Bank of India Personal Loan Key Features May 17 2021
|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|
Bank of India Personal Loan
Each Feature Explained in Detail Below
Bank of India Personal Loan Interest Rate, Fees & Other Charges
|Boi personal loan interest rates||9.99% per annum|
|Bank of India Personal Loan Processing Charges||1% of the loan amount|
|Prepayment Charges||36 months: 2% of loan principal outstanding”}”>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 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.
Bank of India Personal Loan Eligibility Criteria
Eligibility criteria for a boi personal loan:
|CIBIL score Criteria||750 and Above|
|Age Criteria||21-60 years|
|Min Income Criteria||Rs 25000/month|
Bank of India Fees and Other Charges
|Bank of India Personal Loan Interest Rate||10.50% per annum|
|Bank of India Personal Loan Processing Fee||1% of the loan amount|
|Min ₹ 1000 and Max ₹ 25000|
|Prepayment||No prepayment is allowed until 12 EMIs are paid|
|Pre-closure||No foreclosure is allowed until 12 EMIs are paid|
|Prepayment Charges||13-24 months: 4% of loan principal outstanding|
|25-36 months: 3% of loan principal outstanding|
|>36 months: 2% of loan principal outstanding|
|Stamp Duty||As per state laws|
|Cheque Bounce Charges||₹ 550/cheque + GST|
|Floating Rate of Interest||Not Applicable|
|Overdue EMI Interest||2% p.m.(on overdue amount)|
|Amortization Schedule Charges||₹ 200 + GST|
Bank of India Personal Loan Documents Required
|Form||Duly filled application form|
|Proof of Identity||Passport\n> Driving License\n> Aadhar Card\n> Voter ID Card”}”>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||ITRs : Last two Assessment years\n> Salary Slip: Last 6 months\n> Bank Statement: Last 3 months”}”>> ITR: Last two Assessment years
> Salary Slip: Last 6 months
> Bank Statement: Last 3 months
Bank of India personal loan EMI calculator
Bank of India Personal Loans 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||Up to 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 choose the option of banks by providing you with the updated market comparison of different banks to make the right choice. We at Dialabank have already helped thousands of people to get the loan they need without any issue, and we look forward to continuing in doing so. Apply with us today to get the offers and special deals on Bank of India Personal Loan.
Call us at 9878981166 to avail of the Bank of India Personal Loan.
How to Calculate EMIs for Bank of India Personal Loan
For calculating the bank of India personal loan interest rate calculator, just put your loan amount, boi personal loan 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, the 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 Pre-closure 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%.
Documents required for Bank of India Personal Loan Pre-closure
Generally, the following documents are required to foreclose your Bank of India personal loan:
- A valid photo identity proof
- Loan Account Statement
- Cheque/ demand draft/ cash to make the payment
Bank of India Foreclosure Benefits
Given below are a few key benefits of foreclosing your Bank of India personal loan:
Foreclosure / Full Prepayment
- Helps you save on the overall interest payout.
- Frees you from the burden of regular loan repayments.
- It enables you to save on the interest component.
- You also have the advantage of either paying a reduced EMI amount or having a shorter loan tenure.
Bank of India Prepayment Facility
The bank also offers the prepayment facility to help the customers pay off the entire outstanding or a part of it. If you have a surplus amount of money in hand and meeting the below criteria then you can pay a part of your principal outstanding amount to reduce the same. This will also help in saving interest accrued on the principal amount. Know more about this facility below.
- Prepayment will be allowed subject to the successful payment of the first 12 EMIs.
- Prepayment will be allowed a maximum of twice during the entire tenure of the loan.
- Prepayment is allowed only once a year.
- At any point in time, the prepayment will not exceed 25% of Principal Outstanding.
Charges to be paid on Prepayment
- 13-24 Months – 4% of the outstanding loan balance.
- 25-36 Months – 3% of the outstanding loan balance.
- More than 36 Months – 2% of the outstanding loan balance.
Pre Calculated EMI for Personal Loan
Bank of India Personal Loan for Salaried Employees
Bank of India offers Personal Loan for Salaried Employees at attractive rates of interest. The amount that you get a loan depends on the Company that you work for, The take-home salary of the employee, and the city of residence of the employee. Bank of India offers these loans for a tenure of 12-60 months and provides instant approval along with funds to pre-approved customers.
Bank of India Personal Loan for Self Employed Individuals
Bank of India’s Personal Loan for Self Employees is a loan product offered to self-employed individuals and in need of funds. The bank provides them with attractive rates of interest on their personal loan and tenure of 12-60 months. However, as compared to Salaried Employees, you have to present more documents here as you need to provide the bank with sufficient documents related to your business to prove its continuity as well as your steady income.
Bank of India Personal Loan for Tcs Employees
- Exclusive personal loans with a reasonable interest rate of 11.25% p.a.
- EMI for personal loans starts at Rs.2178 per lakh when terms and conditions are met.
- The hassle-free documentation process for TCS employees.
- Pre-approved personal loans for eligible TCS employees.
- Interest rate starting at 11.99% p.a for superbike loans.
- Great offers on home loans with an interest rate of 9.45% p.a and discount interest rate for women at Rs.9.40% p.a.
Bank of India Moratorium Process
The process to stop your loan EMIs at the Bank of India is as follows-
- Visit the Bank of India website or use the mobile app
- Click on the link where the option of moratorium period is popping out
- On the application page, mention your registered mobile number, name, email address
- After that enter your date of birth and select the type of loan
- Enter your loan number and mention your EMI amount
- Then make a decision and choose a suitable service
- Click on the EMI deferment option that says I agree to pay the accrued interest on the outstanding balance
- Click on the ‘Submit’ button
- The bank will check the details thoroughly and process your moratorium request
- You’ll be given a reference upon the successful completion of the process on your registered mobile number and email address
However, if you don’t want to defer EMI, you must click on the second option after the deferment option. This will ensure EMI payments as scheduled with no extra interest charged on it.
Bank of India Personal Loan special pricing
If a customer is looking for INR 15 lakh of the loan amount or more than that below rates would be applicable.
|Loan Amount||IRR||Processing Fee (+GST)|
|Loan amount >=15 lakh*||10.50%||INR 3999|
*Terms & conditions apply
This offer is not applicable for Top-up/ Enhancement/ Existing loan amount closure.
If a customer is looking for a Balance transfer and a fresh loan of above INR 10 lakh above, the below offer is available.
|NTH||Loan Amount||IRR||Processing Fee (+GST)|
|>=50000||Loan amount >=10 lakh*||10.50%||INR 3999|
How to Manage Personal Loan
Here are the 4 tips that will help you manage your loans:
1. Pay On-Time – The first step is to avoid late fees and penalties. The best way to do that is by paying your monthly payments on time every month. This also hits the credit score. These are needless and all too common consequences that will work against your financial condition. If you have just taken a personal loan or are about to, the best way to manage your loan is by making a monthly payment on your loan as soon as you receive the loan. By being a payment ahead of your installment plan you will have a buffer against a missed payment.
2. Pay More Than Your Minimum – Paying beforehand is a good option for managing your plans but paying a little extra every month keeps you ahead of your loan term and provides you with some other financial bonuses. Moreover, paying extra on your loan reduces the length of the repayment plan. This will help you clear the debt and allows you to regain your financial independence sooner. It will also reduce the rate of interest you owe and thus, saving you money in the long run. Paying off your debts faster also leads to an improvement in your credit score. A lower credit score will benefit you in several ways, like dropping down payments and rate of interest.
3. Consolidate Your Loans – For debtors managing multiple personal loans, consolidation could be the best way to simplify your debt repayment. Debt Consolidation is when you take a large loan to repay all the other loans you have taken. So, instead of paying multiple lenders every month with different rates of interests and needs, one can make a single payment to one provider. Debt Consolidation is helpful if you can save an interest rate on a new loan that is lower than the average interest rate of the earlier loans. The only disadvantage that lies here is that one will likely end up having to reimburse the debt quicker than before. Before consolidating your debt, make sure that you can make the payments on a new loan. This may also help to reimburse large portions of your loans on credit rather than with a single loan, consolidating it into more controllable pieces.
4. Credit Score – Last but not least, always keep a close watch on your credit score while reimbursing a personal loan. The credit score plays a major role in finances and has an important relationship with the loans taken out. How you manage your loans is reflected in your credit score. On the other hand, falling behind on your payments will subordinate the credit score. Thus, a higher credit score is important.
Different offers for Bank of India Personal Loan
Bank of India Doctor Loan
Bank of India offers special Personal Loan to Doctors who require funds. Bank gives them loans ranging from Rs. 50000 to Rs. 50 lakhs for a tenure of 12-60 months at interest rates starting from 11.25%. There are certain eligibility criteria’s for availing of this loan:
- The credit score should be at least 650.
- Age should be 25-65 years.
- Medical Experience – More than 4 years (as a doctor).
Bank of India Marriage Loan
Bank of India offers Personal Loan for Marriage to solve people who are facing a shortage of funds for their or their close one’s marriage. There is no restriction on using this loan amount and can be used for anything from wedding banquets to makeup or stylists, etc. You get these amounts quickly within seconds if you are a pre-approved customer with the bank or as quickly as 4 hours in some cases. The bank charges an attractive interest rate and gives you the option of choosing the loan tenure.
Bank of India Personal Loan for Government Employees
To fulfill the individual requirements of all the public authority workers, the Bank of India is here. The moneylender offers the individual credit to the representatives of public area endeavors, including Central, State, and Local Bodies. The base net month to month pay of a worker should be INR 15,000/20,000 to profit the greatest advance measure up to INR 40 Lakh. The individual advance offered by the Bank of India accompanies a residency of 5 years alongside a handling expense of 1.50% of the advance sum.
Bank of India Personal Loan Offers for Government Employees
|Offers By Government||Number of Companies||Processing Fee(% of the Loan Amount||IRR|
|Miniratna, Navratna, and Maharasthra||55||1.50%||13.49%|
|Employees from the Railway Department||All||1.50%||16.50%|
|CISF, CRPF, ITBP, SSB and BSF||All||1.50%||14.75%|
State and Central Government Officers:
|Government Officer Division A (GA) and Division B (GB)||NTH>24k||2%||16.75%|
Bank of India Personal Loan for Pensioners
Bank of India offers special plans for Pensioners looking out for Personal Loan. They provide good funding at attractive rates of interest to pensioners. Some of the features of Bank of India Personal Loan for Pensioners are listed below:
- Minimum Pension Amount – 25000+
- Maximum age – 65 years at loan maturity
- 50% of extra income (FD interest rental income, etc.) can be counted as Actual Income
- Canara Bank Personal Loan Interest Rate – 9.99%
- Tenure – a minimum of 12 months
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 of ₹50,000 and a maximum of your already sanctioned loan amount.
Bank of India Personal Loan Overdraft Scheme
An individual overdraft is a credit office that licenses you to pull out a total as and when required. You can additionally reimburse the wiped out total at whatever point the condition is ideal. Subsequently, it is perhaps the most favored credit choices that benefitted to meet changing individual supporting necessities unbounded.
Apply for an overdraft office as a Bank of India Personal Loan. The flexible improvement office has all the huge highlights of a shaky overdraft credit
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 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.
Bank of India Personal Loan Preclosure Online
Bank of India enables a Personal loan borrower to make a pre-closure or a pre-payment of a loan. However, you will be able to prepay your Bank of India Personal Loan only after 12 months after you have procured your loan and after paying 12 EMIs plus the foreclosure charges that may be applicable. If you meet this requirement, you can repay your personal loan before the original due date and close your loan early.
Bank of India Personal Loan Process Steps
Step 1: Determine your requirement
Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home. And you may need just Rs. 1 lac or Rs. 10 lac.
Step 2: Check loan eligibility
Once you know how much you need, you should check whether you are eligible. You can visit the Bank of India Personal Loan Eligibility Criteria online, to find out how much you can borrow as a Personal Loan. Bank of India offers loans up to Rs. 40 lac.
Step 3: Calculate monthly installments
Use an online EMI tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income, like on the Bank of India Personal Loan EMI Calculator. Bank of India offers pocket-friendly EMIs on all its Personal Loans starting at Rs. 2149 per lac * (T&C).
Step 4: Approach the bank
You can apply for a Personal Loan with Bank of India in various ways: Via Net Baning, online on the Bank of India website, at an ATM, or by visiting a branch.
Step 5: Submit documents
Next, find out what documents are required for a Personal Loan. You will usually need income proof (bank statements, salary slips or IT returns), address proof, and ID proof. Hand over copies of your Personal Loan documents at the bank.
Wait for funds to be remitted to your account. Bank of India disburses funds for pre-approved loans to customers in 10 seconds*, and for non-Bank of India customers in 4 hours.
That’s how to get a Personal Loan in 5 easy steps!
Bank of India Personal Loan Prepayment Charges
If you are a salaried applicant, you can pre-pay your Bank of India Personal Loan only after paying 12 equated monthly installments completely.
The pre-payment charges for salaried applicants are as follows:
- 4% of the outstanding principal amount for 13 to 24 months.
- 5% of the outstanding principal amount for 25 to 36 months.
- 2% of the outstanding principal amount for more than 36 months.
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.
- 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 yourself, 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.
The 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.
Check your Bank of India Personal Loan application Status Online
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 into the 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 Personal 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
How to Get the Best Offer on Canara Bank Personal Loan
You can get the best close to home financing costs from Bank of India Bank subject to an evaluation of your credit sum, pay, other commitment organization you work with, and advance residency. The accompanying elements decide the individual credit pace of interest you can hope to get from the Bank of India:
- Credit Amount – This is the sum acquired by a borrower from the bank. By and large, banks offer lower financing costs for higher sums. Bank of India offers credits between ₹ 50,000 and ₹ 75 Lakh.
- Compensation – Income characterizes your ability to reimburse the credit. More significant compensation section people are offered credits at lower financing costs. The loan cost of the bank fluctuates with your net month to month pay.
- Manager Category – Bank of India has an inner rundown of organizations falling into classifications that are positioned from high to low organization classes dependent on the organization’s size, notoriety, and existing relationship with the bank. Representatives who have a place with organizations in higher organization classes get appealing limits and low financing cost advances.
- Relationship with the Bank – Bank of India offers extraordinary rates, offers, and charges to the current record holders of the bank. The individuals who have dealt with their records and made all the installments on time in the past will get the advantage of a low bank of India advance loan cost.
- Credit Tenure – Personal advances are of more limited residency that goes from a year to 60 months as they are taken to meet their quick prerequisites.
- Reimbursement Capacity – Before giving an advance to the borrower, the Bank of India checks the reimbursement limit of the borrower. Bank confirms the reimbursement limit of the client through CIBIL as it has the reimbursement history of past credits taken. CIBIL additionally catches data of charge card charges installment.
How does Bank of India Personal Loan work, Here is the process
|Maximum Annual Percentage Rate (APR)||11% to 22.5%|
|A representative example of the total cost of the loan, including all applicable fees||
Here is an illustration of the total cost of the loan:
|Total amount borrowed: ₹ 1,00,000|
|Time period: 12 Months to 60 Months|
|Bank of India Personal Loan Interest Rate: 10.50% to 22.00%|
|Processing Fee payable to Upto ₹ 2,500|
|Fee payable to MyLoanCare: NIL|
|Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.50% (lowest rate, longest time period) to ₹ 9,359 for 12 Months ₹ 1,00,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.|
|Annual Percentage Rate (APR) of charge including all applicable fees: 11% to 22.5%|
|Total cost payable over loan tenure: ₹ 8,278 for 12 Months loan to ₹ 31,463 for 60 Months loan|
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 a 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 of 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 of the best offers suiting your needs.
✅ What is the procedure of Personal Loans in the Bank of India?
The procedure to avail of 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 the 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 a Personal Loan in the 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 the 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 the 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 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 the 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 Net banking 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 in 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 a 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 of ₹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 a 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.
✅What are the Bank of India Personal Loan pre-closure 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%.
✅What is the Bank of India Personal Loan closure procedure?
- Visit the bank with the complete set of documents (as mentioned above).
- You may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account.
- Pay the pre-closure amount.
- Sign the required documents, if any.
- Take acknowledgment of the balance amount you have paid.
✅What is the Bank of India personal loan customer care number?
9878981166 is the Bank of India personal loan customer care number for any personal loan details.
✅What is the Maximum Loan Tenure for Bank of India Personal Loan?
The maximum tenure duration for a personal loan is 60 months.
✅What is the Bank of India Personal Loan Overdraft Facility?
An individual overdraft is a credit office that licenses you to pull out a total as and when required. You can additionally reimburse the wiped out total at whatever point the condition is ideal.
Table of Contents
- 1 Bank of India Personal Loan Key Features May 17 2021
- 2 Bank of India Personal Loan
- 3 Bank of India Personal Loan Interest Rate, Fees & Other Charges
- 4 Bank of India Personal Loan Status
- 5 Bank of India Personal Loan Eligibility Criteria
- 6 Bank of India Fees and Other Charges
- 7 Bank of India Personal Loan Documents Required
- 8 Bank of India personal loan EMI calculator
- 9 Bank of India Personal Loans Comparison with Other Banks
- 10 How to Calculate EMIs for Bank of India Personal Loan
- 11 Bank of India Personal Loan Processing Time
- 12 Bank of India Personal Loan Pre-closure Charges
- 13 Documents required for Bank of India Personal Loan Pre-closure
- 14 Bank of India Foreclosure Benefits
- 15 Bank of India Prepayment Facility
- 16 Pre Calculated EMI for Personal Loan
- 17 Bank of India Personal Loan for Salaried Employees
- 18 Bank of India Personal Loan for Self Employed Individuals
- 19 Bank of India Personal Loan for Tcs Employees
- 20 Bank of India Moratorium Process
- 21 Bank of India Personal Loan special pricing
- 22 How to Manage Personal Loan
- 23 Different offers for Bank of India Personal Loan
- 23.1 Bank of India Doctor Loan
- 23.2 Bank of India Marriage Loan
- 23.3 Bank of India Personal Loan for Government Employees
- 23.4 Bank of India Personal Loan Offers for Government Employees
- 23.5 State and Central Government Officers:
- 23.6 Bank of India Personal Loan for Pensioners
- 23.7 Bank of India Personal Loan Balance Transfer
- 23.8 Bank of India Personal Loan Top Up
- 24 Bank of India Personal Loan Overdraft Scheme
- 25 Bank of India Personal Loan Preclosure Online
- 26 Bank of India Personal Loan Process Steps
- 27 Bank of India Personal Loan Prepayment Charges
- 28 How to Apply for a Bank of India Personal Loan?
- 29 The personal loan verification process
- 30 Check your Bank of India Personal Loan application Status Online
- 31 How to login into the Bank of India portal
- 32 How to Check Your Personal Loan Statement
- 33 Bank of India Personal Loan Restructuring (COVID-19)
- 34 Bank of India Customer Care
- 35 Benefits of Applying for Personal Loan on Dialabank
- 36 How to Get the Best Offer on Canara Bank Personal Loan
- 37 How does Bank of India Personal Loan work, Here is the process
- 38 Important Aspects
- 39 FAQs About Bank of India Personal Loan
- 39.1 ✅ What is a Bank of India Personal Loan?
- 39.2 ✅ How does Bank of India Personal Loan work?
- 39.3 ✅ What is the Personal Loan rate of interest in the Bank of India?
- 39.4 ✅ What is the procedure of Personal Loans in the Bank of India?
- 39.5 ✅ How can I get a Bank of India Personal Loan?
- 39.6 ✅ How to apply for a Personal Loan in the Bank of India?
- 39.7 ✅ How much EMI on Bank of India Personal Loan?
- 39.8 ✅ How much CIBIL score required for Bank of India Personal Loan?
- 39.9 ✅ Minimum credit score needed for Bank of India Personal Loan?
- 39.10 ✅ How to calculate Bank of India Personal Loan EMI?
- 39.11 ✅ What can I use the Bank of India Personal Loan for?
- 39.12 ✅ Can I prepay the Bank of India Personal Loan?
- 39.13 ✅ How to prepay Bank of India Personal Loan?
- 39.14 ✅ How to repay Bank of India Personal Loan?
- 39.15 ✅ How to repay Bank of India Personal Loan online?
- 39.16 ✅ What documents are needed for the Bank of India Personal Loan?
- 39.17 ✅ How to check Bank of India Personal Loan status?
- 39.18 ✅ How to get a Bank of India Personal Loan top-up?
- 39.19 ✅ What happens if I don’t pay my Bank of India Personal Loan EMIs?
- 39.20 ✅ How to find a Bank of India Personal Loan account number?
- 39.21 ✅What are the Bank of India Personal Loan pre-closure charges?
- 39.22 ✅What is the Bank of India Personal Loan closure procedure?
- 39.23 ✅What is the Bank of India personal loan customer care number?
- 39.24 ✅What is the Maximum Loan Tenure for Bank of India Personal Loan?
- 39.25 ✅What is the Bank of India Personal Loan Overdraft Facility?