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.

• Collateral-free loan: Bank of India’s loan is a hassle-free and unsecured loan which means no collateral or guarantor is required to put to avail the personal loan from Bank of India. Both the salaried and self-employed borrowers can be acquired a Bank of India personal loan.

• Flexible Repayment Term: Bank of India’s (BOI) personal loan comes with a flexible repayment tenure. An applicant can enjoy the flexible repayment tenure at a low rate of interest.

• Online Loan Processing: Bank of India’s loan can be availed through online application processing. The quick approval of the loan amount and disbursement of the same has been a reason why a personal loan from Bank of Baroda is considered among the best one.

• Great for emergencies: We schedule our monthly and annual budgets, but there are periods when unplanned financial needs simply occur. To meet the evolving cash requirements, the Bank of India may be your ideal partner. Another big part of applying for a personal loan from the Bank of India is that nobody needs any explanation as to why you are willing to take out a personal loan.

• Minimal Documentation: For its simple, hassle-free, and quick documentation process, BOI is famous. The turnaround time of the personal loan documents of the Bank of India is much less than that of others. 

• It saves time: When you want fast cash and with perfection, the Bank of India offers the same. 

• Manage the Loan Online: As mentioned above, the Bank of India's loan can be used to provide the loan seeker with various features such as online loan management with great convenience via online loan processing.

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. 

• Under this scheme, a loan amount offered starts from Rs. 10,000 and goes up to Rs. 10 lakhs. 

• The loan amount provided is dependent on variables such as location, eligibility, and others. 

• A flexible repayment period is offered for up to 5 years.

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. 

• Under this loan program, the loan amount will be used to buy durable devices/aids that can assist them daily. 

• Under the Bank of India's Star Mitra Personal Loan, a maximum loan sum of up to Rs. 1 lakh can be used.

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. 

• Usually 15 times of monthly pension up to Rs. 5 lakhs maximum are given a high loan amount offered to pensioners and family pensioners. 

• For applicants over 75 years, the overall age limit of the BOI Star Pensioner Loan Scheme is Rs. 1 lakh.

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 

• A salaried professional with a daily source of earning. 

• The Bank of Baroda's loan can also be used by an individual who is self-employed and salaried. 

• The minimum age for the applicant should be 23 years. 

• The maximum age of an applicant to be eligible for a Bank of Baroda personal loan should be 60 years.

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 

• 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 statement of the last 3 months (Passbook of the last 6 months). 

• Current dated salary certificate. 

• Form 16

• Income tax returns

Conclusion:

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.