A personal loan in the financial sector is issued by various commercial banks in India. And this has allowed loan seekers to select from a variety of options. But at the same time, the complexity of choosing the best bank in India for a personal loan has increased.
- Unsecured loan: The loan from the Bank of India is a hassle-free collateral-free loan, meaning that no guarantor or protection is needed to match the amount of the loan
- Flexible Repayment Tenure: The personal loan from BOI (Bank of India) comes with a flexible repayment period. A borrower may enjoy a personal loan with low monthly payments with a flexible repayment period.
- Online Loan Processing: The loan from BOI can be obtained from an online application. The swift approval of the loan and the disbursement of the loan sum were the reasons why a personal loan from the Bank of India is considered one of the best banks in India.
- Great for emergencies: We schedule our monthly and annual budgets, but there are periods when unplanned financial needs simply occur. To meet the evolving cash requirements, the Bank of India may be your ideal partner. Another big part of applying for a personal loan from the Bank of India is that nobody needs any explanation as to why you are willing to take out a personal loan.
- Minimal Documentation: For its simple, hassle-free, and quick documentation process, BOI is famous. The turnaround time of the personal loan documents of the Bank of India is considerably less than that of others.
- It saves time: when you want fast cash and with perfection, Bank of India offers the same.
- Manage the Loan Online: As mentioned above, the Bank of India’s the loan can be used to provide the loan seeker with various features such as online loan management with great convenience via online loan processing.
- Greater Convenience: Well, it was convenient for you through BOI’s loan online services. All you need is to complete the online loan application form, attach all the necessary documents, ensure that you are eligible for the credit score of Bank of India.
Personal Loan Schemes of the Bank of India
- Personal loan from BOI Star
To deal with different expenses such as wedding expenses, medical bills, for higher studies, home renovation, and many others, BOI Star personal loan can be purchased.
- Under this scheme, a loan sum offered starts from Rs. 10,000 and goes up to Rs. 10 lakhs.
- The loan amount provided is dependent on variables such as
- the venue, eligibility, and others.
- A flexible repayment period is offered for up to 5 years.
- Personal Loan from Star Mitra
Bank of India’s Star Mitra Personal Loan specifically aims to assist physically disabled individuals with funding so that they can live comfortably and independently.
- Under this loan program, the loan sum will be used to buy durable devices/aids that can assist them daily.
- Under the Bank of India’s Star Mitra Personal Loan, a maximum loan sum of up to Rs. 1 lakh can be used.
- Loan Program BOI Star Pensioner
This loan scheme has been developed by the Bank of India, especially for pensioners, so that they can pay their bills or handle their other financial expenses on their own and live independently.
- Usually, 15 times of monthly pension up to Rs. 5 lakhs maximum
- are given a high loan sum offered to pensioners and family pensioners.
- For applicants over 75 years, the overall age limit of the BOI.
- Star Pensioner Loan Scheme is Rs. 1 lakh.
- Star Doctor BOI- Plus
The BOI Star Doctor- Plus loan can be used for any authorized reason by eligible registered medical practitioners. Rs. 20 lakhs are the maximum loan sum that can be obtained under this loan scheme.
- Scheme of Star Holiday Loan
The personal loan scheme of the Bank of India, namely the Star Holiday Loan Scheme, is provided to cover holiday expenses such as train/bus/airfare costs, lodging, sightseeing, shopping, etc. The minimum amount of loan offered under this scheme is Rs. 10,000.
Eligibility requirements for the Bank of India Personal Loan Application
- A salaried professional with a daily source of earnings should be the claimant.
- The Bank of India’s loan can also be used by an individual who is self-employed and salaried.
- The minimum age for the applicant should be 23 years.
- The maximum age of an applicant to be eligible for a Bank of India’s loan should be 60 years.
Bank of India Personal Loan Needed Documents
- Full application form for personal loans.
- Passport Copy/Voter ID Card/Driving License/Aadhaar Card.
- Residential proof (passport/voter identity card/driving
- license/Aadhaar copy).
- Bank accounts for the last 3 months (Passbook of the past 6
- months).
- Latest salary slip.
- Current dated salary certificate.
- Form 16
- Income tax returns
Conclusion:
Bank of India is one of the preferable and best banks in India. It is easy to avail of a personal loan from BOI however, it is always advisable to thoroughly read and understand the lender’s discretion before applying for a personal loan.