Applicants must establish a pre-existing relationship with the bank to secure a digital personal loan from the Bank of Baroda. For government employees and those in specific sectors, this entails maintaining a salary account with the bank, wherein the last drawn salary is credited. The eligibility period is variable based on the applicant type and the desired loan amount.
Also, the Bank of Baroda facilitates this process through an accessible Eligibility Calculator featured on its website. This tool empowers applicants to gauge the loan amount sanctioned based on eligibility. Beyond that, it functions as an EMI Calculator to estimate the repayment expenses associated with the loan.
The sanctioned loan amount takes into account various factors, with the location of the applicant emerging as a pivotal parameter. By prioritizing specific criteria and providing tools for self-assessment, Bank of Baroda streamlines the personal loan application process.
Prime Features & Benefits of Bank of Baroda BOB Personal Loan
Skip the paperwork for a personal loan with Bank of Baroda’s application process. This loan is one with so many features that will make you really delighted when applying for it. There are more features and benefits of this digital personal loan.
1] Long Repayment Period
The loan tenure signifies the duration within which borrowers must repay the sanctioned personal loan through Equal Monthly Installments (EMI). Bank of Baroda offers personal loans with a longer time frame to manage their repayments.
2] Competitive Interest Rate
The interest rate for Bank of Baroda personal loans is influenced by factors such as the applicant’s credit profile, past bank relationship, loan amount, and tenure. When it comes to BoB, the interest rate is quite budget-friendly.
3] Age Limit Is Not A Constraint
To qualify for an instant personal loan from the Bank of Baroda, applicants must be at least 21 years old, with no provision for co-applicants. Additionally, the age limit for applying extends up to 58 years for salaried individuals and 65 years for non-salaried individuals after the repayment period.
4] Paperless Loan Process
Adopting a paperless loan process contributes to environmental sustainability. This digital process increases the chances of fast approval. Applicants can also verify their electronic documents within a few minutes and complete the loan process within minutes.
5] Flexible Loan Amounts
Bank of Baroda understands that financial needs vary from person to person. That’s why they offer flexible loan amounts, ensuring that whether your need is big or small, there’s a loan size that fits. This flexibility allows borrowers to plan their finances better without having to borrow more than they need.
6] No Hidden Charges
Transparency is key in financial dealings, and Bank of Baroda stands firm on this principle. Applicants can rest easy knowing there are no hidden fees or charges in their loan process. Every cost, from processing fees to prepayment charges, is clearly stated upfront, helping borrowers make informed decisions.
7] Quick Disbursal
In today’s fast-paced world, time is of the essence. Recognizing this, Bank of Baroda ensures that once a loan is approved, the funds are quickly disbursed to the borrower’s account. This swift process means that whether it’s an emergency or a planned expense, the funds are available when you need them.
All these features make this a perfect loan option.
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Online Application Process for Bank of Baroda BOB Personal Loan
With these steps, you can complete your online application to get a BoB personal loan. These simple steps make it easy to apply for the digital personal loan:
Step 1: Open Your Web Browser
Begin by launching the BoB personal loan website using your web browser. This can be done on browsers like Chrome, Opera, or Firefox. Navigate to the homepage and locate the section for personal loans.
Step 2: Check And Verify Your Eligibility
Visit the loan section within the app and pick your preferred personal loan type. Follow through with eligibility checks, providing details such as credit score, income, and more. The BoB Bank will then use your Aadhaar card for verification.
Step 3: Complete Your KYC Process
Once you’ve successfully met the eligibility criteria, proceed to complete the application. Check the maximum loan amount you qualify for and preview your EMI. The Bank will then ask you to do a video KYC, and after verification, your account will be credited with the approved loan amount.
Step 4: Check Add-On Options
You must always check the add-on options that can benefit you after taking a BoB Bank loan. These options may include insurance, interest rates, repayment options, and other benefits. If you have a government job in any sector and an existing account in BoB Bank, you’ll get more advantages than other applicants.
Once you have confirmed all the options and features, just wait for a few hours, and your loan will be disbursed.
Eligibility for Bank of Baroda Personal Loan
Meeting basic criteria related to age and income is necessary to be eligible. The application process includes filling out your personal information. But that’s not all – here are all the major criteria you need to meet to apply for this fast personal loan.
Age Requirement: The age limit is 21 to 65 years to apply for this personal loan.
Income Criteria: Information about the minimum monthly income is unknown, but you must have 1 year of work experience to get this loan.
Employment: This loan can be applied for by both self-employed and salaried both.
Credit Score: A minimum credit score of 701 or above should be your go-to move.
Mandatory Identification: Prepare your Address Proof, PAN, and Aadhaar card.
Financial documents: Submit salary slips and bank statements for the last 3 months.
Bank of Baroda Personal Loan Fees & Charges
This part explains the fees BoB applies to your personal loan. Here’s a detailed explanation of common charges relevant to this online personal loan.
1] Foreclosure Charges
Bank of Baroda imposes no personal loan foreclosure charges on the remaining loan amount, given that the bank provides personal loans with floating interest rates.
2] Processing Fees
Processing fees by BoB are 2% of the loan amount + Applicable GST. The range is a minimum of INR 1000 and a maximum of INR 10000. It serves as a maintenance and administration charge imposed by banks during the loan processing phase.
3] Verification Charges
Verification charges incurred to assess the loan repayment capacity of the applicant involve the bank engaging a third-party agency for credential verification. The loan applicant bears the associated costs for this verification.
4] Late EMI Penalties
Late EMI penalties come into play when a borrower fails to repay the EMI on time. So, this will result in the imposition of additional charges when you pay the next EMI of your loan amount.
5] Prepayment Charges
The bank may impose a penalty if you choose to prepay or close your loan before the agreed tenure. This charge is a prepayment and ranges from 2% to 4% on the borrower, but with BoB, there are no charges.
Important Insurance to Take with BOB Personal Loan
When you apply for BoB digital personal loans, you must also get insurance. Here are some basic insurances you must apply for. Let’s check their importance when taken with a personal loan.
EMI Protection Insurance
Hidden benefits often go unnoticed with EMI Protection Insurance. This insurance might have a feature that will forgive a portion of your EMIs in case of critical illnesses. It may also have a built-in provision to cover extra costs, such as legal fees or documentation charges.
Life Insurance
Securing your family’s financial stability is crucial. If anything happens to you, it ensures your family gets the funds to clear your digital personal loan. The extra amount provides additional support, helping them manage life without additional financial worries. It’s a way to safeguard their future during unexpected challenges.
Critical Illness Insurance
This insurance could offer financial assistance during your recovery from a severe illness, covering various costs that arise post-treatment. Moreover, it might include a feature enabling partial payouts upon diagnosing less severe but impactful illnesses.
Disability Insurance
Disability Insurance comes with a home modification benefit, helping adjust living spaces to meet the needs arising from a disability. The plan might also include caregiver training and assistance for family members to acquire the skills necessary to assist the disabled individual.
Get Savings With A Balance Transfer BT of Existing with Bank of Baroda
You must move your existing loan to your BoB Bank account to save money and pay a lower interest rate. This is the feature that you can avail of with the help of the balance transfer. It reduces monthly payments and improves your credit score during the loan term. It’s the best personal loan option for people with other expenses and who want to maintain their monthly EMI according to their salary.
