Bank of India offers a range of personal loans, including loan schemes that are tailored to pensioners, physically-challenged borrowers, and salary account holders in need of funding during the COVID-19 pandemic. Depending on your eligibility, BOI interest rates start as low as 6.85%. However, most unsecured personal loan interest rates at Bank of India begin at 12.35%, which is comparably higher than most other banks. Thus, If you are seeking a small personal loan and also match BOI's eligibility criteria, then the Bank of India personal loan is a good option to consider.
|Summary of Bank of India Personal Loans|
|Low interest rates for pensioners, physically-challenged borrowers and salary account holders|
|Interest rates for other borrowers start at 12.35%|
|Loan term maximum of 3 to 5 years|
|Small personal loans available|
Table of Contents
What Makes Bank of India Personal Loans Stand Out to Borrowers
Unlike most lenders, Bank of India offers both unsecured and secured personal loans, as well as loan schemes for borrowers affected by the COVID-19 pandemic. In the table below, you can find each BOI personal loan scheme and features that make them stand out amongst the rest.
|Bank of India Loan Scheme||Features|
|BOI Unsecured Personal Loan|
|BOI Secured Personal Loan|
|BOI Star Pensioner Loan Scheme|
|BOI COVID-19 Personal Loan|
|BOI Star Mitra Personal Loan|
Bank of India Personal Loan Interest Rates
Bank of India's unsecured personal loan — the BOI Star Personal Loan — charges interest rates from 12.35% and up, which is one of the highest personal loan interest rates amongst the banks that our financial analysts reviewed. However, it's possible to avail much lower interest rates if you are eligible for a BOI personal loan scheme.
Below, you will find the different rates of interest that Bank of India advertises on their website.
|Bank of India Loan Scheme||Minimum Interest Rate|
|BOI Unsecured Personal Loan||12.35%|
|BOI Secured Personal Loan||11.35%|
|BOI Personal Loan for Senior Citizens||10.35%|
|BOI Star Pensioner Loan||9.35%|
|BOI Star Mitra Personal Loan||8.75%|
|BOI COVID-19 Personal Loan||6.85%|
With a BOI secured personal loan, you are eligible for interest rates as low as 11.35%. However, you would need to put down collateral in exchange for personal funding.
Accepted Collateral for BOI Personal Loan
- Gold or gold ornaments
- NSC or Indira Vikas Patra
- Assignment of LIC policies
- Relief Bonds
Senior citizens and pensioners will find the best BOI interest rates, which start at 9.35%, and are the lowest rates offered to pensioners amongst all the banks we analysed. If you are 60 years old or above, you should consider Bank of India for your personal financing needs.
The BOI Star Mitra Personal Loan is dedicated to supporting physically-challenged borrowers, and likewise, offers very generous interest rates of 8.75% and up. Similarly, the BOI COVID-19 personal loan charges rates as low as the repo rate — currently 6.85% — for salary account holders who are in need of funding during the pandemic.
Bank of India Personal Loan Eligibility Criteria
Bank of India requires borrowers to be a customer of the bank, or in others words, hold a salary account with BOI. This is not unusual, as many banks prefer to lend to borrowers who they already have a relationship with.
To be eligible for a BOI personal loan, you should be a salaried employee, pensioner, or self employed professional with a high net worth. Bank of India does not advertise its income requirement, but it does share personal loan eligibility per job position, as seen below:
|Salaried Borrower||Self Employed Borrower|
|Unsecured Personal Loan||10 times monthly take home pay||50% of gross annual income per last income tax return|
|Secured Personal Loan||20 times monthly take home pay||100% of gross annual income per last income tax return|
Nonetheless, the maximum BOI loan amount that you can avail is Rs. 10 lakhs, while minimum loan amounts vary depending on where you are located. For instance, if you live in a metro or urban center like New Delhi, you can borrow as little as Rs. 10,000. For borrowers in rural or semi urban centers, there is no minimum loan amount.
Finally, your Bank of India personal loan tenure is determined by the type of loan you apply for. BOI unsecured loans have a loan term maximum of 3 years, or 5 years in exceptional cases, while all BOI secured loans have a loan term maximum of 5 years. If you are seeking an unsecured loan, you will find longer loan tenures at HDFC or SBI, amongst many other banks with a loan term maximum of 4 years or more.
Bank of India Personal Loan Processing Fee and Other Charges
Bank of India charges a standard processing fee of 2.00% of the total loan amount, with a minimum of Rs. 1000 and maximum of Rs. 10,000. However, your processing fee will be waived if you fall under one of the following categories:
- Senior Citizen (above 60 years old)
- BOI Pensioner Loan
- BOI COVID-19 Personal Loan
- BOI Star Mitra Personal Loan
Bank of India Personal Loan: Apply
You can apply for a COVID-19 personal loan online, but all other BOI personal loans have an in-person application process. Unfortunately, the lender does not provide a list of personal loan required documents.
Bank of India Personal Loan Customer Care
To find out more about the Bank of India personal loan application process, you should visit the nearest BOI branch for details or call one of the numbers below.
- Bank of India Personal Loan Customer Care: 8010968305
- SMS "PL" to: 9344019494
- Bank of India General Enquiries (Toll Free): 1800 103 1906
- Click Here to Find a BOI Branch or ATM