Bank of India Personal Loan

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Since, the birth of a child to the ending point of his life, requirements are like not in a mood to touch the finishing line. It is a trait naturally built in humans. Some are still thirsty to get their basic needs fulfilled with utmost gratification and some are longing for surplus happiness..

Banks for Humankind

Banks are like as the aids to humankind to fulfill its (humankind) requirements. India, being a third world country has never faced the “Light of Ultimate Gratification.” People are always in need to complete the ‘half done works of their diverse life phases.’

So as to extend helping hands to those who have dreams, but ‘Doors are Closed’ to come out and make it real, banks are all there with numbers of affordable and gratifying Loan Programmes.

These days, in this country of India also, there is no scarcity of private banks, which are established to make profit and do profit for its customers. Bank programmes are schemed with a laboring preparation. Before a bank goes into scheming any welfare programmes, makes harder research over its customer’s economic background, their further needs in life and determination to fulfill those needs. Once a bank comes up with a solid research outcome, they make plans and procedural criteria accordingly in order to help those people in fulfilling their dreams.

The first and foremost needs of people would be like, Marriage or Higher Education or Re-decoration of home or buying a new house and lastly, it can be an expensive and lavishing Exotic Vacation Programme. Such are the very grass root level requirements; most of people come with very frequently. Dreaming dreams are the in-built nature of humans, if they are incapable to fulfill due to some insufficiency, it does not mean, they should leave up to destiny and live life with a gloomy memory.

Issues at Availing loans from banks

Now, there are also some issues of today’s banking programmes and these are like because of many commercial banks in India, some banks provide loans (personal loans) at much higher monthly interest rate, which, for some employees become painstaking to pay due to earning lower income. In addition, there are terms and conditions also, passed by each bank that, one who has low earning budget has to pay much higher interest rate than those whose earnings are quite satisfying. No such amendment can be made with banking terms and conditions by common people who avail banks’ services.

Over the years, there has been fluctuation in interest rates at various banks, due to rise of some more commercial banks, which started providing personal loans at lower interest rate in the banking market to attract much more customers. As results, rests banks have also come up with lower interest rate in personal loans and on today’s date, the bank which is kind of leading the banking society, in this case, is Bank Of India (BOI).

Here is the crystal-clear snapshot of criteria for availing Bank of India Personal Loans:

  • Eligibility:

1.    Salaried Employees.
2.    Professionals and Individuals With High Net Worth.
3.    Regular Pensioners or family pensioners pulling out monthly pensions through Branch, Staff Members.
4.    Retired employees of BOI.

  • Purposes of loans:

1.    Marriage…
2.    Buying new house…
3.    Higher education…
4.    Re-decoration of the house…
5.    Exotic Vacation…

  • Size of Loans:

1.    Max. up to Rs. 10 Lakhs.
2.    Min. up to Rs. 10, 000 at urban and metro centers.

  • Rate of interest (on daily reducing balances, P.A at monthly rests):

1.    5.00% above base rate.
2.    Interest concession to women: - 0.50%
3.    For senior citizens: - 3% above Base Rate.
4.    Financing secured under tie-up arrangement: - 4% above Base rate.

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