Bank of India Personal Loan of Rs. 7 Lakh

Bank of India ensures customers easy access to funds through its various personal loan offerings, whether for managing an urgent medical expenditure or a vacation to somewhere around the globe you have dreamt of for a long. Bank of India provides a personal loan of 7 lahks to support you wherever your fund need arises. With competitive interest rates, flexible repayment terms, and an easy application process, obtaining a personal loan from the Bank of India is convenient for customers.

Eligibility Criteria for 7 lakh Bank of India Personal Loan

To qualify for a 7 lakh personal loan from Bank of India, applicants must meet the following eligibility criteria:

• Age: Between 21 and 70 years.
• Employment: Salaried employees, self-employed professionals, and pensioners.
• Income: Sufficient monthly income to cover the EMI.
• Credit Score: A good credit history with a credit score that meets the bank’s requirements​.

Bank of India 7 Lakh Personal Loan Documents Required

Applying for a 7 lakh loan from the Bank of India requires certain documents, including:

• Proof of Identity: Aadhar card, PAN card, passport, or voter ID.
• Proof of Address: Utility bills, rental agreement, or passport.
• Proof of Income: Salary slips, bank statements, or income tax returns.
• Recent photographs and a duly filled application​.

Bank of India 7 Lakh Personal Loan Interest Rates and Fees

Below are the details of the interest rates of the Bank of India personal loan of 7 lakhs.

In addition to interest rates, here are the details of fees and charges associated with the Bank of India personal loan 7 lakhs

Repayment Options for Bank of India 7 Lakh Loan

Bank of India provides several flexible repayment options to accommodate different financial situations and preferences. Here are the key repayment options.

What is the EMI for a 7 Lakh Loan from the Bank of India?

Here is the detailed EMI table for a Bank of India 7 lakh personal loan with a minimum interest rate of 10.75%, covering five consecutive years.

Applying for the Bank of India 7 Lakh Loan

To apply for a 7 lakh personal loan from Bank of India through Urban Money, follow these steps:

1. Visit the Urban Money website or app and click on “loans.”
2. Select the personal loan option from the drop-down menu.
3. Select Bank of India from the list of Banks and click the “Apply Now” Button.
4. Provide the details required to proceed and click the “Submit” button
5. An expert from Urban Money will contact you for further procedures within 24 hours. 

Alternative Options for a Bank of India 7 Lakh Personal Loan

Bank of India offers a variety of personal loan schemes for different financial needs. Here are the primary schemes available for a 7 lakh personal loan:

1. Star Personal Loan

• Eligibility: Salaried employees, self-employed professionals, and pensioners.
• Features: Competitive interest rates, flexible repayment tenure of up to 84 months, and minimal documentation.
• Special Benefits: There are no hidden charges, prepayment penalty, or 0.50% interest concession for women beneficiaries.

2. Star Suvidha Express Personal Loan

• Eligibility: Salaried individuals with salary accounts at Bank of India and existing home loan borrowers of the bank.
• Features: Quick disbursal, minimal documentation, and flexible loan amounts.

3. Star Pensioner Loan

• Eligibility: Retired Bank of India employees and regular pensioners drawing pension from the bank.
• Features: Attractive interest rates, easy documentation, and flexible repayment options.

4. Star Mitra Personal Loan

• Eligibility: Salaried and self-employed individuals.
• Features: Simple application process, quick approval, and flexible repayment terms.

5. Star Doctor Plus Loan

• Eligibility: Qualified and registered medical practitioners.
• Features: Special interest rates for doctors, high loan amounts, and flexible repayment options.