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. Bank of Baroda has a landmark history due to which it has a massive consumer base in the nation.
Bank of Baroda Personal loan comes at an attractive rate of interest along with the hassle-free and minimum documentation for different segments of the borrowers. As it is always advisable to compare the deal with other banks before applying for a personal loan. So here are the few features of the Bank of Baroda personal loan which may help a borrower to understand why it is among the most preferred lenders.
- Collateral-free Loan: Bank of Baroda personal loan is a hassle-free unsecured loan offered to both the salaried as well as self-employed borrowers.
- Fast Loan Process: The loan processing time has reduced, and a borrower can get the applications processed instantly. Borrowers are not required to wait for several days to get the loan approved. Bank of Baroda comes with the quick loan processing just to ensure that all the financial needs of the borrowers are met on time. The BoB team of the bank works intending to provide the fast turnaround period on its Loan. Thus, the borrowers can meet their urgent needs with the Bank of Baroda personal loan.
- Customized Loan Schemes: The Bank of Baroda provides customized deals to meet every need of the borrower. There are schemes of Bank of Baroda personal loan which is specially designed for the retired pensioners and ex-defense personnel.
- High Loan Amount: Bank of Baroda personal loan offers the amount ranging from Rs. 1 lakh to Rs. 10 lakhs in the branches located in urban/ metro areas. If the branch is located in a semi-urban/ rural area then a borrower can acquire the minimum loan amount of Rs. 50000 and maximum of Rs. 5 lakhs.
- Minimum Interest Rates: A borrower can avail a personal loan at an attractive rate of interest which eases the repayment stress to a great extent.
- Flexible Repayment Tenure: Bank of Baroda personal loan comes with the flexible repayment tenure of 5 years (t&c apply). A borrower can acquire a personal loan with flexible repay tenure at low EMIs.
- Additional Benefits: Existing customers of the bank can acquire the extra benefits on the Bank of Baroda personal loan if he/she has a good track record. The bank branch head ensures if a borrower can get it or not.
- Multi-Purpose Loan: The personal loan amount from Bank of Baroda can be used for any purpose. Be it for a grand wedding, traveling expenses, studies or other.
Benefits of Bank of Baroda Personal Loan
Several personal loan lenders are available in the market. On one side it has provided borrowers with a variety of options to choose the best lender as per his/her requirements. On the other side, this has increased the confusion of borrowers to decide which will fit the needs. Every personal loan lender has its pros and cons. A few benefits of the Bank of Baroda personal loan has been mentioned below which may help a borrower to understand why to choose BoB.
- Fast loan processing
- Quick disbursement of the loan
- Attractive rate of interest
- Flexible repayment tenure
- Online loan processing
- Ease in the loan repayment mode
- Unsecured personal loan
Eligibility Criteria for Bank of Baroda Personal Loan
- A borrower age should be 21 years at the time of loan application.
- 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.
Bank of Baroda Personal Loan Interest Rate Calculator
A borrower can get Bank of Baroda personal loan at an attractive rate of interest.
Some of the factors that affect the personal loan interest rate are mentioned below:
- Loan Amount – The loan amount from the bank. Generally, lenders offer a low-interest rate on the high loan amount. Bank of Baroda offers loans ranging from Rs. 50,000 to Rs. 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 Bank of Baroda personal loan.
- Loan repayment capacity – Every lender looks for the repayment capacity of the borrower. Bank of Baroda also 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.
Documents Required for availing Bank of Baroda Personal Loan
To avail of a Bank of Baroda Personal Loan, a borrower should have some documents based on eligibility. All the submitted are verified by the bank officials, then only the approval on the loan application is provided. Here are the generic required documents for personal loans:
- Duly filled the application form.
- Passport size photographs.
- Proof of Identity.
- Address Proof.
- Bank statement.
- Age Proof.
- Signed loan agreement.
- Duly signed Standard Instruction (SI) Request/ ECS Form.