Reduce Your Debt with these Four Bank of India Loans

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Reduce Your Debt with these Four Bank of India Loans

If you have more loans than you can manage, Bank of India gives you a chance to pay off your high-interest debts by availing a consolidation loan. Though the bank does not label any particular loan scheme as a consolidation loan, some of its many loan products can be used for that purpose.

Today, we look at four of them. Two of these can be used by anyone while one is meant for pensioners and another is meant for doctors.

Bank of India BOI Star Personal Loan Scheme

This loan helps borrowers get funds for medical expenses, education expenses, travel expenses, weddings or personal events, buy consumer durables and so on. Applicants can also use this scheme to pay off their high-interest credit card debts and personal loans, thereby reducing their overall debt cost. Important point to note: The maximum loan amount you can avail is Rs. 10 lakh.

Bank of India BOI Star Loan Against Property

A secured loan, this loan against property helps you get the money you need by mortgaging your property. This loan can be used for larger financial needs. Most times, a mortgage loan is used to meet financial expenses such as home renovation or business expenses, pay for medical or wedding expenses, international travel expenses, education expenses and to consolidate your debts.

Important point to note: This loan cannot be availed for speculative reasons.

Bank of India Star Pensioner Loan Scheme

This is meant for pensioners and helps them get funds to meet different personal expenses, and to pay off debts. This loan can be used to meet expenses for overseas travel, medical exigencies and so on. It can also be used to consolidate high-interest debts that can become crippling for pensioners.

Important point to note: Like other loans like the loan against property, the borrower cannot use this loan for speculation.

Bank of India BOI Star Doctor Plus Loan Scheme

This loan is designed specifically for doctors and medical practitioners. It gives them the funds to take care of business or personal needs including paying of office set-up, renovation or home repair costs, marriage and other family events, large personal expenses, travel expenses and even for purchase of consumer durables. Since the loan can be used for nearly any reason the borrower wishes, a doctor may also avail this scheme to pay off their high-interest credit card debts and loans and reduce their debt burden. Important point to note: Like the other loans, this loan cannot be availed for speculation.

If you are looking for a personal or business loan, please apply for loan here.

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