Bank of India (BOI) is the most popular national Bank. It has over 1 lakh+ branch in India with 250+ computerized branches. In this post, I’ll cover the basic details of getting an instant personal loan from BOI with its details, process, eligibility, etc.
Table of Contents
Loan Details
| SL. No. | Category | Data |
| 1 | Rate of Interest | 8.35-10.35% |
| 2 | Loan amount | Up to 10 Lakhs |
| 3 | Tenure | Up to 5 years or 60 months |
| 4 | Processing charge | 2-4% |
| 5 | Minimum/Maximum age | 23 to 75 years |
| 6 | Minimum monthly income | Rs 10,000 per month |
Steps to apply for BOI Personal Loan
Step-1: Open the official website of BOI and open the application form.
Step-2: Enter your personal details like Name, Mail-id, Phone number, address, age, income, total work experience, etc. correctly.
Step-3: Check it again and then submit that form and your application for BOI personal loan is done.
After review of your form, the agent from BOI will contact you.
Features of BOI Personal Loan
- Best interest rates
- Easy repayment plan
- Less paperwork
- Fast procedure and approval
- Doorstep services also available easily
Types of BOI Personal Loan
There are various types of BOI personal loans and they are:
- Star Loan– For fulfilling needs like education, weddings, etc.
- Pensioner Loan– For senior citizens financial help.
- Covid Loan– Urgent pandemic help financially.
- Star Doctor Plus Loan– For registered and verified medical practitioners, investors, etc.
Eligibility Criteria
Based on the types, eligibility requirements differ.
For BOI Star personal loan:
- Applicants age: 23 years or more
- Regular customers getting pensions from BOI
- Loan value should not exceed 40% of the applicants income
For Pensioner Loan:
- Applicants age: 60 years or more
For Covid Loan:
- Applicants age: 23 years or more
- Applicant must have one BOI account
For Star Doctor Plus Loan:
- Applicants age: 25 years or more
- Should possess a verified doctorate degree
Required Documents
The need of documentation is common for all types of BOI personal loans. They are:
- Identity proof (Voter ID/Adhar card/Driving license)
- Passport sized photographs
- PAN Card
- Residential proof (Bills/Ration card)
- ITRs
- Doctoral verified certificate (if applicable)
Comparison of BOI personal Loan with other banks
| SL. No. | Bank Name | Processing charge (without GST) | Interest rate | Loan amount |
| 1 | ICICI | 2.25% | 10-20% | Up to 40 Lakhs |
| 2 | HDFC | 2% | 10.2-18% | 15/50 Lakhs |
| 3 | IDFC | 2.5% | 10-30% | Up to 40 Lakhs |
| 4 | IDBI | 2% | 14% | Up to 10 Lakhs |
| 5 | Axis | 1.5% | 10.5-24% | Up to 30 Lakhs |
Check Status
You can instantly check the status of your BOI personal loan by clicking on the following button.
Contact Details
Toll-free numbers: 1800-220-229 or 1800-103-1906
Write a note on: Bank Of India, Star House, C – 5, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051
FAQs
1]. Who are eligible for availing personal loans from BOI?
Individuals involved in medical sectors, senior citizens, business firm owners, etc. are eligible.
2]. How is the rate of personal loan interest decided?
It depends upon various factors like credit score, age, loan amount, etc.
3]. Why should I prefer personal loan from BOI?
BOI offers the instant process of approving personal loans with minimal paperwork and attractive rate of interest.
4]. What to do if I miss paying EMI?
You will be levied on a penalty amount.
5]. Does BOI offers secured/unsecured loans?
BOI offers both. Secured loans are approved against collateral, while the unsecured loans are given to individuals based on their CIBL scores.
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