Bank of India Personal Loan Details

What is Bank of India Personal Loan?

Personal Loan is a kind of loan where you can take a loan without mortgaging anything to full feel your own personal needs (wedding, vacation, and education, medical). The best thing about a personal loan if you don’t have to disclose the reason for taking it. This loan is given by the bank basing the monthly income of the applicant. Bank doesn’t need so many documents to give you this loan.

Why BANK OF INDIA personal loan?

BANK OF INDIA is one of the best banks for borrowing a personal loan. It takes only 1-2 days to approve the loan if an applicant has the proper documentation. Bank of India personal loan has the best interest rates in the market. The personal loan offered by the BOI is known as BANK OF INDIA STAR PERSONAL LOAN.

Bank of India personal loan eligibility:

  •  Minimum age of 21 years and maximum of 60 years.
  • Minimum 2 years of work experience.
  • Minimum income 25,000
  • Minimum CIBIL score 750.
  • Must have an account in brunch.

DOCUMENTS REQUIRED

KYC DOCUMENTS:

  • Pan Card
  • Adhaar Card
  • Voter’s ID
  • 3 Passport  Size Photo
  • Proof of residence(electric bill)
  • A canceled cheque.

INCOME DOCUMENTS:

  • Salaried: Last 3 years of PAYSLIPS, 6 months’ salary account bank statement.
  • Installments applicant is currently paying, all the numbers of credit cards and credit limit applicant has.

PROOF OF EMPLOYMENT:

  •  Salaried: Form 16 or appointment letter of 2 years earlier.
  • Latest salaried slip.

Bank of India personal loan interest rate & other charges:

Bank of India has a minimum interest rate. It depends on the applicant profile, the interest rate varies sometimes.  The minimum interest rate is 12.90% and the maximum is 13.90%.

Interest Rate12.90%-13.90%
Loan Amount10,000-5Lakhs
Loan Tenure3 years
Prepayment ChargesNIL
Foreclosure ChargesNIL
Processing Fee2.00% minimum 1000
Stamp charges for loan documentsAt actual
Minimum Salary20,000

Benefits of Bank OF India personal loan:

  • The interest rate of BOI personal loan is very low.
  • The documentation is so minimal.
  • Doesn’t take so much time to approve.
  • So many branches all over in India.
  • Bank employees are so professional.
  • EMIS are so affordable.
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Interest rate start 10.75% * Upto 40 Lacs
Loan Duration: 12 - 60 months*

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