Nowadays, getting personal loans in India has become very easy and fast. Because, most of the banks have extended their services and liberated the rigid rules of their banking system. Moreover, they are competing with each other to provide more facilities like low interest rates, flexible repayment modes, online services and opened customer care centres to retain customers. The major benefit of going for these loans is no need to mention the specific reason of taking loan. You can spend that money to satisfy any type of your personal need. Compare to the other loans, these loans are offering more benefits to the borrowers like low interest rates, large amount of loan money and easy payment modes like monthly, quarterly and yearly.

Star Mitra Personal Loan from Bank of India :

(A SPECIAL LOAN SCHEME FOR THE PHYSICALLY CHALLENGED)

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. Rs. 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.

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/