Bank of India Personal Loan of Rs. 6 Lakh

A Bank of India personal loan of 6 lakhs offers many benefits. Those who apply can enjoy low interest rates, reduced processing fees, minimal paperwork, and the convenience of applying online. Additionally, obtaining the required funds is possible without providing any assets as security. However, a few important aspects must be considered before you start your application. These include the eligibility criteria, required documentation, expected EMI, and pertinent fees, ultimately enabling you to make a more informed decision. Hence, Urban Money provides a complete overview of an instant 6 lakh loan from the Bank of India. Let’s get started!

Eligibility for 6 Lakh Bank of India Personal Loan

Below are the expected 6 lakh personal loan eligibility from the Bank of India:

Documents Required

Below are the expected 6 lakh personal loan documents from the Bank of India:

Interest Rates and Fees

Below are the 6 lakh loan interest rate and other associated fees from the Bank of India: 

Repayment Options for Bank of India 6 Lakh Loan

Below are the expected repayment options for a Bank of India personal loan of 6 lakh:

• EMI Payment: Borrowers can repay their loans via EMIs, which are fixed monthly payments made to repay a loan over a specified period.

• Repayment Period: Borrowers can choose a repayment term ranging from 12 months to a maximum of 84 months, providing flexibility in managing their payment schedule.

• Early Repayment: Customers can make payments larger than the required minimum or fully pay off the loan early, decreasing the overall interest cost.

What Is the EMI for a 6 Lakh Loan?

Below are the 6 lakh personal loan EMI, with varying tenure ranging from 1 to 7 years: 

Applying for the Bank of India 6 Lakh Loan

You need to follow the steps given below to apply online for a 6 lakh personal loan with instant fund disbursement: 

• Visit the official Urban Money website.
• Opt for the ‘Loan’ option and then the ‘Personal Loan.’
• You will be redirected to a page titled ‘Personal Loan.’
• Locate the ‘Bank of India’ section and click the ‘Apply Now’ button.
• A short digital form will appear on your screen.
• Enter your name, mobile number, and city in the form.
• A 6-digit OTP will be sent to your phone.
• Fill in the OTP number and click the ‘Submit’ button.
• Following your submission, a loan specialist from our team will contact you shortly. 

Alternatives Option to Consider for 6 Lakh Loan

Below are the alternative options to consider for a Bank of India personal loan of 6 lakh:

• Gold Loans: Pledge gold jewellery to secure a loan. This option offers low interest rates, flexible repayment terms, quick approval, and minimal paperwork.

• Loan Against Property: Use residential or commercial property as collateral. Benefit from high loan amounts, extended repayment periods, and low interest rates.

• Credit Card Loans: Use your existing credit card limit to get a quick loan. Ideal for short-term needs, this option provides easy access and straightforward repayment.

• Peer-to-Peer Lending: Borrow directly from individual lenders online. This method offers competitive rates and flexible terms, catering to various financial needs.

• Loan Against Fixed Deposits: Use your fixed deposit as collateral for a loan. Enjoy low interest rates while continuing to earn interest on your deposit.

• Top-up Loans: Existing home loan borrowers can obtain additional funds. This option offers low interest rates and longer repayment terms with minimal paperwork.

Overdraft Facility: Access funds up to a pre-approved limit as needed. You pay interest only on the amount used, providing flexibility for managing short-term expenses.