Bank of India Personal Loan of Rs. 8 Lakh

Financial needs often arise unexpectedly, and it is impossible to predict when they will occur. Bank of India understands this well and offers personal loans of up to 8 lakh rupees to help customers meet their financial requirements. With these personal loans, you can manage unforeseen expenses with ease and confidence, knowing that the Bank of India is there to support you when you need it most.

Eligibility Criteria for 8 lakh Bank of India Personal Loan

To be eligible for an 8 lakh personal loan from the Bank of India, applicants must meet the following criteria:

1. Age: Applicants should be between 21 and 70 years old.
2. Employment: The loan is available to salaried employees, self-employed professionals, and pensioners.
3. Income: Applicants must have a sufficient monthly income to manage the EMI payments.
4. Credit Score: A strong credit history with a credit score that meets the bank’s standards is required.

Bank of India 8 Lakh Personal Loan Documents Required

To apply for an 8 lakh loan from Bank of India, you will need to provide the following documents:

1. Proof of Identity: Aadhar card, PAN card, passport, or voter ID.
2. Proof of Address: Utility bills, rental agreement, or passport.
3. Proof of Income: Salary slips, bank statements, or income tax returns.
4. Additional Requirements: Recent photographs and a completed application form.

Bank of India 8 Lakh Personal Loan Interest Rates and Fees

Detailed below are the interest rates of the Bank of India personal loan of 8 lakhs

Here are the details of fees and charges with the Bank of India personal loan 8 lakhs

Repayment Options for Bank of India 8 Lakh Loan

Here are a few payment options provided by Bank of India for the convenience of customers.

EMI Payments

Bank of India offers EMI payments, including the principal and interest amounts. These EMIs can be easily calculated using an EMI calculator, which considers the loan amount, interest rate, and tenure. 

Prepayment/Foreclosure

Borrowers can prepay their loans in part or full without any prepayment charges. 

Auto-Debit Facility

Bank of India provides an auto-debit facility where the EMIs are automatically deducted from the borrower’s Bank of India account. 

Standing Instruction

Borrowers can also set up standing instructions for EMI payments from any savings or current account. This option automatically deducts EMIs from the specified account, ensuring monthly payments are made on time. 

Online Payment

Bank of India facilitates online EMI payments through its Internet banking portal. 

What is the EMI for a Bank of India 8 lakh Personal loan?

Below is the EMI table for a Bank of India 8 lakh personal loan with a minimum interest rate of 10.75% and a five-consecutive-year repayment period.

Applying for the Bank of India 8 Lakh Loan

To apply for an 8 lakh personal loan from Bank of India via Urban Money, follow these steps:

1. Visit the Urban Money website, open the app, and navigate to the “Loans” section.
2. Choose the personal loan option from the available menu.
3. From the list of banks, select Bank of India and click on the “Apply Now” button.
4. Enter the necessary details and click the “Submit” button.
5. Within 24 hours, an Urban Money executive will contact you to guide you through the next steps.

Alternative Options for a Bank of India 8 Lakh Personal Loan

Bank of India offers various personal loan schemes to cater to different financial needs, particularly for an 8 lakh personal loan. Here are the main options:

Star Personal Loan: 

This scheme is available to salaried employees, self-employed professionals, and pensioners. It offers competitive interest rates, and a repayment tenure of up to 84 months and requires minimal documentation. There are no hidden charges or prepayment penalties, and women beneficiaries receive a 0.50% interest concession.

Star Suvidha Express Personal Loan: 

This loan is for salaried individuals with salary accounts at the Bank of India and existing home loan borrowers. It provides quick disbursal, minimal documentation, and flexible loan amounts.

Star Pensioner Loan: 

This loan is available to retired Bank of India employees and regular pensioners drawing their pension from the bank. It features attractive interest rates, easy documentation, and flexible repayment options.

Star Mitra Personal Loan: 

Open to both salaried and self-employed individuals, this loan offers a simple application process, quick approval, and flexible repayment terms.

Star Doctor Plus Loan: 

For qualified and registered medical practitioners, this scheme provides special interest rates for doctors, higher loan amounts, and flexible repayment options.