personal loan

Bank of India Personal Loan Interest Rate & Its Impact on Your EMI

Finance

Bank of India (BOI) is one of the premier public sector banks giving you the means to enjoy your life by virtue of its customized personal loan offers. It has both secured and unsecured loans to take you on board with varied interest rate and flexible repayment options, raising the excitement to another level. However, it’s the EMI, which stands for Equated Monthly Installment, that many keep an eye on. And, you should very well know that the EMI has a direct relationship with the interest rate at which the loan is disbursed. Let’s check out the relationship between the Bank of India Personal Loan Interest Rate and the EMI you would be paying as a result of the former.

Bank of India Personal Loan Interest Rate 2018

Bank of India (BOI) prices its personal loans based on the marginal cost of lending rate (MCLR). Doesn’t matter whether it’s a secured or unsecured loan, the interest rate would be benchmarked to the MCLR. The eventual interest rate in each of the secured and unsecured types would be some percentage above the MCLR, which at the moment is 8.50%.

The fully secured Bank of India Personal Loan is offered at an interest rate of 13% per annum. On the other hand, the unsecured loans would come at 1% more than secured ones with 14% interest rate. Doctors, meanwhile, are enjoying a much lower rate of 10.80% and 11.80% on secured and unsecured loans, respectively. While secured loans can be availed for a maximum of 5 years, the unsecured ones have to be repaid by 3 years.

What’s Going to be Bank of India Personal Loan EMI?

The variation in interest rate, mentioned above, does make it an exciting watch as the resulting EMI would vary around because of the same. The rate would have a major bearing on the Bank of India Personal Loan EMI but there are two more factors that also impact your monthly installment payable to the public lender. These are loan amount and tenure, with the former being given according to your income and credit  score.

All you need to do is to enter the loan amount, tenure and interest rate in the EMI calculator, which is available online, to calculate the installment. The installment combines both interest and principal portions for repayment. The starting period of the loan would see interest accounting for a major portion of the EMI. As the loan comes to a close, the principal payment would get on the heavier side.

Bank of India Personal Loan Application Form

You can get the application form on the website of Bank of India. Just open the form, enter a few personal and professional details correctly as an error can delay the approval of an application. Only after checking the details correctly should you submit the application for the lender to assess your candidature.

The loan will get disbursed to your account only when BOI is satisfied with the details submitted. You can even visit the nearest bank branch to apply. Even there, you would find an application form to fill the same details which are there online, plus the same due diligence adopted by the bank to assess your eligibility.

Read Also: Is Personal Loan Interest Calculator Important To You?

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