Bank of India
Bank of India (BOI) is one of India’s leading public sector banks, offering a wide range of loan products for individuals, businesses, MSMEs, farmers, and professionals. BOI is known for its competitive interest rates, flexible repayment options, and extensive branch network across India. Customers can apply for Home Loans, Personal Loans, Business Loans, Vehicle Loans, Education Loans, Gold Loans, and Loan Against Property through both online and offline channels.
Contact With BorrowRight
Bank of India Loan Interest Rates
| Loan Type | Interest Rate (p.a.) | Processing Fee | Loan Amount | Repayment Tenure |
|---|---|---|---|---|
| Home Loan | Starting from 7.10% | From 0.35% of loan amount (Min ₹3,500, Max ₹30,000) + GST | Up to 90% of property value | Up to 30 Years |
| Personal Loan | Starting from 11.85% | 1% of loan amount (Min ₹2,500, Max ₹15,000) + GST | Based on eligibility | Up to 84 Months (7 Years) |
| Business Loan | Starting from 9.00% (scheme-based) | As per bank scheme | Based on business eligibility | Up to 84 Months |
| Vehicle Loan | Starting from 7.60% | As per bank policy | Based on vehicle value | Up to 7 Years |
| Education Loan | Starting from 9.80% | Generally Nil or as per scheme | Based on eligibility | Up to 15 Years |
| Loan Against Property | Starting from 8.85% | As per bank policy | Based on property value | Up to 15 Years |
EMI Calculator – Calculate Your Monthly Loan EMI Instantly
Use the BorrowRight EMI Calculator to estimate your monthly EMI, total interest payable, and total repayment amount for Home Loans, Personal Loans, Car Loans, Business Loans, and Loan Against Property. Adjust the loan amount, interest rate, and tenure to find the repayment plan that fits your budget.
This layout is user-friendly, improves engagement, and can encourage more visitors to submit loan inquiries.
Eligibility Criteria
Salaried Applicants
- Age: 21–60 years
- Stable monthly income
- Good credit score (preferably 750+)
- Regular employment
Self-Employed Applicants
- Age: 21–65 years
- Stable business income
- Business continuity as per bank policy
- Good repayment history
Documents Required
Identity Proof
- Aadhaar Card
- PAN Card
- Passport
- Driving Licence
- Voter ID
Address Proof
- Aadhaar Card
- Passport
- Utility Bill
Income Proof
For Salaried
- Last 3 Salary Slips
- Bank Statements (3–6 months)
- Form 16
For Self-Employed
- Last 2–3 Years ITR
- GST Registration (if applicable)
- Financial Statements
- Bank Statements
Loan Charges
| Charge | Details |
|---|---|
| Processing Fee | Varies by loan product. Home Loans: 0.35% of loan amount (Min ₹3,500, Max ₹30,000). Personal Loans: 1% of loan amount (Min ₹2,500, Max ₹15,000). |
| Documentation Charges | Applicable for selected loan products. |
| Late Payment Charges | Charged on overdue EMIs as per the loan agreement. |
| Foreclosure/Prepayment Charges | Generally Nil for floating-rate home loans to individual borrowers. Other products may have applicable charges. |
| EMI Bounce Charges | Applicable if EMI payment fails due to insufficient funds. |
| Penal Interest | Charged on overdue loan amounts as per bank policy. |
| GST & Government Taxes | Applicable on processing fees and other service charges. |
Why Choose Bank of India?
- ✔ Trusted public sector bank with over 100 years of experience
- ✔ Competitive interest rates
- ✔ Quick loan processing
- ✔ Flexible EMI repayment options
- ✔ Digital loan application facility
- ✔ Minimal documentation
- ✔ Home Loan balance transfer facility
- ✔ Wide branch and ATM network
- ✔ Secure Internet & Mobile Banking
- ✔ Transparent loan process
Why Choose BorrowRight?
At BorrowRight, we make finding the right loan simple, transparent, and hassle-free. Instead of approaching multiple banks individually, you can compare loan options from leading lenders and choose the one that best fits your financial needs. Our experienced loan advisors guide you throughout the process, ensuring a smooth and stress-free borrowing experience.
Our Key Advantages
Multiple Bank & NBFC Partners – Compare loan offers from leading banks and financial institutions in one place.
Expert Loan Advisors – Receive personalized guidance to choose the most suitable loan.
Competitive Interest Rates – Access attractive interest rates based on your eligibility.
Fast Loan Processing – Quick application review and faster approvals.
100% Transparent Process – No hidden charges and clear communication at every step.
Minimal Documentation – Simple paperwork to make the application process easier.
Personalized Loan Solutions – Recommendations based on your income, credit profile, and financial goals.
End-to-End Support – Assistance from application submission to loan disbursal.
Secure & Confidential – Your personal and financial information is handled with strict confidentiality.
Free Loan Consultation – Speak with our experts before making a borrowing decision.