Bank of India Personal Loan Interest Rate

What is Bank of India Personal Loan Interest Rates?

The Bank of India personal loan interest rate is the annual charge the bank applies to the amount you borrow. Simply put, it is the cost of taking a personal loan from the bank and determines how much extra you will pay, in addition to the principal amount, during the repayment period. The interest rate for a personal loan at Bank of India can vary depending on the personal loan scheme and the borrower’s details.

Key Takeaways:

• Bank of India personal loan interest is charged on the loan amount you borrow.
• It impacts your EMI amount and total repayment.
• The interest rate on a personal loan at Bank of India may vary depending on the loan scheme and the applicant’s profile.
• Checking the latest rate in advance helps you plan your budget better.

Comparison of BOI Personal Loan Interest Rates with Other Banks and NBFCs

The interest rate for personal loans at the Bank of India starts at 10.85% per annum. Below are the interest rates of other banks and NBFC’s:

Banks/NBFCs	Interest Rates (P.A.)
HDFC Bank	10.9% – 24%
SBI	10.05% – 15.05%
ICICI Bank	10.45% – 16.5%
Axis Bank	9.5% – 21.55%
Kotak Mahindra Bank	10.99%
IndusInd Bank	10.49%
IDFC First Bank	9.99%
Bajaj Finserv	10% – 31%
Tata Capital	10.99% – 29.99%

Disclaimer: Interest rates are subject to change and may vary depending on the bank’s policy.

What are the Bank of India Personal Loan Interest Rates by Schemes?

The rate of interest on personal loans in the Bank of India is according to schemes, which are mentioned below:

Personal Loan Schemes	Interest Rates
Star Personal Loan	10.85% per annum onwards
Star Suvidha Express Personal Loan	10.85% per annum onwards
Star Mitra Personal Loan (For differently abled)	9.40% per annum onwards

Disclaimer: Interest and charges are subject to change and depend on the bank’s policy.

What are the BOI Personal Loan Fees and Charges?

The Bank of India Personal fees and charges are mentioned below:

BOI Personal Loan Scheme	Interest Rate	Processing Charges
Star Personal Loan	Starting from 10.85%	One time 1% of the loan amount, Minimum ₹2500 and Maximum ₹15000
Star Suvidha Express Personal Loan	10.85%	One time 1% of the loan amount, Minimum ₹2500 and Maximum ₹15000
Star Mitra Personal Loan	9.40%	PPC waived for individuals

What are the Factors Affecting BOI Personal Loan Interest Rates?

The Bank of India personal loan interest is not always the same for every borrower. It can change based on your profile, the loan scheme you choose, and a few basic checks done by the bank. Knowing these factors helps you understand why one person may get a lower rate and another a higher one.

• CIBIL personal score: BOI clearly states that the ROI is linked to the CIBIL Personal Score for individuals, so a better score can help you get a better deal.
• Personal loan scheme selected: Different schemes may have different rates, such as Star Personal Loan and Star Mitra Personal Loan.
• Loan amount required: The amount you borrow can impact your overall approval and the final rate offered.
• Loan repayment period: A longer tenure can increase total interest paid and, in some cases, affect the interest offered.
• Applicant type and profile: Salaried or self-employed profile, job stability, and income level can influence the offered interest rate.
• Existing loans and monthly commitments: If you already have many EMIs running, the bank may consider it a higher risk.
• Bank relationship and account history: Your existing banking relationship and repayment behaviour can play a role.

How to Calculate Bank of India Personal Loan EMI?

Calculating your EMI is just a simple way to know how much you will pay every month after taking the loan. It helps you decide the right loan amount so your monthly budget is not disrupted. To calculate EMI, you only need three things.

• Loan Amount
• Interest Rate
• Loan Tenure

EMI formula: You can calculate EMI using this formula.

EMI = P × R × (1 + R) power N ÷ ((1 + R) power N minus 1)

Where:

• P is the loan amount
• R is the monthly interest rate
• N is the number of monthly instalments

Quick tip: If you do not want to do manual calculation, you can use the personal loan EMI calculator available on the Urban Money official website. It will show the EMI instantly after you enter the loan details.

How to Get Low-Interest Rates on a BOI Personal Loan?

Here are some simple ways to get low interest rates on a BOI personal loan:

Maintain a good CIBIL personal score

BOI clearly links the ROI with the CIBIL Personal Score for individuals. So, a strong score can improve your chances of getting a lower rate.

Choose the right BOI personal loan scheme

Different schemes may have different rates. For example, the interest rate for a personal loan at Bank of India can vary between Star Personal Loan and Star Mitra Personal Loan. Always compare schemes before applying.

Keep your existing EMIs under control

If you already have many active loans or credit card payments, the bank may offer a higher rate. A lower EMI burden can improve your profile.

Apply with stable income details

A steady income and a stable job can make the bank more comfortable while offering a good rate.

Borrow only what you actually need

If you take a very high amount without need, the repayment risk becomes higher. Borrowing a sensible amount can help improve the offer.

Avoid delays in past payments

Late payments on loans or credit cards can reduce your score and impact the rate of interest on a personal loan in Bank of India offered to you.

Use the official calculator before applying

The calculator on the BOI personal loan pages helps you understand how the rate and tenure affect your EMI. This way, you can choose a plan that fits your budget.