Bank of India offers personal loan interest rates starting at 10.85% per annum for amounts up to ₹20 lakh with repayment terms of up to 3 years. Additionally, the bank provides specialised loan schemes such as the BOI Star Doctor-Plus for medical professionals at an interest rate of 10.85% per annum, and the BOI Star Pensioner Loan Scheme for retirees at an interest rate of 11.85% per annum.
Type | Processing Charges |
Star Personal Loan | For Salaried- 0.50% ( ₹500- ₹2,500) For Non-Salaried- One time @ 1% ( ₹750- ₹5,000) For Senior Citizens- NIL |
Star Pensioner Loan Scheme | Senior Citizen (60 years & above)- NIL For others- One time @ 0.50%(Rs.250- Rs.1000) |
Star Personal Doctor Loan | 50% concession in charges as applicable to Members of public for Personal Loan and Vehicle loan |
Star Suvidha Express Personal Loan | ₹1,000 |
₹
%
Months
Interest Rates | Range (p.a.) |
SBI Personal Loan Interest Rate | 11.45% – 14.85% |
HDFC Personal Loan Interest Rate | 10.75% onwards |
Axis Bank Personal Loan Interest Rate | 11.25% onwards |
ICICI Personal Loan Interest Rate | 10.85% onwards |
BOB Personal Loan Interest Rate | 11.15% – 18.75% |
PNB Personal Loan Interest Rate | 10.40% – 16.95% |
Canara Bank Personal Loan Interest Rate | 10.95% – 16.40% |
IDFC Personal Loan Interest Rate | 10.99% – 23.99% |
Yes Bank Personal Loan Interest Rate | 10.99% onwards |
Navi Personal Loan Interest Rates | 9.90% – 45.00% |
Union Bank Personal Loan Interest Rates | 11.35% – 15.45% |
Indian Bank Personal Loan Interest Rate | 10.00% – 15.05% |
Tata Capital Personal Loan Interest Rate | 10.99% onwards |
Kotak Personal Loan Interest Rate | 10.99% onwards |
Bandhan Bank Personal Loan Interest Rates | 9.47% onwards |
(Source: Bank website; rates as of 4 September 2024)
Bank of India offers personal loan interest rates between 10.85% and 14.85% per annum. The exact rate depends on factors like your credit score, occupation, the type of loan, and your relationship with the bank.
The minimum loan amount for Bank of India personal loans varies by location. In metro cities and urban centres, the minimum is typically Rs. 10,000. For rural or semi-urban areas, there is no specified minimum loan amount.
Bank of India determines personal loan interest rates based on factors like credit score, occupation, existing relationship with the bank, and the specific loan scheme. Generally, the best rates are available to salaried applicants with strong credit profiles.
Bank of India provides personal loans with floating interest rates, which are tied to the Repo Base Lending Rate (RBLR). Changes in the repo rate can affect your loan’s interest rate, depending on when your rate is adjusted.
Currently, Bank of India does not advertise any specific discounts or offers on personal loan interest rates. For potential discounts or offers, it’s best to contact the bank directly.