Bank of India personal loan rate of interest starts from 10.85% per annum, varying based on factors such as the applicant's credit profile, occupation, and existing relationship with the bank. These rates are influenced by the applicant's credit score, income, employment type, and the specific loan scheme chosen. For instance, the Star Pensioner Loan Scheme offers rates starting at 10.85% per annum for senior citizens.
How Much is the BOI Personal Loan Interest Rate?
As I already said that BOI offers a low rate of interest starting from 10.85% p.a. The maximum loan limit is up to Rs. 25.00 lakhs.
Several factors affect the interest rates offered by BOI:
Applicants with higher credit scores (typically 750 and above) are more likely to secure lower interest rates. Stable income and employment in reputable organisations can lead to better loan terms.
Customers with existing accounts or loans may receive preferential rates. Higher loan amounts or longer tenures might attract higher interest rates.
This is all about the Bank of India personal loan rate of interest.
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Last month, I took out a loan from the Bank of India. Before availing of the loan, I wasn’t aware of the BOI personal loan interest rate or the documents needed. Since I already had an account with the bank, I called them and asked about all the necessary details. This is what the executive told me.
What is the Bank of India Personal Loan Rate of Interest?
I have added all the information provided by the executive in the table below.
Particulars |
Rates/ Charges |
Interest Rate |
10.85 % onwards |
Processing Fee |
2% of the Loan Amount (Min. Rs. 1000/- to Max. Rs. 10000/-) |
CIBIL Score |
725 above |
Maximum Tenure |
30 years |
Maximum Age |
70 years |
And that’s all he told me about the Bank of India personal loan interest. Following that, he also told me about the documents that are necessary for a BOI personal loan. You can check the list below.
Proof of Identity: PAN, Passport, Driver's Licence, Voter ID (Any one)
Proof of Address: Passport, Driver’s Licence, Aadhar Card, Latest Electricity Bill, Latest Telephone Bill, Latest Piped gas bill (Any one)
Last 6 months's Salary Slip, Pay Slip, and One-year ITR. Form 16 for salaried individuals (Any one).
And that’s about it. I hope this information about the BOI personal loan interest rate will be of help to you.
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What is BOI Personal Loan Interest Rate?
Rupak98
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2024-07-31T15:32:43+00:00 2024-07-31T18:20:33+00:00Comment
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