BOB Personal Loan: In today’s time, the financial needs of people are constantly increasing. To meet these needs, Bank of Baroda is providing personal loan facility to its customers on attractive terms. Let us know about this loan in detail.

Loan Key Features

  1. Loan Amount: ₹50,000 to ₹10 Lakh
  2. Interest Rate: 10% to 16% per annum
  3. Repayment Tenure: 12 to 48 months (up to 4 years)

Eligibility Criteria

To avail a personal loan from Bank of Baroda, you must fulfil the following criteria:

  1. Age: Between 21 and 60 years
  2. Salaried Income: Minimum ₹15,000 per month
  3. Self-employed Income: Minimum ₹25,000 per month
  4. Credit Score: 750 or above
  5. Employment: Stable and reliable source of income

Required Documents

Keep the following documents ready while applying for a loan

  • Aadhaar Card
  • PAN Card
  • Identity Proof (Voter ID, Driving License, etc.)
  • Income Proof (Salary Slip, Income Tax Return, etc.)
  • Bank Passbook or Statement
  • Passport Two size photographs

Online Application Process

  1. Visit the official website of Bob.
  2. Log in using the mobile number linked to your Aadhaar card.
  3. Choose the ‘Personal Loan’ option.
  4. Fill the application form carefully.
  5. Upload all the required documents.
  6. Submit the application form and wait for your application form is confirm or not.

Loan Approval and Disbursement

  1. If you meet the eligibility criteria, your loan will be approved.
  2. The loan amount will be transferred to your account within 2-3 working days of approval.

Precautions

  1. Pay EMIs on time to maintain a good credit score.
  2. Choose the loan amount as per your repayment capacity.
  3. Read all the terms and conditions carefully.
  4. Contact the customer care centre of the bank for any doubts or queries.

Thus, Bank of Baroda Personal Loan is a convenient option to meet various financial needs. Whether you want to raise funds for your children’s education, home renovation or any unexpected medical expenses, this loan can help you. However, it is important to carefully evaluate your financial situation before making any financial decisions.

Remember, a loan taken responsibly and repaid on time can help strengthen your financial future.