Acquire personal loan from the best commercial bank in India

Various commercial bank in India provide a personal loan in the financial market. And this has helped the loan seekers with a range of options to choose from. But at the same time, it has increased the difficulty to choose the best bank in India for a personal loan. To help you a little bit in this article we will be talking about one of the popular and prominent personal loan lenders in the market i.e. Bank of Baroda personal loan.

• Unsecured Loan: Bank of Baroda’s loan is a hassle-free collateral-free loan means no guarantor or security is required to put against the loan amount. Bank of Baroda can be acquired by both the salaried and self-employed borrowers.

• Flexible Repayment Tenure: BOB (Bank of Baroda) personal loan come with a flexible repayment term. A borrower can enjoy a personal loan with flexible repay term at low monthly payments.

• Online Loan Processing: BOB's loan can be acquired via online application. The quick loan approval and disbursal of the loan amount have been a reason why a Bank of Baroda personal loan is considered one of the best bank in India.

• Perfect for Emergencies: We do plan out our monthly and yearly expense but there are times when unplanned financial requirements just emerge. Bank of Baroda can be your perfect partner to meet the emerged cash requirements. Another great part of applying for a Bank of Baroda personal loan is that there is no need for any explanation to anybody about why you are willing to take a personal loan.

• Minimal Documentation: BOB is popular for its simple, hassle-free, and fast documentation process. The turnaround time of the Bank of Baroda’s personal loan documentation is quite less than others.

• It Saves Time: As you want quick cash and Bank of Baroda offers the same with perfection.

• Manage the Loan Online: As mention above the personal loan from Bank of Baroda can be availed through the online loan processing with has provided great convenience to the loan seeker with various features like online loan management. 

• Greater Convenience: Well, BOB’s loan online services have made it convenient for you. All you are required is to complete the online loan application form, attach all the required documents, ensuring that you fit in Bank of Baroda credit score eligibility criteria and it’s done. 

Bank of India Personal Loan Schemes

1. BOI Star Personal Loan

BOI Star personal loan can be acquired to deal with various expenses like wedding expenses, medical bills, for higher studies, renovating the home, and many others.

• A loan amount offered under this scheme starts from Rs. 10,000 and goes up to Rs. 10 lakh.

• The offered loan amount is based on factors like location, eligibility, and others.

• Flexible repayment tenure up to 5 years is offered.

2. Star Mitra Personal Loan

Star Mitra Personal Loan offered by Bank of India primary aim to help the physically challenged individuals with finance so that they can live happily and independently.

• The loan amount under this loan scheme can be used to purchase the durable appliances/aids that may help them on a daily life basis.

• A maximum loan amounts up to Rs. 1 lakh can be availed under Bank of India’s Star Mitra Personal Loan.

3. BOI Star Pensioner Loan Scheme

Bank of India has designed this loan scheme, especially for the pensioners so that they can pay their bills or manage their other financial expenses by themselves and live independently.

• A high loan amount offered to the pensioner and family pensioners is usually offered 15 times of monthly pension up to Rs. 5 lakhs maximum.

• The maximum age limit of the BOI Star Pensioner Loan Scheme for applicants over 75 years is Rs. 1 lakh.

4. BOI Star Doctor- Plus

BOI Star Doctor- Plus loan can be availed by the qualified registered medical practitioners for any approved purpose. A maximum loan amount that can be acquired under this loan scheme is Rs. 20 lakh.

5. Star Holiday Loan Scheme

The Bank of India personal loan scheme namely Star Holiday Loan Scheme is offered to meet the expenses that are related to vacation like train/bus/airfare charges, accommodation, sightseeing, shopping, etc. The minimum loan amount offered under this scheme is Rs. 10,000.

Eligibility Criteria for availing Bank of Baroda Personal Loan

• The applicant should be a salaried professional with a regular source of earning.

• An applicant those are self-employed and salaried can also avail of Bank of Baroda's loan.

• The applicant’s minimum age should 23 years.

• An applicant's maximum age should be 60 years to eligible for Bank of Baroda personal loan.

Here a few ways that will help you to boost your loan eligibility.

1. Choose Longer Repayment Term

In general, if you go for longer repayment tenure, your loan eligibility increases to a greater extent. As the longer tenure displays your ability of loan repayment for a certain time in the future. You can always use the online personal loan EMI calculators to plan your EMIs and make an informed decision.

2. Maintain a good Credit Score

If you have a good credit score for a long constant period, then the lenders consider you as a credible applicant instead of a risk.

3. Duly payments of Credit Card Bills on Time

Timely payment of credit card bills displays your profile as a disciplined borrower in the eyes of the lender when it comes to making payments. This can have a positive impact and also boost your eligibility.

4. Residential or Commercial Rental Income

An extra source of income in the form of rents is a good add-on to the existing financial condition when you apply for the loan.

Documents required for Bank of Baroda Personal Loan

• Complete personal loan application form.

• Copy of passport/ Voter ID card/ Driving license/ Aadhaar card.

• Residential proof (copy of passport/voter ID card/driving license/Aadhaar).

• Last 3 months bank statement (Passbook of the past 6 months).

• Latest salary slip.

• Current dated salary certificate. 

• Form 16

• Income tax returns

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Digital12345 Joined: January 19th, 2020