Bank Of India Personal Loan Interest Rates
Bank of India connects with its customer's personal needs through lending multiple types of personal loans. These personal loans are usually taken up during massive financial, personal needs such as children’s education, weddings, house renovations, etc. it offers numerous types of loans such as sully secured loans, unsecured loans, senior citizen loans, etc. All the personal loans are based on the MCLR interest rates. The loans taken up by existing customers continue to prevail on the Base rate system.
MCLR for new borrowers at Bank of India
RBI has given certain instructions to carry out the Marginal Cost of funds based Lending Rate) MCLR interest rate system on Personal loans. The interest rates depend on various factors such as tenor premium, operating expenses, marginal costs of funds, negative CRR, etc.
Tenor |
MCLR (in %) |
MCLR Overnight |
9.15% |
MCLR for 1 month |
9.20% |
MCLR for 3 months |
9.25% |
MCLR for 6 months |
9.30% |
MCLR for 12 months |
9.40% |
Interest Rates on Personal Loans by Bank of India (MCLR)
As per the instructions of RBI, the Bank of India will give personal loans to new customers based on the MCLR interest rate system.
Personal Loan Type |
Revised MCLR built Interest |
Fully Secured Loan |
4.00%. BSS (Business strategy Spread) added (0.3%) above 1-year MCLR |
Clean or Unsecured Loan |
5.00%. BSS added (0.3%) above 1-year MCLR |
Loans for Senior citizens (60 years or above) (Loans up to Rs 50,000) |
3%. BSS added (0.3%) above 1-year MCLR |
Financing Secured under tie-up plan |
4%. BSS added (0.3%) above 1-year MCLR |
Base Rate and Prime Lending Rate for existing borrowers at the Bank of India
The base rate applicable on personal loans is revised to 9.7% w.e.f 5th October 2015. The BPLR Prime Lending Rates shall apply as 14.5%.
Interest rate on Base rate system on Personal Loans at Bank of India
The existing borrowers continue to pay interest on Base Rate system. The interest will, however, depend on the tenure of the loan and is subject to change without any prior notice.
Personal Loan Interest Rates by Banks
- Allahabad Bank Personal Loan Interest Rates
- Andhra Bank Personal Loan Interest Rates
- Axis Bank Personal Loan Interest Rates
- Bank of Baroda Personal Loan Interest Rates
- Bank of India Personal Loan Interest Rates
- Bank of Maharashtra Personal Loan Interest Rates
- Canara Bank Personal Loan Interest Rates
- Catholic Syrian Bank Personal Loan Interest Rates
- Central Bank of India Personal Loan Interest Rates
- Citibank Personal Loan Interest Rates
- City Union Bank Personal Loan Interest Rates
- Corporation Bank Personal Loan Interest Rates
- Dena Bank Personal Loan Interest Rates
- Deutsche Bank Personal Loan Interest Rates
- Federal Bank Personal Loan Interest Rates
- Fullerton Personal Loan Interest Rates
- HDFC Bank Personal Loan Interest Rates
- ICICI Bank Personal Loan Interest Rates
- IDBI Bank Personal Loan Interest Rates
- Indian Overseas Bank Personal Loan Interest Rates
- IndusInd Bank Personal Loan Interest Rates
- Karnataka Bank Personal Loan Interest Rates
- Karur Vysya Bank Personal Loan Interest Rates
- Kotak Bank Personal Loan Interest Rates
- Lakshmi Vilas Bank Personal Loan Interest Rates
- Nainital Bank Personal Loan Interest Rates
- Oriental Bank of Commerce Personal Loan Interest Rates
- Punjab and Sind Bank Personal Loan Interest Rates
- Punjab National Bank Personal Loan Interest Rates
- RBL Bank Personal Loan Interest Rates
- South Indian Bank Personal Loan Interest Rates
- Standard Chartered Bank Personal Loan Interest Rates
- State Bank of Hyderabad Personal Loan Interest Rates
- State Bank of India Personal Loan Interest Rates
- State Bank of Mysore Personal Loan Interest Rates
- State Bank of Patiala Personal Loan Interest Rates
- State Bank of Travancore Personal Loan Interest Rates
- Syndicate Bank Personal Loan Interest Rates
- Tamilnad Mercantile Bank Personal Loan Interest Rates
- Tata Capital Personal Loan Interest Rates
- UCO Bank Personal Loan Interest Rates
- Union Bank Personal Loan Interest Rates
- United Bank of India Personal Loan Interest Rates
- Vijaya Bank Personal Loan Interest Rates
- YES Bank Personal Loan Interest Rates