Bank of India Personal Loan 2022

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Bank of India Personal Loan 2022 Highlights

Bank of India Personal Loan: ✔ Income requirement - Rs. 15,000/Month (Min.) ✔ Funds facilitation up to Rs. 10 lakhs ✔ Interest rate starting @ just 13.20% p.a. ✔ Flexible loan tenor up to 5 years ✔ Processing charges @ 2% of loan amount.


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.

Bank of India Personal Loan Interest Rate & Charges

BOI Personal Loan Interest Rates 2021
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

Bank of India Personal Loan Eligibility Criteria

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;

Loan Amount

₹ 1,00,000

Interest Rate

12.50% P.A.


5 Years

Per Lakh EMI

₹ 2,249


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.

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

Features 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 Types

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. 

Type of Star Personal Loan

Interest Rate

Secured Loans

12.50% p.a.

Un-secured Loans

13.50% p.a.

For senior citizens (up to ₹ 50,000)

11.50% p.a.

While financing through Tie-ups

12.50% p.a.

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.


Key Details

Rate of Interest (Minimum)

10.50% per annum

For Salaried Employees

Eligible loan amount is 10 times the net income


Eligible loan amount is 50% of annual income

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.


Key Details

Rate of Interest (Minimum)

10.50% per annum

For Pensioners

Eligible loan amount is 15 times the net Pension

For Pensioners (Above 75)

Eligible loan amount is ₹ 1 Lakh

 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.



Secured Loans

10.00% p.a.

Un-secured Loans

11.00% p.a.

For salaried doctors

24 times gross monthly income

For Practicing doctors

Twice of gross annual income

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.



Secured Loans

12.50% p.a.

Un-secured Loans

13.50% p.a.

with collateral

From ₹ 5 - ₹ 10 Lakh (as per security)

For pensioners

Eligible loan amount is ₹ 1 Lakh

Bank of India Personal Loan EMI Calculator

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;

Loan Amount

ROI @ 12.50%

Tenure (Months)




₹ 2,00,000



₹ 2,40,866

₹ 6,690

₹ 40,866

₹ 3,00,000

₹ 3,61,299

₹ 10,036

₹ 61,299

₹ 4,00,000

₹ 4,81,732

₹ 13,381

₹ 81,732

₹ 5,00,000

₹ 6,02,165

₹ 16,726

₹ 1,02,165

₹ 10,00,000

₹ 12,04,330

₹ 33,453

₹ 2,04,330

Comparative: -

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



Loan Amount


Tenure (Months)





₹ 3,00,000



₹ 3,20,698

₹ 26,724

₹ 20,698



₹ 3,25,779

₹ 27,148

₹ 25,779



₹ 3,20,276

₹ 26,689

₹ 20,276



₹ 3,24,081

₹ 27,006

₹ 24,081



₹ 3,18,157

₹ 26,513

₹ 18,157

Bank of India COVID-19 Personal Loan

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.

➤ FAQs

Ques. What kind of Personal Loans does Bank of India provides?

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.

Ques. What is the major aim of Bank of India personal loan?

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.

Ques. What is the type of loan granted by Bank of India?

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

Ques. What are the eligibility criteria for personal loan from Bank of India?

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.

Ques. How can one apply for a personal loan in Bank of India?

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

Ques. Why should I apply for Bank of India personal loan through

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.

Ques. Are Personal Loan calculator tools of free to use?

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

Ques. Can I know the EMI amount of my personal loan in advance?

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.

Ques. 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.

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

Ques. Why should I choose Bank of India personal loan?

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.

Ques. What is the maximum amount granted by Bank of India?

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.

Ques. What is the quantum of loan for a salaried employee?

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.

Ques. How can one check the installment amount for personal loan?

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

Ques. Does the bank offer Overdraft Facility?

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

Ques. Do I have to pay any additional charges?

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

➤ Reviews

vishal jeet
22 Nov 2020
Without thinking too much just go for Afinoz they are best as far as personal loan is concerned.
Shivani Aggrawal
16 Jun 2020
I would strongly recommend Afinoz not because they are providing personal loans but they are having less paperwork and minimum interest rate. So I called them and after two days my bank account has credited whatever amount I wanted.
Shubham Jain
07 Sep 2019
I would like to thank Afionz and the team. without taking too much time they approved my loan, Once I submitted documents as per their requirement.

➤ News

Foreign banks faces bigger slice of home loan market
07 Sep 2019
Taking benefit of record low-interest rates and higher affordability of homes, foreign banks with existence in India are making a hostile push into the home loan space. In the countdown to the festive season, some of these moneylenders have declared lending rates at par with the lowest in the business. For instance, HSBC India mitigated home loan interest rates by 10 basis points (bps) to 6.45% p.a. This interest rate will be applicable on the home loan balance transfer facility. While Citi Bank is offering home loans at 6.5% p.a. onwards.
RBI’s panel for interest rate-setting starts pondering on another monetary policy
07 Oct 2021
On Wednesday, The monetary authority of India viz. RBI’s interest rate-setting panel began its 3-day considerations on another bi-monthly monetary policy amid rising universal commodity prices and the need to comprise inflation at home. The determination of the 6-member Monetary Policy Committee (MPC) would be declared on Friday by the RBI Governor Shaktikanta Das. As per the view of the experts, the central bank will sustain the status quo on policy rates for the 8th consequent time. The policy repo rate or the short-term lending interest rate is currently at 4%, and the reverse repo rate is at 3.35%.
SVAMITVA Yojna bettered strength of rural economy: PM Narendra Modi
07 Oct 2021
The SVAMITVA (Survey of Villages and Mapping with Improvised Technology in Village Areas) Yojna, a scheme towards the set-up of clear ownership of property, has boosted the strength of the rural economy and it’ll write a new chapter of growth of villages across the country, the Prime Minister Narendra Modi said on Wednesday. While addressing a virtual function in Harda district of Madhya Pradesh, PM Modi stated after the successful implementation of the SVAMITVA Yojna on a pilot basis in some states, it’ll be implemented at the national level for making sure the development of rural areas. ‘It’ll become an instance of Gram Swaraj throughout the country,’ he added. The scheme was brought into force by the prime minister on April 24, 2020 as a central government’s scheme to promote a socio-economically empowered and confident rural India.
Pre-Budget meeting to be held from Oct 12
07 Oct 2021
The union finance ministry will begin pre-budget meetings with different departments from Tuesday to conclude their revised estimate for the financial year 2022 and budget estimate for the financial year 2023. The budget estimate for financial year 2023 will be provisionally finalized post expenditure secretary finalizes the discussions with the secretaries and concerned departments’ financial advisers. This meeting will be continued till November 12 and include the discussions over ceilings for all categories of expenditure, including central government schemes with the departments.
Low interest rates boost demands for home loans: Godrej Housing Finance
07 Oct 2021
Evolving consumer preference towards homeownership during this pandemic has boosted the demand for residential real estate. As work-from-home turned a hybrid to permanent setting, consumers were driven by ‘purchasing’ over ‘renting’ sentiment – building stable assets. Low interest rates, enhanced affordability and accessibility among the consumers led to a growing demand for home loans in our core functional markets. Another trend that increased and has been instrumental in the sector’s growth has been the digital change.
Bank of India extends relief in home loan and vehicle loan rates
18 Oct 2021
On Sunday, the eminent banking institution in India viz. Bank of India announced reduction in its interest rates on home loans and vehicle loans by 35 basis points and 50 basis points, respectively. With the effect of this cut, the rate on home loans starts at 6.50% as compared to previous 6.85% rate, and at 6.85% as compared to previous 7.35% on vehicle loans, the bank said in a statement. This certain interest rate, which is going to be into the effect from October 18, 2021, till December 31, 2021, can be availed by customers who are seeking new loans and also for those willing to transfer of their existing loans, it added. The bank also said, it has waived processing charges too for both the loans viz. home loans and vehicle loans till December 31, 2021.
Sri Lanka requests for $500 million loan from India to buy fuel
18 Oct 2021
India’s neighboring nation, that is to say, Sri Lanka has requested a $500 million loan from India to pay for its crude oil purchases in-between a crucial foreign exchange crisis in the island country. The move came few days post energy minister Udaya Gammanpila warned, the current availability of fuel in the nation can be guaranteed only till upcoming January. The state-driven Ceylon Petroleum Corporation (CPC) owes around $3.3 billion to the two core government banks viz. People’s Bank and Bank of Ceylon. The state oil distributors perform import of the crude from the Middle East and refining of the products from other portions, including Singapore.
Opportunities are aplenty amount in India for investors and industry stakeholders: FM Sitharaman to CEOs of US giants
18 Oct 2021
The odds in abundant quantity in India for all the investors and industry stakeholders with the present reset in the world supply chain and rational and committed leadership in the nation, Finance Minister Nirmala Sitharaman stated to the CEOs of major United States entities. The minister reached India on Friday after her visit to Washington D.C. where she took part in the annual meetings of the World Bank and the Global Monetary Fund. Sitharaman and US Treasury Secretary Janet Yellen also co-seated the 8th ministerial meeting of the India-USA Economic and Financial Association Dialogue in the Washington D.C.