Bank of India Personal Loan - Features & Benefits

Key Features of Bank of India Personal Loan

Any sort of expenses that an individual might face whether it is a personal expense or a business related one; Bank of India personal Loan can be used for financing such expenses. In this regard, the loan granted by the bank is called a multi-purpose loan fulfilling all requirements.

These Bank of India personal loans are extended to all salaried individuals, Business professionals and individuals with a high net worth, individuals drawing regular pensions, or family pensioners drawing regular monthly pensions from the branch, staff members, retired employees( not dismissed compulsorily retired) of the bank.

The maximum amount of loan to be sanctioned is Rs.10 lakhs. However, this depends upon the income of the individual.

The Bank of India offers personal loans at very attractive interest rates and easy repayment plan.

These loans are issued in the form of demand/term loans or a reducible or non-reducible overdraft facility.

However, for personal loans extended to confirmed employees of government institutions, central and state based organizations, PSU’S under reducible overdraft facility a maximum loan of Rs.1 lakh can be availed.

Depending upon the purpose of the loan, Bank of India offers personal loan in the form of unsecured loans (loans without collateral) and secured loans (loans with collateral).

Unsecured loans are extended for personal expenses such as a close family member’s wedding, Medical expenses towards treatment of a close family member, for education funding of self, spouse, children or a near relative, for renovations/repairs or extensions of existing house/flats, any other personal expenses of bona fide nature as approved by the bank.

Secured loans are extended for the purpose of refinancing (transfer of existing loans from other banks or financial institutions to Bank of India, Purchasing customer durables, computers, professional equipments’ etc.

The bank must be provided by legal mortgage/ equitable a charge of the commercial or residential property as primary security. Hypothecations on the assets have to be acquired by the banks to offer personal loans.

The bank requires collateral security in the form of pledge of gold, gold ornaments, NSC’S, Indira Vikas Patra, Bonds, LIC policies, Relief Bonds etc.

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