Looking for a MSME loan from Bank of India?

This page contains all the information you need about Bank of India MSME loans to make a sensible and sound decision.

MSME Loans from Bank of India

Being one of the largest commercial banks in India, Bank of India (BOI) offers a range of loans to different segments of its customer base. The schemes are designed to help business owners in the MSME sector to get funds to set up business units, purchase equipment, conduct business activities, etc.

The business loans offered by Bank of India are:

  1. Star MSME GST Plus Scheme
  2. Star SME Education Plus
  3. BOI Star Doctor Plus
  4. BOI Star SME Contractor Credit Line
  5. Star MSME E-Rickshaw (Loan for Small Road Transport Operators)
  6. Star SME Auto Express
  7. Star SME Liquid Plus
  8. Star Laghu Udyami Samekat Loan
  9. Star Start Up Scheme
  10. Stand Up India
  11. Star Weaver MUDRA Scheme
  12. PMMY (Mudra Loan)
  13. Subsidy-linked Schemes for MSMEs

We give you a brief introduction to each of these MSME loans below. In addition you have the option to click further and read in detail about each loan on a specific page of its own. This specific page has been made specifically for you to get all the information you need on that loan in an uncluttered and easy-to-read format. In case information is less or not available, we have been not been able to create an information page as yet, but we may do so in the course of the next few months.

Bank of India Star MSME GST Plus Scheme

The Bank of India Star MSME GST Plus Scheme helps MSME enterprises finance their everyday operations such as for investment in current assets, purchase of raw materials, salary payments, power charges, etc. These loans are perfect for businesses that need help during periods of reduced business activity or while waiting for receipt of payment after completing projects. The

Features of Bank of India Star MSME GST Plus Scheme

Why this Loan?

  • Bank of India Star MSME GST Plus Scheme helps MSME enterprises get financial assistance to meet their needs to carry out everyday business operations
  • All MSME businesses in the trading and manufacturing sector with a valid GSTIN are eligible for this loan

Bank of India BOI Star SME Education Plus

This loan helps Registered Trusts, Societies and Companies in the Education sector raise funds for purchase of land to build an educational institute, purchase lab and other equipment, meet working capital needs, etc. The loan can also be availed for renovation or repair of the building.


Features of Bank of India Star SME Education Plus

Why this Loan?

  • The Bank of India Star SME Education Plus is meant for Registered Trusts, Societies and Companies imparting academic and/or professional education by establishing schools, colleges, etc. recognised by govt. authorities
  • The maximum loan amount sanctioned under this loan scheme is Rs. 5 crore
  • The borrower must have received the necessary approvals required for construction, addition or alteration from all the concerned authorities to be eligible for the loan

Bank of India BOI Star Doctors Plus Loan Scheme

This loan helps medical practitioners meet their capital expenditures or working capital expenses right from setting up a clinic, nursing home, hospital, pathology labs, etc. to purchase of equipment, vehicles, ambulance, etc. The maximum loan amount is Rs. 1 crore for this loan whether it is availed to meet the working capital needs (Working Capital Loan), Capital Expenditure needs (Term Loan) or purchase vehicles for business use (Vehicle Loan).

Features of BOI Star Doctors Plus

Why this Loan?


  • The BOI Star Doctors Loan is meant for medical practitioners who need to financial assistance in fulfilling their capital expenditure needs
  • Qualified Medical practitioners from different branches of medicine such as Allopathy, Homeopathy, Unani, Ayurveda, etc. are eligible for this loan if they have experience in running the business
  • Individuals, Proprietors, LLPs, Trusts and Companies can also avail this loan if minimum 51% of stake is help by a qualified doctor or medical practitioner

Bank of India BOI Star SME Contractor Credit Line

This loan helps MSME contractors and sub-contractors working on work on Civil, Mining, Transport, Electrical, Road, Irrigation, Pipeline and Construction projects meet their working capital needs. The maximum loan amount is Rs. 5 crore.

Features of BOI Star SME Contractor Credit Line

Why this Loan?

  • The loan is meant for contractors and sub-contractors meet their Working Capital needs or purchase equipment, machinery or vehicle
  • All contractors and sub-contractors who are classified as MSME and work on Civil, Mining, Transport, Electrical, Road, Irrigation, Pipeline and Construction projects are eligible for this loan
  • The maximum loan amount for the Bank of India SME Contractor Credit Line is Rs. 5 crore

Bank of India Loan Scheme for Small Road Transport Operators

This loan helps Small Road Transport Operators in the Micro, Small and Medium Enterprises sector buy vehicles for commercial use. This loan can be availed for the purchase of all types of commercial vehicles, earthmoving equipment and excavators.

Features of Bank of India MSME Loan Scheme for Small Road Transport Operators

Why this Loan?

  • The Bank of India MSME Loan for Transport Operators is meant for Small Road Transport Operators in the MSME sector to acquire funds for purchasing new commercial vehicles for their business
  • This is a need-based loan

Bank of India Star MSME E-Rickshaw Loan Scheme

This loan helps transport operators in the Micro category buy e-rickshaws for commercial use. The bank also offers funding cost of one-time battery replacement after one year.

Features of BOI Star MSME E-Rickshaw Loan Scheme

Why this Loan?

  • The Bank of India Star MSME E-Rickshaw Loan Scheme is meant for transport operators in the micro category to acquire funds for purchasing e-rickshaws
  • The maximum loan amount offered under this loan scheme is up to 80% of the on-road cost of the vehicle or 85% of the invoice cost, whichever is less. If the loan is availed for battery replacement, the bank offers 75% of the battery replacement cost capped at the maximum quantum of finance under the scheme

Bank of India BOI Star SME Auto Express Loan for Small Road Transport Operators

This loan helps Small Road Transport Operators in the Micro, Small and Medium Enterprises sector buy commercial vehicles. This loan can only be availed on the purchase of brand new vehicles. Educational institutions can also avail this loan to finance new vehicles for providing transportation services to students, faculty and staff.

Features of BOI Star SME Auto Express Loan

Why this Loan?

  • The BOI Star SME Auto Express Loan is meant for Small Road Transport Operators in the MSME sector and educational institutions to acquire funds for purchasing new commercial vehicles for their business
  • Collateral-free loans of up to Rs. 1 crore can be availed under this loan scheme subject to coverage under guarantee provided by the Credit Guarantee Fund Trust for Micro and Small Enterprises

Bank of India Star SME Liquid Plus

This loan helps businesses in the Small and Micro Enterprises (SME) sector meet their capital expenditure and working capital requirements. Proprietorships, partnerships and limited companies in the SME definition are eligible for this loan.

Features of Star SME Liquid Plus

Why this Loan?

  • This Bank of India Star SME Liquid Plus is meant for all types of businesses in the MSME sector who need financial assistance to meet their needs for purchasing equipment, machinery, etc.
  • The maximum loan amount sanctioned under this loan is Rs. 5 crore

Bank of India Star Laghu Udyami Samekit Loan

This loan helps businesses in the Micro, Small and Medium Enterprises (MSME) sector meet their capital expenditure and working capital requirements.

Features of Star Laghu Udyami Samekit Loan

Why this Loan?

  • This Bank of India Laghu Udyami Samekit Loan is meant for all types of businesses in the MSME sector who need financial assistance to meet their working capital and capital expenditure needs
  • The maximum loan amount sanctioned under this loan depends on the location of the business

Bank of India Star Start-up Loan Scheme

This loan is designed to help new businesses get access to funds for engaging activities such as innovation, development, deployment, commercialisation of new products, processes, services, etc. The maximum loan amount for this loan is Rs. 5 crore.

Features of Star Start-Up Loan

Why this Loan?

  • This loan is meant for any business entity incorporated or registered within the previous five years in India with an annual turnover less than Rs. 25 crore
  • The maximum loan amount for the Bank of India Star Start-up loan is Rs. 5 crore
  • The loan is extended as a term loan or working capital loan depending on the needs of the borrower

Bank of India Stand-up India Loan Scheme

This loan is designed to help women and SC/ST entrepreneurs set up greenfield enterprises in India. Greenfield enterprises eligible for this loan scheme are all first time ventures of women and SC/ST beneficiaries in the manufacturing, trading and services sector. The maximum loan amount for this loan is Rs. 1 crore.

Features of Stand-Up India Loan

Why this Loan?

  • This loan is meant for encouraging people from the SC/ST category and women entrepreneurs to set up greenfield enterprises in the manufacturing, services or trading sectors. In the case of non-individual enterprises, at least 51% of the company stakes should be held by women or people in the SC/ST category
  • The maximum loan amount for the Bank of India Stand-up India loan is Rs. 1 crore

Bank of India Star Weaver Mudra Loan Scheme

Also known as the handloom scheme, this loan helps weavers get the funds to meet their working capital and capital expenditure needs. The maximum loan amount is Rs. 5 lakh.

Features of Bank of India Star Weaver Mudra Loan Scheme

Why this Loan?

  • The loan is meant for weavers in the MSME sector get funds to meet their working capital and capital expenditure needs
  • The Bank of India Star Weaver Mudra Loan is extended as a working capital loan or term loan based on the needs of the borrower

Bank of India Mudra Loan Scheme

This loan helps unfunded individuals, proprietors, partnerships running small manufacturing units, fruit and vegetable shops, food service units, repair shops, small industries, machine operators, truck operators, etc. get funds for their needs. The maximum loan amount is Rs. 10 lakh.

Features of Bank of India Pradhan Mantri Mudra Yojana (PMMY)

Why this Loan?

  • The loan is meant for Non-corporate Small Business Segment get funds to meet their Working Capital needs
  • The Bank of India Mudra Loan is divided into three variants depending on the type and size of business, namely Shishu, Kishore and Tarun. The quantum of loan depends on the loan variant applicable to the business

Important Note: Even though the bank’s website has information available for few business loan schemes at this time, there is a possibility that the bank may offer more corporate loan options which 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 application charges, service charges, Strategic Premium, etc. may be decided on a case-to-case basis.

Interest Rate for Bank of India Business Loans

  • For loans availed in the Indian currency the interest rate is linked to Bank of India’s Benchmark Prime Lending Rate (BPLR)
  • For loans availed in foreign currency, the interest rate is linked to London Interbank Offered Rate (LIBOR)

Note: Please get in touch with the bank representatives to know the interest rate applicable on any particular loan scheme.

Documents Needed for Individuals

  • 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: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • 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
  • Self-attested A4 size copies of the aforementioned documents

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
  • 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: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • Self-attested A4 size copies of the aforementioned documents

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
  • Self-attested A4 size copies of the aforementioned documents

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