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. Bank of India has over 5,100 branches spread over India including specialized branches. Presently, the Bank has an overseas presence in 22 countries spread over 5 continents with 60 offices including 5 Subsidiaries, 5 Representative Offices, and 1 Joint Venture, at key banking and financial centers viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.

Bank of India Personal Loans

Personal Loan can be utilized for any personal financial need and the bank will not monitor its use. You can use the loan amount to renovate your home, marriage related expenses, a family vacation, your child’s education, purchasing latest electronic gadget or home appliances, meeting an unexpected medical emergency or any other emergency expenses. 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 ‘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.

What is Afinoz? is India's topmost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +919899889816 or by emailing at . provides solutions which are quick, reliable, transparent, confidential and above all free.

Features and Benefits

Feature and Benefits of Bank of India Personal Loan

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

Bank of India personal loan eligibility or Bank of India personal loan interest rates can be easily assessed through Afinoz. If there is any query about Bank of India personal loan application, you should log on to or call us on +919899889816 or mail us at and get all the details quickly.

We also offer other financial products such as Business Loan, Home loan, Personal Loan By SBI, Auto loan, Education loan, PNB Business Loan etc. from the top banks and NBFCs at the lowest possible interest rate with no hassle. Our aim is to make financial products reasonable and easily accessib to everyone. We promise to provide quick, reliable, transparent and confidential solutions without any charge. We provide Best Personal Loan In India.

Eligibility & Document Required

Bank of India Personal Loan Eligibility Criteria:

Bank of India provides secured and unsecured personal loans to cater the various requirements of the borrowers. Eligibility for BOI personal loan is decided on the basis of certain parameters. A loan seeker must come under the below-mentioned eligibility criteria to avail personal loan from Bank of India:

  • The list of individuals eligible to apply for Bank of India personal loan:
    • Salaried employees, Professionals and individuals with high net worth, regular pensioners or family pensioners drawing regular monthly pension through BOI Branch, Staff members, retired employees (other than dismissed/compulsorily retired) of Bank of India.
  • Quantum of loan amount:
    • Maximum loan amount:
      • Secured loans : Upto Rs. 10 lakhs
      • Unsecured loans : Upto Rs. 5 lakhs
    • Minimum loan amount:
      • Unsecured loans: Minimum size of the loan: At metro and urban centers: Rs.10,000. At Rural and Semi-Urban centers: No minimum size of loan
      • Secured loans: Minimum size of the loan: At metro and urban centers: Rs.10,000. At rural and semi-urban centers: No minimum size of loan
  • Quantum of advance:
    • Unsecured loans:
      • 10 times of monthly net emoluments (take-home pay) in case of salaried Employee
      • 50 % of gross annual income as per last income tax returns for professionals/individuals of high net worth
    • Secured loans:
      • 20 times of monthly gross emoluments (take-home pay) in case of salaried Employee
      • 100% of gross average annual Income as per last three years income tax returns for professionals/individuals of high net worth
  • Net monthly income: Make sure that the net take-home pay/Income (net of EMI of the proposed advance) is not less than 40% of gross income of the loan applicant
  • Tenure:
    • Unsecured loans: Maximum 36 Equated Monthly Installments with effect from one month after the first disbursement. Exceptional cases up to 60 months
    • Secured loans: Maximum 60 Equated Monthly Installments with effect from one month after the first disbursement of loan account
  • Security: Equitable/Legal Mortgage of commercial or residential properties. Hypothecation charge on assets acquired. Collateral security in the form of pledge of gold/gold ornaments, NSC/Indira Vikas Patra, Bonds, Assignment of LIC policies, Relief Bonds etc
  • Eligibility and EMI calculator: Now, you can easily evaluate and calculate your Bank of India personal loan eligibility and Bank of India personal loan EMI amount using utility tools like personal loan eligibility calculator and personal loan EMI calculator at These calculators will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at is free, easy and simple.
  • CIBIL score:Credit score is an important factor for approval of your loan. Usually, an applicant’s credit worthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.

Bank of India Personal Loan Documents Required

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

Apply for bank of India personal loan online at You can call us at +919899889816 or email us at can check your eligibility and tentative EMI for bank of India personal loan using our utility tools like personal loan eligibility calculator and personal loan EMI calculator. We assure you of our best services without any hassle and effort at the click of a button from the comfort of your home or office. Once you complete and submit your Bank of India loan application, you can effortlessly track your loan application status on our website on a real time basis, 24x7.



How to get Your Personal Loan Approved?

All you need to know about a personal loan for wedding

Interest Rate & Charges

Bank of India Personal Loan Interest Rates, Jan 2018
BOI Personal Loan 
General -Interest Rates
SECURED: 13.20% per annum 
UNSECURED: 14.20% per annum
BOI Personal Loan 
Secured: Up to 60 months
Unsecured: Up to 36 months (for exceptional cases up to 60 months)
BOI Personal Loan 
Processing Fee
One time @ 2.00% of loan amount Min. Rs.1000/- and Max. Rs.10,000/-.No processing charges for Senior Citizens (60 years & above)


Subject to a maximum of Rs. 10,000 + Service Tax

BOI Prepayment/foreclosure 0.65% p.a. on the outstanding loan amount for the remaining maturity of the loan subject to max. of 2.25% of the outstanding loan amount
Minimum Income Net take home pay/Income must not be less than 40% of gross income of the applicant
Loan Amount Secured: max up to Rs. 10 Lakhs 
Unsecured: max up to Rs. 5 Lakhs

Special Note: Rates are subject to periodic change. Personal loan interest rates in Bank of India and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with Bank of India etc.

Why Afinoz?

Why should you apply for Bank of India Personal Loan through is one of India's leading personalized financial marketplace. It has created a personal loan platform which lets you choose the best personal loan from the multiple options available to you. All the options are system generated taking into consideration your specific needs and requirements.

  • Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
  • Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
  • Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Bank of India for your personal financing.
  • Secure Environment - has a built-in security for your personal information which is stored in a secure environment in our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secure.
  • 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with bankers.
  • No third-party agent online loan application process is absolutely free. Through Afinoz one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and hassles.
  • Free quotations – Get online deals on Bank of India personal loans and free unbiased quotes of the best personal loan rates. All you have to do is select the loan amount you want to borrow and the tenure of the personal loan. You will get a targeted online quote within minutes of application.

Other Products from Bank of India

Bank of India Business Loan 
Bank of India Education Loan 
Bank of India Home Loan

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Query:-What kind of Personal Loans does Bank of India provides?

Reply-Bank of India provides a mixture of both secured and unsecured personal loans. Secured personal loans are granted against some collateral or security while unsecured personal loans don’t require any kind of collateral or security to avail a personal loan.

Query-What is the major aim of Bank of India personal loan?

Reply-The main aim of Bank of India personal loan is to grant finance for personal expenditures including expenses such as wedding expense, vacation expense, education fee and other such expenses. It is essential that the borrower should use the loan amount for legal purposes no matter what the expenditure is.

Query-What is the type of loan granted by Bank of India?

Reply- Bank of India offers demand/term overdraft/loan under the personal loan scheme.

Query-What are the eligibility criteria for personal loan from Bank of India?

Reply- The applicant must be a resident of India and earning income to be eligible to apply for personal loan from Bank of India. Salaried employees, Professionals and individuals with high net worth, pensioners drawing regular monthly pension through one of the branches of the bank of India, staff members, and retired employees are eligible for the personal loan scheme.

Query-How can one apply for a personal loan in Bank of India?

Reply- You can easily apply for BOI personal loan with online on our website to get over the hassle of visiting the bank in person.

Query- Why should I apply for Bank of India personal loan through

Reply-Bank of India has an exclusive collaboration with for personal loan submissions. Applying for a Bank of India personal loan online can get you the best interest rates and instant e-approval, along with a dedicated customer support for any queries or grievances.

Query- Are Personal Loan calculator tools of free to use?

Reply- Yes, loan calculator tools are completely free as we do not charge any fee for the services we provide.

Query- Can I know the EMI amount of my personal loan in advance?

Reply- Yes, provides a unique EMI calculator tool that offers EMI breakup for all loans by entering the loan amount, tenure and rate of interest. You can compare the EMI for different loan amounts and tenures with our tool and finalize the best-suited plan for your budgets before applying for Bank of India personal loan.

Query- Is my data safe with is one of the India’s most committed financial platforms which do not share any of its client data with third-party informant other than the concerned financial institution. All the data is sent online in an encrypted format making it safe and secured at all times.

Query- After applying online with, when will I get the loan amount and how long it will take?

Reply- immediately submits your Bank of India personal loan application to the bank. A representative from us will get in touch with you soon to collect the documents like salary certificate, identity proof, etc. On submitting these documents, the bank then initiates a verification process and checks your CIBIL score and disburses the loan amount if you are found eligible. The process may take 48 to 72 hours.

Query:- Why should I choose Bank of India personal loan?

Reply- Bank of India provides a choice of secured and unsecured personal loans at low interest rates. It also offers a long tenure with an overdraft facility for its personal loan which is an additional advantage to the borrower.

Query- What is the maximum amount granted by Bank of India?

Reply- The maximum loan amount granted under BOI personal loan scheme ranges from Rs.5 Lakhs to Rs.10 Lakhs depending on the kind of loan selected.

Query- What is the quantum of loan for a salaried employee?

Reply- 10 times the net take-home salary is the quantum of loan offered for salaried employees under the personal loan scheme by Bank of India.

Query- How can one check the installment amount for personal loan?

Reply- One can conveniently check the personal loan installment amount by providing a few details with the help of a personal loan EMI calculator available on

Query- Does the bank offer Overdraft Facility?

Reply- Yes, Bank of India offers overdraft facility with a maximum overdraft limit of Rs.1 Lakh.

Query- Do I have to pay any additional charges?

Reply- A small processing fee of 2% of the loan amount is charged to the borrower at the time of the application for loan. This fee will be deducted from the loan disbursal amount payable to you.

For any query about Bank of India personal loan application, you can log on to or give us a call at +919899889816 or mail us at


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