Bank of Baroda Personal Loan – An Instant Way To Get The Quick Loan
When applying for a Personal Loan, we look for a lender who could process and disburse it quickly. The Bank of Baroda personal loan could surely help you in this endeavor.
Bank of Baroda Personal Loan has nominal eligibility requirements, requiring minimal documents. First, we will look at the details such as loan amount, criteria, etc. Then you could choose whether to go with this lender or not.
Bank of Baroda personal loan does not require collateral or security to apply. Therefore, the loan could be paid in easy instalment.
- Bank of Baroda offers a loan amount up to Rs 10 lakhs.
- The BOB Personal Loan Interest Rate starts at 10.50% P.A onwards. However, it could go up to 16.35% P.A, depending upon your eligibility.
- The loan tenure is from 1 year to 5 years.
- The processing fee is 2% of the loan amount, excluding GST taxes.
- The penal interest is 2% on the overdue amount.
- The ECS bounce charge is Rs 100 each time.
- The pre-payment charge is NIL.
- The foreclosure charge is NIL.
Benefits & Features of Bank of Baroda Personal Loan
- The BOB personal loan is an ideal choice if you need quick funds.
- You could credit card bills with this loan.
- It offers flexibility on usage. You get to decide how to utilize the funds.
- The BOB Personal loan interest is very low compared to other lenders, at 12% per annum.
- BOB also offers a personal loan balance transfer feature if you need to shift another loan to BOB.
Bank of Baroda Personal Loan Eligibility Criteria
The Eligibility Criteria of Bank of Baroda Personal Loan are different for salaried persons and self-employed professionals.
For Salaried Persons
- The personage should be from 21 years to 60 years.
- The person should be working in a private or public company.
- The minimum income requirement is Rs 25,000 monthly.
- The work experience needed is 2 years.
- The borrower should be working in the current organization for at least 2 years.
For Self-Employed Individuals and Professionals
- The personage should be between 21 years and 65 years.
- The person should be professional like a doctor, CA, Interior designer, or company secretary.
- There is no minimum income eligibility.
- The business should be up and running for at least 1 year.
Type of Bank of Baroda Personal Loan
- Bank of Baroda personal loan for salary account holders
- Bank of Baroda personal loan for other account holders
- Mortgage loans
- Mudra loans
Required Documents for BOB Personal Loan
- The loan application form
- Identity proof – Aadhar card, PAN card, Driving license, Voter ID card
- Address proof – Ration card, Telephone bill, Electricity bill
- Processing fee cheque
- Salary slips
- ITR form
- Bank statement
Comparing BOB Loan with Other Lenders
The best way to understand why BOB is better is by comparing it with other lenders.
Lenders | Bank of Baroda | ICICI Bank | Axis Bank | Bajaj Finserv |
Interest Rate | 10.00% P.A onwards | 11.25% P.A onwards | 12% to 24% | Starting from 12.99% |
Loan amount | Up to 10 lakhs | Up to Rs. 20 lakhs | Rs. 50,000 to Rs. 15 lakhs | Up to Rs. 37 lakhs |
Repayment tenure | Up to 5 years | 12 to 60 months | 12 to 60 months | 12 to 60 months |
Processing charge | 2% of the loan amount | Up to 2.25% of the loan amount | Upto 2% of the loan amount | Upto 4.13% of the loan amount |
How to Apply?
To apply for a BOB Quick loan, go to Afinoz.com. Here just sign up to Afinoz.com. After signing up, you will receive offers. The platform also enables you to Check Bank of Baroda Personal Loan Status quick & easily after applying.
Conclusion
Bank of Baroda personal loan is an excellent way to clear off your pending bill. The criteria are easy to qualify. All you need to check out the loan requirement. Then apply to get it. Preparing the documents before applying would be a good idea.
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