Why BOI personal Loan is considered among the best personal loan in India

Bank of India offers one of the best personal loan in India. It comes with many personal loan schemes to meet the diverse needs of varied applicants. A high loan amount of Rs.10 lakh can be availed based on the chosen loan scheme. The Bank of India personal loan can be availed by both the salaried professionals and physically challenged individuals to pensioners and students. A lucrative rate of interest is offered with Bank of India personal loan.

Features of Bank of India Personal Loan

• Multipurpose Loan: Bank of India personal loan can be used for any purpose be it a wedding, vacation, studies, medical expenses, and others. As there is no restriction from the lender’s side on the usage of the loan amount.

• Diverse Loan Schemes: To meet the diverse needs of the applicant's BOI offers a wide range of personal loan schemes namely, BOI Star Personal Loan, Star Mitra Personal Loan, BOI Star Pensioner Loan Scheme, BOI Star Doctor Plus and Star Holiday Loan Scheme. These loans can be acquired by any individual to fulfill their financial requirements. 

• Loan amount: A high loan amount of personal loans can be availed with Bank of India. However, the offered loan amount based on an applicant profile. 

• Flexible tenure: Flexible loan repayment tenure varied from 12 months to 6 months offers with Bank of India (BoI) personal loan that can be selected by an applicant as per his/her requirements.

• Easy application: An online loan application is offered by the Bank of India personal loan makes the application process easy for the applicants. 

Bank of India Personal Loan Schemes

1. BOI Star Personal Loan

BOI Star personal loan can be acquired to deal with various expenses like wedding expenses, medical bills, for higher studies, renovating the home and many others.

• A loan amount offered under this scheme starts from Rs. 10,000 and goes up to Rs. 10 lakh.

• The offered loan amount is based on factors like location, eligibility, and others.

• Flexible repayment tenure up to 5 years is offered.

2. Star Mitra Personal Loan

Star Mitra Personal Loan offered by Bank of India primary aim to help the physically challenged individuals with finance so that they can live happily and independently.

• The loan amount under this loan scheme can be used to purchase the durable appliances/aids that may help them on a daily life basis.

• A maximum loan amounts up to Rs. 1 lakh can be availed under Bank of India’s Star Mitra Personal Loan.

3. BOI Star Pensioner Loan Scheme

Bank of India has designed this loan scheme, especially for the pensioners so that they can pay their bills or manage their other financial expenses by themselves and live independently.

• A high loan amount offered to the pensioner and family pensioners is usually offered 15 times of monthly pension up to Rs. 5 lakhs maximum.

• The maximum age limit of the BOI Star Pensioner Loan Scheme for applicants over 75 years is Rs. 1 lakh.

4. BOI Star Doctor- Plus

BOI Star Doctor- Plus loan can be availed by the qualified registered medical practitioners for any approved purpose. A maximum loan amount that can be acquired under this loan scheme is Rs. 20 lakh.

5. Star Holiday Loan Scheme

The Bank of India personal loan scheme namely Star Holiday Loan Scheme is offered to meet the expenses that are related to vacation like train/bus/airfare charges, accommodation, sightseeing, shopping, etc. The minimum loan amount offered under this scheme is Rs. 10,000.

Factors that determines Bank of India (BOI) Personal Loan Interest Rates

• Repayment capacity: An applicant repayment capacity is of seminal importance. Banks usually offer personal loan up to 10 times the applicant’s monthly salary. Generally, banks check for the CIBIL score of an applicant to determine his or her loan repayment capacity. Bank of India offers an attractive rate of interest with a regular income and a robust credit history.

• Relationship with Bank of India: If an applicant has a good rapport or relationship with his or her bank, there is no trust deficit. Consequently, the bank usually in a position to reduce their rate of interest rates offered to the existing customers. 

• Loan tenure: Rate of interest plays majorly influenced by the loan tenure chosen by an applicant. If an applicant opts for short loan tenure, the bank is most likely to offer a higher interest rate as compared to loans offered on the longer tenures.

 Eligibility Criteria

• BOI Star Personal Loan

The Bank of India Star Personal Loan is offered to

• Salaried employees

• Regular pensioners or family pensioners drawing regular monthly pension through a BoI Branch,

• BoI Staff members

• Retired BoI employees (other than those dismissed/compulsorily retired)

2. Star Mitra Personal Loan

• All physically challenged individuals who are either salaried professionals or self- employed individuals and parents/guardians of all minors (physically challenged) can avail of this loan.

3. BOI Star Pensioner Loan Scheme

This pension loan from BoI is available to the following groups of individuals:

• Regular or family pensioners who are drawing monthly pension through the branch or retired employees (other than dismissed/compulsorily retired) are eligible for this loan.

• The maximum age of regular pensioner/family pensioner at the end of the repayment period should be a maximum of 75 years.

4. BOI Star Doctor- Plus

The following are key eligibility criteria for the Doctor-Plus personal loan from BOI:

• You should be a qualified registered medical practitioner with min. 3 years’ experience in a branch of medicine recognized by DCI/MCI/other statutory/regulatory authorities to practice in India.

• You should be at least 25 years old and your maximum age at the time of completing repayment should be 75 years.

5. Star Holiday Loan Scheme

The holiday loan scheme from Bank of India can be availed by:

• Salaried employee

• Self-employed individuals and professionals

• Individuals with a high net worth

• Agriculturists

• Pensioners

• BOI Staff members

Documents Required for Bank of India Personal Loan

• Identity proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar.

• Residential proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for self-owned properties), Aadhaar, etc.

• Income proof: Bank Account Statement, Salary Slips.

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Digital12345 Joined: January 19th, 2020