Bank of India Personal Loan Interest Rate

Bank of India Personal Loan Interest Rate

The Personal Loan Interest Rate of the Bank of India begins at 9.99% p.a. However, the special Bank of India Personal Loan Interest Rate relies on the applicant’s financial evaluation, the bank’s inner models, and so on. As of now, the bank provides individual loans by government institutions and companies to salaried individuals. Key factors that influence the Bank of India’s credits’ financing costs include the candidate’s manager and salary.

Interest Rate for Different Types of Bank of India Personal Loan

Right now, depending on either end-use or candidate form, the bank doesn’t sort its credit offers. In this way, the Bank of India Personal Loan Interest Rate starts at 9.99 per cent per annum, taking all things together.

Personal Loan Balance Transfer Interest Rates

By completing an equilibrium transfer, borrowers have the option to move their current individual advance with one more bank to Bank of India at a slower pace of revenue. The personal loan interest rate at the Bank of India starts at as low as 9.99 per cent per annum. 

Bank of India Reducing vs. Flat Balance Method of Interest Calculation

The interest calculation method of the flat balance means that interest over the whole loan term is based on the full loan principal sum. Diminishing/reducing the estimate of balance interest, on the other hand, means that interest is calculated every month only on the outstanding loan amount. Therefore, as the remaining amount of the loan decreases each month, the accumulated interest also decreases. Compared to the flat balance method of interest calculation, the overall interest payout is also lower in the declining balance method. The Bank of India uses a lower interest rate to measure the interest owed on personal loans. As a consequence, as the unpaid loan amount declines every month, the interest amount decreases.

EMI Calculation Using the Reducing Balance Method of Interest Calculation

The accompanying table portrays the monthly EMIs calculated using the decreasing equilibrium strategy for premium computation for various credit residencies and financing costs:

EMI Calculation Using Flat Balance Method of Interest Calculation

Bank of India Personal Loan Interest Calculation

Bank of India Personal Loan Interest Rate begins at 9.99% p.a.

Interest Rate Comparison of Bank of India Personal Loan Interest Rate with Others 

How to Get Low-Interest Rates on Bank of India Personal Loan?

The accompanying tips will help you to benefit from a lower Bank of India Personal Loan Interest Rate:

• Guarantee that at the hour of a credit request, you have a negligible responsibility
• Take care of your scheduled Mastercard bills, and credit EMIs Apply to your current lender for an advance (for example, the bank where you have investment funds/current record)
• Be a representative of the perpetual government or function with a presumed association and maintain a steady business background
• Attempt to maintain a 750 or higher financial assessment

Factors Affecting Bank of India Personal Loan Interest Rate

Below are some explicit candidate elements affecting the Bank of India Personal Loan Interest Rate:

• Credit Score: A credit score indicates the cap on credit conduct and reimbursement. A score closer to 900 is seen as a good score. For the most part, a high credit score prompts the applicant to be paid a lower funding cost and the other way around.
• Age of the Applicant: The age of the candidate also affects the interest paid by the bank. The nearer you are to retirement, for instance, the higher the loan fee is.
• Income: When selecting the loan fee, lenders mull over the income of the candidate. A slower rate of interest is usually given to applicants with higher salaries as they pose a lower risk to the loan specialist. A greater rate of interest may be paid to candidates with lower annual salaries.
• Employment Details: If the applicant works for a presumed organization, lenders can provide individual advances at a lower financing cost. Besides, the loan fee can vary with the candidate’s idea of work, whether he or she is self-employed or salaried.
• Bank relationship: If you have an existing relationship with the bank, at the time of applying for an individual advance, you will be paid a lower rate of revenue.

FAQs for Bank of India Personal Loan Interest Rate

✅ What is the Bank of India’s Personal Loan Interest Rate per annum?

The Bank of India Personal Loan Interest Rate starts at 9.99% per annum. Visit Dialabank to get the loan at the cheapest rate of interest.

✅ How is interest payable by a particular applicant determined?

The Bank of India Personal Loan Interest Rate depends upon several factors like the loan amount, the person’s credit score, the applicant’s income, existing relationship with the bank, etc.

✅ How much interest is charged by the bank if I opt for a personal loan balance transfer to the Bank of India?

The Bank of India Personal Loan Interest Rate for balance transfer starts as low as 9.99% per annum. However, the specific Bank of India Personal Loan Interest Rate depends upon several factors like the loan amount, tenure, etc.

✅ How can I repay the Bank of India Personal Loan?

Bank of India’s personal loan can be easily repaid in EMIs. The same can be done through post-dated cheques, ECS, or standing instructions to debit your Bank of India accounts with the EMI amount.

✅ Can I prepay my Bank of India Personal Loan?

Yes, you can prepay your loan in full any time after paying the 12 EMIs along with the applicable foreclosure charges. You can foreclose the loan by issuing a Demand draft/ cheque at the branch.

✅ Can self-employed individuals apply for a personal loan from the Bank of India?

No, at present Bank of India only offers personal loans to salaried individuals meeting the eligibility criteria. However, self-employed individuals may be eligible for a business loan from the bank.

✅ What are the different types of personal loans available with the Bank of India?

At present Bank of India does not offer multiple types of personal loans. However, the bank’s personal loan can be utilized to meet various financial needs like medical/travel expenses, home renovation, etc.

✅ What are the factors which affect the amount of EMI to be paid on a personal loan?

The EMI amount depends on the Bank of India Personal Loan Interest Rate, the loan tenure, and the principal amount borrowed. 

✅ What will happen in case I miss an EMI?

In case you miss an EMI, you will be charged a late payment fee along with penal interest on the applicable repayment amount. Defaulting on timely EMI payments may also affect your credit score in the long run.

✅ Can I change the mode of repayment for a personal loan?

Yes, the mode of repayment/ account for a Bank of India Personal Loan Interest Rate can be changed. To do so, a pay order, cheque, or Demand Draft of Rs. 500 + GST favouring “Bank of India Ltd Loan Account No.” along with the revised set of repayment instructions needs to be submitted.