Key Features of Bank of India Personal Loan
Any sort of expenses that an individual might face whether it is a personal expense or a business related one; Bank of India personal Loan can be used for financing such expenses. In this regard, the loan granted by the bank is called a multi-purpose loan fulfilling all requirements.
These Bank of India personal loans are extended to all salaried individuals, Business professionals and individuals with a high net worth, individuals drawing regular pensions, or family pensioners drawing regular monthly pensions from the branch, staff members, retired employees( not dismissed compulsorily retired) of the bank.
The maximum amount of loan to be sanctioned is Rs.10 lakhs. However, this depends upon the income of the individual.
The Bank of India offers personal loans at very attractive interest rates and easy repayment plan.
These loans are issued in the form of demand/term loans or a reducible or non-reducible overdraft facility.
However, for personal loans extended to confirmed employees of government institutions, central and state based organizations, PSU’S under reducible overdraft facility a maximum loan of Rs.1 lakh can be availed.
Depending upon the purpose of the loan, Bank of India offers personal loan in the form of unsecured loans (loans without collateral) and secured loans (loans with collateral).
Unsecured loans are extended for personal expenses such as a close family member’s wedding, Medical expenses towards treatment of a close family member, for education funding of self, spouse, children or a near relative, for renovations/repairs or extensions of existing house/flats, any other personal expenses of bona fide nature as approved by the bank.
Secured loans are extended for the purpose of refinancing (transfer of existing loans from other banks or financial institutions to Bank of India, Purchasing customer durables, computers, professional equipments’ etc.
The bank must be provided by legal mortgage/ equitable a charge of the commercial or residential property as primary security. Hypothecations on the assets have to be acquired by the banks to offer personal loans.
The bank requires collateral security in the form of pledge of gold, gold ornaments, NSC’S, Indira Vikas Patra, Bonds, LIC policies, Relief Bonds etc.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
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