Bank of India is a trusted banking institution in India to avail all banking services , with services like deposits , withdrawals and transacting facilities , it also provides its customers and non-customers lending services for different purposes . For those seeking personal loan from Bank of India ,can apply for the same if they are from Salaried class or self employed . The bank does not provide for any specific conditions for which loan is to be applied but their are specific loan products offered by Bank of India which can be applied for personal loan including Star personal loan, star pension loan , Star Suvidha express personal loan and Star Mitra personal loan .
Bank of India compared to any other Private banking institution provides its customers loan at low interest rates and also instantly compared to other banks . For those ,seeking personal loan from bank of India should read this article below .
Personal Loan from Bank of India
Bank of India is a government owned entity , those seeking personal loan from the bank can apply directly on the website of the bank or through help of the bank agent . There are specific requirements from the bank with respect to application of personal loan by salaried employees or self employed persons. While it is essential for an applicant to ensure the eligibility check for personal loan from BOI.
For application of personal loan , it is essential for the applicant to hold a healthy credit score and also the applicant can self apply for the loan from the bank without taking help of any agency or any agent outside bank . In Bank of India , personal loan can be obtained for specified reasons based on the Salary amount or past earnings of the applicant .
Personal loan from Bank of India can be obtained for any amount upto 36 times of the salary of the applicant based on the salary and on valuation of business based on ITR and audited statements filed by the applicant .
How to Self apply for Personal loan from Bank of India (BOI ) ?
If as an individual, you want to apply for personal loan online then you can self seek for loan application online without taking help of any NBFC or any other party agent . To apply for personal loan from bank of India , you can follow the below procedure :
1.Go to the official personal loan application form of Bank of India .
2. Fill in your application form and upload the requirement documents as asked .
3. Complete verification of the form through mobile or email verification .
Once the loan form is submitted , the agent of the bank will connect for confirmation of the documents and loan approval .
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Interest and Documents for Personal Loan from Bank of India
Bank of India offers the lowest interest rate for personal loan which can be upto 9 percent to 12 percent which is very low compared to any other private bank or NBFC. Loan from Bank of India , can be obtained for a maximum of Rs 25 lakh without payment of any penalty or any hidden charges. The documents required for application of personal loan from Bank of India include :
- Proof of identity (any one):
PAN/Passport/Driver Licence/Voter ID - Proof of Address (any one):
Passport/Driver Licence/Aadhar Card/ Latest Electricity Bill/Latest Telephone Bill/Latest Piped gas bill - Proof of Income (any one):
For salaried: Latest 6 Month Salary/Pay Slip and One year ITR/Form16
For Self-employed: Last 3 years ITR with CA certified Computation of Income/Profit & Loss Account/Balance Sheet/Capital Account Statement.
The amount of loan to the applicant will be provided based on the eligibility provided by the bank :
- Individuals: Salaried/Self-employed/Professionals
- Non-individuals /Trust is not eligible under the scheme
- Group of permanent/ confirmed/ permanent employees
- Age: Maximum age 70 years at the time of final repayment
Rejection of Loan Application from Bank of India
In some cases, personal loan from Bank of India will be rejected this can be due to some reasons including :
- For low credit score , application of personal loan could be rejected .
- For multiple failed loan attempts or previous bad loan history , your application could be rejected.
- If applied loan with wrong documents or with wrong purpose , the bank might also cancel the loan application.
In case , loan applications is provided through a agency which also holds a bad credit history in such cases also loan application is not approved . So , it is advisable for the applicant to submit loan application to bank of India by self.
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Loans from Bank of India other than Personal Loan
From Bank of India , loans can be obtained for different reasons including Vehicle loan , Home Loan , Educational loan , Mortgage loan , Home projects loan .
For business loan loan, loans can be obtained from Bank of India as against Startup loan scheme and Pradhan Mantri Mudra Yojana Scheme .
FAQ
Can I check my eligibility before applying for loan from Bank of India (BOI) ?
Yes ,on the official website of Bank of India , Personal loan eligibility can be checked from the eligibility calculator .
Is their any discount on interest for personal loan against fixed deposit ?
Yes, based on deposits with bank you can avail personal loan from Bank of India against fixed deposits.
How much time it will take for loan approval with Bank of India ?
For loan approval from Bank of India ,it will take 24 hrs .