Bank of India Personal Loan @10.25% p.a. | Apply Now %sep% Dialabank

Bank of India Personal Loan Key Features Nov 13 2024

Eligibility Criteria	Details
Age	21 – 60 (at loan maturity)
CIBIL Score	Minimum 750 or above
Bank of India Personal Loan Interest Rate	9.35% per annum
Lowest EMI per lakh	Rs 2093
Tenure	12 to 60 months
Bank of India Personal Loan Processing Fee	1% of the loan amount
Prepayment Charges	2% – 4%
Part Payment Charges	2% – 4%
Minimum Loan Amount	Rs. 50,000
Maximum Loan Amount	Rs. 20 Lakh

Bank of India Personal Loan Interest Rate, Fees & Other Charges

BOI personal loan interest rates	9.35% per annum
Bank of India Personal Loan Processing Charges	1% of the loan amount
Prepayment Charges	36 months: 2% of loan principal outstanding”}”>2% – 4%
Stamp Duty	As per state laws
Cheque Bounce Charges	As per bank terms
Floating Rate of Interest	Not Applicable

Bank of India Personal Loan Status

You can check the status of your Bank of India Personal Loan by the following methods –

You can visit your loan branch and ask the banker for the same.
Log In to the Bank of India Net banking Portal, Click on loans from the top ribbon and click on Enquire to check the status of your loan.

Bank of India Personal Loan Eligibility Criteria

Eligibility criteria for a BoI personal loan:

CIBIL score Criteria	750 and Above
Age Criteria	21-60 years
Min Income Criteria	Rs 25000/month
Occupation Criteria	Salaried/Self-employed

Bank of India Fees and Other Charges

Category	Details
Bank of India Personal Loan Interest Rate	9.35% per annum
Bank of India Personal Loan Processing Fee	1% of the loan amount
Bank of India Personal Loan Processing Fee	Min ₹ 1000 and Max ₹ 25000
Prepayment	No prepayment is allowed until 12 EMIs are paid
Pre-closure	No foreclosure is allowed until 12 EMIs are paid
Prepayment Charges	13-24 months: 4% of loan principal outstanding
	25-36 months: 3% of loan principal outstanding
	>36 months: 2% of loan principal outstanding

Stamp Duty	As per state laws
Cheque Bounce Charges	₹ 550/cheque + GST
Floating Rate of Interest	Not Applicable
Overdue EMI Interest	2% p.m.(on overdue amount)
Amortization Schedule Charges	₹ 200 + GST

Bank of India Personal Loan Documents Required

Form	Duly filled application form
Proof of Identity	Passport, Driving License, Aadhar Card, Voter ID Card or Copy of: Passport Driving License Aadhar Card Voter ID Card
Proof of Address	Rent Agreement (Min. 1 year of stay) Utility Bills Passport (Proof of permanent residence) Ration card
Proof of Income	ITRs: Last two Assessment years Salary Slip: Last 6 months Bank Statement: Last 3 months ITR: Last two Assessment years Salary Slip: Last 6 months Bank Statement: Last 3 months

Bank of India personal loan EMI calculator

Rate	5 Yrs	4 Yrs	3 Yrs
10.50%	2149	2560	3250
11.00%	2174	2584	3273
11.50%	2199	2608	3297
12.00%	2224	2633	3321
12.50%	2249	2658	3345
13.00%	2275	2682	3369
13.50%	2300	2707	3393
14.00%	2326	2732	3417
14.50%	2352	2757	3442
15.00%	2378	2783	3466

Bank of India Personal Loans Comparison with Other Banks

Bank	Interest Rate	Tenure	Loan Amount & Proc Fee
Bank of India	9.35%	12 to 60 months	Up to Rs. 20 lakh / 1% to 2% of Loan Amount
HDFC Bank	10.50% to 21.50%	12 to 60 months	Up to Rs. 40 lakh / Up to 2.50% of the loan amount
Bajaj Finserv	Starting from 12.99%	12 to 60 months	Up to Rs. 25 lakh / Up to 3.99% of the loan amount
Axis Bank	7.35% to 24%	12 to 60 months	Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount
Citibank	Starting from 10.50%	12 to 60 months	Up to Rs. 30 lakh / Up to 3% of the loan amount
Private Bank	10.50% to 19.25%	12 to 60 months	Up to Rs. 20 lakh / Up to 2.25% of the loan amount

Other Loan Products from Bank of India

Gold Loan	Car Loan	Home Loan	Business Loan
TWL	LAP	Credit Card	Education Loan

Why should you apply for a Bank of India Personal Loan with Dialabank?

Dialabank helps you choose the option of banks by providing you with the updated market comparison of different banks to make the right choice. We at Dialabank have already helped thousands of people to get the loan they need without any issue, and we look forward to continuing in doing so. Apply with us today to get the offers and special deals on Bank of India Personal Loan.

Call us at 9878981166 to avail of the Bank of India Personal Loan.

How to Calculate EMIs for Bank of India Personal Loan

For calculating the bank of India personal loan interest rate calculator, just put your loan amount, boi personal loan interest rate, and tenure in the calculator below to find your EMIs.

Bank of India Personal Loan Processing Time

Bank of India Bank usually takes two weeks or 15 days when it comes to the Processing of Personal Loan Applications. However, the Bank of India approves the loan in just a few hours to a maximum of 1-3 days to its pre-approved already existing account holders.

Bank of India Personal Loan Pre-closure Charges

Bank of India gives you the option of pre-closing your Loan after a minimum of 12 EMIs. Prepayment charges are between 2% to 4%.

Documents required for Bank of India Personal Loan Pre-closure

Generally, the following documents are required to foreclose your Bank of India personal loan:

A valid photo identity proof
Loan Account Statement
Cheque/ demand draft/ cash to make the payment

Bank of India Foreclosure Benefits

Given below are a few key benefits of foreclosing your Bank of India personal loan:

Foreclosure / Full Prepayment

Helps you save on the overall interest payout.
Frees you from the burden of regular loan repayments.

Partial Prepayment

It enables you to save on the interest component.
You also have the advantage of either paying a reduced EMI amount or having a shorter loan tenure.

Bank of India Prepayment Facility

The bank also offers a prepayment facility to help the customers pay off the entire outstanding or a part of it. If you have a surplus amount of money in hand and meeting the below criteria then you can pay a part of your principal outstanding amount to reduce the same. This will also help in saving interest accrued on the principal amount. Know more about this facility below.

Note:

Prepayment will be allowed subject to the successful payment of the first 12 EMIs.
Prepayment will be allowed a maximum of twice during the entire tenure of the loan.
Prepayment is allowed only once a year.
At any point in time, the prepayment will not exceed 25% of Principal Outstanding.

Charges to be paid on Prepayment

13-24 Months – 4% of the outstanding loan balance.
25-36 Months – 3% of the outstanding loan balance.
More than 36 Months – 2% of the outstanding loan balance.

Pre Calculated EMI for Personal Loan

Rate	5 Yrs	4 Yrs	3 Yrs
10.50%	2149	2560	3250
11.00%	2174	2584	3273
11.50%	2199	2608	3297
12.00%	2224	2633	3321
12.50%	2249	2658	3345
13.00%	2275	2682	3369
13.50%	2300	2707	3393
14.00%	2326	2732	3417
14.50%	2352	2757	3442
15.00%	2378	2783	3466

Bank of India Personal Loan for Salaried Employees

Bank of India offers Personal Loan for Salaried Employees at attractive rates of interest. The amount that you get a loan depends on the Company that you work for, The take-home salary of the employee, and the city of residence of the employee. Bank of India offers these loans for a tenure of 12-60 months and provides instant approval along with funds to pre-approved customers.

Bank of India Personal Loan for Self Employed Individuals

Bank of India’s Personal Loan for Self Employees is a loan product offered to self-employed individuals and in need of funds. The bank provides them with attractive rates of interest on their personal loan and tenure of 12-60 months. However, as compared to Salaried Employees, you have to present more documents here as you need to provide the bank with sufficient documents related to your business to prove its continuity as well as your steady income.

Bank of India Personal Loan for TCS Employees

Exclusive personal loans with a reasonable interest rate of 11.25% p.a.
EMI for personal loans starts at Rs.2178 per lakh when terms and conditions are met.
The hassle-free documentation process for TCS employees.
Pre-approved personal loans for eligible TCS employees.
Interest rate starting at 11.99% p.a for superbike loans.
Great offers on home loans with an interest rate of 9.45% p.a and discount interest rate for women at Rs.9.40% p.a.

Bank of India Moratorium Process

The process to stop your loan EMIs at the Bank of India is as follows-

Visit the Bank of India website or use the mobile app
Click on the link where the option of moratorium period is popping out
On the application page, mention your registered mobile number, name, email address
After that enter your date of birth and select the type of loan
Enter your loan number and mention your EMI amount
Then make a decision and choose a suitable service
Click on the EMI deferment option that says I agree to pay the accrued interest on the outstanding balance
Click on the ‘Submit’ button
The bank will check the details thoroughly and process your moratorium request
You’ll be given a reference upon the successful completion of the process on your registered mobile number and email address

However, if you don’t want to defer EMI, you must click on the second option after the deferment option. This will ensure EMI payments are as scheduled with no extra interest charged on it.

Bank of India Personal Loan special pricing

If a customer is looking for INR 15 lakh of the loan amount or more than that below rates would be applicable.

Loan Amount	IRR	Processing Fee (+GST)
Loan amount >=15 lakh*	10.50%	INR 3999

*Terms & conditions apply

This offer is not applicable for Top-up/ Enhancement/ Existing loan amount closure.

If a customer is looking for a Balance transfer and a fresh loan of above INR 10 lakh above, the below offer is available.

NTH	Loan Amount	IRR	Processing Fee (+GST)
>=50000	Loan amount >=10 lakh*	10.50%	INR 3999

How to Manage a Personal Loan

Here are the 4 tips that will help you manage your loans:

1. Pay On-Time – The first step is to avoid late fees and penalties. The best way to do that is by paying your monthly payments on time every month. This also hits the credit score. These are needless and all too common consequences that will work against your financial condition.

If you have just taken a personal loan or are about to, the best way to manage your loan is by making a monthly payment on your loan as soon as you receive the loan. By being a payment ahead of your installment plan you will have a buffer against a missed payment.

2. Pay More Than Your Minimum – Paying beforehand is a good option for managing your plans but paying a little extra every month keeps you ahead of your loan term and provides you with some other financial bonuses. Moreover, paying extra on your loan reduces the length of the repayment plan.

This will help you clear the debt and allows you to regain your financial independence sooner. It will also reduce the rate of interest you owe and thus, saving you money in the long run. Paying off your debts faster also leads to an improvement in your credit score. A lower credit score will benefit you in several ways, like dropping down payments and rate of interest.

3. Consolidate Your Loans – For debtors managing multiple personal loans, consolidation could be the best way to simplify your debt repayment. Debt Consolidation is when you take a large loan to repay all the other loans you have taken. So, instead of paying multiple lenders every month with different rates of interests and needs, one can make a single payment to one provider.

Debt Consolidation is helpful if you can save an interest rate on a new loan that is lower than the average interest rate of the earlier loans. The only disadvantage that lies here is that one will likely end up having to reimburse the debt quicker than before. Before consolidating your debt, make sure that you can make the payments on a new loan. This may also help to reimburse large portions of your loans on credit rather than with a single loan, consolidating it into more controllable pieces.

4. Credit Score – Last but not least, always keep a close watch on your credit score while reimbursing a personal loan. The credit score plays a major role in finances and has an important relationship with the loans taken out. How you manage your loans is reflected in your credit score. On the other hand, falling behind on your payments will subordinate the credit score. Thus, a higher credit score is important.

Different offers for Bank of India Personal Loan

Bank of India Doctor Loan

Bank of India offers special Personal Loan to Doctors who require funds. Bank gives them loans ranging from Rs. 50000 to Rs. 50 lakhs for a tenure of 12-60 months at interest rates starting from 11.25%. There are certain eligibility criteria’s for availing of this loan:

The credit score should be at least 650.
Age should be 25-65 years.
Medical Experience – More than 4 years (as a doctor).

Bank of India Marriage Loan

Bank of India offers Personal Loan for Marriage to solve people who are facing a shortage of funds for their or their close one’s marriage. There is no restriction on using this loan amount and can be used for anything from wedding banquets to makeup or stylists, etc. You get these amounts quickly within seconds if you are a pre-approved customer with the bank or as quickly as 4 hours in some cases. The bank charges an attractive interest rate and gives you the option of choosing the loan tenure.

Bank of India Personal Loan for Government Employees

To fulfill the individual requirements of all the public authority workers, the Bank of India is here. The moneylender offers the individual credit to the representatives of public area endeavors, including Central, State, and Local Bodies. The base net month to month pay of a worker should be INR 15,000/20,000 to profit the greatest advance measure up to INR 40 Lakh.

The individual advance offered by the Bank of India accompanies a residency of 5 years alongside a handling expense of 1.50% of the advance sum.

Bank of India Personal Loan Offers for Government Employees

Offers By Government	Number of Companies	Processing Fee(% of the Loan Amount	IRR
Miniratna, Navratna, and Maharasthra	55	1.50%	13.49%
			11.49%
			10.99%
Pensioner	All	1.50%	14.75%
Employees from the Railway Department	All	1.50%	16.50%
			15.00%
			14.25%
CISF, CRPF, ITBP, SSB and BSF	All	1.50%	14.75%

State and Central Government Officers:

Section	Salary	Processing charge	IRR
Government Officer Division A (GA) and Division B (GB)	NTH>24k	2%	16.75%
	NTH>35k	2%	15%
	NTH>50k	1.75%	14.75%

Bank of India Personal Loan for Pensioners

Bank of India offers special plans for Pensioners looking out for Personal Loan. They provide good funding at attractive rates of interest to pensioners. Some of the features of Bank of India Personal Loan for Pensioners are listed below:

Minimum Pension Amount – 25000+
Maximum age – 65 years at loan maturity
50% of extra income (FD interest rental income, etc.) can be counted as Actual Income
Canara Bank Personal Loan Interest Rate – 9.99%
Tenure – a minimum of 12 months

Bank of India Personal Loan Balance Transfer

Personal Loan Balance Transfer refers to a process where you shift your loan from one lending institution to another. In this, your new bank pays off your previous loan and gives you the loan. You get many benefits if you do this, but you may have to pay the foreclosure charges associated with that loan along with the Processing fee on your new loan. Some of the benefits are listed below –

Lower Interest Rate
Extended Tenure for the Repayment

Bank of India Personal Loan Top Up

Top up facility on your loan is the additional amount that you borrow from the bank on your existing loan. Bank of India lets you avail of this facility if you have paid at least 9 regular EMIs without any hindrances in payment. You can get a top-up of a minimum of ₹50,000 and a maximum of your already sanctioned loan amount.

Bank of India Personal Loan Overdraft Scheme

An individual overdraft is a credit office that licenses you to pull out a total as and when required. You can additionally reimburse the wiped out total at whatever point the condition is ideal. Subsequently, it is perhaps the most favoured credit choices that benefitted to meet changing individual supporting necessities unbounded.

Apply for an overdraft office as a Bank of India Personal Loan. The flexible improvement office has all the huge highlights of a shaky overdraft credit

Home Renovation Loan

For individuals who want to get their home redesigned, the Bank of India provides home redesign credit. This individual loan will fund the required repairs or assist the applicant to purchase new fittings, appliances, and furniture for their home. Some of the Bank of India Home Renovation Loan’s essential highlights are:

The funding cost of the Home Improvement Loan from the Bank of India starts at as low as 11.25 percent.
People could be qualified to have their home remodelled for an advance amount of Rs. 20 Lakh
Bank of India’s home remodels credit needs zero paperwork, rendering the whole advance period free of bother.
The advance amount is generally credited to the record within 72 hours until your application is preferred by the bank.

Holiday Loan

The Holiday Loan of Bank of India will help you with a minor issue in planning your dream get-away. This individual Bank of India advance will subsidize a variety of expenses related to excursions, including booking travel tickets, hotel facilities, guided tours, and so on The main highlights of the Bank of India Holiday Loan are:

Holiday loan financing costs start at 11.25 percent p.a.
You can do a measure of up to Rs 20 Lakh without a lot of a stretch profit, so your dream excursion will not be ruined because of a monetary crunch.
Streamlined and minimal paperwork ensures the basic and clear financing of your get-away.
Brisk planning and disbursement of progress that is specifically attributed to your record.

Fresher Funding

In either case, a dominant part of insecure individual credits is based on individuals with customary pay Bank of India’s Fresher Funding is outstanding. This Bank of India credit alternative is intended to assist freshers, such as continuing alumni searching for their first job for example. Some significant highlights of individual credit from Bank of India Fresher Funding are as follows:

Amount of credit up to Rs 1.5 lakh
Candidates must be 21 years of age, at any rate.
The speed of interest for Fresher Funding depends on the profile of the candidate, the financial record/score, the candidate’s age, and region.

NRI Personal Loan

Bank of India provides a person advance specifically for NRIs, recognizing the necessities and dreams of NRIs. An Indian inhabitant should be the primary advance nominee, and a nearby family member must be the co-candidate NRI. The following highlights include the Individual Loan for NRIs.

Bank of India provides individual NRI advances of up to Rs. 10 lakh with adaptable end-use advances.
NRI Personal Loan funding costs start at 15.49 percent p.a.
A residence of as long as three years is included in the credit.

Bank of India Personal Loan Preclosure Online

Bank of India enables a Personal loan borrower to make a pre-closure or a pre-payment of a loan. However, you will be able to prepay your Bank of India Personal Loan only after 12 months after you have procured your loan and after paying 12 EMIs plus the foreclosure charges that may be applicable. If you meet this requirement, you can repay your personal loan before the original due date and close your loan early.

Bank of India Personal Loan Process Steps

Step 1: Determine your requirement
Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home. And you may need just Rs. 1 lac or Rs. 10 lac.

Step 2: Check loan eligibility
Once you know how much you need, you should check whether you are eligible. You can visit the Bank of India Personal Loan Eligibility Criteria online, to find out how much you can borrow as a Personal Loan. Bank of India offers loans up to Rs. 40 lac.

Step 3: Calculate monthly installments
Use an online EMI tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income, like on the Bank of India Personal Loan EMI Calculator. Bank of India offers pocket-friendly EMIs on all its Personal Loans starting at Rs. 2093 per lac * (T&C).

Step 4: Approach the bank
You can apply for a Personal Loan with Bank of India in various ways: Via Net Baning, online on the Bank of India website, at an ATM, or by visiting a branch.

Step 5: Submit documents
Next, find out what documents are required for a Personal Loan. You will usually need income proof (bank statements, salary slips or IT returns), address proof, and ID proof. Hand over copies of your Personal Loan documents at the bank.

Wait for funds to be remitted to your account. Bank of India disburses funds for pre-approved loans to customers in 10 seconds*, and for non-Bank of India customers in 4 hours.

That’s how to get a Personal Loan in 5 easy steps!

Bank of India Personal Loan Prepayment Charges

If you are a salaried applicant, you can pre-pay your Bank of India Personal Loan only after paying 12 equated monthly installments completely.

The pre-payment charges for salaried applicants are as follows:

4% of the outstanding principal amount for 13 to 24 months.
5% of the outstanding principal amount for 25 to 36 months.
2% of the outstanding principal amount for more than 36 months.

How to Apply for a Bank of India Personal Loan?

While applying for a Bank of India personal loan online, you can use the Internet for searching and comparing different banks and NBFCs that offer personal loans. After choosing the Bank of India, you can choose the right choice according to your knowledge and preference. To move ahead in the process, you can visit the website of Dialabank and choose the schemes that suit you.

Dialabank ensures to present you with the best financial services from major banks of the nation. To be a part of this journey, you ought to follow the steps given below:

Visit the webpage of Dialabank.
Go to the personal loan segment.
In the personal loan section, you can apply either as a self-employed person or a salaried person.
Once, you fill in all the important specifications about yourself, submit the form.
After form submission, our representative will call you.
Eventually, our representative will lead you through the process of the loan.
You get a loan at a feasible interest rate without moving here and there.
To know more information, you can call on 9878981166.

The Personal Loan Verification Process

The following main measures are included in the verification process for a personal loan:

Step 1: Your preferred lender receives your online loan application after you have submitted your online application on the Dialabank website / Dialabank App.
Step 2: The lender’s representative will then contact you to check the details of the application and arrange for the documentation needed for your loan application to be picked up.

Step 3: The personal loan application is accepted after the records have been obtained and successfully checked.

Stage 4: The loan is disbursed once the loan agreement is signed by the borrower.

Check your Bank of India Personal Loan Application Status Online

To check your Bank of India Personal Loan’s status, you can:

Visit the bank branch where you applied for the loan directly and provide your loan application information to the loan officer
Visit the Bank of India website and work out the details of your loan.
Send the details of your loan via email to the bank.
Via the bank’s I-mobile app
These techniques allow you to easily monitor your loan status.

How to Login into the Bank of India Portal

Check the official website of the Bank of India.
Click on ‘Login’ in the upper right corner of the screen.
Using your User ID and Password or reported mobile number to log in

How to Check Your Personal Loan Statement

By following the means given below, clients can download the bank’s very own credit proclamation:

Visit the bank’s official site.
Select ‘Link’ and choose ‘Administration Requests’ from the drop-down list.
On the following page that opens, click ‘Individual Loan Linked’ under the ‘Advances’ menu.
First, click on ‘Solicitation for Loan Account Statement’.
To profit from the bank’s very own credit explanation, log in using your User ID and the hidden word or using your enlisted flexible number and OTP.

Bank of India Personal Loan Restructuring (COVID-19)

Due to the COVID-19 pandemic, the cross-country lockout antagonistically influenced multiple borrowers and a multi-month ban on various term advances was declared to moderate its effect to a particular degree. The RBI-commanded one-time gain of Bank of India’s individual credit reconstruction was announced by Bank of India after the half-year ban had expired.

This instrument is intended to offer relief to those borrowers who are not yet able to begin repayment of their usual EMI due to the pandemic’s continuing money-related difficulties.

The Bank of India’s credit target system proposes an additional ban of as long as two years or an extension in the existing reimbursement time period to decrease EMI installments from month to month. As a primary concern, it is imperative that the rebuilding of your Bank of India individual credit will result in additional premium charges well beyond those of the first advance.

Consequently, if anything else fails with the intention of not ending up defaulting on your great credit, this relief instrument can only be used.

Bank of India Customer Care

Customers can contact the Bank of India customer care via any of the following means:

By Phone: You can call Bank of India on 9878981166 (toll-free)
Callback Request: You can also request a call back by visiting the bank’s website
Online Chatbot: You can also get your queries answered by the iPal chatbot online
Branch Visit: You can visit the nearby Bank of India branch to get your queries.

Benefits of Applying for Personal Loan on Dialabank

In applying for a personal advance on the Dialabank platform, there are numerous points of interest. Some of them are provided underneath:

24 x 7 Accessibility: Anytime and wherever you can get to the Dialabank platform, and in this way, apply for an individual advance whenever your home or office is relaxed.
Multiple moneylenders on a solitary stage: Dialabank empowers you to receive individual credit deals on a solitary stage from different scheduled loan specialists and thus removes the need to visit various bank sites or branches.
Know EMI in a split second: With the individual advance EMI calculator, you can check the EMIs you would be paying on an individual credit even before you apply for one. It will assist you with acquiring the suitable sum that you can without much of a stretch reimburse and have a helpful reimbursement plan.
Liberated from cost: Additionally, you are not needed to pay any charges when you apply for an individual advance on Dialabank.

How to Get the Best Offer on Canara Bank Personal Loan

You can get the best close to home financing costs from Bank of India subject to an evaluation of your credit sum, pay, other commitment organizations you work with, and advance residency. The accompanying elements decide the individual credit pace of interest you can hope to get from the Bank of India:

Credit Amount – This is the sum acquired by a borrower from the bank. By and large, banks offer lower financing costs for higher sums. Bank of India offers credits between ₹ 50,000 and ₹ 75 Lakh.
Compensation – Income characterizes your ability to reimburse the credit. More significant compensation section people are offered credits at lower financing costs. The loan cost of the bank fluctuates with your net month to month pay.
Manager Category – Bank of India has an inner rundown of organizations falling into classifications that are positioned from high to low organization classes dependent on the organization’s size, notoriety, and existing relationship with the bank. Representatives who have a place with organizations in higher organization classes get appealing limits and low financing cost advances.
Relationship with the Bank – Bank of India offers extraordinary rates, offers, and charges to the current record holders of the bank. The individuals who have dealt with their records and made all the installments on time in the past will get the advantage of a low bank of India advance loan cost.
Credit Tenure – Personal advances are of more limited residency that goes from a year to 60 months as they are taken to meet their quick prerequisites.
Reimbursement Capacity – Before giving an advance to the borrower, the Bank of India checks the reimbursement limit of the borrower. Bank confirms the reimbursement limit of the client through CIBIL as it has the reimbursement history of past credits taken. CIBIL additionally catches data of charge card charges installment.

How does Bank of India Personal Loan work?

Here is the process:

Maximum Annual Percentage Rate (APR)	11% to 22.5%
A representative example of the total cost of the loan, including all applicable fees	Here is an illustration of the total cost of the loan:
	Total amount borrowed: ₹ 1,00,000
	Time period: 12 Months to 60 Months
	Bank of India Personal Loan Interest Rate: 10.50% to 22.00%
	Processing Fee payable to Upto ₹ 2,500
	Fee payable to MyLoanCare: NIL
	Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.50% (lowest rate, longest time period) to ₹ 9,359 for 12 Months ₹ 1,00,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.
	Annual Percentage Rate (APR) of charge including all applicable fees: 11% to 22.5%
	Total cost payable over loan tenure: ₹ 8,278 for 12 Months loan to ₹ 31,463 for 60 Months loan

Important Aspects

Some important angles that you should consider when applying for an individual bank of India credit are given below:

When applying for a personal advance, it is nice to review your financial evaluation in any situation. A good credit evaluation builds up the chances of your credit endorsement and can cause you to benefit from an individual advance on better terms.
It is wise to think about the cost of an individual credit (premium expense and all fair expenditures and charges) provided by various moneylenders on Dialabank.com before deciding on a particular bank.
Acquire as per the ability to need and reimbursement. Try not to gain just because you’re willing to get a higher number. It just adds to the cost of your advantage and has not many benefits over the long haul.
Try not to apply for individual advances concurrently with separate moneylenders. This shows that you are ready for credit and raises the number of complicated demands for your credit report, which can have an antagonistic impact on your credit rating.

FAQs About Bank of India Personal Loan

✅ What is a Bank of India Personal Loan?

Personal loans with minimal documentation become hassle-free as no mortgage or security is required. Bank of India provides personal loans to its pre-approved customers in just 10 seconds and within 4 hours for the new customers.

✅ How does Bank of India Personal Loan work?

The first step would be to check your eligibility for the Bank of India Personal Loan, which can be done online. If you are a pre-approved Bank of India customer, you can avail of the loan within seconds, and for others, the loan disbursal on average takes 4 hours.

You can avail up to Rs. 20 Lakhs with the lowest interest rates depending on your eligibility criteria and credit history. Repayment of the loan can be made on an EMI basis or as agreed upon in the loan agreement.

✅ What is the Personal Loan rate of interest in the Bank of India?

The personal loan rate of interest in the Bank of India is 9.35% per annum. For checking the latest Bank of India Interest Rates visit us at Dialabank’s digital platform and compare it to avail of the best offers suiting your needs.

✅ What is the procedure of Personal Loans in the Bank of India?

The procedure to avail of a personal loan with the Bank of India is hassle-free. You can apply for a Bank of India Personal Loan by visiting the nearest branch with your documents, through a Bank of India ATM, or using Bank of India’s Loan Assist App. You can also contact and apply with Dialabank for easy processing and personalized assistance. The basic steps include:

Calculation of loan amount required as per your need
Checking your loan eligibility online or by visiting the branch
Approaching the bank via your preferred method (online or offline)
Submitting the required documents with the banker,
Disbursal of loan amount once your application and documents have been verified and approved.

✅ How can I get a Bank of India Personal Loan?

Getting a Personal Loan from the Bank of India is a simple process as minimal documentation ensures a quick disbursement time. After submission and verification of the required documents, the loan amount will be credited to your bank account within 4 hours.

✅ How to apply for a Personal Loan in the Bank of India?

A personal loan is a security free loaning option to meet all your financial needs. You can apply for a personal loan with Bank of India Bank with minimal documentation and get a quick loan amount disbursal by visiting the nearest branch with your documents or filling an application online at Bank of India Bank’s official website.

✅ How much EMI is on Bank of India Personal Loan?

EMI (Equated Monthly Installment) is the amount payable to the bank every month as repayment of your loan. The EMI on Bank of India Bank personal loan depends on the loan amount, interest rate, and the tenure of the loan. It can easily be calculated using the EMI calculator on Dialabank’s website.

✅ How much CIBIL score is required for Bank of India Personal Loan?

Bank of India requires you to have a CIBIL score over 750 with 700 being the absolute lower limit. You can increase your CIBIL score by making timely payments of your EMIs and credit cards.

✅ Minimum credit score needed for Bank of India Personal Loan?

A credit score is a 3 digit number between the range of 300-900 which reflects the creditworthiness of the borrower. It is based on your past credit files and your performance in the repayment of your loans. Bank of India Bank requires you to have a minimum credit score of 750 to become eligible for a personal loan.

✅ How to calculate Bank of India Personal Loan EMI?

EMI on personal loan can be calculated using the formula, E = P x R x [(1+R)^N] / [(1+R)^N-1] where,

P= Principal or your loan amount,

R= Rate of interest, and

N= Loan Tenure.

You can easily calculate your EMI online at Dialabank’s website for free and compare offers from different banks and finance companies.

✅ What can I use the Bank of India Personal Loan for?

You can use your Bank of India Personal Loan for several reasons ranging from small bill payments and daily expenses to a medical emergency and bigger expenses such as debt consolidation, wedding, etc. Fulfil all your monetary needs with a personal loan by applying online at Dialabank’s digital platform.

✅ Can I prepay the Bank of India Personal Loan?

When a borrower pays off their loan entirely or in part before the agreed due date, it is termed as prepayment or preclosure. Bank of India Bank gives you the option to prepay your loan provided that you have at least paid 12 month’s EMIs. You will be charged with a preclosure fee of up to 4% of your outstanding loan amount depending on the number of EMIs left to pay.

✅ How to prepay Bank of India Personal Loan?

Steps to prepay your Bank of India Personal Loan:

Collect the required documents (PAN, Id proof, and any other loan documents)
Visit your loan branch and ask for the balance and any pre-closure charges or penalties.
You will be prompted to fill a form requesting the prepayment of the loan.
Pay the prepayment amount (cash up to Rs.49000, Cheque, or DD) and take its acknowledgement.
Your loan will be closed as soon as the bank receives the fund.

✅ How to repay Bank of India Personal Loan?

You have the option of repaying your Bank of India Personal Loan either by a standing instruction on your bank account to pay the EMI, online payment through different modes, or post-dated cheques given to the loan branch.

✅ How to repay Bank of India Personal Loan online?

You can pay your loan EMI online in just five steps:

Visit the payments page on Bank of India Bank’s website.
Click on ‘PAY ONLINE’ and enter your ‘Loan No.’ and ‘Date of Birth’.
Select your net banker from the drop-down menu and click on PAY.
You will be securely redirected to the bank payment interface of your chosen net banking option.
Complete the payment, and you will receive an online transaction confirmation. You can also pay your Bank of India Personal Loan on Paytm.

✅ What documents are needed for the Bank of India Personal Loan?

Bank of India provides easy hassle-free personal loans with minimal documents. You will need your Aadhar card/Voter ID, PAN card, Bank statement of the last three months, and the latest salary slips/ITR file. For more information and personalized assistance, you can contact Dialabank’s financial helpline number.

✅ How to check Bank of India Personal Loan status?

You have some options to check the status of your Bank of India Personal Loan:

Log In to the Bank of India Net banking Portal, Click on loans from the top ribbon and click on Enquire to check the status of your loan.
Search for ‘personal loan status’ on Google, open the first link which will take you to the Loan Status Tracker webpage of Bank of India Bank, and fill in the required information to check the status of your loan.
You can also visit your loan branch and ask the banker for the same.

✅ How to get a Bank of India Personal Loan top-up?

Top up is the additional loan amount that can be taken from the existing bank of your running loan or at the time of balance transfer from your new bank. Bank of India lets you avail of this facility if you have paid at least 9 EMIs without any cheque bounces. You can get a top-up of a minimum of ₹50,000 and a maximum of your already sanctioned loan amount. You can check the online portal of Bank of India for more offers or contact Dialabank for any financial help.

✅ What happens if I don’t pay my Bank of India Personal Loan EMIs?

There will be a penal interest charged as applicable and would even face legal actions if defaulting continues.

✅ How to find a Bank of India Personal Loan account number?

To get your personal loan account number you can contact the loan officer at the bank branch or by contacting the customer care number of Bank of India.

✅ What are the Bank of India Personal Loan pre-closure charges?