Microfinance Loan
The collateral-free loan irrespective of end use to an Individual household mean an individual family unit, i.e., husband, wife and their unmarried children having annual income up to ₹3,00,000.

Disclaimer
By clicking the link you will be redirected to the website of the third party. The third party website is not owned or controlled by Bank of India and contents thereof are not sponsored, endorsed or approved by Bank of India. Bank of India does not vouch or guarantee or take any responsibility for any of the contents of the said website including transactions, product, services or other items offered through the website. While accessing this site, you acknowledge that any reliance on any opinion, advice, statement, memorandum, or information available on the site shall be at your sole risk and consequences.
The Bank of India and its affiliates, subsidiaries, employees, officers, directors and agents shall not be liable for any loss, claim or damage whatsoever including in the event of deficiency in the service of such third party websites and for any consequences of error or failure of internet connection equipment hardware or software used to access the third party website through this link , slowdown or breakdown of third party website for any reason including and resulting from the act or omission of any other party involved in making this site or the data contained therein available to you including for any misuse of the Password, login ID or other confidential security information used to login to this website or from any other cause relating to your access to, inability to access, or use of the site or these materials in accordance thereto Bank of India and all its related parties described hereinabove stand indemnified from all proceedings or matters arising thereto.
By preceding further to access the said website it is presumed that you have agreed to the above and also the other terms and conditions applicable.
- Individual having low annual Households income.
- Collateral-free loans irrespective of end use and mode of application/ processing/ disbursal
- No requirement of keeping any deposit /collateral/primary security
- Nil Margin / Nil borrower’s contribution
- Maximum repayment tenure up to 36 months
- Quick disposal of the loan
- Nil processing charges Up to Rs.50,000/-
- Low rate interest.
- Maximum limit up to Rs. 2.00 lakhs per Individual
- No penalty on prepayment of loan at any time
TAT
Disclaimer
Disclaimer
Upto Rs.160000/- | Above Rs.160000/- |
---|---|
7 business days | 14 business days |
- Individual having annual Households income up to Rs.3.00 lakhs.
- Only one loan to be granted per household as Microfinance loan.
- Monthly loan obligation of both Microfinance loan as well as non-microfinance loan should not exceed the ceiling of 50% of monthly income.
- NBFC/NBFC-MFI are eligible under Co-lending/Pool Buy out model. In such case individual beneficiary should meet aforesaid eligibility criteria as per definition of Microfinance loan.
DOCUMENTS
- Application
- Proof of identity (any one): PAN/Passport/Driver Licence/Voter ID
- Proof of Address (any one): Passport/ Driver Licence/ Aadhar Card/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Piped gas bill
- Proof of Income (any one):
For Salaried: Latest 6 Month Salary/Pay Slip and One year ITR/Form16
For Self-employed: Last 3 years ITR with CA certified Computation of Income/Profit & Loss Account/Balance Sheet/Capital Account Statement
For non ITR customers: Based on the predefined information parameters, local inquiries, other relevant documents (SB transactions, CIC reports etc.), annual family / Household income etc.
Rate of interest will be linked with Repo Based Lending Rate (RBLR), as under:
Disclaimer
Disclaimer
Minimum | Maximum |
---|---|
4.00 Over RBLR | 5.00 Over RBLR |
Proposal Processing charges
- Up to Rs.50,000/- :- Nil
- Above Rs.50,000/- :- All inclusive (PPC, Documentation, Inspection charges) @ 1% of sanctioned limit.
Review Charges
- Up to Rs.50,000/- :- Nil
- Above Rs.50,000/- :- Rs.250/- flat.
These service charges are excluding the GST and subject to changes issued by Head Office from time to time.
PRODUCTS YOU MAY LIKE


STAR FARMER PRODUCER ORGANISATIONS SCHEME
Financing to Farmer Producer Organizations (FPOs)/Farmer Producer Companies (FPCs).
Learn More
STAR KRISHI URJA SCHEME (SKUS)
A Central Sector Scheme under Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM KUSUM)
Learn More
STAR BIO ENERGY SCHEME (SBES)
To promote setting up of projects for recovery of energy in the form of Biogas/ Bio-CNG from Urban, Industrial and Agricultural Waste under SATAT(Sustainable Alternative Towards Affordable Transportation) initiative promoted by Ministry of Petroleum and Natural Gas
Learn More
FINANCE AGAINST PLEDGE OF WAREHOUSE RECEIPTS (WHR)
Scheme for Financing against pledge of Electronic Negotiable Warehouse (e-NWR)/ Negotiable Warehouse Receipts (NWR)
Learn More