Bank of India Personal Loan - Frequently Asked Questions

What kind of Personal Loans does Bank of India offer?

Bank of India offers a mixture of both secure and unsecured personal loans. Secure personal loans are granted against some security or collateral while unsecured personal loans do not require any collateral.

What is the main aim of Bank of India personal loan?

The main aim of Bank of India personal loan is to grant finance for personal expenditures including expenses such as wedding expense, vacation expense, education fee and more. It is important that the borrower use the loan amount for legal purposes no matter what the expenditure is.

What is the type of advance granted by Bank of India?

Bank of India offers Demand/Term Overdraft/Loan are the types of advances offered under the scheme.

What is the eligibility criteria for the personal loan?

The applicant must be a resident of Indian and earning income to be eligible for the loan. Salaried employees, Professionals and individuals with high net worth, pensioners drawing regular monthly pension through one of the Branches of the bank, Staff members, and retired employees are eligible for the personal loan scheme.

How can one apply for the loan?

One can apply for the loan by visiting a branch of the bank or they can apply online through the banks official website or through a third party financial website that will process the application without any hassle.

Why should one choose Bank of India personal loan?

Bank of India offers a choice of secured and unsecured personal loans for a low rate of interest. The bank also offers a long tenure with an overdraft facility for its personal loan which is an added advantage.

What is the maximum amount granted?

The maximum loan amount granted for personal loans ranges from Rs.5 lakh to Rs.10 lakh depending on the kind of loan chosen.

What is the quantum of advance for salaried employees?

Ten times the take home salary is the quantum of advance offered for salaries employees under the personal loan scheme by Bank of India.

How can one check the instalment amount for personal loan?

One can easily check the personal loan installment amount by providing a few details with the help of a personal loan installment calculator available on many third party financial websites.

Does the bank offer Overdraft Facility?

Yes, the bank offers overdraft facility with an overdraft limit of maximum up to Rs.1 lakh rupees.

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