Availing BOI Personal Loan is among the easiest task to do | Aileensoul

4 min readFeb 25, 2021

Banking / Financial Services / Broking 24th February 2021

#BankofIndia #BankOfIndiaBusinessLoan #Bankofindiapersonalloan #BankofIndiaPersonalLoanEligibilityCriteria #BankofIndiaPersonalLoanEMICalculator #loans #personalloan

Bank of India provides a wide variety of personal loan programs to suit the client’s different requirements. From salaried professionals to physically disabled individuals and pensioners to students, based on your qualifications, anybody can use a personal loan from the Bank of India for amounts up to Rs. 20 lakhs. There will be nothing wrong in saying that Bank of India Personal Loan is one of the best personal loans in India. There are various reasons for this and one of the major reasons is the Bank of India personal loan eligibility criteria. And in this article, we will be focusing on the Bank of India personal loan eligibility criteria.

Bank of India Personal Loan Eligibility Criteria

Based on different factors, the personal loan eligibility conditions vary. The general conditions for applying for a personal loan from the Bank of India are below.

Bank of India Star Personal Loan

BOI Star personal loan can be used to deal with distinct expenditures such as wedding expenses, medical bills, higher studies, home renovation, and many others.

Generic Eligibility Criteria for Bank of India Star Personal Loan

Self-employed people and professionals may also A pply for a Personal Loan from the Bank of India.
An applicant’s minimum age should be of 23 years.
For a personal loan, a salaried professional with a regular source of income may apply.
The maximum age of an applicant to apply for a personal loan from the Bank of India should be 60 years.

Common Eligibility Criteria for Bank of India Star Mitra Personal Loan

The Star Mitra personal loan from the Bank of India explicitly aims to help physically disabled people with financing so that they can live comfortably and independently.
A cumulative loan amount of up to Rs. 1 lakh can be used under the Bank of India’s Star Mitra Personal Loan.

Generic Eligibility Criteria for Bank of India Star Pensioner Loan

The Bank of India, especially for pensioners, has created this loan scheme so that they can pay their bills or manage their other financial expenses on their own and live independently.

Daily pensioners or family pensioners who earn a pension from the Bank of India.
Retired Bank of India workers may also apply for a personal loan under this program.
The overall loan cap for pensioners over 75 years is Rs. 1 lakh.

Bank of India Star Doctor — Plus Conditions of Loan Eligibility Criteria

The BOI Star Doctor-Plus loan may be used by qualifying licensed medical practitioners for any valid reason. The maximum credit number that can be received under this loan scheme is Rs. 20 lakhs.

Eligibility requirements for Bank of India Star Holiday Loan

Salaried staff/Professionals/Self-employed/People are interested in business/High net worth individuals/Agriculturists/Pensioners/Staff members.
Under this program, the minimum amount of the offered loan and Rs. 10,000 are covered.

What are the key factors that influence the Personal Loan Eligibility of your bank?

Age of the applicant: This is one of the main factors that play a major role in the Bank of India Personal Loan Eligibility Criteria. A young applicant with a regular source of income usually has a better chance of qualifying than an applicant closes to his/her retirement years.
The applicant’s income: In general, the higher the loan seeker’s income, the better their chances of being eligible for a personal loan from the Bank of India. Like any lender, the BOI considers the applicant’s income to assess whether the loan can be repaid on time.
Repayment track history of the applicant: If an applicant has a poor repayment track record then it will be reflected on his/her credit score. This will ultimately reduce the loan approval chances.
Applied loan amount: The loan amount that an applicant has applied for also plays a crucial role in deciding his/her eligibility. Bank of India assesses the applied loan amount with the applicant’s net income. If the applicant’s income is low and the loan amount, he/she has applied for is higher, then the chances of being eligible for a loan are low.

Documents Required for Bank of India Personal Loan

The documents required to apply for a Bank of India personal loan can vary based on the type of personal loan availed. However, the common documents required to apply for this loan are as follows:

Full application form for personal loans
Passport Copy/Voter ID Card/Driving License/Aadhaar Card
Residential proof (passport/voter identity card/driving license/Aadhaar copy) Bank accounts for the last 3 months (Passbook of the past 6 months)
Latest salary slips
Current dated salary certificate
Income tax returns

Conclusion:

Lastly, the Bank of India offers one of the simplest and easiest personal loan eligibility criteria with many other additional benefits like easy repayment tenure, low processing charges, attractive rate of interest, and many more. So, if you are planning to avail a personal loan you can give a thought to the Bank of India personal loan.

Easily meet the Eligibility Criteria and get a Personal Loan in no time

Originally published at https://www.aileensoul.com.