Bank of India is a commercial bank of India with a wide network spread throughout the country. Bank of India personal loans are for personal requirements whatsoever they may be. BOI personal loan review states that the Bank of India personal loan quantum is up to Rs. 10 lacs, depending on the income of an individual. We here at money super bazaar provide detailed information regarding the loan: BOI Personal Loan interest rate levied on it, BOI Personal Loan eligibility norms, pre-closure process, repayment schedule, documentation etc.  

What Is The BOI Personal Loan Eligibility Criterion?

BOI personal loan review upholds that BOI Personal Loan eligibility norms mention that loans are given to:

• salaried employees,
• self employed professionals
• businessmen with regular income
• pensioners having bank account in the bank. 

What Is The BOI Personal Loan Interest Rate?

BOI personal loan review says that BOI Personal Loan interest rate is calculated on the base rate which is fixed at 9 percent.

BOI Personal Loan rate is: 

Base rate + 5% per annum.

Bank also gives concession to women borrowers in the rate levied on loan.

BOI Personal Loan rate also gives concession to senior citizens. Further, BOI Personal Loan interest rate is very competitive and is amongst the best in the industry.

Quantum Of Loan Disbursed At BOI Personal Loan Rate:

Further, the BOI Personal Loan eligibility criteria also mention that the eligible amount is:

• in case of salaried employees: 10 times the net monthly salary
• in case of self employed individuals: Bank of India personal loans quantum is equal to 50 percent of the gross annual income as per the latest ITR.

Procedure To Apply For The Loan:

BOI personal loan review maintains that an individual has to contact the nearest branch along with the required documents for Bank of India personal loan. A staff representative will guide through the procedures and provide regular updates regarding the status of the loan.

Documents required as part of the BOI Personal Loan eligibility criteria are:

• ID proof,
• address proof,
• latest ITR
• and income statement. 

The processing charges for loan are 1.10 percent of the loan amount subject to a minimum of Rs. 1000 and maximum of Rs. 5000. 

Tenure Of Loan:

Loan tenure stands at 5 years, during which entire loan amount should be repaid by the borrower, including interest at BOI Personal Loan rate.

Repayment Of Loan:

Bank of India personal loan repayment schedule is 60 months, payable in equated monthly installments.

Product Page URL Of Bank Of India Personal Loan:

For further information log on to the website www.bankofindia.com and info on loans can be accessed at http://www.bankofindia.com/personalloans1.aspx

Bank Branches Are As Follows: