Use Bank of India Personal Loan When You Need Money For a Wedding!

You must agree with us that a wedding is the most important day of one’s life and you should have a lot of thoughts about its preparation, destination, venue, catering, etc. So don’t let financial issues come in between your wedding happiness, borrow Bank of India Personal Loan and meet your money requirements quickly. Let’s read this article and know what Bank of India has to offer you in their personal loan product.

Attractive Loan Amount at Bank of India

Bank of India allows you to borrow a loan up to INR 5 or INR 10 lakh. With this amount of loan, you can meet almost every need of your wedding function from pre-wedding photoshoot to reception. So, if you think your financial requirements for the wedding are out of budget, don’t worry because Bank of India Personal Loan is always there for you when you need some extra money.

Affordable Interest Rate from Bank of India

Most importantly, the Bank of India Personal Loan interest rate is quite affordable to customers as it ranges from 10.85-12.85% per annum. It means your income won’t be affected that much even after borrowing a loan from the Bank of India.

Bank of India Personal Loan interest rates are based on the bank Marginal Cost Fund Based Lending Rate (MCLR), which is currently 7.35%. But don’t worry the rate of interest will remain fixed throughout the repayment period even if there is a change in MCLR.

Repayment Structure of Bank of India Personal Loan

You can repay the borrowed loan amount with the applied interest in equated monthly instalments starting from one month after the first disbursement. You will get up to 36 EMIs to repay the Bank of India personal loan. But in some exceptional cases Bank of India may provide a repayment period up to 60 months.

What is the Bank of India Personal Loan Application Procedure?

To apply for Bank of India Personal Loan, you don’t have to do nothing much, just prepare a few documents and follow the instructions below:-

• Give a missed call on 8010968305

• Or SMS <PL> to 7669300024

• Visit any of your nearest Bank of India branch

• Fill up an application form

And submit the form along with the below mentioned list of documents:-

Salaried employees

• Voter ID Card

• Aadhaar Card

• Driving Licence

• PAN Card

• Passport

• Salary Slip

Professionals & Individuals with High Net Worth

• Voter ID Card

• Aadhaar Card

• Driving Licence

• PAN Card

• Annual Income

• Income Tax Return report

• Profit & Loss Balance sheet

Regular/Family Pensioners

• Monthly pension slip through Bank of India branch

Bank of India Personal Loan Fee & Charges

The bank charges a one time processing fee for the Bank of India Personal Loan, which is 2.00% of loan amount, subject to minimum INR 1,000. and maximum INR 10,000. And you should know that the processing fee will be reduced from your disbursed loan amount, so it means you don’t have to pay it separately to the bank, as it will be managed when your loan is disbursed.

So we can say that Bank of India personal loan has saved your wedding day.