What Does The Bank of India Personal Loan Provide to Customers?

For us a great way to obtain funds quickly is by taking a personal loan. Whether it’s a wedding, education requirement, or a medical emergency, a personal loan can be used anywhere. It’s a line of credit that enables you to find a fund to meet your requirement. And if you borrow the Bank of India Personal Loan, you can get the funds quickly in your account, with minimal documentation. Read this article and know more about the Bank of India Personal Loan.

Bank of India Personal Loan amount

You can borrow a maximum loan of INR 5 to 10 Lakh from Bank of India, if you apply for a personal loan. And the following are the minimum loan amount criteria for the Bank of India Personal Loan.

• At Metro and Urban Cities INR 10, 000/-

• At Rural and Semi Urban Cities no minimum size is defined

Bank of India Personal Loan Interest Rates

First you must want to know the Bank of India Personal Loan interest rate. Because for a customer a best personal loan is the one that offers the lowest interest rates. And it's lucky for you as Bank of India provides you a personal loan at an attractive interest rate. Check out the table below and understand the personal loan interest rates available at Bank of India -

ParticularsDetailsSecured 11.85%Unsecured 12.85%Senior Citizens (60 years & above) or Loans up to INR.50,000/- 10.85Secured under tie-up arrangements 11.85%

However, the Bank of India personal loan interest rates are floating in nature, it means the rate will change during the tenure with the bank MCLR.

No Collateral Requirement in Bank of India Personal Loan

Don’t put up any collateral for a Bank of India personal loan. This will depend on you whether you want to pledge any assets or not. Because there is an alternate option of a Bank of India secured personal loan where you have to pledge assets, as the interest rates could be lower in it plus, it won’t be affected by your poor credit scores.

Minimal Documentation for Bank of India Personal Loan Application

You don’t want to submit a lot of documents and fill in a lot of forms, thanks to the Bank of India you don’t have to do that anymore. As the customers can apply for a personal loan from the comfort of their home, just visit the Bank of India official website. Provide all your personal and financial details and complete the online verification. And with the Bank of India Internet banking, you can get the loan amount in your account in no time at all.

Also, the customers who aren’t comfortable with online applicants, can apply for a Bank of India Personal Loan by visiting the Bank of India branch office. And the selected bank customers will get a pre-approved Bank of India Personal Loan, you can check this online or contact your bank.

Bank of India Personal Loan Tenure

It is essential that you must consider the tenure of the loan. As it helps you make a perspective of the repayment. Because the amount of EMI will depend on the tenure of your Bank of India personal loan. A longer tenure means a lower EMIs, but more interest payouts. Choose a tenure that is suitable for your budget. The following are the Bank of India personal loan tenure options -

• 36 EMI from 1 month after the first disbursement for an unsecured loan

• In some exceptional cases of unsecured loans the tenure can be up to 60 months

• Whereas for secured loans, a maximum 60 EMIs from 1 month after the first disbursement.