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Bank Of Baroda Personal Loan|BOB Personal Loan|BOB Personal loan online apply|BOB Online personal loan

 Bank Of Baroda Personal Loan|BOB Personal Loan|BOB Personal loan online apply|BOB Online personal loan

Hello friends we are back again with a fresh new article ,hope you all are fine and are doing good. Today in this article we will get to know about the personal loan provided by Bank Of Baroda. As in today's world everyone needs money, we all need money not only for our wants but also for our needs and necessities, if one does not has good amount of money then he or she must have to take some loan like personal loan for their all wants and needs. So friends i will tell you about one of the best personal loan provided by BOB which is bank Of baroda. in this article, we will get to know about its features, interest rate, processing fee, documents required, how to apply etc . which are given below:

Interest rate Of BOB Personal Loan:

Lets firstly talk about the interest loan provided by Bank of Baroda for the personal loan for their users. The interest rate of this loan scheme is quite impressive which varies from 10.5% ton 12.5 % per annum depending upon your requirements and your loan amount. Lets discuss the processing fee provided by this loan .

Processing Fee of BOB Personal Loan:

Now we will head towards the processing fee of the this loan amount. If you do not know what is processing fee then do not be frightened i will tell you about it in a simple way. If you want to take some kind of loan from any bank or other institution then there is some processing fee which is deducted by the loan lender for the processing of providing loan or expenses . The processing Fee in terms Of BOB personal loan is only 2% with some external GST which is Goods and Service Tax.

Penal Interest Of BOB Personal Loan:

Lets discuss the penal interest of BOB Personal loan. The penal interest in that amount of interest when one is unable to pay the loan amount on the due or fixed date and there is some outstanding amount of loan. On this outstanding amount of loan, there is imposed penal interest which is 2%.

Pre-Payment Charges Of BOB Personal Loan:

Now we will discuss about the pre-payment charges of BOB Personal loan. The pre-payment charges are those charges which one has to pay for the outstanding loan amount. This charges may differ for the salaried person and the self employed person and this also depends upon the tenure rate that is for how much time you are taking the loan. In case Of BOB Personal Loan scheme there are Nil-charges which is quite good .

Minimum and Maximum loan amount:

Lets talk about the minimum and maximum loan amount of bank of baroda personal loan scheme.
The minimum and the maximum amount of loan provided by the bank depends on many factors but i will tell you that the minimum amount provided by this bank is  50k to 1 lakh and the maximum amount of the loan provided by them is 15 lakh rupees.
Tenure Rate Of BOB Personal Loan:
Let us now discuss the tenure rate of the bank of baroda .If you don't know what is tenure rate then the tenure rate is the time for which the bank provides loan to us.It depends on many factors but we will simply explain you that The minimum tenure rate of this personal loan is 48 months which is 4 years to maximum of 60 months which is 5 years.

Features Of BOB Personal Loan:

Lets discuss the features of this BOB personal loan scheme:
  • The processing charge is very low .
  • There is no foreclosure charges.
  • There is no pre payment charges.
  • The Interest rate is quite attractive.
  • The personal loan varies by location which means you will get the loan amount depending upon that.
  • The minimum age for applying this loan is 21 years.
  • The maximum age for applying this age is 60 years for salaried and 65 years for non salaried.
  • The penal interest is very low.
  • There is flexibility in the loan amount.
These were the features of BOB Personal loan now lets discuss its advantages.

Advantages Of BOB Personal Loan:

Heading towards the advantages of BOB Personal loan, the main benefits or advantages of this loan are:
  1. You can get easily and instantly emergency fund.
  2. There are more advantages if you take loans over your credit cards.
  3. There is no as such strictness on the credit limits.
  4. You can pay the loan amount through cash, bank transfer or cheque.
  5. You can extend the timeline for the loan repayment.
  6. There is flexible usage of the funds.
  7. The borrowing amount of loan is high.
These were the advantages of the BOB Personal loan scheme.

Eligibility Of BOB Personal Loan:

Let us discuss the eligibility criteria of BOB Personal Loan which are as follows:
  1. The person must be the citizen of India.
  2. The age for applying the loan is minimum 21 years,
  3. The age for applying the loan is maximum 60 years for salaried persona and 65 years for no salaried person.
  4. The penal interest should be imposed on outstanding amount of loan.
  5. The processing charges are 1000 to 1500 rs. that is 2% with external GST.
  6. The maximum and minimum amount of loan for the eligibility depends upon your locatio where you are living.
  7. This loan can be applied as an individual applicant.
  8. Staff members and NRI are not eligible for this loan.
  9. The person must be a salaried person having a regular source of income.
  10. If the person is self-employed or runs some sort of business then he/she must provide IT returns of the company of last 1 year.
These were the eligibility criteria of the BOB personal loan. Lets talk about the documents needed to apply for this loan.

Documentation Needed For BOB Personal loan:

Now we will get to know about the documents needed for applying this personal loan:
  1. The person must have at least his 3 passport sized photographs.
  2. He must provide his bank statement of at least 6 months.
  3. He must provide his residence proof to the bank like voter ID, domicile certificate, driving license etc.
  4. He must have a Valid ID Proof like his Aadhar card, PAN Card, Voter ID etc.
  5. The salaried person must provide his latest salary slips of at least 3 months.
  6. If the person is self employed then he must provide IT Returns of his company, balance sheet, profit and loss account of previous 1 year.
  7. He must also provide his business registration certificate.
  8. He must also provide his Income Tax challans etc. certificate related to it.
  9. The company must not be in the RBI's defaulter's list.
These were the documents required for applying the personal loan scheme by BOB. Lets discuss how to apply this.

How to Apply BOB Personal Loan:

Now we will get to know that how can we apply for this personal loan by Bank Of Baroda.
There are generally 2 ways of applying this loan . The first one is offline mode which means you have to go to your nearby bank branch Of bank Of baroda and then fill all the formality forms and provide all the documents by going there and standing in the queue.
The second one or the popular one is , yes you guesses well, it is online mode. This mode is very easy , I will tell you how to apply for this loan in online mode through step by step given below:
1 Firstly you you have to open your browser and type for the BOB Home loan Apply.
2 You will be redirected to the official website of the bank.
3 Now you have to click on the loan option from main menu.
4 After clicking on the main menu, click on Personal loan and select the BOB personal loan .
5 After that, a new window will appear in which you have to fill you phone number and create an account or you have one then log in into it.
6 After that fill all the personal information required.
7 Provide all the documents that have been mentioned above step by step.
8 Fill your bank Details.
9 After the KYC Process, the personal loan will be approved taking sometime.
10 After loan approval , the loan amount will be sent to your bank account.
NOTE: The steps may vary in some cases but the usual format is same. For any query you can contact to us through our social links.

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