Bank of India Personal Loan

What is Bank of India Personal Loan

Bank of India Personal Loan is an instant finance option. It can be utilized for any purpose of the borrowers choice like buying an expensive sound system for your home theatre or even paying off your unpaid debt bills, and it also categorized as a secured loan, so you do not have to pledge anything against the loan that’s why  it has very minimal documentation, and it can be availed in no time at all.

Personal Loan Interest Rate

The interest rates of Personal Loan depends upon the company’s profile, the salary of a person, and his CIBIL score. It starts at 10.75% per annum.

Know More About:  Personal Loan

Features of Personal Loan

  1. First of all, A personal loan comes under unsecured loans.
  2. Secondly, The loan amount depends upon the income and repayment capacity of the person.
  3. A personal loan is a short tenure loan.
  4. Also, It is a multi-purpose loan that can be used for any purpose as the borrower requires.
  5. Most Importantly, No collateral is required.

Eligibility Criteria of Bank of India Personal Loan

Not everyone can avail a personal loan as there is a risk of nonpayment. There are specific rules based on which an NBFC or bank provides a personal loan.

There are two categories of applicants:

  1. First, Salaried
  2. Second, Self-employed

There are different rules for both.

Salaried Applicant:

  1. The applicant must not be less than 21 years.
  2. And, If the borrower stays in a metropolitan city, then his minimum income should be Rs 18,000. And if the person belongs to a non-metropolitan city, his minimum salary should be Rs 12,000.
  3. The borrower must be a working professional from the last 3 years, and the salary should be deposited to his bank only.
  4. If the person wants to avail a personal loan, then he should have a good credit history.

Self-Employed Applicant:

  1. Firstly, the applicant must not be less than 25 years.
  2. Most noteworthy, The applicant should have been filing his ITR for the last three years.
  3. Thirdly, the applicant should have a good credit score, with no debt left due.
  4. After that, the minimum ITR filed should be at least 2.5 lakhs per annum.

Bank of India Personal Loan Documentation

  1. First of all, Identity proof (Passport/ voter card/ driving license/ aadhar card)
  2. Secondly, Residence proof (passport/ voter card/ driving license/ ration card/ aadhar card). If the borrower is residing in a rented apartment, then he has to submit his rental agreement and electricity bill which has to be on the name of the applicant and the address of the owner.
  3. Thirdly, the PAN card of the applicant has to be submitted under KYC formality.
  4. After that, If the applicant is a salaried one, then he has to submit his salary slip of the last three months and the bank statement of the previous six months.
  5. Also, If the applicant is self-employed, then, he has to submit the ITR of the last three years, and registration of their business should be done.
  6. Two passport size colored photos.

How to apply for Bank of India Personal Loan?

  1. Firstly, visit  www.bookmyloans.in
  2. Secondly, fill the application form for the personal loan.
  3. After that, You will get a callback and will be given guidance.
  4. Finally, If you are eligible, then your loan will get approved in no time.

Tenure for Bank of India Personal Loan

The tenure of personal loan is from 1 year to 5 years.

FAQs about Personal Loan

  1. Are there any foreclosure and part-prepayment charges?

Yes, there are a foreclosure and part-prepayment charges.

  1. How do I repay the Loan?

You can repay the Loan in EMIs using ECS facility or through post-dated charges.

  1. What is a secure fee for an online application?

The secure fee is a charge that is compulsory to pay for the submission or processing of your application form online.

  1. What if I don’t pay the secure fees online?

In this case, you will lose the benefit of instant approval.

  1. How secure is the information provided by me?

Information provided by an applicant is wholly secured because we use state of the art security system.

  1. Do I have to give any security, collateral, or guarantors?

No, there is no need for any security, collateral, or guarantors.

  1. Is it safe to use my debit card on this site?

Yes, all transactions on our site are safe because we provide best in class security.

About Bank of India Personal Loan

Bank of India is one of the leading private sector banks in the country, and it was founded in 1993. It offers different types of financial assistance to its customers.

Personal Loan Interest Rates: Updated

Bank

Interest Rates

HDFC Bank

10.99% to 18%

ICICI Bank

13.99% to 18%

Fullerton India

17.25% to 32%

Bajaj Finserv

13.99% to 16.75%

Bank of India

15.50% to 24%

Standard Chartered Bank

15.75% to 22%

Kotak Mahindra Bank

13.75% to 19%

Andhra Bank

13.50% to 22%

Bank of Baroda

13.50% to 19%

Vijaya Bank

13.75% to 22%

Corporation Bank

14.50% to 20%

Allahabad Bank

13.70% to 20%

Tata Capital

11.75% to 18.00%