Bank of Baroda Personal Loan – Interest Rate, Eligibility and Documentation

Bank of Baroda Personal Loan – Interest Rate, Eligibility and Documentation

Bank of Baroda Personal Loan – Bank of Baroda offers collateral-free personal loans up to Rs 25 lakhs for salaried professionals, self-employed and businessmen.

Read on to learn how to apply, the documents required, eligibility criteria, interest rates, repayment tenures and other key details associated with availing a BOB personal loan.

Details About Bank of Baroda Personal Loans

• Loan Amount: Rs 1 lakh to Rs 25 lakhs
• Interest Rates: @10.15% per annum to @16.50% per annum
• Loan Tenure: 12 months to 84 months
• Disbursal Amount: Within four working days of loan approval

Eligibility Criteria For Bank of Baroda Personal Loans

The key eligibility parameters which applicants must meet before applying for a BOB personal loan are:

• Age between 21 years to 65 years
• Salaried individuals with a minimum of 1 year of job experience
• Self-employed professionals/entities in business for 3+ years
• Having sufficient earnings to repay the loan through monthly installments
• Good credit report with a score above 750
• Having limited existing loan obligations
• Stable residence and job continuity in the respective city

Upon meeting the eligibility criteria around age, income, employment, credit score and repayment capacity – salaried businessmen can apply for a multi-purpose personal loan from the Bank of Baroda through online or offline channels.

Documents Required For Bank of Baroda Personal Loan

Listed below are the documents needed from applicants to avail a BOB personal loan:

• Signed Loan Application Form with latest photographs
• Identity Proof (Aadhaar Card / Driving License / PAN Card)
• Address Proof (Voter ID / Utility Bill / Passport Copy)
• Three months’ Salary Slips + bank statements reflecting monthly salary credits
• Form 16 and the latest ITR for self-employed individuals/entities

The documents submitted need to be self-attested by the applicant before submission to the nearest Bank of Baroda branch or through the online/mobile application process of BOB personal loans.

How To Apply Online For BOB Personal Loan

To enable convenience, the Bank of Baroda allows the submission of personal loan applications directly through online channels:

Step 1: Visit the BOB website and click on the ‘Personal Loan’ option

Step 2: Read the terms and conditions to check eligibility

Step 3: Submit the application form online along with relevant income documents

Step 4: Make application fee payment through integrated payment gateway

Step 5: Check the application status through the tracker dashboard on the website

Step 6: Visit the nearest branch if contacted by a bank representative for document verification

Step 7: Get the loan amount disbursal directly into the bank account basis successful process completion

Applying Offline For Bank of Baroda Personal Loan

Applicants can also choose to apply directly at Bank of Baroda branches near their residence:

Step 1: Visit the nearest branch and get the personal loan application form

Step 2: Fill the form correctly, providing KYC, income, employment, and loan details sought

Step 3: Submit the form of the document along with one-time application fees

Step 4: Credit team reviews form basis eligibility, documents satisfy and credit policy norms

Step 5: Visit the branch on a designated date if contacted for additional documents or clarifications

Step 6: On approval by the credit committee, legal formalities and technical assessment are completed

Step 7: Post agreement signing, the loan amount gets disbursed into a checking account within two working days

Select whether the online or offline (branch visit) channel suits you well to apply seamlessly and get much-needed funds through a BOB personal loan.

Key Highlights Of Bank of Baroda Personal Loans

• No collateral or security on loans up to Rs 20 lakhs limit
• Attractive interest rates starting as low as 10.15% per annum
• Flexible repayment tenures from 12 months to 84 months
• Nil charges for loan foreclosure through own sources
• Part-payment facility available through cheque/draft payments
• Top-up loan facility over and above existing limits
• Zero pre-payment or part payment charges are applicable

Factors Impacting Bank of Baroda Personal Loan Interest Rates

Primarily, the following aspects impact the rate of interest levied on applicants:

• A strong credit score enhances profile, attracting lower interest charge
• Level and stability of earnings from employment or professional undertakings
• Selection of a higher loan repayment period of up to 84 months
• Ability to offer collateral for loan above Rs 20 lakhs limit
• Historical relationship with the Bank of Baroda

Bank of Baroda Personal Loan Tenure Options

• 1 – 2 years for loans up to Rs 15 lakhs
• 3 – 7 years for loans greater than Rs 15 lakhs

Longer tenure implies a lower equated monthly installment burden, albeit at higher interest outflows. Carefully evaluate options before picking an optimal tenure aligned to incoming cash-flows.

Tracking Personal Loan Application From Bank of Baroda

Post application, applicants can track the status of their Bank of Baroda personal loan approval process by:

• Calling on 18002584404 helpline number to talk with a bank representative
• Emailing loan queries for response to customercare@bankofbaroda.com
• Visiting the nearest branch and requesting status personally from the executive

This helps provide clarity on the application stage or any additional requirements needing fulfillment before approval or disbursal by the bank, especially for offline applicants.

Connect With the Bank of Baroda For Personal Loan Details

To avail further information, discuss eligibility or get assistance regarding the Personal Loan offering from Bank of Baroda, the below channels can be reached out to:

• Email queries to customercare@bankofbaroda.com
• Call helpline 18002584404 (toll free) active 24 x 7
• Visit www.bankofbaroda.in website to chat online
• Walk-into nearest branch to meet our sales representative

We wish you the very best as you apply for a Bank of Baroda personal loan soon to take care of urgent monetary needs or important milestones requiring financing assistance.

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