Bank of India Personal Loan @ 10.85% | Star Mitra Loan, Details, Eligibility Criteria, Marginal Cost

Bank of India Personal Loan: A personal loan is an exceptional boon when you want cash without an excessive amount of hassle or borrowing from friends or a circle of relatives, which the Bank of India net banking, can prove to be of great help Whether for clinical expenses or a wedding, overseas travel or observe abroad prices, home upkeep, or quick-term cash, you may get a private loan quickly and without difficulty. A personal loan with the aid of the Bank of India app, is convenient because you may pay it off over some time in pocket-pleasant installments, and you can get a brief disbursal with little or no paperwork.

Bank of India is one of the most trusted banks regarding personal loans. is also available if you want to apply online. You can use the Bank of India corporate login, to get yourself a Personal Loan.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

Bank of India

Bank of India Overview

Bank of India (BOI) is an Indian nationalized bank. It’s under the ownership of the Ministry of Finance, authorities of India, with headquarters in Bandra Kurla Complex, Mumbai. Founded in 1906, it’s been authorities-owned because of nationalization in 1969. BOI is a founding member of rapid (Society for global Interbank economic Telecommunications), allowing price-powerful financial processing and communication services.

As of 31 March 2021, the Bank of India’s overall enterprise stands at ₹1,037,549 crores (US$140 billion), has five thousand, one hundred and eight branches, and five thousand five hundred and one ATMs around the arena.

Bank of India Features

The loan quantum provided is Rs.10 lakh. The loan quantum supplied to an applicant may be decided via their income.

It is supplied as a term loan or a call for mortgage or an overdraft. It could be decreased consistently with the repayment timetable.

You can select a secured mortgage or an easy/unsecured mortgage from a financial institution in India.

BOI clean or unsecured loans are offered for the motive of meeting wedding expenses, training costs, home preservation, scientific treatment costs, or any other personal fees, which might be true.

The interest for a personal bank loan is 12.15% per annum.

How to Apply for a Personal Loan in the Bank of India?

If you wish to apply for a personal loan in the Bank of India then, you can easily apply for the loans by visiting the nearest branch, where you will get all the various information related to your loans, and the employees will help you out, with the necessary procedures for completion of your loan. You can even call the authorities (8010968305) or leave a message at (7669300024).

Bank of India Personal Loan Eligibility Criteria

The eligibility criteria that one has to fit for applying for a personal loan in the Bank of India are simple.

  • Salaried permanent employees,
  • Professionals
  • Individuals with high net worth,
  • Regular pensioners
  • Family pensioners
  • Staff members,
  • Retired employees (other than dismissed/compulsorily retired) of our Bank.

Types of Personal Loan offered by the Bank of India

Below is the list of personal loans that the Bank of India provides

  • BOI Star Personal Loan
  • BOI Star Pensioner Loan
  • BOI Star Personal Loan- Doctor Plus
  • BOI Covid-19 Personal Loan
  • BOI Covid-19 Pensioner Loan

The Marginal Cost of Fund Based Lending rate or MCLR of BOI

Let us take a look at the Marginal Cost of Fund Lending system or simply known as MCLR of Bank of India.

Tenure MCLR
Overnight MCLR 6.70%
1-month MCLR 7.20%
3-month MCLR 7.25%
6-month MCLR 7.30%
1-year MCLR 7.35%
3-year MCLR 7.80%

As on 31 March of 2021, bank of India’s general enterprise stands at ₹1,037,549 crore (US$140 billion) has 5,108 branches and five, 551 ATMs internationally (along with 24 distant places branches).

Bank of India is among the most trusted Banks. Its customer services have been excellent every time. Hence if you are thinking about opting for a personal loan, you should definitely consider Bank of India as your chosen or the trusted one.

Takeaways from the Article

The main Takeaways from this article are

  • The individuals who are eligible to apply for a personal loan in Bank of India are, Salaried permanent employees, Professionals, individuals with high net worth, regular pensioners, family pensioners, Staff members, retired employees.
  • Bank of India has a variety of Personal loans to choose from, so one can choose any of them.
  • To apply for a personal loan in the Bank of India, you can visit the nearest branch.

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