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.

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