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Access to the loans were not at all easy before, but with the Bank of India procurement and the proceeding of the loans and its approval has become fast and easy. BOI provides various loans to the Bank of India Account holders.
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Type of Bank of India loans
There are many types of loans provided by the Bank of India to satisfy the need of the different customers, below are the details about a few of them:
a) BOI Star Home Loan
Bank of India home Loan provide loan for purchasing a plot for construction of a new house, to purchase or construct house or buy flat and even for renovation or repair or alteration or for any addition to the new house or flat and a maximum of rupee 500 lacs can be availed and the repayment time can range up to a maximum of 30 years, with reasonable interest rates and nominal processing fee will be charged. BOPI provides the best offers on Bank of India Credit Cards.
- The rate of interest are kept at a very low rate and the rate are very competitive with the other bank’s rate of interest.
- According to the different customer’s capacity, the Bank of India has fixed different EMI amount for diff. tenure.
- Bank of India don’t charge any payment charges under floating rate options.
- The interest rate is calculated on a daily basis, so the interest for the customer result in lower amount. You can check your loan status with the help of BOI Net Banking.
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b) Star Education Loan
- Objective: The Bank of India star education loan scheme aims to provide support financially to meritorious and deserving student for pursuing higher education for students in India and Abroad. The main purpose of the Bank of India star education loan is to provide opportunity to students to pursue higher studies on affordable terms and condition. Other banks like Citi Bank Loans and Canara Bank Loans also provides the education loans at low interest rates.
- Eligibility Criteria: One should be an Indian national. The student should be seeking admission in a higher education course of recognized institution in Abroad or in India through merit based selection.If you are looking for any support or quirys regarding loans then this bank provides 24/7 BOI Customer Support.
Frequently Asked Question’s Related to Bank of India Loans
1. What is the eligibility criteria for Home loan?
⦁ For loans up to rupee 20 lacs – 15 %
⦁ For loans up to rupee 75 lacs – 20 %
⦁ For loans above rupee 75 lacs – 25 %