What factors does the eligibility calculator take into consideration?

To calculate one's eligibility, the eligibility calculator takes into consideration the loan amount you wish to avail, your monthly and annual income, age, area of residence, type of profession (salaried or self-employed, pensioner), etc.

What documents do I have to submit when applying for a personal loan?

You will have to submit documents that prove your identity, age and address, income proof documents such as your pay slips and bank statements, and ITR Certificate or Form 16 if necessary. For the Star Mitra personal loan, a medical certificate attested by a doctor will have to be submitted.

How to apply for a Bank of India personal loan?

You can locate the nearest Bank of India branch and make your application there.

Is it really necessary to calculate your eligibility prior to making a personal loan application?

Yes, calculating your eligibility is important as it will help you prevent a personal loan rejection which will affect your credit score. In addition, you will be able to assess the loan amount that you are eligible to apply for, based on your income.

Bank of India (BOI) Personal Loan Eligibility

Bank of India has two types of personal loan schemes, each with its unique eligibility criteria:

To be eligible for the Bank of India Star Personal Loan, the applicant can be a salaried or self-employed individual with a high income. Pensioners drawing pension from Bank of India, ex-staff and retired employees of the bank are also eligible.
For the Star Mitra Personal Loan, the applicant should be physically challenged. Salaried, self-employed individuals, and parents or guardians or physically challenged minors can apply for this personal loan scheme.

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Bank of India Star Personal Loan Eligibility Criteria

Criteria	Salaried	Self-Employed	Pensioners
Work Experience	Should be a salaried individual	Should be a self-employed individual	Should be drawing pension from the bank
Residential Status	Resident of India	Resident of India	Resident of India
Interest Rate	12.15% to 14.15% p.a	12.15% to 14.15% p.a	12.15% to 14.15% p.a
Loan Amount
Loan Tenure	12 months - 60 months	12 months - 60 months	12 months - 60 months

Bank of India Star Mitra Personal Loan Eligibility Criteria

Criteria	Salaried	Self-Employed	Parent/Guardians on behalf of minors
Eligible loan amount	Maximum of 10 times of net salary	Maximum of 50% of net income	As per the terms and conditions set by the bank
Work Experience	Should be a salaried individual	Should be a self-employed individual	-
Residential Status	Resident of India	Resident of India	Resident of India
Interest Rate	9.95% p.a. Onwards	9.95% p.a. Onwards	9.95% p.a. Onwards
Loan Amount	Up to Rs.1 lakh	Up to Rs.1 lakh	Up to Rs.1 lakh
Loan Tenure	12 months - 60 months	12 months - 60 months	12 months - 60 months

Factors affecting Bank of India Personal Loan Eligibility

The income of the applicant: The higher the income of the individual, the better will be their chances of being eligible for a loan from Bank of India. The income of the applicant is taken into consideration to assess whether he/she will repay the loan on time.
The repayment track record of the applicant: If the applicant has a poor repayment track record which will be reflected in his/her credit score, then chances are that the application will be rejected. Usually, applicants are expected to have a credit score of 750 onwards.
The age of the applicant: Bank of India takes into consideration the age of the applicant when assessing their eligibility for the loan. If the applicant is young and earns a regular income, he/she has a better chance of being eligible than an applicant closing on his/her retirement years.
The loan amount chosen: The loan amount that the applicant has applied for also plays a huge role in deciding the eligibility of the candidate. Bank of India assesses the loan amount one has applied for with their net income. If the candidates' income is low and the loan amount, he/she has applied for is huge, chances are that the application will be rejected.
Doctor's certificate: In the case of the Star Mitra Personal Loan, the applicant will have to submit a medical certificate to prove that he/she is physically challenged to avail a loan.

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How to increase chances of Bank of India Personal Loan Eligibility?

Net Income should be sufficient: Ensure that the net income that you earn is enough in comparison to the loan amount that you'd wish to avail. If your income is low, apply for a reasonable loan amount.
Apply for a personal loan when younger: Provided that he/she is earning a regular income, the younger the applicant, the better are the chances to be eligible for a personal loan. In addition, the interest rates offered for younger applicants will be better.
Make sure that are no discrepancies in the submitted documents: To avoid a personal loan application rejection, ensure that the documents that are submitted have no discrepancies with regards to the amount one earns or income proof, age, name, etc.
Ensure that your credit score is above 750: The repayment track record of the applicant is one of the main factors that decide if the candidate is eligible or not. If your credit score is low, make sure that you improve it before making a personal loan application. FYI, loan application rejections bring down the CIBIL score as well.
Calculate your EMI NMI (Net Monthly Income) ratio: Make sure that the EMI amount is not more than 40%-50% of your net month income if you wish to be eligible for the personal loan.

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FAQs on Bank of India Personal Loan Eligibility

What factors does the eligibility calculator take into consideration?
To calculate one's eligibility, the eligibility calculator takes into consideration the loan amount you wish to avail, your monthly and annual income, age, area of residence, type of profession (salaried or self-employed, pensioner), etc.
What documents do I have to submit when applying for a personal loan?
You will have to submit documents that prove your identity, age and address, income proof documents such as your pay slips and bank statements, and ITR Certificate or Form 16 if necessary. For the Star Mitra personal loan, a medical certificate attested by a doctor will have to be submitted.
How to apply for a Bank of India personal loan?
You can locate the nearest Bank of India branch and make your application there.
Is it really necessary to calculate your eligibility prior to making a personal loan application?
Yes, calculating your eligibility is important as it will help you prevent a personal loan rejection which will affect your credit score. In addition, you will be able to assess the loan amount that you are eligible to apply for, based on your income.
Is the rate of interest on personal loans offered by Bank of India floating or fixed?
The rate of interest is fixed.

Important Personal Loan Pages

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