All you need to know about Personal Loan services from Bank of India
Bank of India has been a seasoned and tenured bank in India and is known to provide best quality products and services to its customers. It has tailor-made products for all its customer needs and ensures the customer gets all that he needs here itself. This bank can be a One stop shop for all your banking requirements be it Savings accounts, Deposits and Bonds, Credit cards, Loans – Home Loans, Personal loans etc. Bank of India offers a blend of secured and unsecured loans to choose from, making the entire process simple and easy to understand.
- The Bank of India personal loan comes in handy for any kind of personal or business-related expense, making it an efficient loan that could cater to all the customer requirements.
- Anyone who has a basic income can apply for the Bank of India personal Loans – be it salaried individuals, self-employed professionals, regular pensioners or retired employees as well.
- Depending on the income of the individual, the maximum loan that can be availed is Rs. 10 lakh.
- These loans are termed as term loans or demand loans. They are also known as an Overdraft facility
- Competitive rates and also on floating rate of interest.
- People who are working in government institutions or state and central government can avail the reducing overdraft facility for a maximum amount of Rs.1 lakh.
- Bank of India personal loans can be taken with or without collateral security deposited to the bank. The ones taken with security are called secured loans and the ones without any collateral are termed as Unsecured loans.
- Unsecured loans are mostly availed in case of sudden requirements like personal expenses like emergency Medical expenses, a wedding in the family, education purpose for self, and children or spouse as well. You can apply these kinds of loans to fulfil any personal financial demand; however, it should be legitimate in nature as approved by the bank. These loans are also availed for home renovations, refurbishing, extensions or repairs of the present house.
- Secured loans are generally taken in lieu of an asset or a guarantee; hence it is taken with a purpose to Purchasing customer durables, laptops, computers, professional equipment etc. or even refinance an existing loan,
- When the bank provides loan against collateral, it checks and scrutinises the documents like the mortgage or the legal documents. The bank will further go for hypothecation on the asset before offering the personal loan
- The collateral security can be provided in the form of Gold jewellery, Bonds or Debentures, Fixed Deposits, Life Insurance policies, Indira Vikas Patra, NSCs, etc.
Features & Benefits
- The maximum value of a Bank of India Personal Loan is Rs. 10 lakhs. However, this is dependent on the applicant’s income.
- The Bank of India Star personal loan can be taken as a demand loan or a Term loan as well
- The bank offers easy repayment options – you can choose to pay through Direct Debit mode, ECs, I.e. Electronic Clearing System or by cheques as well
- The Bank of India Personal Loan also offers Prepayment or Part payment options wherein if you have some surplus cash in hand, you can easily pay the entire amount or some portion of the amount back to the bank.
Eligibility & Document
You are eligible for a Bank of India Personal Loan if you fulfil the following criteria-
- Minimum criteria are being 18 years plus and being a Resident of India
- People from all walks of life can apply for the Bank of India Personal Loan – Salaried employees, Self Employed, Professionals like Doctors, engineers, Lawyers, Architects etc. People who are not salaried but have regular pensions coming in can also go for this loan. As a token of appreciation, this loan is open for staff members and retired employees of the Bank of India.
- Another prerequisite is that applicant should have a continued income source each month with a clean credit track record in the past.
The documents required for Bank of India Star personal loan are as follows –
- Signed application form with photograph
- Proof of identity could be anything from Passport to voter ID card to driving license as well
- A cheque for the Processing fee of the loan
- Last 3 months bank statement
- For salaried applicants, the mandate documents are Latest Salary Slip and their Form 16
- Documentation for self-employed applicants would be the Latest ITR or Form 16 along with Latest bank statement as well.
How to Apply
Applying Bank of India personal loan is simple and quick. You may apply online on the official website of the bank https://bankofindia.co.in/. You may also visit the nearest bank branch to fill in the application form for submission.
The Bank of India loan status would be updated by the bank within 3 working days.
The Bank of India personal loan interest rates vary from 12.90% to 13.90% per annum.
Bank of India offers unsecured personal loans on a floating rate of interest. It means that the rate of interest would be changing from time to time.
With the help of the Bank of India personal loan EMI calculator, an individual can understand the EMI that would need to be paid monthly and decide how they can go about with the money inflow and outflow to accommodate the EMI.
Ques: What kind of Personal Loans does Bank of India offer?
Ans: Bank of India offers both Unsecured and Secured personal loans to its customers. As the name suggests, secure loans are sanctioned in lieu of some security or collateral; whereas unsecured personal loans do not demand any collateral.
Ques: What types of advance are granted by Bank of India?
Ans: Bank of India offers advances in the form of Demand Loan or Term Overdraft Loan
Ques: Why should one choose Bank of India personal loan?
Ans: The sheer tenure in the banking industry talks about the reason why people opt for Bank of India. You get good services and best plans with Bank of India
Ques: Can salaried employees an advance? What is the quantum?
Ans: Under the personal loan scheme by Bank of India, salaried employees can avail ten times of his take-home salary in the form of an advance.
Ques: What is the maximum Loan amount granted?
Ans: Depending on the kind of loan chosen, the Bank of India Personal Loans ranging from Rs.5 lakh to Rs.10 lakh
Ques: Is there any Overdraft Facility offered by the bank?
Ans: Of course! You can avail an overdraft facility with a limit of up to Rs.1 lakh.