Bank of Baroda personal loan has got back whenever you go through any urgent financial needs. When it is time to give a renovation to your home or pay off education or marriage expenses for yourself or your family member, you can definitely count on BOB personal loan. This type of loan by BOB looks after your financial needs and wants at competitive rates and flexible tenure. This loan also sounds good when you are planning a vacay to an exotic destination. Let us get more into the Baroda bank personal loan and see if it is what you are looking for.
|Loan Amount||Starts at Rs 1 lakh and ranges up to Rs 10 lakh|
|Interest Charges||Starts at 10.50% - 12.50%|
|Processing Fees||2% of the loan amount (Rs 1,000 to Rs 10,000) + GST|
|Tenure||Up to 60 months|
Here are the features and benefits of Bank of Baroda personal loan:
1. Help with Financial Needs and Wants : Bank of Baroda personal loan offers ease with finances when it comes to the ugent expenses. You can use this loan to meet different types of financial needs and wants. The personal loan by BOB can be availed for purposes such as marriage expenses, medical or education expenses, renovation of home etc. You can avail Bank of Baroda home loan to clear your debts too.
2. Loan Amount : The BOB personal loan amount varies from metro and urban areas to semi urban and rural areas. Those living in the metro and urban areas can apply for the loan amount ranging from Rs 1 lakh to Rs 10. On the other hand, the individuals from semi urban areas or rural areas can apply for the loan amount ranging from Rs 50,000 to Rs 5 lakh. The loan amount is also determined based on different factors such as income, employment, credit history etc.
3. Loan Tenure : The Bank of Baroda personal loan is easy with the repayment tenure. You get the tenure ranging from 48 months to 60 months to repay your personal loan.
4. Interest Rates and Other Charges : The BOB personal loan offers financial help at competitive rates of interest. The personal loan interest charges start from 10.50% for the applicants who are already a BOB customer. The new customers can enjoy the BOB personal loan interest rates string from 12.50% per annum. Apart from the interest charges, Bank of Baroda personal loan charges 2% of the loan amount as processing fees. Along with that, the bank also charges applicable taxes.
5. Prepayment : Are you willing to pay your BOB Bank personal loan amount in full and close it way before the tenure? If yes, then you can definitely go ahead with that. Bank of Baroda allows you to prepay your personal loan without waiting for the last phase of tenure, given that you have sufficient funds. Doing this will only save you from paying the interest charges. On the top, the Bank of Baroda Personal loan prepayment does not cost your foreclosure or prepayment fees/penalties.
There are some eligibility requirements which you have to meet in order to avail the BOB personal loan. Based on your employment status, income , age and many additional factors , the bank gauges your eligibility for the loan. Thus, you should walk through that and make sure you pass the criteria.
Here is the eligibility criteria for BOB Personal loan:
There are certain documents that the bank requires you to submit at the time of the BOB personal loan application. Making sure that you have all the documents by your side when you apply for a Bank of Baroda personal loan, you will be able to proceed with your loan quickly.
Here are the documents that are required for BOB personal loan application:
|Documents||Salaried Individuals||Self Employed Individuals|
|Identity Proof||Aadhar Card, Passport, Driving Licence, Voter ID Card||Aadhar Card, Passport, Driving Licence, Voter ID Card|
|Address Proof||Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill||Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill|
|Income Proof||Salary Slips, Bank Statement, Form 16, Salary Certificate||IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax|
|Other Documents||Passport-size Photographs, Application Form||Passport-size Photographs, Application Form|
|AXIS Bank Personal Loan||12% to 24%|
|SBI Personal Loan||11.30% to 16.40%|
|HDFC Bank Personal loan||10.75% to 21.50%|
|Kotak Mahindra Bank Personal Loan||10.50% to 16.99%|
|Yes Bank Personal Loan||20.00% to 22.00%|
|Citi Bank Personal Loan||10.50% to 17.99%|
|ICICI Bank Personal Loan||10.99% to 16.25%|
|Standard Chartered Bank Personal Loan||11.00% to 19.20%|
|IDBI Bank Personal Loan||12.00% to 14.00%|
|RBL Bank Personal Loan||14.00% to 23.00%|
|HSBC Bank Personal Loan||10.75% to 17.84%|
|IndusInd Bank Personal Loan||11.00% to 16.75%|
|Bank of India Personal Loan||12.45% to 14.15%|
|Canara Bank Personal Loan||12.05% onwards|
Want to know what amount will you have to pay as EMI every month for the repayment of your BOB personal loan? You can use the BOB Personal EMI calculator which you can use to know the total amount per month. Here is how to do that:
After that, you will be able to view the “Monthly Payment” right below the calculator.
You can apply for a Bank of Baroda personal loan on an offline or online platform. To apply for Bank of Baroda personal loan offline, you need to visit the nearest BOB branch with all the required documents.
If you want to apply for BOB personal loan online then here is what you need to do:
If you have any query or grievances regarding the Bank of Baroda personal loan, you can contact the BOB customer service on the following numbers:
1800 258 44 55
1800 102 44 55
You can follow these steps to check the status of your application for Bank of Baroda personal loan:
No. If you are applying for a BOB personal loan then you need not to provide any security.
The BOB allows borrowers to repay personal loans in the form of Equated Monthly Installments (EMIs). You can pay it using offline or online payment channels like cash, cheque, NEFT, NetBanking etc.
The maximum loan tenure is 5 years for employees working in the government sector.
The Minimum loan amount is Rs 1 lakh and Maximum Rs 10 lakh.loan amount of Bank of Baroda.
The processing fee for Bank of Baroda personal loan will be 2% of loan amount (Min Rs.1000 and Maxi Rs.10000).Last Updated on : 24/Mar/2021
Know More About
You're eligible for a Bank Of Baroda Personal Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Bank Of Baroda Personal Loan Details|
|Interest Rate (Monthly reducing balance)||7.65% - 16.65%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Personal Loans EMI Calculator