Meet your expenses with BOB Personal Loan

Bank of Baroda (BOB) is one of the highly popular personal loan lenders in the Indian financial market. It serves the borrowers with the opportunity to efficiently manage their financial requirements. Anyone can acquire funds by meeting the Bank of Baroda personal loan eligibility criteria. BOB personal loan interest rate is considered among the lowest collateral-free loan offerings in India. 

As mentioned above it is mandatory to meet Bank of Baroda personal loan eligibility criteria, below are the generic criteria for the same as BOB follows flexible eligibility criteria. 

• A borrower age should be a minimum of 21 years at the time of loan application. The loan repayment tenure should not go beyond the retirement age of 60 years.

• A borrower should have at least minimum working tenure of 1 year as Employees of Central / MNCs & Educational Institutions/ State Govt. / Public / Autonomous Bodies and Joint Sector Undertakings, Public Limited Co. 

• Employees of Partnership firms, Private Limited companies, Proprietorship, Trust with minimum service for 1 year can avail the Bank of Baroda personal loan.

• Insurance Agents who are doing the business minimum for 2 years are also eligible for the Bank of Baroda personal loan.

• A Self-Employed Professionals (Doctor, Management Consultants, Engineer, Interior Designers, Architect, Tech. and Practicing Company secretaries, etc.) with a minimum 1-year stable business can acquire BOB personal loan.

As mentioned above BOB personal loan interest rate is low with the hassle-free and minimum documentation for different segments of the borrowers. Here are the few benefits of the Bank of Baroda’s loan:

• Unsecured Loan: Bank of Baroda personal loan is a hassle-free collateral-free loan offered to both the salaried as well as self-employed borrowers.

• 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.

• Multi-Purpose Loan: The personal loan amount from Bank of Baroda can be used for any purpose. 

• 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. 

• High Loan Amount:  BOB’s 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 of 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 a flexible repayment tenure of 5 years (t&c apply). 

• 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.

Few Factors that affect Bank of Baroda Personal Loan eligibility criteria

• Age

• Monthly Income 

• Working Tenure 

• Credit Score 

• House Ownership 

• Employment Type

Few factors that affect the BOB personal loan interest rate:

• Loan Amount 

• Income 

• Loan repayment capacity 

• Relationship with the Lender  

A common list of documents required for availing Bank of Baroda Personal Loan

To acquire BOB personal loan, a borrower should have some documents based on eligibility. Here are the commonly 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.

Important things about Bank of Baroda Personal Loan

Bank of Baroda offers a wide range of personal loans to fit-in the diverse needs of the borrowers. There are various reasons for BOB being among preferable lenders such as it’s a collateral-free loan, easy to avail, multipurpose loan, and many others. Due to the increasing demand for personal loans, various lenders have also evolved. 

Some of the other reasons for Bank of Baroda personal loan being one of the prominent leaders:

• Rapid loan processing

• Fast disbursal of loan 

• Attractive rate of interest 

• Flexible loan repayment tenure

• Online personal loan approvals

• Ease modes of loan repayment 

• Unsecured loan

Many financial experts’ advice to always compare the deal with other banks before applying for a Personal Loan. So, to make it easy for you here is the quick list of features of the Bank of Baroda Personal Loan:

• Customer-Friendly Collateral-free Loan: Bank of Baroda offers quick and hassle-free unsecured personal loans to both salaried as well as self-employed individuals.

• Flexible Repayment Tenure: Bank of Baroda personal loan comes with a flexible repayment tenure of 5 years (t&c apply). A borrower can acquire a personal loan with flexible repay tenure at low EMIs.

• Personal Loan Schemes: The Bank of Baroda extends the customized deals to fit every need of the loan seekers.

• Special Personal Loan Option: the existing customers of Bank of Baroda with a good track record of at least 6 months can avail of the premium Personal Loan options. 

• Quick Loan Processing: To ensure that all the financial needs are met on time, the Bank of Baroda offers a simple and quick turnaround period on its loan processing.

• Competitive rate of Interest: Borrowing a Personal Loan at a pocket-friendly interest rate eases the repayment stress to a great extent.

Conclusion:

Bank of Baroda personal loan eligibility criteria and BOB personal loan interest rate are two major aspects that are quite interrelated. It is extremely important to meet the eligibility criteria to get a personal loan at a low interest.

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Digital12345 Joined: January 19th, 2020