Bank of India Personal Loan Key Features
|Age||21 – 60 (at loan maturity)|
|CIBIL Score||Minimum 750 or above|
|Bank of India Personal Loan Interest Rate||9.99% per annum|
|Lowest EMI per lakh||Rs 2100|
|Tenure||12 to 60 months|
|Bank of India Personal Loan Processing Fee||1% of the loan amount|
|Prepayment Charges||2% – 4%|
|Part Payment Charges||2% – 4%|
|Minimum Loan Amount||Rs. 50,000|
|Maximum Loan Amount||Rs. 20 Lakh|
Each Feature Explained in Detail Below
Bank of India Personal Loan Eligibility Criteria
Eligibility criteria for a personal loan:
|CIBIL score Criteria||750 and Above|
|Age Criteria||21-60 years|
|Min Income Criteria||Rs 25000/month|
Bank of India Personal Loan Interest Rate, Fees & Other Charges
|Bank of India Personal Loan Interest Rate||9.99% per annum|
|Bank of India Personal Loan Processing Charges||1% of the loan amount|
|Prepayment Charges||2% – 4%|
|Stamp Duty||As per state laws|
|Cheque Bounce Charges||As per bank terms|
|Floating Rate of Interest||Not Applicable|
Bank of India Personal Loan Documents Required
|Form||Duly filled application form|
|Proof of Identity||Copy of:
> Driving License
> Aadhar Card
> Voter ID Card
|Proof of Address||Rent Agreement (Min. 1 year of stay)
Passport (Proof of permanent residence)
|Proof of Income||> ITR: Last two Assessment years
> Salary Slip: Last 6 months
> Bank Statement: Last 3 months
Personal Loan EMI Calculator for Bank of India Bank
Bank of India Personal Loan Comparison with Other Banks
|Bank||Interest Rate||Tenure||Loan Amount & Proc Fee|
|Bank of India||9.99%||12 to 60 months||Up to Rs. 20 lakh / 1% to 2% of Loan Amount|
|HDFC Bank||11.25% to 21.50%||12 to 60 months||Up to Rs. 40 lakh / Up to 2.50% of the loan amount|
|Bajaj Finserv||Starting from 12.99%||12 to 60 months||Up to Rs. 25 lakh / Up to 3.99% of the loan amount|
|Axis Bank||15.75% to 24%||12 to 60 months||Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount|
|Citibank||Starting from 10.99%||12 to 60 months||Up to Rs. 30 lakh / Up to 3% of the loan amount|
|ICICI Bank||11.50% to 19.25%||12 to 60 months||Upto Rs. 20 lakh / Up to 2.25% of the loan amount|
Other Loan Products from Bank of India
|Gold Loan||Car Loan||Home Loan||Business Loan|
|TWL||LAP||Credit Card||Education Loan|
Why should you apply for a Bank of India Personal Loan with Dialabank?
Dialabank helps you search for the perfect personal loan by your financial needs and eligibility. We make sure to get you the lowest interest rate available in the market and advice you thoroughly on all financial matters.
How to Calculate EMIs for Bank of India Personal Loan
Just put your loan amount, interest rate, and tenure in the calculator below to find your EMIs.
Bank of India Personal Loan Processing Time
Bank of India Bank usually takes two weeks or 15 days when it comes to the Processing of Personal Loan Applications. However, Bank of India approves the loan in just a few hours to a maximum of 1-3 days to its pre-approved already existing account holders.
Bank of India Personal Loan Preclosure Charges
Bank of India gives you the option of pre-closing your Loan after a minimum of 12 EMIs. Prepayment charges are between 2% to 4%.
Pre Calculated EMI for Bank of India Personal Loan
Bank of India Personal Loan Schemes
Bank of India Marriage Loan
A personal loan from the Bank of Indian can be utilized to pay for all the expenses of your dream wedding. Apply with Dialabank and leave all your financial worries to us.
Bank of India Doctor Loan
BOI Star Doctor- Plus loan is offered to qualified registered medical practitioners for any approved purpose. The maximum loan amount that can be availed is Rs. 20 lakh.
Bank of India Personal Loan for Government Employees
Government Employees are offered Personal Loans at low-interest rates by Bank of India Bank, which starts at about 9.99%. They are given special offers as well as quick disbursal along with the option of choosing the tenure for the loan. No Processing Fee is charged from the Defence Personnel.
Bank of India Pensioner Loan Scheme
This loan is offered to pensioners so that they can live independently and can pay their medical bills or arrange for other expenses by themselves.
- The maximum loan amount offered to pensioner and family pensioners is 15 times of monthly pension up to Rs. 5 lakh max.
- The maximum limit of the BOI Star Pensioner Loan Scheme for individuals over 75 years is Rs. 1 lakh.
- The interest rate offered in the case of this scheme starts at 10.50% p.a.
Bank of India Personal Loan Balance Transfer
Personal Loan Balance Transfer refers to a process where you shift your loan from one lending institution to another. In this, your new bank pays off your previous loan and gives you the loan. You get many benefits if you do this, but you may have to pay the foreclosure charges associated with that loan along with the Processing fee on your new loan. Some of the benefits are listed below –
- Lower Interest Rate
- Extended Tenure for the Repayment
Bank of India Personal Loan Top Up
Top up facility on your loan is the additional amount that you borrow from the bank on your existing loan. Bank of India lets you avail of this facility if you have paid at least 9 regular EMIs without any hindrances in payment. You can get a top-up of a minimum ₹50,000 and a maximum of your already sanctioned loan amount.
Bank of India Personal Loan Status
You can check the status of your Bank of India Personal Loan by the following methods –
- You can visit your loan branch and ask the banker for the same.
- Log In to the Bank of India Net banking Portal, Click on loans from the top ribbon and click on Enquire to check the status of your loan.
Home Renovation Loan
For individuals who want to get their home redesigned, the Bank of India provides home redesign credit. This individual loan will fund the required repairs or assist the applicant to purchase new fittings, appliances, and furniture for their home. Some of the Bank of India Home Renovation Loan’s essential highlights are:
- The funding cost of the Home Improvement Loan from the Bank of India starts at as low as 11.25 percent.
- People could be qualified to have their home remodeled for an advance amount of Rs. 20 Lakh
- Bank of India’s home remodels credit needs zero paperwork, rendering the whole advance period free of bother.
- The advance amount is generally credited to the record within 72 hours until your application is preferred by the bank.
The Holiday Loan of Bank of India will help you with a minor issue in planning your dream get-away. This individual Bank of India advance will subsidize a variety of expenses related to excursions, including booking travel tickets, hotel facilities, guided tours, and so on The main highlights of the Bank of India Holiday Loan are:
- Holiday loan financing costs start at 11.25 percent p.a.
- You can do a measure of up to Rs 20 Lakh without a lot of a stretch profit, so your dream excursion will not be ruined because of a monetary crunch.
- Streamlined and minimal paperwork ensures the basic and clear financing of your get-away.
- Brisk planning and disbursement of progress that is specifically attributed to your record.
In either case, a dominant part of insecure individual credits is based on individuals with a customary pay Bank of India’s Fresher Funding is outstanding. This Bank of India credit alternative is intended to assist freshers, such as continuing alumni searching for their first job for example. Some significant highlights of individual credit from Bank of India Fresher Funding are as follows:
- Amount of credit up to Rs 1.5 lakh
- Candidates must be 21 years of age, at any rate.
- The speed of interest for Fresher Funding depends on the profile of the candidate, the financial record/score, the candidate’s age, and region.
NRI Personal Loan
Bank of India provides a person advance specifically for NRIs, recognizing the necessities and dreams of NRIs. An Indian inhabitant should be the primary advance nominee, and a nearby family member must be the co-candidate NRI. The following highlights include the Individual Loan for NRIs.
- Bank of India provides individual NRI advances of up to Rs. 10 lakh with adaptable end-use advances.
- NRI Personal Loan funding costs start at 15.49 percent p.a.
- A residence of as long as three years is included in the credit.
How to Apply for a Bank of India Personal Loan?
While applying for a Bank of India personal loan online, you can use the Internet for searching and comparing different banks and NBFCs that offer personal loans. After choosing the Bank of India, you can choose the right choice according to your knowledge and preference. To move ahead in the process, you can visit the website of Dialabank and choose the schemes that suit you.
Dialabank ensures to present you with the best financial services from major banks of the nation. To be a part of this journey, you ought to follow the steps given below:
- Visit the webpage of Dialabank.
- Go to the personal loan segment.
- In the personal loan section, you can apply either as a self-employed person or a salaried person.
- Once, you fill in all the important specifications about you, submit the form.
- After form submission, our representative will call you.
- Eventually, our representative will lead you through the process of the loan.
- You get a loan at a feasible interest rate without moving here and there.
- To know more information, you can call on 9878981166.
Personal Loan verification process
The following main measures are included in the verification process for a personal loan:
Step 1: Your preferred lender receives your online loan application after you have submitted your online application on Dialabank.com / Dialabank App.
Step 2: The lender’s representative will then contact you to check the details of the application and arrange for the documentation needed for your loan application to be picked up.
Step 3: The personal loan application is accepted after the records have been obtained and successfully checked.
Stage 4: The loan is disbursed once the loan agreement is signed by the borrower.
Bank of India Personal Loan Status
To check your Bank of India Personal Loan’s status, you can:
- Visit the bank branch where you applied for the loan directly and provide your loan application information to the loan officer
- Visit the Bank of India website and work out the details of your loan.
- Send the details of your loan via email to the bank.
- Via the bank’s I-mobile app
- These techniques allow you to easily monitor your loan status.
How to login in Bank of India portal
- Check the official website of the Bank of India.
- Click on ‘Login’ in the upper right corner of the screen.
- Using your User ID and Password or reported mobile number to log in
How to Check Your Loan Statement
By following the means given below, clients can download the bank’s very own credit proclamation:
- Visit the bank’s official site.
- Select ‘Link’ and choose ‘Administration Requests’ from the drop-down list.
- On the following page that opens, click ‘Individual Loan Linked’ under the ‘Advances’ menu.
- First, click on ‘Solicitation for Loan Account Statement’.
- To profit from the bank’s very own credit explanation, log in using your User ID and the hidden word or using your enlisted flexible number and OTP.
Bank of India Personal Loan Restructuring (COVID-19)
Due to the COVID-19 pandemic, the cross-country lockout antagonistically influenced multiple borrowers and a multi-month ban on various term advances was declared to moderate its effect to a particular degree. The RBI-commanded one-time gain of Bank of India’s individual credit reconstruction was announced by Bank of India after the half-year ban had expired. This instrument is intended to offer relief to those borrowers who are not yet able to begin repayment of their usual EMI due to the pandemic’s continuing money-related difficulties.
The Bank of India’s credit target system proposes an additional ban of as long as two years or an extension in the existing reimbursement time period to decrease EMI installments from month to month. As a primary concern, it is imperative that the rebuilding of your Bank of India individual credit will result in additional premium charges well beyond those of the first advance. Consequently, if anything else fails with the intention of not ending up defaulting on your great credit, this relief instrument can only be used.
Bank of India Customer Care
Customers can contact the Bank of India customer care via any of the following means:
- By Phone: You can call Bank of India on 9878981166 (toll-free)
- Callback Request: You can also request a call back by visiting the bank’s website
- Online Chatbot: You can also get your queries answered by the iPal chatbot online
- Branch Visit: You can visit the nearby Bank of India branch to get your queries.
Benefits of Applying for Personal Loan on Dialabank
In applying for a personal advance on the Dialabank platform, there are numerous points of interest. Some of them are provided underneath:
- 24 x 7 Accessibility: Anytime and wherever you can get to the Dialabank platform, and in this way, apply for an individual advance whenever your home or office is relaxed.
- Multiple moneylenders on a solitary stage: com empowers you to receive individual credit deals on a solitary stage from different scheduled loan specialists and thus removes the need to visit various bank sites or branches.
- Know EMI in a split second: With the individual advance EMI calculator, you can check the EMIs you would be paying on an individual credit even before you apply for one. It will assist you with acquiring the suitable sum that you can without much of a stretch reimburse and have a helpful reimbursement plan.
- Liberated from cost: Additionally, you are not needed to pay any charges when you apply for an individual advance on Dialabank.com
Some important angles that you should consider when applying for an individual bank of India credit are given below:
- When applying for a personal advance, it is nice to review your financial evaluation in any situation. A good credit evaluation builds up the chances of your credit endorsement and can cause you to benefit from an individual advance on better terms.
- It is wise to think about the cost of an individual credit (premium expense and all fair expenditures and charges) provided by various moneylenders on Dialabank.com before deciding on a particular bank.
- Acquire as per the ability to need and reimbursement. Try not to gain just because you’re willing to get a higher number. It just adds to the cost of your advantage and has not many benefits over the long haul.
- Try not to apply for individual advances concurrently with separate moneylenders. This shows that you are ready for credit and raises the number of complicated demands for your credit report, which can have an antagonistic impact on your credit rating.
FAQs About Bank of India Personal Loan
✅ What is Bank of India Personal Loan?
Personal loans with minimal documentation become hassle-free as no mortgage or security is required. Bank of India provides personal loans to its pre-approved customers in just 10 seconds and within 4 hours for the new customers.
✅ How does Bank of India Personal Loan work?
The first step would be to check your eligibility for the Bank of India Personal Loan, which can be done online. If you are a pre-approved Bank of India customer, you can avail the loan within seconds, and for others, the loan disbursal on average takes 4 hours.
You can avail up to Rs. 20 Lakhs with the lowest interest rates depending on your eligibility criteria and credit history. Repayment of the loan can be made on an EMI basis or as agreed upon in the loan agreement.
✅ What is the Personal Loan rate of interest in the Bank of India?
The personal loan rate of interest in the Bank of India is 9.99% per annum. For checking the latest Bank of India Interest Rates visit us at Dialabank’s digital platform and compare it to avail the best offers suiting your needs.
✅ What is the procedure of Personal Loans in the Bank of India?
The procedure to avail a personal loan with the Bank of India is hassle-free. You can apply for a Bank of India Personal Loan by visiting the nearest branch with your documents, through a Bank of India ATM, or using Bank of India’s Loan Assist App. You can also contact and apply with Dialabank for easy processing and personalized assistance. The basic steps include:
- Calculation of loan amount required as per your need
- Checking your loan eligibility online or by visiting the branch
- Approaching the bank via your preferred method (online or offline)
- Submitting the required documents with the banker,
- Disbursal of loan amount once your application and documents have been verified and approved.
✅ How can I get a Bank of India Personal Loan?
Getting a Personal Loan from Bank of India is a simple process as minimal documentation ensures a quick disbursement time. After submission and verification of the required documents, the loan amount will be credited to your bank account within 4 hours.
✅ How to apply for Personal Loan in Bank of India?
A personal loan is a security free loaning option to meet all your financial needs. You can apply for a personal loan with Bank of India Bank with minimal documentation and get a quick loan amount disbursal by visiting the nearest branch with your documents or filling an application online at Bank of India Bank’s official website.
✅ How much EMI on Bank of India Personal Loan?
EMI (Equated Monthly Installment) is the amount payable to the bank every month as repayment of your loan. The EMI on Bank of India Bank personal loan depends on the loan amount, interest rate, and the tenure of the loan. It can easily be calculated using the EMI calculator on Dialabank’s website.
✅ How much CIBIL score required for Bank of India Personal Loan?
Bank of India requires you to have a CIBIL score over 750 with 700 being the absolute lower limit. You can increase your CIBIL score by making timely payments of your EMIs and credit cards.
✅ Minimum credit score needed for Bank of India Personal Loan?
A credit score is a 3 digit number between the range of 300-900 which reflects the creditworthiness of the borrower. It is based on your past credit files and your performance in the repayment of your loans. Bank of India Bank requires you to have a minimum credit score of 750 to become eligible for a personal loan.
✅ How to calculate Bank of India Personal Loan EMI?
EMI on personal loan can be calculated using the formula, E = P x R x [(1+R)^N] / [(1+R)^N-1] where,
P= Principal or your loan amount,
R= Rate of interest, and
N= Loan Tenure.
You can easily calculate your EMI online at Dialabank’s website for free and compare offers from different banks and finance companies.
✅ What can I use Bank of India Personal Loan for?
You can use your Bank of India Personal Loan for several reasons ranging from small bill payments and daily expenses to a medical emergency and bigger expenses such as debt consolidation, wedding, etc. Fulfill all your monetary needs with a personal loan by applying online at Dialabank’s digital platform.
✅ Can I prepay Bank of India Personal Loan?
When a borrower pays off their loan entirely or in part before the agreed due date, it is termed as prepayment or preclosure. Bank of India Bank gives you the option to prepay your loan provided that you have at least paid 12 month’s EMIs. You will be charged with a preclosure fee of up to 4% of your outstanding loan amount depending on the number of EMIs left to pay.
✅ How to prepay Bank of India Personal Loan?
Steps to prepay your Bank of India Personal Loan:
- Collect the required documents (PAN, Id proof, and any other loan documents)
- Visit your loan branch and ask for the balance and any pre-closure charges or penalties.
- You will be prompted to fill a form requesting the prepayment of the loan.
- Pay the prepayment amount (cash up to Rs.49000, Cheque, or DD) and take its acknowledgment.
- Your loan will be closed as soon as the bank receives the fund.
✅ How to repay Bank of India Personal Loan?
You have the option of repaying your Bank of India Personal Loan either by a standing instruction on your bank account to pay the EMI, online payment through different modes or through post-dated cheques given to the loan branch.
✅ How to repay Bank of India Personal Loan online?
You can pay your loan EMI online in just five steps:
- Visit the payments page on Bank of India Bank’s website.
- Click on ‘PAY ONLINE’ and enter your ‘Loan No.’ and ‘Date of Birth’.
- Select your net banker from the drop-down menu and click on PAY.
- You will be securely redirected to the bank payment interface of your chosen net banking option.
- Complete the payment, and you will receive an online transaction confirmation. You can also pay your Bank of India Personal Loan on Paytm.
✅ What documents are needed for Bank of India Personal Loan?
Bank of India provides easy hassle-free personal loans with minimal documents. You will need your Aadhar card/Voter ID, PAN card, Bank statement of the last three months, and the latest salary slips/ITR file. For more information and personalized assistance, you can contact Dialabank’s financial helpline number.
✅ How to check Bank of India Personal Loan status?
You have some options to check the status of your Bank of India Personal Loan:
- Log In to the Bank of India Netbanking Portal, Click on loans from the top ribbon and click on Enquire to check the status of your loan.
- Search for ‘personal loan status’ on Google, open the first link which will take you to the Loan Status Tracker webpage of Bank of India Bank, and fill the required information to check the status of your loan.
- You can also visit your loan branch and ask the banker for the same.
✅ How to get Bank of India Personal Loan top-up?
Top up is the additional loan amount that can be taken from the existing bank of your running loan or at the time of balance transfer from your new bank. Bank of India lets you avail of this facility if you have paid at least 9 EMIs without any cheque bounces. You can get a top-up of a minimum ₹50,000 and a maximum of your already sanctioned loan amount. You can check the online portal of Bank of India for more offers or contact Dialabank for any financial help.
✅ What happens if I don’t pay my Bank of India Personal Loan EMIs?
There will be a penal interest charged as applicable and would even face legal actions if defaulting continues.
✅ How to find Bank of India Personal Loan account number?
To get your personal loan account number you can contact the loan officer at the bank branch or by contacting the customer care number of Bank of India.
Table of Contents
- 1 Bank of India Personal Loan Key Features
- 2 Bank of India Personal Loan Eligibility Criteria
- 3 Bank of India Personal Loan Interest Rate, Fees & Other Charges
- 4 Bank of India Personal Loan Documents Required
- 5 Personal Loan EMI Calculator for Bank of India Bank
- 6 Bank of India Personal Loan Comparison with Other Banks
- 7 How to Calculate EMIs for Bank of India Personal Loan
- 8 Bank of India Personal Loan Processing Time
- 9 Bank of India Personal Loan Preclosure Charges
- 10 Pre Calculated EMI for Bank of India Personal Loan
- 11 Bank of India Personal Loan Schemes
- 12 Bank of India Personal Loan Status
- 13 How to Apply for a Bank of India Personal Loan?
- 14 Personal Loan verification process
- 15 Bank of India Personal Loan Status
- 16 How to login in Bank of India portal
- 17 How to Check Your Loan Statement
- 18 Bank of India Personal Loan Restructuring (COVID-19)
- 19 Bank of India Customer Care
- 20 Benefits of Applying for Personal Loan on Dialabank
- 21 Important Aspects
- 22 FAQs About Bank of India Personal Loan
- 22.1 ✅ What is Bank of India Personal Loan?
- 22.2 ✅ How does Bank of India Personal Loan work?
- 22.3 ✅ What is the Personal Loan rate of interest in the Bank of India?
- 22.4 ✅ What is the procedure of Personal Loans in the Bank of India?
- 22.5 ✅ How can I get a Bank of India Personal Loan?
- 22.6 ✅ How to apply for Personal Loan in Bank of India?
- 22.7 ✅ How much EMI on Bank of India Personal Loan?
- 22.8 ✅ How much CIBIL score required for Bank of India Personal Loan?
- 22.9 ✅ Minimum credit score needed for Bank of India Personal Loan?
- 22.10 ✅ How to calculate Bank of India Personal Loan EMI?
- 22.11 ✅ What can I use Bank of India Personal Loan for?
- 22.12 ✅ Can I prepay Bank of India Personal Loan?
- 22.13 ✅ How to prepay Bank of India Personal Loan?
- 22.14 ✅ How to repay Bank of India Personal Loan?
- 22.15 ✅ How to repay Bank of India Personal Loan online?
- 22.16 ✅ What documents are needed for Bank of India Personal Loan?
- 22.17 ✅ How to check Bank of India Personal Loan status?
- 22.18 ✅ How to get Bank of India Personal Loan top-up?
- 22.19 ✅ What happens if I don’t pay my Bank of India Personal Loan EMIs?
- 22.20 ✅ How to find Bank of India Personal Loan account number?