Easily avail Personal loan from Commercial Bank in India
Posted by Ajit Samal on November 23rd, 2020
Many commercial banks in India offers personal loan in the Indian financial market. And this has facilitated the loan searchers with a wide range of options to choose from. But at the same time, it has also increased the difficulty to choose the best bank for personal loans in India. To help you out a little, in this article we will be discussing one of the popular and prominent personal loan schemes available in the financial market i.e. Bank of India personal loan.
Personal Loan Schemes of the Bank of India
1. BOI Star Personal loan
To deal with different expenses such as wedding expenses, medical bills, for higher studies, home renovation, and many others, BOI Star personal loan can be purchased.
2. Star Mitra Personal Loan
Bank of India's Star Mitra Personal Loan specifically aims to assist physically disabled individuals with funding so that they can live comfortably and independently.
3. BOI Star Pensioner Loan Scheme
This loan scheme has been developed by the Bank of India, especially for pensioners, so that they can pay their bills or handle their other financial expenses on their own and live independently.
4. Star Doctor BOI- Plus
The BOI Star Doctor- Plus loan can be used for any authorized reason by eligible registered medical practitioners. Rs. 20 lakhs are the maximum loan amount that can be obtained under this loan scheme.
5. Scheme of Star Holiday Loan
The personal loan scheme of the Bank of India, namely the Star Holiday Loan Scheme, is provided to cover holiday expenses such as train/bus/airfare costs, lodging, sightseeing, shopping, etc. The minimum offered loan amount is Rs. 10,000.
Eligibility requirements for the Bank of Baroda Personal Loan Application
Here are a few forms that will help you improve your eligibility for loans.
1. Select a longer term for repayment
In general, your loan eligibility rises to a greater degree if you go for a longer repayment period. As the longer tenure shows the willingness for a certain time in the future to repay the loan. To prepare your EMIs and make an educated decision, you can always use the online personal loan EMI calculators.
2. Holding a decent credit score
If you have a good credit score for a long period, then you are regarded by the lenders as a reliable applicant rather than a risk.
3. Collection of credit card bills on time correctly
When it comes to making payments, timely payment of credit card bills displays your profile as a disciplined borrower in the lender's eyes. This can have a positive effect and improve your eligibility as well.
4. Residential or commercial profits for rent
A positive addition to the current financial situation when you apply for the loan is an additional source of revenue in the form of rentals.
Bank of India Personal Loan Needed Documents
It is easy to avail of a personal loan from the Bank of India at a low rate of interest with a flexible repayment term. However, it is always advisable to through reading & understand the bank’s discretion or loan agreement before applying for a personal loan.
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About the AuthorAjit Samal
Joined: March 25th, 2020
Articles Posted: 6
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