Bank Of Baroda, India's Premere Bank
Posted by Digitalafinoz on July 24th, 2019
Bank of Baroda is the leading bank of India that offers banking and financial services across the globe. The services offered by the bank are best in the class and this result to its expansion and made it India’s International Bank. So, if you are in a deep financial crunch and looking for a way to move out, then Bank of Baroda is the best choice as it offers personal loan at the minimal interest rate. Before moving to the online application process, let’s have a glance of salient features of the Bank of Baroda.
Why choose Bank of Baroda for a personal loan?
Bank of Baroda personal loan varies as per the region. In the urban region, the personal loan ranges from Rs 1 lakh to Rs 50 lakh, and in the semi-urban or rural areas, the loan amount lies in the range from Rs 50,000 to Rs 5 lakh.
The eligible persons who can avail the BOB personal loan are government employee, self-employed, an employee of private companies and pensioners. But there is one condition, i.e., continuous services offered by them for a minimum of one year.
The age criteria fixed by the Bank of Baroda for a personal loan is 21 years, and maximum goes to 60 years.
The processing charge fixed by the bank is only 2%.
The maximum repayment tenure for a personal loan is 84 months.
Bank of Baroda also offers the EMI feature, which reduces the stress from the borrower and enables them to repay the amount effectively.
The interest rate lies in the range from 11.60% to 16.60%.
Bank of Baroda offers the preclosure feature, means you can repay the pending amount before the end of the tenure in cash, and it begins after the completion of first month's EMI.
The other charges include delay payment, late EMI, and cancellation of the loan.
Interest rate plays a leading factor in the personal loan as more the interest rate more you will have to repay against the loan. So, it is quite essential to know the factors which led to the low-interest rate, and for your convenience, the depending factors which result in the BOB personal loan at low-interest rate are listed below.
What are the prime factors which result in the personal loan at a low-interest rate?
Bank of Baroda offers exclusive services to the special categories, which include Government employee, a person working in a reputed company.
Bank of Baroda offers low-interest rate for a high amount and high-interest rate for a low amount. The relation between the tenure and the amount is inversely proportional. So, if your need is more significant and requires the loan amount at a more excellent range, then the bank will offer the personal loan at the low-interest rate.
Income also plays a crucial factor in the segment of a low-interest rate. If you receive a handsome salary, then the bank will offer the personal loan at a low-interest rate. Your income enables the bank to judge your repayment capacity. Hence, higher your salary lower will be the interest rate against the personal loan.
It is an instrument which enables the bank to decide whom to offer the loan at a low interest rate. If you have a good CIBIL Score, then you will get Bank of Baroda personal loan at a low interest rate.
What is the eligibility to avail the Bank of Baroda Personal Loan?
You must be a salaried employee either in government or in the private sector and must have served the company for a year.
The pensioners are also eligible for the personal loan.
The insurance agents are also available for the personal loan, but they must have served the company for a minimum of 2 years.
The bank employees do not qualify for the personal loan.
After knowing the eligibility criteria of personal loan offered by Bank of Baroda, you must know about the EMI Calculator. It is a method which let you know about the monthly EMI against the personal loan. So, if you are willing to know about the EMI Calculator, then follow the steps listed beneath.
How to calculate monthly EMI against the personal loan?
Go to the official page of Bank of Baroda personal loan
At the top of the page, you will find some features such as ‘Apply Now’, ‘EMI Calculator’, ‘Branch Locator’ and ‘Download Form’. Now click on ‘EMI Calculator’.
After that, you will be directed to a new page which will display Loan amount, rate of interest, and Loan terms. Select the loan section and use the slider to place at your desired amount.
Now, move to the rate of interest section and repeat the task.
At the last stage, you will have to move the slider of loan terms, and fix it as per your repayment capacity.
After completing the above steps, you will find the monthly EMI at the bottom of the page.
Now, it’s time to proceed for the online application process. Bank of Baroda personal loan can be availed via an online method. The process is simple, and for your solace, the details are enclosed below.
How to apply for BOB Personal Loan?
Go to the official website
Soon, you will find a new page displaying several features of Bank of Baroda, click on ‘Apply Now’ located at the top-right of the page.
Thereafter, you will be directed to the new page which will display the application form, and your job is to fill the form with relevant details.
After filling the form, you will be directed to the documents section where you will have to enclose the necessary documents such as an Identity Card (Aadhar Card, Voter ID Card, Passport, etc), Residential Proof (Electricity Bill, Telephone Bill, Water Bill, etc), an Income Proof (salary slip for last 3 months or bank’s statement copy of last 6 months, Pan Card).
After enclosing the documents, you will find the ‘Submit’ button; click on it to complete the task.
That’s it; soon you will receive the confirmation message from the bank. Now the bank will scrutinize the application form and documents if found satisfactory the bank will disburse the loan amount in your bank account in a quick period. Hence, stay tuned with Bank of Baroda to avail the exciting offers and services. Also See: Personal Loan, Low Interest, Baroda Personal, Emi Calculator, Personal, Low, Loan
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