personal loans at very attractive interest rates and easy repayment plan.
  • These loans are issued in the form of demand/term loans or a reducible or non-reducible overdraft facility.
  • However, for personal loans extended to confirmed employees of government institutions, central and state based organizations, PSU’S under reducible overdraft facility a maximum loan of Rs.1 lakh can be availed.
  • Depending upon the purpose of the loan, Bank of India offers personal loan in the form of unsecured loans (loans without collateral) and secured loans (loans with collateral).
  • Unsecured loans are extended for personal expenses such as a close family member’s wedding, Medical expenses towards treatment of a close family member, for education funding of self, spouse, children or a near relative, for renovations/repairs or extensions of existing house/flats, any other personal expenses of bona fide nature as approved by the bank.
  • Secured loans are extended for the purpose of refinancing (transfer of existing loans from other banks or financial institutions to Bank of India, Purchasing customer durables, computers, professional equipments’ etc.
  • The bank must be provided by legal mortgage/ equitable a charge of the commercial or residential property as primary security. Hypothecations on the assets have to be acquired by the banks to offer personal loans.
  • The bank requires collateral security in the form of pledge of gold, gold ornaments, NSC’S, Indira Vikas Patra, Bonds, LIC policies, Relief Bonds etc.

Eligibility
Salaried employees, Professionals and individuals with high net worth, regular pensioners or family pensioners drawing regular monthly pension through Branch, Staff members, retired employees (other than dismissed/compulsorily retired) of our Bank.
 

Types of advance

  • Demand/Term Loan/Overdraft (reducible as per repayment schedule) 
  • Overdraft limit (not reducible as per repayment schedule) maximum up to Rs.1 lac to confirmed permanent employees of Central/State Govt. /Reputed Corporates and PSU's.

Purpose

  • Clean/Unsecured loans
  • Marriage expenses of self, son, daughter or a dependent near relative.
  • Medical Expenses incurred/to be incurred for self, spouse, children, dependent near relative.
  • For education of self/spouse/ children/ near dependent relatives.
  • For repairs/ renovation/ extension of existing house/flat.
  • Any other personal expenses of bonafide nature as approved by the Bank
  • Secured loans
  • Repayment of existing housing loans from other banks/Financial Institutions, etc.
  • Repairs/ Renovation/ Extension of House property. Education of self, spouse, children, near dependent relatives.
  • Purchase of consumer durables, computers, professional equipment’s etc.

Quantum of Advance

  • 10 times of monthly net Emoluments(take home pay) in case of salaried Employees
  • 50 % of Gross Annual Income as per last Income Tax Returns for professionals/individuals of high net worth
  • 20 times of monthly Gross Emoluments in case of salaried Employees
  • 100 % of Gross Average Annual Income as per last three years Income Tax Returns for professionals/individuals of high net worth

Rate of Interest (Floating Rate of Interest p.a. at monthly rests)

  • » BOI Star Pensioner Loan Scheme- 11.60%
  • » BOI Star Mitra Personal Loan – 10.60%
  • » Normal Persons / Men – 14.60%
  • » For Women – 14.10% (concession to women – 0.50 %)
  • » Senior Citizens – 12.60%
  • » Interest Rates under Secured loan – 13.60% for women & 13.60% for others.

Processing Charges 

  • One time @ 2.00% of loan amount Min. Rs.1000/- and Max.Rs.10,000/- (Plus S.T.)
  • No processing charges for Senior Citizens (60 years & above)

Other Charges

  • Stamp charges for documents: At actual


2.Star Mitra Personal Loan
(A SPECIAL LOAN SCHEME FOR THE PHYSICALLY CHALLENGED)

Key Features of Star Personal Loan: 

  • This Bank of India personal loan is issued to all salaried and self-employed professionals who are physically challenged, physically challenged minors (through their parents and legal guardians). However, the Bank of India personal loan cannot be advanced to middlemen and NGO’S.
  • This Bank of India personal loan is extended for the purchase of durable and sophisticated aids, and appliances that promote the individuals well-being on social and physical grounds.
  • This Bank of India personal loan is a secured loan issued in the form of demand/term loans.
  • The maximum amount of loan sanctioned under this scheme is kept at Rs.1 lakh.
  • The Bank of India personal loan amount eligibility depends upon the net take home pay.
  • A salaried professional’s income required for Bank of India personal loan is up to 10 times of his Net take home pay (NTHP).
  • A non-salaried self-employed professional can apply for a Bank of India personal loan amount up to 50% of the net annual income as per latest Income Tax Returns.
  • In case of extending loans to minors, the income of the parents or the legal guardian will be considered eligible for deciding the loan amount.
  • However, before applying for this Bank of India personal loan he should calculate EMI for Bank of India personal loan. For that the applicant must make sure that his net take home pay should not be less than 40% of the applicant’s gross pay. Deductions include the applicant’s liabilities including EMI’s of current loans, if any; and EMI of the applied loan.
  • The individual is required to pay a minimum margin of 10% for extending personal loans from Bank of India.

Repayment tenure for Bank of India personal loan:

Bank of India personal loan has to be paid back within a maximum period of 60 months from the completion of the month after the full disbursement or completion of three months after first disbursement (whichever is lower) i.e. the applicant has to pay off the entire loan by ways of 60 equated monthly installments immediately after the completion of the first month of the loan advancement or the completion of the third month, subject to the lower of the two tenures. However, minimum period of repayment is kept at 12 months i.e. the applicant can opt to pay off the entire loan by ways of 12 equated monthly installments.

Interest rate for personal loans:

Bank of India personal loan interest rate is a fixed rate method and the interest rate is linked to the existing base rate on a monthly basis. Base rate is the lowest interest rate at which the bank can issue loans. The interest is compounded monthly on reducing balance basis. The current interest rate of the bank stands at 1% above the existing base rate. However, this is applicable only in the case of new loans.

  • The bank requires hypothecation rights on the equipment purchased from the funds issued by the bank as loan.
  • The bank does not provide insurance cover along with Bank of India personal loan. However, applicants as per their will may apply for the same at their expenses.
  • The bank does not levy any kind of processing charges on the loans it extends to physically challenged individual.

Objective    
To help Physically Challenged persons to function independently.

Purpose    
To purchase durable and sophisticated aids / appliances that promotes their physical and social rehabilitation.

Eligible Customers    
All Physically Challenged Individuals – both salaried and self-employed, All Physically Challenged Minors through their Parents/Legal Guardians. (No advances to middle-men and NGOs).

Type of Advance    
Demand / Term Loan - Secured

Amount    
Max. Rs. 1 lac (No minimum stipulation)

Eligible Amount    

  • 10 times of net salary for salaried persons and 50% of net annual income as per latest Income Tax Return for Self-employed/Professionals.
  • Net take home income should not be less than 40% after availing this loan. (In case of Minors, the income of the Parents/Legal Guardians would be the deciding criteria for eligibility).

Margin    

10%

Repayment    
12 to 60 months, commencing one month after full disbursement/ three months after first disbursement, whichever is earlier.

Rate of Interest

Particulars

Rate of interest

Star Mitra Personal Loan

1.00% + BSS (0.30%) above 1 Year MCLR [Fixed]
[Applicable only to the new loans]

Security    
Hypothecation of the Equipment purchased out of Bank Finance

Insurance    
Waived . However, Borrower is advised to obtain insurance at his own cost.

Processing Charges    
Waived

Other Terms and Conditions    
i.Doctor’s Certificate to be obtained regarding the extent of handicap and the need for the equipment.
ii.Quotation/Invoice in respect of the equipment to be purchased.
iii.Stamped receipt to be submitted after purchase of the equipment.
ALL OTHER TERMS & CONDITIONS INCLUDING DOCUMENTATION OF STAR PERSONAL LOAN SCHEME WILL APPLY

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