Bank of Baroda personal loans comes at a wide range of offers to fit-in their diverse needs. There are ample reasons for BOB being among top lenders like it’s an unsecured loan, easily available, multipurpose loan, and many others. Due to the tremendously increasing demand for personal loans, various lenders have also evolved.
A personal loan from the Bank of Baroda is among the most preferred options in India. It has a wide presence in almost every part of the country. You can easily apply for a personal loan either by visiting the nearest bank branch or through the online process. Various aspects play important role in personal but one of the most crucial ones is Bank of Baroda personal loan EMI calculator.
You must know that EMI is Equated Monthly Installments. It is an amount that you are needed to pay to repay the borrowed amount. The manual EMI calculation can be difficult so you can use Bank of Baroda personal loan EMI calculator. This is an online tool that is free to use and provides quick and accurate results. Here are some of the other benefits of Bank of Baroda personal loan EMI calculator:
- Takes less time in EMI calculation: Personal loan EMI calculator makes the EMI calculator much simpler, easier, and faster than the manual EMI calculation with pen and paper.
- Hassle-free to use: The BOB personal loan EMI calculator facilitates you to get the correct amount of EMI which you need to pay each month, by just filling in a few basic information about the loan.
- Helps in finance planning: This plays a crucial role in deciding the loan amount and also works as a suitable lender for you to borrow the loan.
Few factors that have a major impact on Bank of Baroda personal loan EMI are:
- Loan Amount- An amount that has been borrowed from the bank.
- Salary- The income plays an important role in monthly EMI. It defines your capacity for repaying the loan.
- Existing Relationship – If you are having an existing relationship with BOB then you may get some special offers or extra benefits such as low-interest rates, low processing charges, etc.
- Loan Tenure – Bank of Baroda personal loan offers a flexible loan tenure from which a borrower can choose the convenient one for them.
Bank of Baroda personal loan is among the most prominent and preferred lenders by the borrowers. The reason behind being that Bank of Baroda offers various advantages like online loan application, quick loan disbursal, and many more.
Below are a few more reasons for the popularity of the Bank of Baroda personal loan one of the loan seekers:
- Rapid loan processing
- Fast disbursal of loan
- Attractive rate of interest
- Flexible loan repayment tenure
- Online personal loan approvals
- Ease modes of loan repayment
- Unsecured loan
Features of BOB personal loan
- Customer-Friendly Collateral-free Loan: Bank of Baroda offers quick and hassle-free collateral-free personal loans to both the salaried as well as self-employed individuals.
- Personal Loan Schemes: Customized loan deals is offered to the borrowers to fit into their diverse requirements.
- Special Personal Loan Option: the existing customers of Bank of Baroda with a good track record of at least 6 months can avail of the premium Personal Loan options.
- Quick Loan Processing: A simple and quick turnaround period on its loan processing is offered by Bank of Baroda.
- Pocket-friendly interest rate: A borrower can get personal loan at a pocket-friendly interest rate eases the repayment stress to a great extent.
- Flexible Repayment Term: Bank of Baroda’s loan comes with a flexible repayment term up to 60 months (t&c apply).
To avail Personal Loan from the Bank of Baroda, you must fit into the following eligibility criteria:
- An applicant minimum age should be of 21 years and maximum of 60 years.
- An applicant’s minimum working tenure should be of 1 year as Employees of Central / MNCs & Educational Institutions/ State Govt. and Joint Sector Undertakings, Public Limited Co.
- An applicant should have a net monthly income of Rs. 15,000.
Factors Affecting BOB Personal Loan Eligibility
- Age: BOB’s loan can only be availed by the borrowers whose minimum age is 21 years old and maximum of 60 years.
- Credit Score: A borrower with a Credit score of above 750 is more likely to be considered suitable for a personal loan.
- House Ownership: Those who own a house are considered as a suitable borrower to qualify for a personal loan. As this proves that if a borrower will own a home then he/she will not be paying any portion of the salary as rent. Therefore, this implies that he/she will have a large portion of the income left over for the loan repayments.
- Employment Type – A salaried or self-employed individual with a constant income is more likely to be eligible for an BOB’ loan.
Conclusion:
The BOB’s EMI calculator is the financial tool designed to help you in making a wise and smart decision. So, make the best of these tools and take the best decision for you.
