Bank of India Personal Loan 2022

Bank of India Personal Loans

Bank of India Personal Loan Scheme i.e. BOI star personal loan offers personal loan at the most attractive rates of interest to satisfy various personal requirements of customers. Bank of India offers personal loans for marriage expenses, medical expenses, educational expenses and for other such genuine purposes. Bank of India has a ‘Bank of India Star Mitra Loan’ scheme specially designed to help Physically Challenged people to live independently. BOI Personal Loan Eligibility Calculator is the best tool to know your eligibility for the best personal loan you want to go for in the future.

To avail the personal loan in Bank of India, you need to fit into the below-mentioned eligibility criteria:

• Minimum age of the applicant must be 21 years and at max 58 years
• The borrower must be an employee or a self-employed individual
• A minimum monthly income of ₹ 15,000 is essential

BOI Personal Loan Eligibility Calculator

Finding out about the overall eligibility criteria for BOI Personal Loan, in order to fill up your application form properly and improve your chances of getting your desired amount. The table and example given below display how the eligibility is calculated on ₹ 1,00,000 loan amount;

As an important factor, the income & savings both are considered while assessing the overall eligibility. If the monthly income and savings are ₹ 43,000 and ₹ 23,000 respectively, then the loan amount that can be eligible for you is as per the calculation provided below.

Personal Loan Amount Eligibility = ₹ 1,00,000 x Savings/EMI per Lakh 

= ₹ 1,00,000 x 23,000/2,249

= ₹ 10.22 Lakh (Approx.)

As per the given scenario, if there are no existing loans or EMIs to be paid, a borrower can get a personal loan of up to ₹ 10.22 Lakh to fulfill their personal wishes.

For obtaining the maximum amount of personal loan from Bank of India, a borrower should produce the following documents according to their business profiles as follows:

• Proof of identity: Copy of passport/voter ID card/driving license
• Proof of address: Copy of ration card/telephone or electricity bill/rental agreement/passport
• Proof of age is also necessary
• Proof of Income and Occupation.
• Last 3 months bank statement/6 months bank passbook

Bank of India has attractive features and benefits from easy loan approval to higher loan amount with flexible loan tenure. Bank of India offers its customer’s the maximum quantum of loan depending on their repayment history and credit score. Here are some features and benefits of Bank of India personal loan:

• Multipurpose loan
• You can avail personal loan amount from Rs. 1 Lakh up to Rs. 10 Lakhs from Bank of India
• Bank of India provides convenient loan repayment options ranging from 12 to 60 months commencing one month after full disbursement or from three months after first disbursement whichever is first
• Documentation is simplified and quick
• Attractive rate of interest
• Hassle-free loan sanction and disbursal procedure
• Loan payable in easy installment

BOI Star Personal Loan

BOI Star Personal Loan can be taken to deal with a variety of expenses like preparations for a wedding, urgent medical bills, home renovation and others. The max eligible loan amount is ₹ 10 Lakh and the same can be repaid in 60 months. 

Star Mitra Personal Loan

BOI Star Mitra Personal Loan is a product aimed to provide financial assistance to physically challenged individuals, in order to extend support to make them live independently. The max eligible loan amount under this scheme is ₹ 1 Lakh which can be repaid in 12 to 24 months.

BOI Star Pension Loan Scheme

As the name suggests, this product is customized for the pensioners across the country. In order to ensure that the senior citizens live independently and can manage to pay for their own.

 BOI Star Doctor Plus

BOI offers a unique product specifically designed for the doctors in order to help them with establishing their own clinic, buy equipment or for any other personal need.

Star Holiday Loan

BOI offers customized loan offers to help individuals on their luxurious holiday trips with their family. The minimum amount of loan offered under this scheme is ₹ 10,000 and the repayment is to be done in 12 to 36 months.

BOI Personal Loan uses a formula here which includes the processing fees, the anticipated rate of interest and the tenure for which the amount of loan is to be availed. The BOI Personal Loan EMI calculator will ask about the amount you wish to borrow and the total number of months over which the amount is to be repaid, on the basis of this information the calculator will provide various applicable monthly instalments varying according to the amount of the loan disbursed.

Various amounts of loan taken at a rate of interest of 12.50% (effective rate of interest – 0.010% per month) for a fixed tenure of 3 years;

Comparative: -

Loan amount of ₹ 3,00,000 taken for a tenure of 12 months from various banks at competitive interest rates:

The Bank of India (BOI) has established three Covid-19 personal loan programs, each with a loan amount of up to Rs. 5 lakh. Bank of India COVID-19 Personal Loans are now available at an interest rate of 6.85% per annum, with no processing fees, and may be repaid in easy EMIs must be a flexible period of up to 60 months. 

Bank of India Personal Loan Contact Number  

In case a borrower faces any challenge or does have a complaint, query, feedback or suggestion regarding the personal loan application and the process, all one requires to do is to call 1800 220 229 toll-free. The customer care executives provide their help with the expertise and friendly-nature to give you the best solution to all the issues. The executives allow any borrower to make the best of the process by clearing all your doubts in the least time frame.

Bank of India Customer Care Number

Bank of India Personal Loan Verification Process  

The following steps cover the Bank of India personal loan verification procedure: 

• Step 1: After you've completed the personal loan application and it's been forwarded to the bank by Afinoz, you'll receive a verification call from a bank representative. The representative schedules the document pickup during this call. 

• Step 2: After the representative collects the necessary documents, such as identification, address proof, and proof of income, the bank verifies them. 

• Step 3: After your documents have been confirmed, the bank will contact you to finalize the final offer, which will include the loan amount, interest rate, and term. 

• Step 4: Once you agree to the terms and conditions of the personal loan, the funds are transferred to your account. 

How to check Bank of India Personal Loan Application Status?  

The steps to verify the status of a personal loan application on the BoI website are as follows: 

• Step 1: Visit the Bank of India's loan tracking page. 

• Step 2: To check the status of the personal loan application, enter your application number and mobile number, then click ‘Submit.' 

How to log in to the Bank of India Official Portal?  

Here is the main process to log in to the Bank of India official portal:  

1. Go to the Internet Banking Portal of the Bank of India. 

2. Click on ‘Submit' after entering your User ID and Password. 

If you wish to use the net-banking feature provided by the bank, you must have complete knowledge on how you can start net-banking with Bank of India.  

About the bank

Bank of India, a commercial bank with headquarters in Mumbai, was founded in September 1906 by a group of prominent businessmen from Mumbai. The Bank was under private control and ownership until July 1969 when it was nationalized along with 13 other banks by the government of India. The Bank has made a quick growth over the years and blossomed into a renowned institution with a strong presence across the nation and sizable international operations. In business volume, Bank of India occupies an important position among the nationalized banks.