In case of a personal financial emergency, we give a heads-up to our friends and borrow money from them. However, we have a more viable option than this. The better option is always a personal loan because it won’t affect your friendship in the long run. At competitive interest rates, personal loans are available from numerous financial organizations, including banks and NBFCs.
The Bank of Baroda, one of the most reliable lenders in the nation, also provides personal loans. Personal loans from BOB are quick and simple to apply for. Salaried employees and independent contractors can apply for a BOB Personal Loans. The two main benefits of Bank of Baroda personal loans are the minimal paperwork requirements and speedy processing. Moving ahead, we will give you a detailed overview about the personal loan offered by BOB.
BOB Personal loan benefits & Features
Let’s have a look at the attractive benefits & features of BOB personal loan:
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Best for emergency fund requirement.
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Get more advantages over credit cards
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No strict credit limits
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You can pay via cheque, bank transfer, or cash
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An extended repayment tenure
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Flexibility for using your funds
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You get higher borrowing limits
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Special Schemes for pensioners and ex-defense personnel.
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Personal loan offerings for Earnest Money Deposits.
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A customer having good bank account records without any discrepancies for at least 6 months can avail premium loans.
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Zero prepayment and foreclosure charges.
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To be eligible for a personal loan, applicants must be at least 21 years old; co-applicants are not permitted. At the end of the repayment period, the maximum age to apply for personal loans is 65 for those who are not salaried and 60 for those who are.
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Maximum Rs. 20 lakhs (connected to the borrower’s line of work and bank account linkage). Minimum Rs. 1.00 lakh for urban and metro branches, and Rs. 0.50 lakh for rural and semi-urban branches.
Eligibility criteria for BOB personal loan
For availing a BOB personal loan one need to fulfil the below mentioned eligibility criteria:
Documents required
Listed below is the complete list of required documents for availing a BOB Personal Loan:
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Completely filled loan application form
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3 passport size photographs
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Form 135 giving details of Assets and Liabilities of the applicant
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Bank statement for the last six months and updated passbook
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Proof of residence – Passport/Voter ID card/Driving license/Postpaid utility bill like gas bill, electricity bill, etc.
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Proof of identity -Aadhaar Card/PAN card/Passport/Voters ID card/Driving license/Employee ID card issued by relevant authorities
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For salaried individuals,
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Last 3 months’ salary slips
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Statement of account for last 6 months
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For self-employed individuals,
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Balance sheet
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Profit and loss account, computation of income for last 1-year
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Income Tax Returns of the last 1-year
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Business proof: Registration Certificate/Service Tax Registration
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IT Assessment/Clearance Certificate
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Income Tax Challans/TDS Certificate (Form 16A)/Form 26
How is the EMI of BOB Personal loan calculated?
You can calculate the Equated Monthly Instalments (EMIs) of a BOB personal loan with the help of the following formula:
BOB Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where
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EMI is Equated Monthly Instalment,
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P is the principal amount,
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R is the monthly rate of interest, and
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N will be the BOB Personal Loan repayment tenure (in months).
The EMI formula for the Personal Loan will help you arrive at a near-to-accurate estimate of your Bank of Baroda Personal Loan EMI amount.
Interest rates & charges for BOB Personal Loan
FAQ's
Bank of Baroda would only approve personal loans up to a limit of Rs. 15 lakhs.
To a small group of consumers, Bank of Baroda offers pre-approved personal loans with instant loan disbursals.
Bank of Baroda does not have a minimum credit score requirement for applicants for personal loans. However, a credit score of 750 or higher is likely to give a personal loan with reduced interest rates.