Do you want to consolidate your debts by availing a personal loan?

Bank of India’s BOI Star Personal Loan might just be the loan scheme that you are looking for.

Bank of India BOI Star Personal Loan Scheme

This loan helps borrowers get funds for wedding expenses, medical expenses, education expenses, travel expenses, purchase of consumer durables, etc. Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts.

Features of BOI Star Personal Loan from Bank of India

Why this Loan?

  • The Bank of India BOI Star Personal Loan is meant for borrowers who need financial assistance to meet urgent needs. It can also be availed as a consolidation loan to pay off credit card debt and other high-interest loans
  • The bank offers this loan to salaried employees, self-employed professionals, regular and family pensioners drawing regular monthly pension through BOI, individuals of high net-worth as well as current and retired employees of the bank
  • The bank offers this loan as a demand loan, term loan or overdraft

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 10 lakh

Interest

  • The applicable interest rate on this loan is defined as the sum of two factors namely, Repo Based Lending Rate (RBLR) of Bank of India and Strategic Premium (SP)
  • As of October 2020, the RBLR of Bank of India is 6.85% and the SP for this loan is 4.50% for a fully secured loan and 5.50% for an unsecured loan. This brings the effective interest rate at 11.35% for fully secured loans and 12.35% for unsecured loans

Repayment


  • As of October 2020, the repayment period for this loan is not mentioned on the bank’s website. We suggest checking with the bank for details

Eligibility

  • Employees of Bank of India
  • Regular and family pensioners of Bank of India drawing pension from the bank
  • Salaried employees and self-employed professionals
  • Individuals of high net-worth

Security Needed

  • This is an unsecured loan. However, the bank offers concession in interest rate if the borrower decides to secure the loan

Processing Charges


  • The bank charges 2% of the loan amount for this loan, with a minimum of Rs. 1,000 up to Rs. 10,000

Documents Needed

  • Loan Application Form duly filled and signed by the applicant
  • Two Passport Size Photographs of applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts

  • Bank of India Website: www.bankofindia.com and www.bankofindia.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906