Bank of India Personal Loan Interest Rates

Salaried Self-Employed
Interest Rate Secured loans: 4.50% above 1 Year MCLR = 13% p.a. Unsecured loans: 6.00% above 1 Year MCLR = 14.5% p.a. Secured loans: 4.50% above 1 Year MCLR = 13% p.a. Unsecured loans: 6.00% above 1 Year MCLR = 14.5% p.a.
Loan Amount For Unsecured Loans: Maximum Rs.5 lakh , Metro & Urban: Rs.10,000 , Semi-Urban & Rural: No minimum amount For Secured loans: Maximum Rs.10 lakh , Metro & Urban: Rs.10,000., Semi-Urban & Rural: No minimum amount. For Unsecured Loans: Maximum Rs.5 lakh, Metro & Urban: Rs.10,000 , Semi-Urban & Rural: No minimum amount For Secured loans: Maximum Rs.10 lakh , Metro & Urban: Rs.10,000., Semi-Urban & Rural: No minimum amount.
Loan Tenure For unsecured loans: Maximum of 36 months, with a few exceptional cases where 60 months is permissible. For secured loans: Maximum 60 months. For unsecured loans: Maximum of 36 months, with a few exceptional cases where 60 months is permissible. For secured loans: Maximum 60 months.
Lowest EMI For Metro and Urban areas: Secured loan: Rs.228 per month, Unsecured loan: Rs.345. For Semi-Urban & Rural: NA. For Metro and Urban areas: Secured loan: Rs.228 per month. Unsecured loan: Rs.345 For Semi-Urban & Rural: NA.
Processing Fee 2% of the loan amount + GST Minimum: Rs.1,000. Maximum: Rs.10,000. 2% of the loan amount + GST Minimum: Rs.1,000. Maximum: Rs.10,000.
Prepayment/Foreclosure Charges None None