Bank of India Personal Loan of Rs. 4 Lakh

The Bank of India personal loan of 4 lakhs is recognised as a multi-purpose credit option. Whether you need money to cover medical expenses, home renovation, debt consolidation, or big purchases, the bank is ready to disburse funds instantly. They feature attractive rates and terms. The online application process further enriches the feasibility. Thus, you can apply, submit documentation, and receive the necessary funds without visiting the bank. As an instant 4 lakh loan from the Bank of India falls under the collateral-free credit option, the bank ensures that eligible applicants are not required to pledge any of their assets as collateral. Let’s scroll down for more detailed information.

Eligibility for 4 Lakh Bank of India Personal Loan

The 4 Lakh personal loan eligibility from the Bank of India is as follows:

• You should be either salaried or self-employed individuals who earn a regular income. 
• You should be aged below 70 years at the time of final repayment. 
• You must have a good credit score, preferably 700 or above. 
• You should be an Indian citizen. 

Documents Required

4 Lakh personal loan documents from the Bank of India are as follows:

• Proof of Identity, such as PAN card, passport, driving licence, voter ID, etc. 
• Proof of residence, such as Aadhar card, utility bills, passport, driving licence, etc. 
• Proof of income, such as the last six-month salary slip and one-year ITR/Form 16. Self-employed individuals must submit the last three years’ ITR along with the profit & loss account, balance sheet, and capital account statement. 

Interest Rates and Fees

Let’s examine the 4 lakh loan interest rate and other associated fees from the Bank of India:

Repayment Options for Bank of India 4 Lakh Loan

Here are the applicable repayment options available for a Bank of India personal loan of 4 lakh:

• EMI Payments: Borrowers can repay their loans through EMIs, which can be calculated using the EMI calculators available on the Bank of India’s website. 

• Tenure Options: The repayment period can range from a minimum of 12 months to a maximum of 84 months, allowing borrowers to spread their payments over a longer period.

• Prepayment: Customers can make larger payments than the minimum amount due or pre-pay the loan to reduce the interest burden.

What is the EMI for a 4 Lakh Loan?

Here are the expected 4 lakh personal loan EMI, with loan tenures ranging from 1-year to 7-years:

Applying for the Bank of India 4 Lakh Loan

To apply for an instant 4 lakh loan from the Bank of India, you need to follow the steps given below:

• Go to the official website of the Urban Money.
• Click on ‘Loan’ and select ‘Personal Loan’.
• You will be taken to a page titled ‘Personal Loan.’
• Locate the ‘Bank of India’ section and click the ‘Apply Now’ button.
• A brief online form will appear on your display.
• Fill in your name, mobile number, and city in the form.
• Shortly, a 6-digit OTP will be sent to your phone.
• Fill in the OTP number and click on the ‘Submit’ button.
• Following your submission, a loan specialist from our team will contact you within a day. 

Alternatives Option to Consider for 4 Lakh Loan

Here are the expected alternatives for the Bank of India personal loan of 4 lakh:

• Gold Loans: Gold loans are secured loans where you pledge your gold ornaments as collateral. These loans are processed quickly and offer low interest rates, typically between 9% to 15% per annum. Gold loans provide flexible repayment options, but you risk losing your pledged gold if you fail to repay the loan on time.

• Loan Against Property (LAP): A loan against property allows you to use your property as collateral. These secured loans generally offer low interest rates, ranging from 8% to 12% per annum, and longer repayment tenures. While the approval process can be lengthy, LAP offers the advantage of higher loan amounts, but there is a risk of losing your property if you default.

• Credit Card Loans: Many banks offer pre-approved loans on your existing credit card limit. These loans are convenient for quick access to funds but usually come with high interest rates, ranging from 12% to 36% per annum. Credit card loans are quick and easy as they need no additional documents, but the loan amount is capped by your credit limit.

Peer-to-Peer (P2P) Lending: Peer-to-Peer (P2P) lending platforms connect borrowers with individual lenders, offering competitive interest rates through an entirely online process. These platforms provide quick and flexible loan terms. However, the interest rates can be higher for individuals with low credit scores, and there is limited regulation in the P2P lending market.