The Star Personal Loan scheme provides loans to meet the various personal needs of the customers and their families. The bank provides loans for marriage expenses, medical expenses, educational expenses, purchase of consumer durables, etc. The maximum amount of advance is Rs 20.00 lakh, depending on the income, with a very attractive interest rate and easy repayment plan.
₹
500000
36
months
10
%
Monthly EMI
₹
₹ 32,124.56
Total Interest
₹
10,622.78
Principal Amount
₹
500000
Payable Amount
₹
160,622.78
| Pay No. |
Begining Balance | EMI | Principal | Interest | Ending Balance |
|---|---|---|---|---|---|
| 1 | 150000.00 | 32124.56 | 28637.06 | 3487.50 | 121362.94 |
| 2 | 121362.94 | 32124.56 | 29302.87 | 2821.69 | 92060.07 |
| 3 | 92060.07 | 32124.56 | 29984.16 | 2140.40 | 62075.91 |
| 4 | 62075.91 | 32124.56 | 30681.30 | 1443.26 | 31394.61 |
| 5 | 31394.61 | 32124.56 | 31394.64 | 729.92 | -0.03 |
Important documents to be submitted while applying for a personal loan with the Bank of India
Bank of India (BoI) charges a processing fee at the rate of 2% of the loan amount disbursed. However, the processing fee is subject to a maximum of Rs 10,000. Thus, for a loan amount of Rs.7 lakh, you only need to pay a processing fee of Rs.10,000.
Most banks/financial institutions allow borrowers to choose a loan tenure between 1 year and 5 years, based on their convenience.
Your loan application can be approved anywhere between 1 day to a week, depending upon the authenticity of the information provided by the applicant and your lender’s policy.
Again depending upon your income and experience the duration would be decided which ranges from 12 to 60 months.
If you have a good credit score, the chances of you being offered the loan at a low interest rate are quite high. Your credit score indicates your creditworthiness and your repayment ability. If you are looking to apply for a personal loan, it is advisable to maintain a credit score that is over 750. Individuals with a very low credit score may be denied a loan altogether, while those with a moderate credit score may be offered a personal loan, but at a high interest rate.
Yes, you can avail two personal loans from BOI. However, it highly depends on your repayment capacity or the CIBIL score that determines your financial health. If you have a higher income and a stable debt-to-income ratio, the bank may approve you for another personal loan also.
Note: This content is taken from Bank of India website
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