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.
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.
As per the instructions of RBI, the Bank of India will give personal loans to new customers based on the MCLR interest rate system.
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
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%.
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.
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