Bank of Baroda Personal Loan

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Bank of Baroda Personal Loan
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All about BoB Personal Loan

• Bank of Baroda offers personal loan to meet the
  diverse requirements of the borrowers. Be it for
  home remodeling, medical use or others. 
• A borrower can apply for a Bank of Baroda
  personal loan and can get the quick disbursement
  of the loan amount.
• It has a landmark history due to which it has a
  massive consumer base in the nation.
• BoB Personal Loan comes at an attractive rate of
  interest along with the hassle-free and minimum
  documentation for different segments of the
  borrowers.

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Features Benefits

1. No restriction on end use of the loan amount
2. Attractive rate of interest
3. Flexible tenure options
4. No collateral and security required
5. Loan payable in easy installments
6. Easy and simple documentation
7. Fast loan processing
8. Nil prepayment penalty
9. Quick disbursement of the loan
10. Online loan processing
11. Ease in the loan repayment mode

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Eligibility Criteria

• A borrower age should be minimum 21 years and
  maximum 65 years at the time of loan maturity.
• A borrower should have minimum working tenure of
  1 year as Employees of Central/State
  Govt./Autonomous Bodies/Public/Joint Sector
  Undertakings, Public Limited Co./ MNCs
  Educational Institutions.
• Employees of Proprietorship, Partnership firms,
  Private Limited companies, Trust with minimum
  service for 1 year can avail the Bank of Baroda
  personal loan.
• Insurance Agents who doing business at least for
  the last 2 years are considered as eligible for
  the Bank of Baroda personal loan.
• A Self Employed Professionals (Doctor, Engineer,
  Architect, Interior Designers, Tech. and
  Management Consultants, Practicing Company
  secretaries, etc.) with the minimum 1-year stable
  business can acquire BoB personal loan.

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Documents Required

• Duly signed the application form.
• Passport sized photographs.
• Copy of Identity Proof Passport/PAN Card/Voters
  ID card/Driving License etc.
• Copy of Address Proof Ration card/Driving
  License/Voters ID card/Passport/Telephone
  Bill/Electricity bill.
• Processing fee cheque.
• Banks statement of last 3 months/6 months bank
  passbook.
• For Salaried individuals Latest Salary slip and
  Current dated salary certificate with the
  Form-16.
• For Self-Employed individuals Latest Bank
  statement/ITR or Form-16.

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BoB Personal Loan Interest Rate Calculator

• Factors that affect the BoB personal loan
  interest rate are given below
• Loan Amount Bank of Baroda offers loans ranging
  from ? 50,000 to ? 10 Lakhs (vary based on the
  location of the bank branch).
• Income The salary of the borrower plays a
  crucial role in the offered rate of interest.
  Income defines the capacity of a borrower to
  repay the loan amount. The interest rate is
  varies based on the monthly earnings of the
  borrowers. Generally, the higher salary bracket
  borrowers are offered with a lower rate of
  interest on a personal loan. 
• Relationship with the Lender Bank offers special
  schemes, charges, fees and interest rates to
  their existing customers. If a borrower has
  managed his/her accounts and has a good credit
  history can get the extra benefits on BoB
  personal loan.
• Loan repayment capacity Bank of Baroda checks
  the repayment capacity of the borrower through
  CIBIL. As it has the credit repayment track
  record of the previous loans. CIBIL also provides
  information about the credit card bills payment.

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Interest Rate Charges as per 2019
Interest Rates For Salaried and Self-Employed 11.60 to 16.35
Loan Tenure Up to 60 months
Loan Processing Fee 2.00 of the total loan amount
Loan Amount Minimum ? 50,000Maximum ? 10 Lakhs
Age Limit 21 to 60 years for Salaried21 to 65 years for Self-Employed
Prepayment charges Within 6 months 4 on the outstanding balanceAfter 6 months Nil
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Thank You !!!