Bank Of India Personal Loan

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The Bank Of India Personal Loan is of two types. They are known as Star Personal Loans and Star Mitra Personal Loan.


Under the Bank of India Personal Loan system the Star Personal Loan Scheme provides loans to meet various Personal requirements of customers and their family.

Bank offers loans for marriage expenses, medical expenses, educational expenses, purchase of consumer durables etc. Maximum quantum of advance is Rs.10.00 lakhs, depending upon the income, with very attractive interest rate and easy repayment plan.



Under this scheme of the Bank Of India Personal Loan system the following are stated:
  • Objective : To help Physically Challenged persons to function independently.

  • Purpose : To purchase durable and sophisticated aids / appliances that promote their physical and social rehabilitation.

  • Eligibility : All Physically Challenged Individuals - both salaried and self-employed,All Physically Challenged Minors through their Parents/Legal Guardians.(No advances to middle-men and NGOs).

  • Type of Advance : Demand / Term Loan - Secured.

  • Amount : Max. ` 1 lac (No minimum stipulation).

  • Eligible Amount : 10 times of net salary for salaried persons and 50% of net annual income as per latest Income Tax Return for Self-employed/Professionals. Net take home income should not be less than 40% after availing this loan. (In case of Minors, the income of the Parents/Legal Guardians would be the deciding criteria for eligibility).

  • Margin : 10%

  • Repayment : 12 to 60 months, commencing one month after full disbursement/ three months after first disbursement, whichever is earlier.

  • Rate of Interest : At 9% p.a. (Fixed Rate compounded monthly, on daily reducing balance basis).

  • Security : Hypothecation of the Equipment purchased out of Bank Finance.

  • Insurance : Waived. However, borrower is advised to obtain insurance at his own cost.

  • Processing Charges : Waived.

  • Other Terms and Conditions :

    1. Doctor's Certificate to be obtained regarding the extent of handicap and the need for the equipment.
    2. Quotation/Invoice in respect of the equipment to be purchased.
    3. Stamped receipt to be submitted after purchase of the equipment.
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