Bank of India Personal Loan Interest Rates

Here are the details of the personal loan schemes that are offered by the Bank of India-

• The loan can be utilized for a variety of reasons with no restrictions on the end use. The loan can be used to pay off existing debts, cover medical bills, organize a wedding, travel (both domestically and internationally), fund your children's further education, renovate your property, and so on.
• Quantum: Depending on the type of loan selected, you can borrow up to Rs. 10 lakhs.
• The loan does not demand any collateral security.
• Repayment terms are flexible, with a maximum of 60 months.
• Special schemes: There are special schemes for the elderly and those with disabilities.
• Personal loan rate of interest BOI is competitive, starting at 11.75% p.a. and rising to 13.75% p.a. The Most Effective Personal Loan The interest rate is determined by the type of loan obtained.

There are varied personal loan schemes that are offered by the Bank of India, and they are:

This is a scheme for salaried individuals, individuals, the self-employed, and professionals. The value of this scheme will go up to Rs. 10 lakh.

It is a loan scheme that is for registered medical practitioners. The loan amount that a medical practitioner can avail of from this scheme is Rs. 20 lakhs.

This is a scheme that is meant for the physically challenged or minors through a guardian. The loan amount for this scheme is up to a value of Rs. 1 lakh.

This is a scheme for regular pensioners and family pensioners. The loan value for this scheme ranges from Rs. 5 lakhs on different criteria.

The loan amount and interest rate are different for each applicant. They are based on a variety of parameters, such as income, employment type, age, previous contact with the bank, and the applicant's most recent credit score.

The criteria assist the bank in determining the applicant's repayment capacity, which influences the loan amount and interest rate you are qualified for. Other fundamental criteria are-

• Individuals from India must be at least 18 years old.
• The individual must be a salaried employee, self-employed or professional with a high net worth, a pensioner or family pensioner who withdraws his or her pension on a regular basis from a bank branch.
• Employees of the bank, both current and retired.
• Has a secure and steady source of income and a good credit score.
• A doctor's certificate confirming the level of the disability and the need for the equipment is required for the Star Mitra loan.