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Bank of India Personal Loan Eligibility Criteria 2022


Bank of India offers a wide range of personal loan schemes to meet diverse requirements of the customer. From salaried professionals to physically challenged individuals and pensioners to students, anyone can avail of a Bank of India personal loan for amounts up to Rs. 20 lakhs based on your eligibility. 

Bank of India Personal Loan Eligibility Criteria

The personal loan eligibility criteria vary based on various factors. Below are the general criteria to apply for a Bank of India personal loan.

Bank of India Star Personal Loan Eligibility Criteria

To deal with different expenses such as wedding expenses, medical bills, higher studies, home renovation, and many others, BOI Star personal loan can be availed. 

  • A salaried professional with a daily source of earnings can apply for a personal loan. 
  • Self-employed individuals and professionals can also apply for the Bank of India personal loan. 
  • The minimum age for the applicant should be 23 years. 
  • The maximum age of an applicant to be eligible for a Bank of India personal loan should be 60 years.

Bank of India Star Mitra Personal Loan Eligibility Criteria

Bank of India's Star Mitra Personal Loan specifically aims to assist physically disabled individuals with funding so that they can live comfortably and independently. 

  • Under the Bank of India's Star Mitra Personal Loan, a maximum loan amounts up to Rs. 1 lakh can be availed.
  • Bank of India Star Pensioner Loan Eligibility Criteria 

This loan scheme has been developed by the Bank of India, especially for pensioners, so that they can pay their bills or handle their other financial expenses on their own and live independently.

  • Regular pensioners or family pensioners receiving their pension from Bank of India.
  • Retired employees of Bank of India can also apply for a personal loan under this scheme.
  • For pensioners above 75 years, the maximum loan limit is Rs. 1 lakh.  

Bank of India Star Doctor - Plus Loan Eligibility Criteria

  • The BOI Star Doctor- Plus loan can be used for any authorized reason by eligible registered medical practitioners. Rs. 20 lakhs are the maximum loan sum that can be obtained under this loan scheme. 

Bank of India Star Holiday Loan

  • Salaried employees/ Professionals/Self-employed /People engaged in business/Individuals with high net worth/Agriculturists/Pensioners/Staff members.
  • The minimum amount of the loan offered and Rs. 10,000 is covered under this scheme. 

What are the top factors that affect your bank's Personal Loan Eligibility?

  • Age of the applicant: This is one of the major factors that play a major role in the eligibility for a Bank of India personal loan. Usually, a young applicant with a regular source of income has a better chance of being eligible than an applicant close to his/her retirement years.
  • The income of the applicant: Generally, the higher income of the loan seeker, the better will be their chances of being eligible for a Bank of India personal loan. Like every lender, BOI considers the income of the applicant to assess whether he/she will be able to repay the loan on time.
  • Repayment track history of the applicant: If an applicant has a poor repayment track record then it will be reflected on his/her credit score. This will ultimately reduce the loan approval chances.
  • Applied loan amount: The loan amount that an applicant has applied for also plays a crucial role in deciding his/her eligibility. Bank of India assesses the applied loan amount with the applicant’s net income. If the applicant’s income is low and the loan amount he/she has applied for is higher, then the chances of being eligible for a loan  are low.

Documents Required for Bank of India Personal Loan

The documents required to apply for a Bank of India personal loan can vary based on the type of personal loan availed. However, the common documents required to apply for this loan are as follows:

  • Full application form for personal loans 
  • Passport Copy/Voter ID Card/Driving License/Aadhaar Card 
  • Residential proof (passport/voter identity card/driving license/Aadhaar copy)
  • Bank accounts for the last 3 months (Passbook of the past 6 months) 
  • The Latest salary slip
  • Current dated salary certificate 
  • Form 16
  • Income tax returns

How to apply for a Bank of India Personal Loan through Afinoz?

  • Step 1: Go to official website or download the Afinoz app
  • Step 2: Tap the ‘Apply Now’ button on the personal loan page to apply for a personal loan. 
  • Step 3: Fill the brief and basic personal loan application to check your eligibility. 
  • Step 4: You may get elite offers from numerous loan specialists based on your qualification. 
  • Step 5: Our customer care executive will call you and tell you about the best offers you're qualified for.

➤ FAQs

Ques. Is it truly essential to calculate your qualification earlier to making a personal loan application?

Yes, calculating your qualification is critical because it will assist you to avoid the rejection of a personal loan application which can affect your credit score. In expansion, you may be able to evaluate the personal loan amount that you are qualified to apply for, based on your income.

Ques. What variables does the eligibility calculator take into consideration?

To calculate one’s eligibility, the eligibility calculator takes into account the loan amount you required, your monthly income age, a region of residence, type of employment (salaried or self-employed, retired person), etc.

Ques. Is the rate of interest on a personal loan offered by the Bank of India floating or fixed?

The rate of interest on the Bank of India personal loan is fixed.

Ques. What are the documents required to apply for the BOI personal loan?

You will have to provide the documents that prove your age, address and income such as your Aadhaar card, Pan card, utility bills, pay slips, bank statements, and many others.