A short guide to Bank of Baroda Personal loan

A personal loan is an unsecured loan offered by a lender without the need for collateral. A borrower does not even need to present to co-signer to get the loan. There are a number of lenders offering an instant loan to many borrowers. However, here the essential thing is to know who is a reliable lender.

This is where the Bank of Baroda personal loan could help you out. It is one of India’s leading personal loan lender to offer instant money loan. If you are looking for a reliable lender, then, BOB personal loan would be an ideal choice for you. But, before you apply, it is vital to know the loan details, the personal loan eligibility criteria, required documents and how to apply for it? In this short post, we will shed light on it.

Bank of Baroda personal loan

A borrower is free to use the BOB personal loan for any purpose. If you are going through a financial strain, or you need to buy a car or pay for college fee, you could use the loan money. The instant personal loan is available at a competitive rate of interest, easy process and requires minimal documentation.

• Bank of Baroda offers a personal loan from Rs 50,000 to Rs 10 lakhs.
• BOB personal loan interest rate ranges from 11.35% to 16.35% P.A
• The processing is from 0.50% to 2% of the loan amount. The minimum amount is Rs 1000 and maximum is Rs 10,000.
• The loan repayment tenure is from 12 months to 36 months.
• The modification charge is Rs 100 for each instance.
• The document charge is Rs 75 per document.
• The pre-closure charge is 6% of the outstanding loan amount.

Bank of Baroda personal loan eligibility criteria

Bank of Baroda has different eligibility criteria for a salaried individual and self-employed professional.

For Salary Individuals

• The borrower should be a salaried individual.
• The borrower should be an employee of a private company, public company partnership firm or MNC.
• The borrower age should be between 21 years to 60 years.
• The minimum borrower salary should be at least Rs 25,000 per month.
• The borrower should have a minimum of 2 years of working experience while working in the presenting company for a minimum of 1 year.

For self-employed professional

• The borrower should be self-employed professional such as a doctor, interior design or any other professional.
• The borrower’s age should be between 21 year and 65 years.
• There is no minimum income criteria.
• The business should be up and running for a minimum of 1 year.

Documents required for BOB Personal loan

To get the personal loan, you will have to submit these documents.

• The common documents

1. Application form filled and signed
2. Passport size photographs
3. Proof of identity ( Aadhar card, PAN Card, Driving license, Passport, Voter ID Card, etc.)
4. Proof of address ( electricity bill, telephone bill, postpaid bill, utility bill)
5. Passbook for the last 6 months
6. Bank statement for the last 3 months

• For Salaried individuals

1. Salary slip for 3 months
2. A salary certificate with the FORM-16

• For self-employed professional

1. Bank statement
2. FORM-16 or ITR

What could affect the  BOB personal loan rate of interest?

Various factors are affecting the personal loan interest rate. Here are some essential once.

• The borrower’s monthly income
• The loan repayment tenure
• The credit history and CIBIL score of the borrower
• The prepayment option

Features of BOB instant loan

• Bank of Baroda offers prepayment facility for the outstanding loan amount after 12EMIs without any additional charges.
• There is no need for collateral.
• The rate of interest is very low, which makes the personal loan affordable to a large section of people.
• The loan is disbursed quickly once the verification process is completed.
• The repayment terms are flexible as per the borrower’s comfort.
• There is no restriction on the end-use of the personal loan amount.
• There Is no prepayment penalty.
• The loan is payable in easy instalments.

Comparison of the bank of Baroda personal loan and other lenders

Bank Name	Loan amount	Loan tenure	Rate of interest	Processing fee
Bank of Baroda	Up to 10 lakhs	Up to 60 months	Starts at 11.35%	Up to 2% of the amount
ICICI bank	Up to 20 lakhs	Up to 60 months	Starts at 11.25%	Up to 2.25%
Axis Bank	Up to Rs 15 lakhs	Up to 60 months	Starts at 12%	Up to 2%
HDFC bank	Up to 15 lakhs	Up to 60 months	Starts at 10.75%	Up to 2.50%

 

Different types of loans offered by Bank of Baroda

• Mortgage loans
• Mudra loans

BOB Personal loan EMI Calculator

Before you take the loan, it is essential to know what will be the monthly EMI. To understand it, you could use the BOB personal loan EMI Calculator. It is very easy to use. Enter three things upon opening the calculator.

• The loan amount
• The rate of interest
• And the loan tenure

Enter these 3 terms; the calculator will tell you the monthly EMI along with the total interest payable and full payment( Payment + interest).

How to apply for Bank of Baroda personal loan at Afinoz?

Here is the step by step process when you want to apply for Bank of Baroda personal loan at Afinoz.

1. First, download the Afinoz app from the Google play store.
2. Register yourself on the app.
3. Check out the loan eligibility.
4. Enter your personal and professional details.
5. Submit the loan application and upload the mentioned documents in the app.
6. Choose Bank of Baroda from the lender’s list.
7. The verification process will start.
8. Once the verification process is completed, the loan amount will be disbursed into your bank account.

Conclusion

Bank of Baroda offers a considerable loan amount to make sure the borrower needs could be fulfilled. The rate of interest, processing fee and other charge are low to make sure; the borrower does not have to extra while taking the loan. In case you have a query, you could contact Bank of Baroda customer card at 1800 22 3344.