Apply for Bank of India Personal loan at Lower Interest rate
Bank of India is commercial bank founded in Mumbai, Maharashtra India. Established in 1906, It was nationalized with other banks in 1969. It has a wider network of 4828 branches and it holds premier position among the nationalized banks in India. It has made a mark in International presence and operation.
Bank of India offers personal loan to the individuals to meet their needs and family personal commitments.
The bank offers personal loans to meet the purposes like marriage expenses, medical expenses, purchase of consumer durables and consolidating all the debts.
The maximum quantum of advance is Rs.10, 000,000 depends on their income, spending behavior, creditworthiness with competitive interest rate, easy repayment options.
Eligibility for personal loan::
- Salaried individuals, Professionals having high net worth, Pensioners drawing pension through our branch, staff member of our bank.
Type of Advance:
- Demand, Term loan, Overdraft
- Overdraft limit maximum up to 1 Lac to the confirmed employees of central, state government and public sector undertaking companies.
- Bank of India offers unsecured personal loan for the purposes like
- Marriage expense of self, son, daughter or a dependent near relative
- For the education of self, Spouse, children, near dependent relatives
- Medical expense to be incurred for self, spouse, children, near dependent relative
- For the renovation of existing house, Apartments, Extension of Flats, Villa
- Any other personal expenses approved by bank
- The maximum loan amount: Rs.10, 000,000
- Minimum size of the loan: 10,000
- Quantum of Advance:
- 10 times monthly net take home for salaried person
- 50% of the gross annual income as per the last income tax returns of high net worth
Rate of Interest for Personal loan:
- Base rate: 9.70%
- Personal loan rate: 14.7%
- (Floating Interest rate)
- For Senior citizens: BR +3 %
- 2% of the loan amount
- Minimum Rs. 1000, Maximum Rs.10, 000
- For Pensioners: 2% of the loan amount
- Minimum Rs.500 and Max Rs.2000 plus Service Tax
- No Processing Fee for senior Citizens (Above 60 years old)
- 36 months Equated monthly Installments
- Bank of India offers personal loan to purchase consumer durables, computers and Professional equipments.
- Maximum loan amount: Rs.10 Lacs
- Minimum amount of loan: Rs. 10,000
Quantum Of advance:
- 20 times of monthly Gross Emoluments in case of salaried employees
- For self employed professionals, 100% of the gross average annual income: according to the last three years income tax return
Documents needed for Bank of India personal loan:
- Signed application form and Photographs
- Passport, Voter Id card, driving license, PAN card and photographs
- Ration card, latest phone bill, passport, Voter id containing mailing address.
- Last three month pay slips and recent months bank statements
- Latest pay slip
Documents for self employed people:
- IT returns for the last 2 years
- Latest form 16
If you would like to know about Bank of India personal loan, have a word with us.