Consolidation Loans from Bank of India (BOI)

Loan schemes from Bank of India to help you consolidate all your debts.

Being one of the largest commercial banks in India, Bank of India (BOI) offers a range of financial products to different segments of its customer base. BOI offers different loan options to its customers to help them meet their needs. Retail customers, corporate and MSME customers can choose from different loan schemes specifically designed for them.

Bank of India Consolidation Loans

If you have racked up debt because of a medical emergency, foreign travel or over-spending, Bank of India gives you a chance to pay off your high-interest debts by availing a consolidation loan. This helps you save money, since most consolidation loans come at a relatively lower interest rate, and reduce the burden of tracking multiple repayments every month.

An important thing to note here is that Bank of India does not label any particular loan scheme as a consolidation loan since many loan products can be used for the purpose. It can be an unsecured loan like a personal loan or a secured loan by pledging property, gold or securities depending on the needs of the borrower.

BOI loans that can be used for the purpose of consolidating debt are:

  1. BOI Star Personal Loan
  2. Star Loan Against Property
  3. BOI Star Pensioner Loan
  4. BOI Star Doctor Plus

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.


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, hence consolidating their debts. The maximum loan amount a borrower can avail under this loan is Rs. 10 lakh.

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

Bank of India BOI Star Loan Against Property

This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs. Usually, a mortgage loan is used to meet financial expenses such as wedding expenses, travel expenses, education expenses and so on but it can also be used to consolidate debts. This loan cannot be availed for speculative reasons.


Features of Mortgage Loan from Bank of India

Why this Loan?

  • The Bank of India Loan Against Property is meant for borrowers who need assistance to meet financial needs. It can also be availed as a consolidation loan to pay off their high-interest credit card debts and loans
  • BOI offers this loan as a reducible overdraft, non-reducible overdraft, demand loan or term loan
  • This loan can also be used to takeover a loan availed from another bank

Bank of India Star Pensioner Loan Scheme

This loan helps pensioners get access to funds to meet their personal needs. While this secured loan can be used to meet expenses for overseas travel, medical exigencies and so on, it can also be used to consolidate high-interest debts. It cannot be availed for speculative purposes.

Features of Bank of India Star Pensioner Loan Scheme

Why this Loan?

  • The Bank of India Star Pensioner Loan Scheme is designed to help regular and family pensioners drawing pension from Bank of India who want to avail financial assistance for personal needs. Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
  • The maximum loan amount sanctioned by the bank under this loan depends on the monthly pension drawn by the borrower

Bank of India BOI Star Doctor Plus Loan Scheme

This loan helps doctors and medical practitioners get funds for personal needs including wedding expenses, medical expenses, education expenses, travel expenses, purchase of consumer durables, etc. They can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts. This loan cannot be availed for speculative reasons.

Features of BOI Star Doctor Plus Loan

Why this Loan?

  • The Bank of India BOI Star Doctor Plus Loan is meant for doctors and medical practitioners who need financial assistance to meet their personal needs. It can also be availed as a consolidation loan to pay off credit card debt and other high-interest loans by the borrower
  • The bank offers this loan as a demand loan, term loan or overdraft
  • BOI offers collateral-free loans up to Rs. 5 lakh under this scheme

Important Note: Bank of India may offer more consolidation loan options that are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for Bank of India Consolidation Loans

  • The applicable interest rate on BOI consolidation loans is defined as the sum of two factors namely, Repo Based Lending Rate (RBLR) of Bank of India and Strategic Premium (SP)

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-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.

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

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