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A loan with an affordable interest rate is what every customer wishes for. What are you waiting for?!
Bank of India is a popularly known commercial bank in India. It is one of the top 5 nationalised banks in India and has its headquarters in Mumbai. Bank of India provides a diverse domain of products and services. In fact, they are completely reliable and trusted as their aim is of provide good deals for their customers.
CIBIL is one of the four well-established credit bureaus in India. Your CIBIL score is the ground on which your credit worthiness is judged. It is significant in obtaining a personal loan, as it reflects your ability to repay as well as your overall credit health. You must be vigilant about your credit score, hence, make sure you make all your payment of bills, credit cards, EMIs on time.
Bank of India provides many products and services, one of which is loans. A personal loan is also called as the Bank of India star personal loan. This service is can be used for multiple purposes such as educational fees, medical expenses, new purchases, and list goes on. This is a free choice loan and you can use it for any purpose required. Another reason that makes the star personal loan so incredible is that it has attractive interest rates.
Evidently, a CIBIL score is like the one-way ticket to getting a personal loan. The thing to keep in mind is your score. Your score is a three-digit number ranging between 300-900 points that provide the banks a gist of your credit health. Most banks have the minimum requirement of 750 points, however other factors like your income and stability are also of great importance.
Bank of India provides secured and unsecured loans as well. Secured loans are loans that are granted with a security or a collateral, whereas unsecured loans are loans that are given without any security or collateral.
An excellent CIBIL score of 800 is extremely beneficial to the applicant in many ways. It makes the process of getting a loan easier and faster. It also serves as a means of negotiation on the interest rates and may also grant you a larger loan amount. Overall, it makes the entire process uncomplicated.
An individual can face many circumstances in which he may need a lump sum amount to work things out. A personal loan washes away this worry of the customer. There can be multiple reasons why an individual may need money and the star personal loan provided by Bank of India is a helping hand to one in such situations.
Bank of India provides personal loans for all salaried individuals, Business professionals, individuals with high net worth, pensioners, staff members and retired employees. With an appealing interest rate and easy repayment plan, the bank is sure to gain the trust of many customers. The maximum loan amount that is sanctioned is Rs. 10 lakhs. However, this depends on the income of the individual, nature of the loan and locality of residence too.
Bank of India personal loan rates depend on what kind of loan it is, sex and age group of the applicant.
What if I have a low CIBIL score, will Bank of India still give me a personal loan?
No, a good or high CIBIL score is very important if you need a personal loan.
Does skipping my ICICI bank payment affect my CIBIL score?
Yes, skipping any payment serves as a drawback for you and can cause a decline in your CIBIL score.
Had a loan settlement with Bank of India, will this affect my CIBIL score?
Yes, although the bank considered your appeal and situation, to the CIBIL bureau, this does not matter. This will prove your incapability of repaying loans and decrease your CIBIL score by 75-100 points.
Can I get more than 3 Bank of India personal loans if I have a good CIBIL score?
Yes, you can, provided you have an excellent credit score.
What types of personal loans does Bank of India offer?
Along with secured and unsecured loans, the Bank of India offers a Star Mitra Personal Loan, Star Personal Loan and Star Pensioner’s Personal Loan.
What makes Bank of India personal loan stand out from the rest?
It’s multipurpose use, affordable interest rates, easy repayment plans and thoughtful schemes.
Is it compulsory to have an insurance when applying for a personal loan?
No, it is good to have an insurance, however, it’s not a necessity when applying for a loan.