Friends, in today’s article, we are going to know how to take loan from Bank of India. Bank of India is a private bank of India, which started in the year 1969. At present, Bank of India is a famous bank in India. So let’s start the process of taking loan from Bank of India.
Contents
Bank of India Loan Types, Amount, Interest Rate and Repayment
Bank of India offers us many types of loans, which we will go through here one by one.
• Bank of India Star Personal Loan
This loan can be availed for education, wedding and medical expenses.
In this, you will get a loan of Rs 20 lakh for 3 years.
On this, you will have to pay an interest rate of 10.35% and a processing fee of 2% of the loan amount.
• Bank of India Star Personal Loan – Doctor Plus
If you want to buy gold or invest money in the stock market, then you can take this loan. Apart from this, doctors can also take this loan.
In this, you can get a loan of Rs 20 lakh, on which you will have to pay an interest rate of 8.85% to 9.85%.
Your age should be between 25 to 75 years to avail the loan.
• Bank of India COVID-19 Personal Loan
Any citizen can apply for the loan. You can get a loan of Rs 5 lakh.
The interest rate keeps changing in this loan, so whenever you take a loan, you must check the interest before that.
In this you have zero processing fee and you get 3 years to repay the loan.
• Star Mitra Personal Loan
This loan is given to the disabled people of the country. People with disabilities can use this loan to buy durable equipment or assistive devices.
A person doing a job can get a loan of 2 lakhs and a person doing business can get a loan of 2 lakhs.
You get 1 year to 5 years to repay the loan.
• Bank of India Star Pensioner Loan
Pensioners can apply for this loan.
In this, you can get a loan up to 20 lakhs, for which you will have to pay an interest rate of 9.35% per annum and 2% processing fee.
Who can take loan from Bank of India
Any citizen of India can take a loan from Bank of India.
You must be above 21 years of age to avail the loan.
You must have a salary account with Bank of India.
Apart from this, there may be some eligibility, which you can read by visiting the official website of Bank of India.
Documents required for taking loan from Bank of India
• pan card
• Aadhar Card
• Passport size photo
• Bank account
• Salary slip or bank statement for income proof, Water ID, Driving License or Electricity Bill for Address Proof
(Read More – How to take loan from Bank of Baroda)
How to apply for loan in Bank of India
There are 2 ways to take loan from BOI, offline and online. Here we are going to know both these methods step by step.
step – 1
First of all, you have to go to your nearest Bank of India Bank branch. After that you have to meet an official of the bank and get complete details of the loan.
Step – 2
After getting the complete details of the loan, you have to take the application form from the bank and fill all the information asked in it correctly.
Step – 3
After filling the form, you have to submit all your documents to the bank along with it. Now your work ends and the work of the bank begins.
Step – 4
Now the bank officials will check all your documents and credit score. On the basis of this you will be given a loan. Within a few hours of loan approval, the loan money will come into your bank account.