Bank of India Personal Loan

About Bank of India Personal Loan

You may require instant funds from time to time. With a view to fulfilling the fund requirements, you look around your family members and friends. But when you don’t get the response from either of them, often you put your hand over somebody else. Often it’s the banking institutions who fulfill the personal requirements by offering custom loan products. Of the banks available in India, you can opt for Bank of India, a public lender, to get all your personal purposes, such as education, wedding,  medical emergencies, if at all arise, fulfilled.

Being a government-owned unit since 1969, the bank has grown from strength to strength by developing unique products and services to cater the tastes of different people. Today, it is a big name in commercial banking, retail banking, corporate banking and other financial operations. So, if you have any personal purposes to be met, make sure you apply to suitable personal loan products of Bank of India. We are ready with the details of the bank’s personal loan to update you. All set to be updated? Get down to the information below.

Personal Loan

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    Bank of India Personal Loan Interest Rate October 2021

    Interest Rates10.35% - 12.35%
    Loan AmountUp to INR 10 lakh
    RepaymentUp to 5 years
    Processing Fees2% of the loan amount

    Eligibility Criteria

    To avail the personal loan in Bank of India, you need to fit into the below eligibility criteria.

    • Minimum age of the applicant should be 21 years at the time of making the application.
    • Maximum age of the applicant should be 58 years at the time of loan maturity.
    • A minimum monthly income of  ₹10,000 is essential.

    Bank of India Personal Loan EMI Calculator

    With the help of BOI personal loan EMI calculator below, let’s find out the EMIs, interest and total amount payable, say on availing a loan of ₹2,00,000 at an interest rate of 13% per annum for 5 years.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00013%1₹ 17,863₹ 14,361₹ 2,14,361
    ₹ 2,00,00013%2₹ 9508₹ 28,201₹ 2,28,201
    ₹ 2,00,00013%3₹ 6739₹ 42,596₹ 2,42,596
    ₹ 2,00,00013%4₹ 5365₹ 57,544₹ 2,57,544
    ₹ 2,00,00013%5₹ 4551₹ 73,037₹ 2,73,037

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 30,374₹ 24,232₹ 1,69,625
    2₹ 34,567₹ 20,040₹ 1,35,057
    3₹ 39,339₹ 15,268₹ 95,718
    4₹ 44,769₹ 9838₹ 50,948
    5₹ 50,997₹ 3659₹ 0

    BOI Personal Loan Eligibility Calculator

    The below eligibility is calculated on ₹1,00,000 loan amount.

    Loan Amount-  ₹1,00,000
    Interest Rate-13% p.a.
    Tenure-5 Years
    Per Lakh EMI-  ₹2,275

    As stated earlier, the income and savings are also crucial factors in assessing the eligibility. So, if your monthly income and savings are  ₹43,000 and  ₹23,000, then the loan amount that can be given to you is as per the formula shown below.

    Personal Loan Amount Eligibility-  ₹1,00,000 x savings/per lakh EMI
    –  ₹1,00,000 x 23,000/2,275=  ₹10.10 Lakhs (Approx.)

    Get ready to take a personal loan of  ₹10.10 Lakhs to fulfill your personal wishes.

    Documentation Required for BOI Personal Loan

    Next, a thing on which you need to pay attention is the documentation required to get the personal loan in this bank.

    Signed application form with photographSigned application form with photograph
    Copy of passport/voter ID card/driving licenseCopy of passport/voter ID card/driving license
    Processing fee chequeProcessing fee cheque
    Last 3 months bank statement/6 months bank passbookLast 3 months bank statement/6 months bank passbook
    Latest salary slipLatest Bank statement
    Current dated salary certificate with the latest Form 16Latest ITR or Form 16

    BOI Loan Application Form

    If you want to avail a personal loan from Bank of India, all you need to do is simply fill an application form first. Yes, it is mandatory for an applicant to fill the form as without the same, lender won’t offer the required loan amount to the applicant. The form basically asks you to fill all your personal as well as professional details such as Name, Age, Income, Marital Status, Work Experience, Employment Type, etc. Make sure your form is duly signed and be filled with correct information so that you can enjoy a hassle-free loan journey.

    Bank of India Personal Loan Contact Number

    In case you have any complaint, query, feedback or suggestion, all you need to do is just dial 1800 220 229 either from your mobile or landline. These customer care executives with their best of knowledge, expertise and friendly-nature give you the best solution to all your problems. These professionals allow you to enjoy the best of the journey by clearing all your doubts in the least time frame.

    Features and Benefits

    • Attractive interest rates
    • Flexible repayment options
    • Loans available for various needs
    • Minimal Paperwork
    • Quick processing & Disbursal
    • Enjoy the convenience of doorstep service

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