loader

Bank of India Personal Loan Interest Rates

Interest Rate Comparison Tool

All that glitters is not gold; the same goes for loans! Have you done your research?

Compare Banks. Estimate EMIs. Enable Wishes on wishfin.com

Availing Bank of India personal loans is a smooth process as the lender offers the same credit facility to all the applicants at an attractive interest rate. The bank offers the loan to one and all and ensures that you get the loan in the best way. To know more about BOI personal loan interest rates, just read the page below.

Bank of India Personal Loan Interest Rate Details 2024

Bank of India Personal Loan Interest Rates is dedicated to providing fair and competitive interest rates from 10.85% p.a.- 14.85% p.a. to meet the demands of its clients, including debt consolidation, personal spending, and unforeseen financial situations. To make sure that borrowers can easily and confidently manage their money, the Bank of India has customized its interest rates for personal loans to be more appealing and accessible

Particulars Details
Interest Rate 10.85% to 14.85% (Salaried / Pensioner)
RBLR + 2.50% = 11.85% (For others)
Loan Amount ₹10, 000- ₹20 Lakh
Tenure 3 Years
CIBIL Score 750 and Above

Star Personal Loan Scheme

Irrespective of loan amount & for Individuals Spread is from 3.50% to 5.50%

Fully Secured 

RBLR + 4.50% = 13.85%

Clean/Unsecured 

RBLR + 5.50% = 14.85%

For Senior Citizens

aged 60 years and

above & for loans up

to Rs. 50000.00

RBLR + 3.50% = 12.85%

Financing Secured

under tie-up

arrangements.

RBLR + 4.50% = 13.85%

Advantages of Bank of India Personal Loan

Here are the few benefits of a Bank of India Personal Loan which could be beneficial for you:- 

  • Low Interest Rates - As the Bank of India has some of the lowest interest rates available, borrowers will be able to take advantage of lower monthly payments and overall borrowing costs. 
  • No Hidden Charges - Under Bank of India personal loan, from the start you know exactly what you are signing up for. Transparency is a fundamental value. You can be sure there aren't any unstated fees when you take out a personal loan. 
  • Minimal Documentation - The minimum documentation requirements at the Bank of India make applying for a personal loan a hassle-free affair. To help you obtain the money you require more quickly and easily without having to deal with a lot of paperwork, the bank has streamlined its processes.
  • Apply Online - In the era of digital technology, convenience is crucial. With Bank of India, you may apply online for a personal loan from the convenience of your home or place of business. Easy and simple to use, the online application process lets you apply online, upload necessary documents, and monitor the progress of your loan through a safe online portal. 

Calculating EMIs on Bank of India Personal Loans at Different Interest Rates

You may calculate your debt with the Bank of India Personal Loan EMI calculator. Our Wishfin personal loan EMI calculator can be used online to rapidly calculate the EMI amount.

Enter the loan amount, interest rate, and loan tenure to view the EMI for your Bank of India personal loan. 

The table below displays the equal monthly installments (EMIs) for a Rs. 2,00,000 personal loan with interest rates of 10.85% p.a. up to 14.85% over terms of one to five years. You can alter the loan amount and other details to suit your needs. 

Tenure (In Years)

EMI (at 10.85% interest rate)

EMI (at 14.85% interest rate)

1

₹17,662.34

₹18,037.51

2

₹9,307.65

₹9,683.08

3

₹6,533.55

₹6,918.38

4

₹5,154.55

₹5,550.95

5

₹4,333.54

₹4,742.25

What Should You Do to Fetch the Lowest Interest Rate from Bank Of India

To ensure that you receive the best interest rate from the Bank of India or any other financial institution, here are some tips that can help you get a low interest rate from the Bank of India:-

  • Improve your Credit Score - A personal loan with a higher credit score will probably have a lower interest rate because the bank will view you as a less risky borrower.
  • Always Use your Salary Account - Use your salary to negotiate a better price on a personal loan if you are an employee. Getting a personal loan from a bank where you have a salary account is advantageous because personal loans are granted based on a person's credit history.
  • Compare Interest Rates and Seasonal Offers - Before applying for a loan, it's critical to examine the interest rates and terms and conditions provided by different banks to make sure you're getting the best deal possible on a personal loan.
     
  • Keep an Eye on Other Charges - You should consider all of the charges associated with a loan when evaluating its overall cost. To make a decision, you must take into account the interest that will apply for a particular tenure, processing fees, and foreclosure charges.

Documents Required for Individuals/ Salaried and Self-Employed Professionals 

For Individuals - 

- Proof of identity (anyone): PAN/Passport/Driver Licence/Voter ID

Proof of Address (any one): Passport/Driver Licence/Aadhar Card/ Latest Electricity Bill/Latest Telephone Bill/Latest Piped gas bill

- Proof of Income (anyone):

For Salaried -

  • Latest 6 Month Salary/Pay Slip and One-year ITR/Form 16 

For Self Employed -

  • Last 3 years ITR with CA certified Computation of Income/Profit & Loss Account/Balance Sheet/Capital Account Statement.

Other Charges Associated with  Bank of India Personal Loan

Processing Fees


 

2% of the loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs. 10,000

Prepayment and Foreclosure Charges

No charges

Bank of India Tenure Wise MCLR

Tenure Wise MCLR Effective Rate
Overnight MCLR 8.15%
1 Month MCLR 8.40%
3 Months MCLR 8.55%
6 Months MCLR 8.75%
1 Year MCLR 8.95%

Bank of India Personal loan Balance Transfer

When pursuing a personal loan balance transfer, the interest rates provided by the new lenders are typically less than those assessed by your current lender. The new lender's personal loan interest rate would also be determined by the amount of your current outstanding debt, the length of the loan, your income, your credit score, and other elements of your credit profile.

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.

Aditya Birla Personal Loan Interest Rates Axis Bank Personal Loan Interest Rates
Bajaj Finserv Personal Loan Interest Rates Bandhan Bank Personal Loan Interest Rates
Bank of Baroda Personal Loan Interest Rates Muthoot Finance Personal Loan Interest Rates
Bank of Maharashtra Personal Loan Interest Rates Canara Bank Personal Loan Interest Rates
Central Bank Of India Personal Loan Interest Rates DCB Bank Personal Loan Interest Rates
Federal Bank Personal Loan Interest Rates SMFG India Credit Personal Loan Interest Rates
HDFC Personal Loan Interest Rates HSBC Personal Loan Interest Rates
ICICI Personal Loan Interest Rates IDBI Bank Personal Loan Interest Rates
IndusInd Bank Personal Loan Interest Rates IDFC First Bank Personal Loan Interest Rates
Karur Vysya Bank Personal Loan Interest Rates Kotak Bank Personal Loan Interest Rates
J&K Bank Personal Loan Interest Rates Nainital Bank Personal Loan Interest Rates
Punjab and Sind Bank Personal Loan Interest Rates SBI Personal Loan Interest Rates
Tata Capital Personal Loan Interest Rates YES Bank Personal Loan Interest Rates
PNB Personal Loan Interest Rates RBL Bank Personal Loan Interest Rates
Standard Chartered Bank Personal Loan Interest Rates Union Bank Personal Loan Interest Rates
UCO Bank Personal Loan Interest Rates Indian Bank Personal Loan Interest Rates

Frequently Asked Questions

1. What is the interest rate of a personal loan in the Bank of India?

The interest rates on personal loans offered by the Bank of India range from 10.85% to 14.85% p.a., based on the applicant's credit score, occupation, type of personal loan program, and lender relationship.

2. What is the interest rate of 3 lakhs, 7 lakhs, 5 lakhs, and 10 lakhs in the Bank of India?

The interest rate on a personal loan of 3 lakh, 7 lakhs, 5 lakhs, and 10 lakhs from BOI starts at 10.85% p.a. but the applicant’s CIBIL score, income, and other major financial considerations also play a crucial role in determining your rate of interest.

3. What will be the concession rate under Bank of India personal loan for women?

The bank offers an interest rate concession of 0.50% to its women borrowers.

4. What is the Bank of India Personal Loan Customer Care number?

The Bank of India Personal Loan Customer Care Number Toll-free number,

  • Toll-free number (24/7) - 1800 103 1906
  • Telephone number (chargeable) - (022) - 4091 9191
  • Head office number- 022-6668 4444

5. How can I negotiate the personal loan interest rate with the Bank of India?

If you have a great CIBIL score and a strong existing relationship with your bank, you can negotiate with your bank to get a lower interest rate.

6.  At what minimum credit score can the applicants avail Bank of India Personal Loan?

Bank of India has not disclosed the minimum credit score required from applicants seeking personal loans. Nonetheless, candidates who have credit scores of 750 or above are more likely to be approved for personal loans with cheaper interest rates.

7.  What are the eligibility criteria for a personal loan under the Bank of India?

For the loan to be approved, the candidate must reside in India and be employed. The personal loan program is open to salaried workers, professionals, and high net worth individuals, retirees receiving a regular monthly pension from one of the bank's branches, staff members, and retired workers.

Stay updated on your FINANCIAL HEALTH