Bank Of Baroda: In today’s time, many people resort to personal loan to meet the increasing needs of life. In this context, Bank of Baroda is offering an attractive option for its customers. Let us know in detail about the features and application process of this loan.
Key features of the loan
Bank of Baroda offers personal loan up to Rs 10 lakh. This loan is available at a low interest rate, which makes it even more attractive. The loan amount can start from Rs 50,000 and go up to Rs 10 lakh. The interest rate ranges between 10% to 16% per annum, which is competitive in the market. The loan repayment period can range from 12 to 48 months, giving you the freedom to choose as per your convenience.
Eligibility Criteria
The person applying for this loan should be between 21 and 60 years of age. It is mandatory to have a stable source of income. The minimum monthly income for salaried individuals is set at Rs 15,000, while for independent contractors it is Rs 25,000. A good credit score (750 or above) is also required, which reflects your financial credibility.
Required Documents
Some important documents are required while applying for a loan. These include Aadhaar card, PAN card, identity card, income certificate, and bank passbook. Apart from this, your mobile number and email ID will also be required. These documents help confirm your identity, income, and financial status.
Application Process
The process of taking a personal loan from Bank of Baroda is simple and online. First, you need to visit the official website of the bank. There, log in using the mobile number linked to your Aadhaar card.
Then, choose the personal loan option and fill the application form. If you meet the eligibility criteria, your loan will be approved. After approval, the funds will be credited to your account within 2 to 3 days.
Bank of Baroda Personal Loan is a great option for those who want to meet their financial needs. Low interest rates, flexible repayment tenure and simple application process make it attractive.
However, before making any financial decisions, it is important to carefully evaluate your income and expenses. Remember, a responsible loan can help you achieve your financial goals, but it requires regular and timely repayment. Choose a loan that suits your financial situation and follow the repayment plan.