BOI STAR PERSONAL LOAN FOR SALARIED EMPLOYEES
This is a unique product for principled savers who want to save and earn interest at competitive rates. Save for better tomorrow.
Main features and benefits
- Unlimited access to unsecured loans and Secured loans depending on your monthly Net salary.
- Competitive Interest rates on secured loans are 1.0% less than the unsecured loan facilities adjusted in line with market rates.
- The maximum repayment period is 3 years including moratorium subject to annual review of the account. The maximum repayment period can be extended up to 5 years at the discretion of BOIUL.
- In case of any personal purchases using personal loan; - For secured loans: 75% - based on actual cost or purchase price and for Unsecured is Nil.
- Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
- Third party guarantee of persons with adequate worth. (Can be waived at the discretion of BOIUL depending on the standing of the borrower)
- Specific Security Agreement(SSA)/Hypothecation agreement (if applicable)
- Letter of undertaking from the employer that in case the borrower ceased to be its employee due to any reason such as resignation/retirement/death and or on transfer to other place, the employer will pay the loan amount.
- Financial Card Number for the borrowing entity.
- Any other information as may be requested by the Bank, depending on the nature of the request.