Upto Rs.10,00,000 – Bank Of India (BOI) Personal Loan

Bank of India (BOI) is the most popular national Bank. It has over 1 lakh+ branch in India with 250+ computerized branches. In this post, I’ll cover the basic details of getting an instant personal loan from BOI with its details, process, eligibility, etc.

Loan Details

SL. No.CategoryData
1Rate of Interest8.35-10.35%
2Loan amountUp to 10 Lakhs
3TenureUp to 5 years or 60 months
4Processing charge2-4%
5Minimum/Maximum age23 to 75 years
6Minimum monthly incomeRs 10,000 per month

Steps to apply for BOI Personal Loan

Step-1: Open the official website of BOI and open the application form.

Step-2: Enter your personal details like Name, Mail-id, Phone number, address, age, income, total work experience, etc. correctly.

Step-3: Check it again and then submit that form and your application for BOI personal loan is done.

After review of your form, the agent from BOI will contact you.

Features of BOI Personal Loan

  • Best interest rates
  • Easy repayment plan
  • Less paperwork
  • Fast procedure and approval
  • Doorstep services also available easily

Types of BOI Personal Loan

There are various types of BOI personal loans and they are:

  1. Star Loan– For fulfilling needs like education, weddings, etc.
  2. Pensioner Loan– For senior citizens financial help.
  3. Covid Loan– Urgent pandemic help financially.
  4. Star Doctor Plus Loan– For registered and verified medical practitioners, investors, etc.

Eligibility Criteria

Based on the types, eligibility requirements differ.

For BOI Star personal loan:

  • Applicants age: 23 years or more
  • Regular customers getting pensions from BOI
  • Loan value should not exceed 40% of the applicants income

For Pensioner Loan:

  • Applicants age: 60 years or more

For Covid Loan:

  • Applicants age: 23 years or more
  • Applicant must have one BOI account

For Star Doctor Plus Loan:

  • Applicants age: 25 years or more
  • Should possess a verified doctorate degree

Required Documents

The need of documentation is common for all types of BOI personal loans. They are:

  1. Identity proof (Voter ID/Adhar card/Driving license)
  2. Passport sized photographs
  3. PAN Card
  4. Residential proof (Bills/Ration card)
  5. ITRs
  6. Doctoral verified certificate (if applicable)

Comparison of BOI personal Loan with other banks

SL. No.Bank NameProcessing charge (without GST)Interest rateLoan amount
1ICICI2.25%10-20%Up to 40 Lakhs
2HDFC2%10.2-18%15/50 Lakhs
3IDFC2.5%10-30%Up to 40 Lakhs
4IDBI2%14%Up to 10 Lakhs
5Axis1.5%10.5-24%Up to 30 Lakhs

Check Status

You can instantly check the status of your BOI personal loan by clicking on the following button.

Contact Details

Toll-free numbers: 1800-220-229 or 1800-103-1906

Write a note on: Bank Of India, Star House, C – 5, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051


1]. Who are eligible for availing personal loans from BOI?

Individuals involved in medical sectors, senior citizens, business firm owners, etc. are eligible.

2]. How is the rate of personal loan interest decided?

It depends upon various factors like credit score, age, loan amount, etc.

3]. Why should I prefer personal loan from BOI?

BOI offers the instant process of approving personal loans with minimal paperwork and attractive rate of interest.

4]. What to do if I miss paying EMI?

You will be levied on a penalty amount.

5]. Does BOI offers secured/unsecured loans?

BOI offers both. Secured loans are approved against collateral, while the unsecured loans are given to individuals based on their CIBL scores.

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