Loan documentation is a very important part of the loan process. The documents provided to the person responsible for granting the loan make it possible for him or her to judge whether the loan will be given to the person who requests it or not. In most cases, banks, as well as financial institutions, have certain documents that are required when applying for a loan. These documents are called the requirements documents. They include identification cards, bank statements, etc. It is easy to underestimate the importance of loan documentation. For getting a personal loan, people believe that they do not have to provide any kind of document if they are ready to rest their security proof. That is why there are lots of defaulted loans. Loan documentation is essential for the process of a loan to avoid any type of misunderstanding and fraud, and in this blog, we will tell you all about what necessary documents you need to be ready with if you are planning to get a personal loan from Bank of India.
What is Loan Documentation?
Loan Documentation is the process of showing the documents to banks or financial institutions for getting a loan. These documents are very necessary for the safety of loans. If the loan is made without the documents, it is more likely that the bank or financial institution will not be able to obtain funds from the borrowers. There are several things that need to be certified while applying for a personal loan. These include income, bank statements, and also other financial documents. The certification of these documents is termed documentation.
Before hopping on to the Documentation part let’s discuss a few details about the Bank of India and its personal loan product that will help you to understand the entire process a little better:
Bank of India was founded in 1906 by some eminent businessmen from Mumbai. The Bank was nationalized in 1969, which led it to be one of the largest banks in India. It has grown over the years by introducing new products and services that made banking easier for its customers. Today, the Bank of India has over 5,084 branches across the country with a focus on serving the unbanked population.
What are the Eligibilities for Bank of India Personal Loan?
The applicant should be a salaried permanent employee
Applicant must be a professional and individuals having high net worth
Retired Bank of India employees are also eligible
Regular pensioners/family pensioners drawing pension from Bank of India can apply too.
What are the required documents to apply for the Bank of India Personal Loan?
To apply for a Bank of India personal loans, you will need to submit certain documents. The documents may vary depending on the specific personal loan scheme that you choose, but generally, you’ll need to submit:
- Identity proof: Aadhaar, Passport, PAN (mandatory), Voter Identity Card, Driving Licence, Passport, etc.
- Address proof: Ration Card, Electricity Bill, Telephone Bill, Bank Account Statement, Passport, Driving Licence, Sale Deed/Property purchase agreement (for self-owned properties), Aadhaar Card, PAN Card, etc.
- Income proof: Bank Account Statement, Salary Slips, ITR, etc.
FAQs
The starting interest rate on Personal loans at BOI is 10.75% p.a. For pensioners and 11.75% for general applicants.
The maximum loan amount for BOI personal loan is Rs. 10 lakhs for an unsecured loan and Rs. 20 lakhs for secured loans.
No, the Bank of India offers floating interest rates only.
The maximum repayment tenure for BOI personal loan is 5 years (for secured loans) and 3 years (for unsecured loans)
Bank of India has not disclosed the minimum credit score it requires from personal loan applicants. However, applicants with credit scores of 750 and above can expect to receive loans at lower interest rates.