Bank of India Personal Loan Interest Rate

Bank of India
4.5

Bank of India is one of the most renowned financial institutions which has catered to provide its customers with top-notch financial services. They incorporate an array of personal loan schemes with a full range of benefits. Borrowers can avail of best-in-class interest rates along with the absence of hidden charges, minimal documentation, and a swift loan approval process.

  • Bank of India Personal Loan Interest Rate

    Personal Loan offer for You

  • 10.25%

    Interest Rate (p.a.)
  • Up to ₹10L

    Tenure(1 - 5 Years)
  • ₹2,137

    EMI Per Lakh

Check Current BOI Personal Loan Interest Rate 2024

  • Bank of India Personal Loan Interest RatePersonal Loan offer for You
  • 10.25%

    Interest Rate (p.a.)
  • Up to ₹10L

    Tenure(1 - 5 Years)
  • Up to 1% (Maximum Rs 7,500)

    Processing Fee

Compare Bank of India Personal Loan Interest Rates with Other Lenders

With various lending institutions out there and each offering great deals on a personal loan scheme, it will be prudent for the customer to explore their options. This can give significant insights into the prevailing interest rates across banks.

Moreover, this can help borrowers pick the personal loan scheme that suits their financial situation and need. Below is a table representing the prevailing personal loan interest rates offered by some top banks.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe Personal Loan Interest Rate

    CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Bank of India offers personal loans to eligible applicants at competitive interest rates, which vary based on a few factors, such as the applicant's credit score, income, loan amount, and repayment tenure. The Bank of India's personal loan interest rates ranges from 8.35% to 12.35% per annum, with up to 36 months of repayment periods. The interest rate may also depend on whether the loan is secured or unsecured.

Additionally, other fees such as processing fees, prepayment charges, and late payment fees will apply, so it's important to understand the complete terms and conditions of the loan before applying.

Bank of India Personal Loan Interest Rate by Schemes

The interest rate as per RBLR for the Bank of India Personal Loan scheme starts at 9.85%. However, the lending institution has devised various schemes to meet the need of its vast customer base. Here is a look at the Bank of India Scheme-wise Personal Loan interest rate.

Star Personal Loan

Star Personal Loan is a multi-purpose personal loan to meet an array of needs. This facility offers easy documentation, low EMIs, competitive interest rates and processing fees, and provision to make prepayments without incurring any charges.

Interest Rate - Starts from 9.85%

Star Pension Loan

Star Pension Loan is a lucrative loan option for senior citizens with a multitude of provisions. This loan comes with the advantage of no processing fees for senior citizens along with the absence of prepayment fees.

Interest Rate - Starts from 11.06%

Star Suvidha Express Personal Loan

A convenient loan scheme with benefits including competitive processing fees, low-interest rate provisions, attractive loan amount, and absence of hidden charges and prepayment penalty. 

Interest Rate - Starts from 10.10%

Star Mitra Personal Loan 

This scheme is a specially designed loan plan for the differently abled. There are no processing fees or prepayment charges. 

Interest Rate - Starts from 10.10%

Star Personal Loan - Doctor Plus

Another specialised Bank of India personal loan is specifically designed for qualified medical practitioners. 

Interest Rate - Starts from 9.25% for secured loans and 13.75% for unsecured or clean loans. 

Bank of India Personal Loan Interest Rates for Salaried and Self-Employed

The income stream plays a major role in customers procuring a lucrative loan deal from any bank. A stable income shows one can repay a borrowed loan within a stipulated timeframe.

As for the Bank of India personal loan scheme, the interest rates for salaried and self-employed customers can vary depending on their financial strength.

Moreover, it is essential for a bank of India personal loan customer to either be a salaried employee or a self-employed person. The interest rates start from 9.85%. 

Bank of India Personal Loan Interest Rate for Salary Account

Bank of India offers personal loans to salaried employees who maintain their salary account with the bank. The interest rates for personal loans vary depending on various factors such as loan amount, tenure, credit score, and other eligibility criteria. The interest rates start from 9.85% per annum. 

Bank of India Pre-Approved Personal Loan Interest Rate

Bank of India is one of the leading banks in India, offering its customers a range of financial products and services. One of the popular offerings of the bank is its pre-approved personal loan, which is a hassle-free and quick way to meet your financial needs. With this loan, you can avail of funds without any collateral or guarantor requirement. The loan amount and tenure depend on your credit score, income, and repayment capacity. Suppose you are a Bank of India customer with a pre-approved personal loan offer. In that case, you can apply online or visit the nearest branch to avail of the loan quickly and easily.

Bank of India Personal Loan Balance Transfer Interest Rates

Bank of India offers a balance transfer facility on personal loans that allows borrowers to transfer their existing loans from other banks or financial institutions to the Bank of India at a lower interest rate. This facility is ideal for borrowers struggling with high-interest rates on their current loans who want to reduce their monthly EMIs. With the Bank of India's personal loan balance transfer facility, borrowers can enjoy a lower interest rate, longer repayment tenure, and prepayment options. The bank also offers flexible repayment options and minimal documentation, making it convenient for borrowers looking to transfer their personal loans.

Bank of India Personal Loan Fees and Charges

Apart from regular EMI payments, borrowers will have to incur certain fees and charges listed below in the table. 

Scheme Name Fee Category Charges Applicable
Star Personal Loan Processing Fees for Individuals 2% of the loan amount 
Processing Fees for Doctors 50% of individual charges
Star Pensioner Loan Senior Citizens  No Processing Fees
Others  2% loan amount
Star Suvidha Express Personal Loan Processing Fees INR 1000 + GST

Factors Affecting Bank of India Personal Loan Interest Rates

There are several factors that can affect the interest rate charged by the Bank of India for personal loans, including

  • Credit score: Your credit score is one of the most important factors lenders consider when deciding on an interest rate for a personal loan. A higher credit score usually results in a lower interest rate, while a lower credit score may result in a higher interest rate.
  • Income level: Your income level can also affect the interest rate you are offered. Generally, higher-income people are considered less risky borrowers and may be offered lower interest rates.
  • Loan amount: The amount you want to borrow can also affect the interest rate. Typically, larger loan amounts may result in lower interest rates.
  • Loan tenure: The loan tenure or repayment period can also affect the interest rate. Longer loan tenures may result in higher interest rates, while shorter ones may result in lower interest rates.
  • Employment history: Your employment history and stability can also affect the interest rate. People with a stable employment history may be considered less risky borrowers and offered lower interest rates.
  • Market conditions: Interest rates are also influenced by prevailing market conditions, including the economic situation, inflation rates, and the monetary policies of the central bank.

It is important to note that different lenders may have different criteria for determining interest rates, and these factors may not be weighted equally. Therefore, it is always a good idea to shop around and compare offers from different lenders before choosing a personal loan.

How to Calculate Bank of India Personal Loan EMI

To calculate the Bank of India Personal Loan EMI, you can use the following formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where:

P = Principal amount of the loan

R = Monthly interest rate

N = Number of monthly instalments

To calculate the monthly interest rate (R), divide the annual interest rate by 12. For example, if the annual interest rate is 12%, the monthly interest rate would be 12%/12 = 1% per month.

Let's say you want to take a personal loan of Rs. 1,00,000 from the Bank of India at an annual interest rate of 12% for a tenure of 5 years (60 months). Using the above formula, we can calculate the EMI as follows:

P = Rs. 1,00,000

R = 1% / month = 0.01

N = 60

EMI = [1,00,000 x 0.01 x (1+0.01)^60]/[(1+0.01)^60-1]

EMI = Rs. 2,224.89

Therefore, your EMI for the Bank of India Personal Loan would be Rs. 2,224.89 for a loan amount of Rs. 1,00,000, with an annual interest rate of 12% for a tenure of 5 years.

How to Get Low-Interest Rates on Bank of India Personal Loan?

Getting a personal loan from the Bank of India at a low-interest rate can help you save money in the long run. Here are some tips to help you get a low-interest rate on a Bank of India personal loan:

  • Good Credit Score: A good credit score is one of the most important factors the Bank of India considers when deciding your loan eligibility and interest rate. A credit score above 750 is considered good and can help you negotiate a lower interest rate.
  • Income Stability: Bank of India considers your income stability as a factor for loan approval and interest rates. A stable income shows that you are capable of repaying the loan, and therefore, you may be offered a lower interest rate.
  • Existing Relationship with Bank of India: If you have an existing relationship with Bank of India, such as a savings account, fixed deposit, or credit card, you may be offered a lower interest rate on your personal loan.
  • Comparison Shopping: It is essential to compare the interest rates offered by different banks before finalising your personal loan. This way, you can find the lowest interest rate and save money on interest payments.
  • Choose a Shorter Loan Tenure: Generally, a shorter loan tenure attracts a lower interest rate than a longer tenure. Therefore, choosing a shorter loan tenure is advisable to avail of a low-interest rate.
  • Opt for Secured Loans: Secured loans are usually offered at a lower interest rate than unsecured loans. If you have assets such as a house, car, or fixed deposit, you can use them as collateral to avail of a low-interest rate on your Bank of India personal loan.
  • Negotiation: You can negotiate with the Bank of India for a lower interest rate on your personal loan. If you have a good credit score, a stable income, and a good repayment history, you can request the Bank of India to reduce the interest rate on your personal loan.

By following these tips, you can increase your chances of getting a low-interest rate on a Bank of India personal loan.

Urban Money