Bank of India Personal Loan Interest Rate July 2026

Bank of India Personal Loan Current Interest Rate: Overview

The Bank of India personal loan interest rate starts from 10.85% p.a. and varies across schemes and borrower profiles. The rates below are indicative and may vary depending on your eligibility and credit profile.

Loan Category/Scheme	Interest Rate (Starting From)	Processing Fee	Maximum Tenure
BOI Star Personal Loan	11.10% p.a.	1% of loan amount (Min. ₹2,500; Max. ₹15,000)	84 months
Star Suvidha Express Personal Loan	10.85% p.a.	1% of loan amount (Min. ₹2,500; Max. ₹15,000)	84 months
Star Personal Loan – Doctor Plus	10.85% p.a.	1% of loan amount (Min. ₹1,000; Max. ₹10,000)	84 months
Star Mitra Personal Loan	9.40% p.a.	Nil	60 months

*Interest rates, charges, and loan terms are subject to change at Bank of India’s discretion.

Bank of India Personal Loan Interest Rate Based on CIBIL Score

Your CIBIL score plays an important role in determining the BOI personal loan interest rate. Applicants with a score of 750 or above are generally considered low-risk borrowers and may qualify for lower interest rates. Those with scores between 700 and 749 may receive standard rates, while applicants with scores below 700 could face higher rates or stricter eligibility criteria. Before applying, use the Personal Loan Eligibility Calculator to assess your loan eligibility and borrowing capacity.

Bank of India Personal Loan Interest Rate by Schemes

The Bank of India personal loan interest rate varies across schemes based on the borrower’s profession, income profile, and relationship with the bank. For the full current rate details, refer to the Bank of India page for personal loan interest rates before finalising your application. Key BOI personal loan schemes include:

• Star Mitra Personal Loan: Starting from 9.40% p.a.; designed for defence and paramilitary personnel with preferential pricing.
• Star Suvidha Express Personal Loan: Starting from 10.85% p.a. Available to salaried individuals with salary accounts and approved employer tie-ups.
• Star Doctor Plus Personal Loan: Starting from 10.85% p.a.; exclusively meets the personal and professional financial needs of medical professionals.
• BOI Star Personal Loan: Starting from 11.10% p.a.; a general-purpose personal loan for salaried and other eligible applicants.

Bank of India Personal Loan Interest Rate for a Salary Account

The BOI personal loan interest rate for salary account holders starts at 10.85% p.a. under schemes such as Star Suvidha Express. Salaried customers with BOI salary accounts can benefit from quicker loan processing, simplified documentation, higher eligibility of up to 24 times their monthly salary, and competitive interest rates.

Bank of India Personal Loan Interest Rate for Government Employees

The Bank of India personal loan interest rate for government employees starts from 10.85% p.a. under the Star Suvidha Express scheme. Employees of central and state government departments with salaries credited to a BOI account can avail collateral free loans with repayment tenures of up to 7 Years. Government employees may qualify for higher loan amounts and faster approvals due to their stable income and job security. BOI is willing to extend loans of up to 24 times the gross monthly salary for eligible government employee borrowers.

Bank of India Personal Loan Interest Rate for Defence Personnel

The Bank of India personal loan interest rate for defence personnel starts from 9.40% p.a. under the Star Mitra Personal Loan scheme. Available to serving and retired armed forces personnel, the scheme offers nil processing charges, collateral free financing, and a repayment tenure of up to 60 months. Defence personnel holding a BOI Rakshak Salary Account can also benefit from the bank’s dedicated banking services and streamlined loan processing.

Bank of India Personal Loan Interest Rate for Self Employed Persons

The Bank of India personal loan interest rate for self employed applicants generally starts from 11.10% p.a. under the BOI Star Personal Loan scheme. To assess repayment capacity, the bank evaluates business continuity, income stability, turnover, and ITRs. Self employed professionals and business owners may be eligible for collateral free loans with repayment tenures of up to 84 months, subject to the bank’s credit assessment.

Bank of India Personal Loan Interest Rate for Female Applicants

The BOI personal loan interest rate for female applicants may be lower under certain schemes, as the Bank of India offers a 0.50% interest concession to women beneficiaries under the Star Personal Loan scheme. Final interest rates depend on factors such as credit score, income, employment profile, repayment capacity, and overall eligibility assessed by the bank.

How the Bank of India Determines the Interest Rate on Personal Loans

The Bank of India personal loan interest rate is determined using a risk based pricing approach, where borrowers with stronger credit profiles are generally offered lower rates. The bank evaluates factors such as your CIBIL score, monthly income, employment type, repayment capacity, and existing loan obligations before deciding the applicable rate. It also reviews your repayment history and relationship with the bank, including salary account or loan account conduct.

What are the Factors Affecting Bank of India Personal Loan Interest Rates?

The BOI personal loan interest rate offered to an applicant depends on several factors:

• CIBIL score: Higher credit scores generally improve your chances of securing lower interest rates.
• Monthly income: A higher and more stable income indicates stronger repayment capacity.
• Employer category: Government employees, defence personnel, and employees of approved organisations may receive more favourable terms.
• Existing EMIs: Lower debt obligations can improve loan eligibility and pricing.
• Loan amount: Larger loan amounts may be subject to additional risk assessment.
• Loan tenure: Longer repayment periods can influence the applicable interest rate.
• Banking relationship: Existing salary accounts, deposit relationships, and repayment history with the bank may positively impact loan terms.

Use the Personal Loan EMI Calculator to estimate your monthly repayment obligations before finalising your loan amount and tenure.

Bank of India Personal Loan Interest Rate vs Other Banks

The Bank of India personal loan interest rate is competitive when compared with both public and private sector lenders. Compare the latest rates across all lenders on the page for personal loan interest rates before selecting a lender. If you’re already servicing a personal loan at a higher rate, the Personal Loan Balance Transfer Calculator can help you evaluate whether switching to Bank of India makes financial sense.

Bank	Type	Starting Interest Rate	Maximum Tenure
Bank of India	Public Sector	10.85% p.a.	7 Years
SBI	Public Sector	10% p.a.	6 Years
Punjab National Bank	Public Sector	10.25% p.a.	6 Years
HDFC Bank	Private	10.9% p.a.	6 Years
ICICI Bank	Private	9.99% p.a.	6 Years
Axis Bank	Private	11% p.a.	5 Years

*Interest rates and loan terms are indicative and may vary based on applicant profile, credit score, and lender policies.

How to Get the Lowest Interest Rate on a Bank of India Personal Loan?

To improve your chances of securing the lowest Bank of India personal loan interest rate, consider the following tips:

• Maintain a CIBIL score above 750 to demonstrate strong creditworthiness.
• Reduce existing debt obligations and keep your EMI to income ratio low.
• Choose a shorter repayment tenure, if affordable, to lower the bank’s lending risk.
• Provide proof of stable income through salary slips, bank statements, or ITRs.
• Maintain a salary account with BOI, as account holders may access schemes such as Star Suvidha Express.
• Compare available schemes to identify the most suitable BOI personal loan interest rate for your borrower profile.

If you plan to repay early, the Personal Loan Prepayment Calculator can help estimate the interest savings from making part payments ahead of schedule.