Bank of India Self Employed Personal Loan

When self-employed individuals seek financial assistance for their varied personal needs, the Bank of India’s Personal Loans offer a flexible solution. Their Star Personal Loan program is designed to accommodate the unique financial profiles of the self-employed, providing them with access to funds that can be used for multiple purposes, such as home renovations, education expenses, or medical emergencies. Bank of India Personal Loan for Self-employed features competitive interest rates and a straightforward application process, making it easier for borrowers to manage their financial obligations without overwhelming complexity.

Bank of India Personal Loan for Self-Employed- Highlights 

Here’s a presentation of the highlights for the Bank of India’s Lakh Personal Loan for self-employed individuals:

Eligibility Criteria for Self-Employed Personal Loan

The following depicts the eligibility criteria for a Bank of India self-employed personal loan. 

• Individuals: Whether you’re working for a salary, running your own business, or a practising professional, you can apply for this loan.
• Groups: This loan is also available to groups consisting of permanent, confirmed employees.
• Age Limit: Applicants must be no older than 70 when they finish paying off the loan.

Required Documents for Loan Application

Customers applying for a Bank of India Self-employed personal loan must produce the following documents. 

Proof of Identity (provide anyone):

• PAN card
• Passport
• Driver’s License
• Voter ID

Proof of Address (provide anyone):

• Passport
• Driver’s License
• Aadhar Card
• Latest Electricity Bill
• Latest Telephone Bill
• Latest Piped Gas Bill

Proof of Income:

• For salaried individuals: Latest 6 months’ salary slips/Pay slips and one year’s Income Tax Return (ITR) or Form 16.
• For self-employed individuals: The last three years ITR and a CA-certified computation of Income, Profit and loss Account, Balance Sheet, and Capital Account Statement.

Bank of India Personal Loan for Self-Employed – Fees and Charges

Interest Rates:

• Linked to CIBIL Score: The interest rate on your personal loan is tied to your CIBIL personal score. This means the better your credit score, the more favourable the rate you might receive.
• Starting Rate: Interest rates begin at 10.85%.
• Calculation Method: The interest is calculated on a daily reducing balance, which can reduce the amount of interest you pay over time as you pay down the principal.

Processing and Prepayment Charges:

• A one-time fee of 2.00% of the loan amount is charged.
• The minimum fee is ₹1,000, and the maximum fee is ₹10,000.

How to Apply for a Self-Employed Personal Loan?

For a more streamlined approach, consider applying through Urban Money. Simply visit their platform, search for the Bank of India personal loan options, and choose the right scheme for your needs. Enter your personal and financial information and upload the necessary documents on the platform. Once you submit your application, Urban Money will handle the rest by forwarding your application to the Bank of India. You will then receive a callback to provide further assistance and discuss the next steps of your loan application process. This method simplifies the process, making it convenient to apply from anywhere.