Bank of Baroda (BOB) Personal Loan Eligibility Criteria with Calculator

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Bank of Baroda (BOB) Personal Loan Eligibility Criteria with Calculator

 

Bank of Baroda (BoB) offers personal loans to individuals for a variety of purposes. Salaried and self-employed individuals can apply for these loans.The interest rate for a BoB personal loan starts at 10.50% per annum. The actual interest rate you will be offered will depend on your credit score and other factors.

You can apply for a BoB personal loan online or at any BoB branch. You will need to provide the following documents:

  • Identity proof (such as passport or PAN card)
  • Proof of residence (such as electricity bill or rent agreement)
  • Proof of income (such as salary slip or bank statement)

Bank of Baroda Personal Loan is an unsecured loan, which means you don’t need to provide any collateral or security to avail the loan. The loan amount can be used for various personal needs, such as home renovation, education, marriage, travel, and medical treatment. The loan amount can range from 50,000 to 20 lakhs and can be availed for a maximum period of 60 months.

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Bank of Baroda Personal Loan Summary 2023

Bank Bank of Baroda
Loan Type Bank of Baroda Personal Loan
Loan Amount Rs. 50000 to 20 Lacs
Interest Rates From 10.60 %
Age Limit 21 to 60 Year
Repayment Time 12 to 60 Months
Official Website Click Here

Bank of Baroda Personal Loan Highlights

Bank of Baroda Personal Loan Interest Rates

The interest rate for a Bank of Baroda personal loan is determined based on the applicant’s profile and creditworthiness. The interest rate can range from 10.60% to 17%, and it is subject to change based on the bank’s policy and the RBI guidelines. The bank also charges processing fees, which can vary depending on the loan amount and the applicant’s profile.

It is always recommended to compare the interest rates, fees, and other benefits from other banks before taking a decision. It’s also important to read the terms and conditions before signing the loan agreement.

How to calculate EMIs for Bank of Baroda Personal Loans

EMI or Equated Monthly Installment is the amount that you need to pay to the bank every month to repay the loan. You can calculate the EMI for a personal loan from Bank of Baroda using the EMI calculator available on the bank’s website or using a general EMI calculator.

To calculate the EMI using a general EMI calculator, you will need to know the following:

  • The loan amount
  • The interest rate
  • The repayment period

The EMI calculator will use this information to calculate the EMI.

The formula used to calculate EMI is:

EMI = P x r x (1 + r)^n / ((1 + r)^n - 1)

Where:

  • P = Principal loan amount (the total amount of the loan)
  • r = Interest rate per month (interest rate divided by 12)
  • n = Number of months (repayment period)

For example, if you are taking a personal loan of INR 5,00,000 at an interest rate of 10% per annum for a repayment period of 5 years (60 months), the EMI would be approximately INR 9,639.

It’s important to note that the interest rate and EMI may vary based on the loan amount, repayment period, and the applicant’s profile. Therefore, it’s always recommended to use the EMI calculator on the Bank of Baroda website to get an accurate estimate of your EMI.

Here are some additional tips for calculating EMIs:

  • Make sure you understand the terms and conditions of the loan before you start calculating EMIs.
  • Use a general EMI calculator to get an estimate of your EMI.
  • Use the EMI calculator on the Bank of Baroda website to get an accurate estimate of your EMI.
  • Compare EMIs from different lenders before you choose a loan.

The eligibility criteria for a Bank of Baroda personal loan

To apply for a personal loan from Bank of Baroda, you must meet the following eligibility criteria:

  • Be a salaried individual, self-employed professional, or self-employed non-professional.
  • Be at least 21 years old and not more than 60 years old at the time of loan maturity.
  • Have a minimum net income of INR 15,000 for salaried employees and INR 2,50,000 for self-employed individuals.
  • Have a minimum work experience of 2 years for salaried employees and 3 years for self-employed individuals.
  • Have a minimum CIBIL score of 700.

You will also need to provide the following documents:

  • Proof of identity (such as passport or PAN card)
  • Proof of income (such as salary slip or bank statement)
  • Proof of residence (such as electricity bill or rent agreement)

If you meet the eligibility criteria and provide the required documents, you will be considered for a personal loan from Bank of Baroda.

Bank of Baroda Personal Loan Compared to Other Banks

Here is a table comparing the personal loan offers from Bank of Baroda and other banks:

Bank Interest Rate Tenure Loan Amount & Processing Fee
Bank of Baroda 10.60% to 17% 12 to 60 months Up to Rs. 20 lakh / Up to 1.50% of the loan amount
SBI Starting from 10.99% 12 to 72 Months Up to Rs. 20 lakh / Up to 1.50% of the loan amount
Bajaj Finserv Starting from 12.99% 12 to 60 months Up to Rs. 25 lakh / Up to 3.99% of the loan amount
Axis Bank 12% to 24% 12 to 60 months Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount
Citibank Starting from 10.99% 12 to 60 months Up to Rs. 30 lakh / Up to 3% of the loan amount
ICICI Bank 11.50% to 19.25% 12 to 60 months Upto Rs. 20 lakh / Up to 2.25% of the loan amount

As you can see, the interest rates and loan amounts offered by different banks vary. It is important to compare the offers from different banks before you choose a personal loan.

Here are some factors to consider when comparing personal loan offers:

  • Interest rate: The interest rate is the most important factor to consider when comparing personal loan offers. The lower the interest rate, the less you will have to pay in interest over the life of the loan.
  • Loan amount: The loan amount is the maximum amount of money you can borrow. Make sure the loan amount is enough to cover your expenses.
  • Tenure: The tenure is the length of time you have to repay the loan. A longer tenure will mean lower monthly payments, but you will pay more interest overall.
  • Processing fee: The processing fee is a one-time fee charged by the bank to process your loan application.

Once you have considered these factors, you can compare the offers from different banks and choose the one that best suits your needs.

FAQs

  1. Who is not eligible for the BOB Personal Loan?

The following are not eligible for a BOB Personal Loan:

  • Individuals who are below the age of 21 years.
  • Individuals who are above the age of 65 years.
  • Individuals who have a CIBIL score of less than 700.
  • Individuals who have defaulted on any previous loan.
  • Individuals who are not employed or self-employed.
  • Individuals who do not have a fixed source of income.
  1. Can I apply for the personal loan of the bank jointly along with a co-applicant?

No, joint application for a personal loan is not allowed as per the guidelines of the bank. However, the bank may consider the joint application for a personal loan as per its discretion.

  1. Is a person with a low credit score eligible for BOB personal Loan?

Yes, a person with a low credit score can apply for the personal loan from the Bank but the rate of interest may be higher. Also, sanction of the loan will be at the discretion of the Bank.

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