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Bank of India Personal Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
BOI Star Personal Loan 12.90% - 13.90%, Floating 1,000 to ₹10,000 + applicable tax, One time fee 10,00,000 60 months
Details
Documents Required

  • Duly filled in application form along with 3 recent passports sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Identity Card of Employer
  • Proof of Income: Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • Get loans at competitive interest rates
  • Simplified application form for easing out both applicants as well as approval procedure
  • Loans can be availed for a range of purpose which includes home renovation, education, wedding, medical expenses and so on.
Eligibility

  • The applicant should be any one of the following to secure the home loan from Bank of India – Salaried Individual, Self-employed personal, professionals, Non-Resident Indians, Hindu Undivided Family, Proprietor Firm, Persons of Indian Origin, Partnership firms and Corporate
  • The minimum age of the applicant should be 21 years
  • The applicant should have a regular source of income to secure the loan
Other Details

  • The maximum amount of loan availed under this scheme is Rs 10 lakhs
  • The applicants can avail 10 times of monthly net take home pay.
  • The processing fee is 2.00% of the loan amount
  • Stamp charges for documents will be levied on the borrowers
BOI Star Education Loan 1 year MCLR+2.50% 0 Up to 20 lakh Up to 15 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip and bank statement for the last 6 months.
  • Educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
  •  FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
  • Educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
Benefits

  • Life insurance premium for life cover of student/borrower
  • Insurance covers in travel expenses/passage money for studies abroad
  • Loan cover in purchasing of laptops or computers if required.
  • Insurance cover in any other expenses like study tours, project work, thesis.
  • Need-base finance subject to earning potential of the student upon completion of the course with and the following ceilings
  • Studies in India- Rs 10 lakh
  • Studies in abroad Rs 20 lakh
  • MARGIN-NIL
  • Up to Rs 4 lakh- NIL
  • Above Rs 4 lakh- Studies in India- 5%
  • Studies abroad- 15%
  • A scholarship could be included in margin
  • SECURITY- Up to Rs 7.50 lakh- Parents must be a co-borrower
  • Above- Rs 7.50 lakh- Co-obligation of parents together with tangible collateral security of suitable value along with the assignment of future income of the student for payment of instalments.
  • NOTE- The security can be in the form of land, property, building, NSC, KVP etc in the identity of students and the parents with suitable margin.
Eligibility

  • Resident type- Must be an Indian
  • Good academic career
  • Father/mother should be a co-borrower
  • The student shouldn't have any outstanding loan from other institution
  • The student must have secured permission to a higher education course in recognized institutions in India or abroad through entrance test selection process after Metric/12th or equivalent
  • For studies in India:
  • Approved courses like regular graduation, post-graduation, Pg or diploma under an affiliated college/universities by UGC/AICTE/AIBMS/ICMR.
  • Courses like CFA, CA, ICWA are eligible for this loan.
  • Students who are pursuing courses which are conducted by NID, NIFT, IIT, IIM, IISc, XLRI are also eligible to avail this loan.
  • For studies in abroad:
  • Post-graduation- MBA, MCA, MS etc
  • Courses conducted by CIMA London, CPA in USA.
  • Graduation for job oriented professionals/technical courses offered by reputed universities.
  • All the students are offered a specially designed OPTIONAL term insurance covers and the premium can be included as a feature of finance.
Other Details

  • This scheme provides financial support to meritorious students for pursuing advance education in India as well as abroad.
  • Loan covers in hostel charges, computer fees, uniforms, books, examination fees, development fees and other basic charges which are required at the time of admission.
  • INTEREST- I YEAR MCLR+1.70% To 1 YEAR MCLR+2.50%
  • Penalty charges- 2% of the outstanding balance in case of take over.
  • 0.50% p.a share agreement for loans/advances to women beneficiary
  •  REPAYMENT:- Repayment period- 15 years after initiation of repayment.
  • PROCESSING FEES- No processing fees for students studying in INDIA
  • For study in abroad- Rs 5000 processing fees.
BOI Star Mitra Personal Loan 1.00% 2% Up to Rs 1 lakh Up to 5 years
Details
Documents Required

  • Doctor's certificate specifying the area of handicapped and the need of equipment
  • Identity proof- Aadhar card, PAN card, Voter id card, Driving license
  • Address proof- Utility bills, Passport, Driving license, PAN card
  • Income proof- Last 3 months salary statements
  • Duly filled star mitra loan application form
  • Bank statements
  • Passport size photographs
  • Quotation/invoice in respect of equipment to be purchased
  • Stamped receipt to be submitted after the purchase of the equipment
Benefits

  • Minimum documentation
  • No minimum limit
  • Low processing fees
  • Quick approval
  • Available in the form of demand/term loan
  • 10% margin
  • Maximum loan amount- Rs 1 lakh
Eligibility

  • Salaried/ Self- employed physically handicapped applicants.
  • Physically handicapped minors are also eligible on behalf of their parents/guardians.
  • 10 times of net salary for salaried persons
  • 50% of the net annual income as per latest income tax return for self employed
Other Details

  • Star Mitra Personal Loan provides benefits to physically handicapped people. It is used to purchase physical aids and appliances. It offers minimum documentation, easy processing, low-interest rate and much more. So go and grab this loan to live your life independently.
  • Tenure-1 year to 5 years
  • Interest Rate- 1.00%+BSS(0.30%) above 1 year MCLR
  • Processing fees- 2% of the loan amount Min Rs 1000 and Maximum Rs 10,000
  • No processing fees is required for senior citizens (Min 60 years or above)
BOI Star Doctor Plus Loan 1 year MCLR+3.00% 50% 20 lakhs 84 months
Details
Documents Required

  • FOR SALARIED EMPLOYEES
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip and bank statement for the last 6 months.
  • Educational proof
  •  FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
Benefits

  • No collateral security required up to Rs 5 lakhs
  • Over 5 lakhs and up to Rs 10 lakhs- Third party guarantee of satisfactory value.
  • Available in the form of demand/term loan
  • No margin
    Take home pay- Monthly gross income up to Rs 1 lakh- NTH minimum 40%
  •                            Monthly gross income over Rs 1 lakh to 5 lakhs- NTH minimum 30%
  •                            Monthly gross income over Rs 5 lakhs- NTH minimum 25%
Eligibility

  • Age limit must be a minimum of 25 years old to maximum of 75 years old
  • Outer age is the age by which the advance facility should be repaid in full.
  • Constitution of borrower individual/ joint/ proprietorship
  • Quantum of loan- (For salaried) 24 times of gross monthly salary and 2 times of gross annual income as per income tax return (for non-salaried).
  • Qualified medical specialist with a minimum of 3 years of experience in any branch of medical science recognized by MCI/DCI.
Other Details

  • This loan can be hired for any purpose like acquisition of gold, investment in shares and for the hypothetical purpose not permitted. Convenient declaration to be submitted in this regard.
  • Interest rate- 1 year MCLR+2.00% + BSS(0.30%) to 1 year MCLR+3.00% + BSS(0.30%)
  • Processing fees- 50% concession in charges as available to members of public
BOI Star Vidya Loan Up to 10.70% 0 30 Lakhs Up to 15 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip and bank statement for the last 6 months.
  • All the educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
  •  FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
  • All the educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
Benefits

  • Courses covered- Regular full-time Degree/Diploma courses and full-time management courses like PGPX(Post Graduate Programme in Management for Executives) for IIM are also covered.
  • Quantum of loan- Rs 10 to 30 lakhs
  • No collateral security
  • Parents/Guardian can join as co-borrowers
  • No margin
  • Coverage of expenses- Fees payable to college, school, hostel, examination, library, books, computer, or any other expenses related to education
Eligibility

  • Student resident type- Must be an Indian.
  • Must have secured permission in a selected Premier Educational Institutions in India, through entrance test/selection process
Other Details

  • When it comes to educational loan BOI offers Star Vidya Loan scheme for students of top-ranking institutions in India.
  • Interest Rate- 10.20% to 10.70% and 0.50% concession in ROI to girls students.
  • Repayment period- 10 years up to 7.5 lakhs
  • 15 years more than 7.5 lakhs
BOI Star Pensioner Loan Scheme 1 year MCLR+2.50% 2% from the loan amount Up to 5 lakhs 60EMI
Details
Documents Required

  • Signed loan application form.
  • Passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip for the last 3 months and bank statement
Benefits

  • Available in the form of demand loan/term loan/overdraft
  • Below 75 years of age- 15 times of monthly pension (for pensioner and family pensioner maximum loan amount is Rs 5 lakhs. (In case the Pension payment order(PPO) is held in the branch).
  • 15 times of monthly pension (max loan amount for pensioners Rs 3 lakh and Max loan amount for family pensioner Rs 1.5 lakh. (in case the pension is received at the branch from treasury or Defence Pension Disbursing Office)
  • Above 75 years of age- Maximum loan limit is Rs 1 lakh
  • As per the eligibility criteria, a borrower may sanction more than one loan secured as well as unsecured loan.
  • If the PPO is held in the branch or the pension is received at the branch from treasury or Defence then the loan amount offered is 3 times the net pension, the maximum loan amount is Rs 50,000/-
  • Amount will be credited to saving account.
  • Minimum documentation
  • No processing charges for senior citizens having a minimum age limit of 60 years and above.
Eligibility

  • BOI star pensioner loan scheme is offered to family pensioners or regular pensioners or retired employees
  • An existing employee of the bank can also avail this loan facility
  • Age of family pensioners and regular pensioners doesn't exceed 75 years old at the end of the repayment period.
Other Details

  • This loan is for senior citizens who want to meet his/her personal expenses like medical expenses, marriage purpose, extension or renovation of the existing house and much more.
  • Retired applicants and Regular pensioners or family pensioners drawing regular monthly pension through the branch can avail this loan fallibility
  • Interest Rate
  • Fully secured/clean/unsecured as per star pensioner loan scheme- 1year MCLR+2.50%
  • Repayment
    For secured advance- 60 EMIs with effect from one month after 1st disbursement.
  • For unsecured/clean advance- 36EMIs with effect from one month after 1st disbursement.
  • Processing fees
  • Fully secured/clean/unsecured- 1 year MCLR+2.50%
  • For pensioners one time charge of 2% from the loan amount, Min- Rs 500 and Max- Rs 2000/-
BOI Star IPO Up to 1 year MCLR+4.50% 1% sanctioned from the loan amount Up to 10 lakhs Up to 60 days
Details
Documents Required

  • Passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip for the last 3 months and bank statement
  • Duly signed all the application form
Benefits

  • Available in the form of demand loan.
  • 50% margin
  • Minimum documentation
  • Low processing fees
  • Maximum loan period- 60 days
  • Quantum of loan- Maximum Rs 10 lakhs per borrower
Eligibility

  • Applicants who have PAN number and Demat account with BOI are only eligible for the Star IPO.
Other Details

  • Star IPO allows investors to invest in Capital Market. It is a customizable scheme. Investors have to make an investment on a regular basis. Both buyers and sellers relate to each other and trade their capital and assets through an online platform. Stock exchanges like BSE and NSE offer the platform for which the transaction in capital market becomes easy.
  • Interest Rate
    Up to 60 days 1 year MCLR+3.25%+BSS(0.30%)
  • Above 60 days 1 year MCLR+4.50%+BSS(0.30%)
  • Processing Fees
  • 1% of the limit sanctioned from the loan amount Min Rs 1000/- to Max Rs 5000/- per annum.
BOI Star Holiday Loan Scheme Up to 1 year MCLR+5.50% 2% charged from the loan amount Up to 10 lakhs Up to 36 EMIs
Details
Documents Required

  • FOR SALARIED EMPLOYEES
  • Signed loan application form.
  • Passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip of last 3 months and bank statement
  • FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
Benefits

  • Available in the form of demand loan
  • No margin
  • Low processing fees
  • Minimum documentation
  • Repayment maximum 24 EMIs with effect from one month after the first disbursement from the loan amount. (Up to 36 EMIs in exceptional case only)
  • Processing fees will not be charged for senior citizens
  • The minimum loan amount offered is 10,000/-
Eligibility

  • This scheme can be avail by salaried employees, self-employed, business owners, agriculturist, pensioners and existing bank staff members also.
Other Details

  • Star Holiday Loan Scheme allows applicants to meet expenses related to travel and vacation like train, bus and airfare charges. The loan also allows to avail the facility of accommodation, shopping, sight exploring and much more.
  • Quantum of Loan
  • Maximum loan amount Rs 2 lakhs (clean)
  • If the collateral security is equal to 50% of loan amount sanctioned then the maximum loan amount will is 5 lakhs
  • If the collateral security is equal to 100% of loan amount sanctioned then the maximum loan amount will is 10 lakhs
  • Interest Rate
  • For senior citizens of age limit of 60 years and above 1 year MCLR+3.50%
  • Financing secured under tie-up arrangements- 1 year MCLR+4.50%
  • Fully secured- 1 year MCLR+4.50%
  • Clean/unsecured- 1 year MCLR+5.50%
  • Processing Cost
  • 2% is charged from the loan amount to a minimum of Rs 1000 to a maximum of Rs 10,000/- with applicable service tax.
BOI Pradhan Mantri Kaushal Rin Yojna (Skill Loan Scheme) 1 year MCLR+1.50% 0 Up to 150,000 Up to 7 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip for the last 3 months and bank statement
  • All the educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
  • FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
  • All the educational documents of student
  • The loan documents should be attached jointly by the student and the parent(s).
Benefits

  • Minimum loan amount is Rs 5000/- to a maximum of Rs 150,000/-
  • Coverage of expenses- Fees payable to college, school, hostel, examination, library, books, tuition fees or any other expenses related to education
  • No margin
  • Minimum documentation
  • Low processing fees
  • No collateral or third party guarantee will be taken.
  • Upon completion of course repayment will start after a moratorium period.
  • Insurance is optional as per the requirement of the borrower.
Eligibility

  • The applicant must be an Indian.
  • All students are eligible for skill loan there is no restriction of age limit.
  • No minimum course duration
  • Students who are studying in polytechnic or in a central and state government boards affiliated to a recognized university.
  • Degrees which are issued by National Skill Development Corporation(NSDC)/Sector Skill Council, State Skill Corporation are eligible for skill loan scheme (as per National Skill Qualifications Framework- NSQF)
  • Above mentioned all courses will be covered by the skill loan scheme.
Other Details

  • PMKRY offers loan facility to country's youths who want to set their skill in a high level by taking part in skill development courses.
  • Interest Rate:-
  • 1 year MCLR+1.50%
  • Processing Fees:-
  • 1% of interest agreement may be provided for the loaners.
  • No further charges required
  • Repayment Period:-
  • Loan amount up to Rs 50,000- 3 years
  • Loan amount from Rs 50,000 to Rs 1 lakh- 5 years
  • Loan amount above Rs 1 lakh- 7 years
FAQs

Q: What are the types of personal loan in the Bank of India?

A: Bank of India offers two types of personal loan borrowers that are secure and unsecured personal loans.

Secure personal loans are granted against some security or collateral while unsecured personal loans do not require any collateral.

Q: What are the interest rates BOI providing for Personal loan borrowers?

A: BOI offers an attractive rate of interest for the personal loan applicants. The interest rate range is from 12.90% to 13.90% Based on the borrower's profile.

Q: How much is the processing fee for a personal loan in Bank of India?

A: BOI is charging 2% of the loan amount with at least Rs.1,000 and a maximum of Rs.10,000 along with applicable service tax.

Q: Why should I choose Bank of India for a personal loan?

A: Bank of India provides 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.

Q: What are the features of star personal loan in the bank of India?

A: The personal loan product offered by the bank is known as BOI Star Personal Loan with attractive features as follows:

  • The maximum loan quantum offered by this loan is up to Rs.10 lakhs. The loan amount is determined by the applicant's income.
  • 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 unsecured loan option from Bank of India.
  • 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.
  • BOI 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.
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