### Bank of India Personal Loan

Customers and their families can use the BOI’s Star Personal Loan Scheme to address a variety of personal needs. The bank provides loans for wedding expenses, medical bills, school expenses, and consumer durable purchases, among other things. The maximum amount of advance is Rs.20.00 lacs, depending on income, with a low interest rate and simple payback terms.

#### Comparison of Interest Rates of Bank of India Personal Loan vs other Banks/NBFCs

Banks | Interest Rates (per annum)
--- | ---
Bank Of India Personal Loan | 10.35% to 11.35%
SBI | 9.60% – 13.85%
PNB | 7.90% – 14.50%
ICICI Bank | 10.50% – 19%
Axis Bank | 10.25% p.a. onwards
Kotak Mahindra Bank | 10.25% onwards
IndusInd Bank | 11.00% onwards
IDFC First Bank | 10.49% – 23%
Bajaj Finserv | 13.00% onwards
Tata Capital | 10.99% onwards

#### Different Kinds of Bank of India Personal Loan

##### BOI Star Personal Loan

Purpose: To meet all of the applicants' personal financial needs, such as marriage, schooling, and medical care.

Interest Rate:Starting at 10.35 percent p.a.

Loan Amount: Up to Rs 20 lakh

Tenure: Up to 3 to 5 years of tenure

Processing Fee: A one-time fee of 2% of the loan amount is charged.

##### BOI Star Pensioner Loan

Purpose: The purpose of the BOI Star Pensioner Loan is to meet the personal financial needs of retirees and their families.

Interest Rate: 9.35 percent p.a.

Loan Amount: Up to Rs 10 lakh

Processing Fee: A one-time fee of 2% of the loan amount is charged.

##### Doctor Plus BOI Star Personal Loan

Purpose: Other than gold purchases, stock investments, and speculative purposes, any allowed purpose for certified medical practitioners.

Interest Rate:: 8.85 percent per annum – 9.85 percent per annum

Loan Amount: Up to Rs 20 lakh

Tenure: Up to 68 years of age is allowed for tenure

Processing Fee: Processing fees are reduced by 50% for members of the public who apply for a personal loan.

##### Personal Loan BOI Covid-19

Purpose: Covid-19 Credit Line for Emergency purpose.

Interest Rate: RBLR is a floating rate with a monthly rest.

Loan Amount: Up to Rs 5 lakh

Tenure: up to 3 years

Processing Fee: NO FEES FOR PROCESSING

##### Interest Rates on BOI Covid-19 Pensioner Loans

Purpose: Pensioners receiving benefits from the Treasury/DPDO might receive up to Rs 1 lakh in benefits.

Loan Amount: Up to Rs 2 lakh - Rs 0.75 lakh

Tenure: Up to 3 years of tenure

Processing Fee: NO FEES FOR PROCESSING

### Why Choose a Bank of India Personal Loan?

Personal loans from the Bank of India are excellent options for those who require cash quickly. The loan amount can be utilised to cover a wide range of expenses, including wedding costs, medical costs, and education costs, among others. Interest rates start at 10.35 percent per annum. Personal loans from Bank of India include repayment terms ranging from 12 to 60 months. A personal loan from Bank of India can be used to borrow up to Rs. 20 lakh.

### Prepayment of Bank of India Personal Loan

Prepaying your current personal loan in full or foreclosing it is deemed favourable and can help you raise your CIBIL score. An enhanced credit score can help you conclude your next loan application faster and negotiate better terms with the lender.

In BOI for Xpress Credit, Xpress Power, and Pension Loans, the interest rate is 3% on the amount prepaid. If the loan account is closed using funds earned from a new loan under the same scheme, there will be no prepayment/foreclosure charges.

#### What makes Credit right platform to apply for an Individual Loan?

##### Most trustworthy lenders

In order to present you with the best loan alternatives from various lenders in one place, Credit has partnered with more than 30 banks, non-bank financial institutions, and fintech businesses.

##### Make comparisons

What's the best option? Using a few mouse clicks, you can research and compare personal loan offers from India's leading banks, non-banking financial institutions (NBFCs), all on one screen.

##### Personalised options available

With a high degree of acceptance assurance, we provide customised solutions Credit ranks personal loan offers based on your credit score and other qualifying factors to determine which ones are most relevant to you. Your loan application will be accepted if you use this information to help you choose the best deal.

##### Can gain benefit from Pre-approved loans

These loans are those that have already been authorised. Once you've joined the Credit community, you'll get personalised pre-approval offers for personal loans based on your credit score and history. There is minimal to no verification required for these loans and the processing expenses are inexpensive.

##### Right advice

Credit's team of experts will assist you in every stage of the procedure, coordinate with lending banks/NBFCs, and help you get the best personal loan for your needs.

When it comes to applying for a personal loan, credit.nsserver.in is a 100% digital-only company, which means that you can apply from the comfort of your own home with zero to little paperwork and an entirely digital experience.

##### End-to-end Assistance

After you complete your loan application, Credit representatives will visit your home or place of business at a mutually agreed-upon time and day to pick up any physical papers that is needed. Credit takes care of everything for you, so you don't have to go to a lending institution in person to submit your documentation. Comprehensive Help from Start to Finish Credit's team is always by your side, working with the lenders to make sure you have an excellent experience from beginning to finish, from searching for a loan choice to getting the sanctioned money in your bank account.

###### Personal Loan by Top Banks

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