Personal Loans with Bank of India, Apply In Good Rates

Eligibility for personal loan::

• Salaried individuals, Professionals having high net worth, Pensioners drawing pension through our branch, staff member of our bank.

Type of Advance:

• Demand, Term loan, Overdraft
• Overdraft limit maximum up to 1 Lac to the confirmed employees of central, state government and public sector undertaking companies.
• Bank of India offers unsecured personal loan for the purposes like
• Marriage expense of self, son, daughter or a dependent near relative
• For the education of self, Spouse, children, near dependent relatives
• Medical expense to be incurred for self, spouse, children, near dependent relative
• For the renovation of existing house, Apartments, Extension of Flats, Villa
• Any other personal expenses approved by bank

Loan Amount:

• The maximum loan amount: Rs.10, 000,000
• Minimum size of the loan: 10,000
• Quantum of Advance:
• 10 times monthly net take home for salaried person
• 50% of the gross annual income as per the last income tax returns of high net worth

Rate of Interest for Personal loan:

• Base rate: 9.70%
• Personal loan rate: 14.7%
• (Floating Interest rate)
• For Senior citizens: BR +3 %

Processing Fees:

• 2% of the loan amount
• Minimum Rs. 1000, Maximum Rs.10, 000
• For Pensioners: 2% of the loan amount
• Minimum Rs.500 and Max Rs.2000 plus Service Tax
• No Processing Fee for senior Citizens (Above 60 years old)

Repayment Options:

• 36 months Equated monthly Installments

Secured Loan:

• Bank of India offers personal loan to purchase consumer durables, computers and Professional equipments.

Loan Amount:

• Maximum loan amount: Rs.10 Lacs
• Minimum amount of loan: Rs. 10,000

Quantum Of advance:

• 20 times of monthly Gross Emoluments in case of salaried employees
• For self employed professionals, 100% of the gross average annual income: according to the last three years income tax return

Documents needed for Bank of India personal loan:

• Signed application form and Photographs

Identity proof:

• Passport, Voter Id card, driving license, PAN card and photographs

Residence Proof:

• Ration card, latest phone bill, passport, Voter id containing mailing address.

Income Proof:

• Last three month pay slips and recent months bank statements
• Latest pay slip

Documents for self employed people:

• IT returns for the last 2 years
• Latest form 16

If you would like to know about Bank of India personal loan, have a word with us.