Personal Loans India | Best Personal Loan Interest Rates in India | Easy personal Loans

Loans can be sought for your different personal requirements like, going for an exotic holiday resort or doing your home renovation work, which you have planned long back. If you want to collate all your multiple debts into a single loan option, then personal loans can be used for this purpose as well.

You may also use it for meeting the huge expenses of a wedding ceremony or for pursuing your higher studies. The flexibility of personal loans makes it a popular loan option among the Britons.

Homeowners can apply for a secured loan option, where they can enjoy lower interest rates and a longer repayment term. You may get a lower monthly outflow; hence you could save a significant amount of money every month.

On the other hand, the tenants can opt for unsecured loans, which don’t involve the presence of collateral. A person can procure this loan type, within a short span of time. As the valuation of collateral is not done in this case, the turnaround time gets reduced and thus, processing of the loans gets sooner.
Information about Star Personal Loan from Bank of India is given here
Star Personal Loan from Bank of India

Eligibility
Salaried employees, Professionals and individuals with high networth, regular pensioners or family pensioners drawing regular monthly pension through Branch, Staff members, retired employees (other than dismissed/compulsorily retired) of our Bank.

Types of advance
Demand/Term Loan/Overdraft (reducible as per repayment schedule)
Overdraft limit (not reducible as per repayment schedule) maximum upto Rs.1 lac to confirmed permanent employees of Central/State Govt./Reputed Corporates and PSU’s.

Unsecured Star Personal Loan from Bank of India

* Marriage expenses of self, son, daughter or a dependent near relative.
* Medical Expenses incurred/to be incurred for self, spouse, children, dependent near relative.
* For education of self/spouse/children/ near dependent relatives.
* For repairs/ renovation/ extension of existing house/flat.
* Any other personal expenses of bonafide nature as approved by the Bank

Max. Loan
Rs.2.00 lacs

Min. Size of loan
Minimum size of loan :-At Metro and Urban Centres : Rs.10,000/-
At Rural and Semi Urban centres: No minimum size of loan.

Eligible Amount
10 times of net monthly emoluments in case of salaried employees
OR
50% of gross annual income as per last Income Tax Return for Professionals/Individuals of high networth

Rate of Interest
(On daily reducing balances)
2.5% above BPLR Min. 15.75% p.a at monthly rests. Interest concession to women – 0.50% [All borrowers to be women]

Repayment
36 Equated monthly instalments w.e.f. one month after first disbursement. Exceptional cases upto 60 months

Star Secured Personal loan from Bank of India
* Repayment of existing housing loans from other banks/Financial Institutions, etc.
* Repairs/Renovation/Extension of House property.
* Education of self, spouse, children, near dependent relatives.
* Purchase of consumer durables, computers, professional equipments etc

Max. Loan
Rs.10.00 lacs

Min. Size of loan
Minimum size of loan :-At Metro and Urban Centres : Rs.10,000/-
At Rural and Semi Urban centres: No minimum size of loan.

Eligible Amount
20 times of Gross monthly emoluments in case of salaried employees
OR
100% of gross average annual income as per last three Income Tax Returns
for Professionals/Individuals of high networth

Rate of Interest
(On daily reducing balances)
2.0% above BPLR Min. 15.25% p.a. at monthly rests.
Interest concession to women – 0.50% [All borrowers to be women]

Repayment
Maximum 60 Equated monthly instalments w.e.f.
one month after first disbursement from loan account.

Security
Equitable/Legal Mortgage of commercial or residential properties.
Hypothecation charge on assets acquired.
Collateral security in the form of pledge of gold/gold ornaments, NSC/Indira Vikas Patra, Bonds, Assignment of LIC policies, Relief Bonds etc.

Processing/Handling charges   
One time @ 1.10% of loan amount Min. Rs.750/- and Max. Rs.2500/-
Pensioners: One time @ 1.10.% of loan amount, min. Rs. 500/- and max. Rs. 1,100/-.

Other Charges 
Stamp charges for documents : At actuals.
Loan Agreement copy charges: As applicable

Sources : http://www.bankofindia.com/