Bank of Baroda Personal Loan
Bank of Baroda Personal Loan
A personal loan from Bank of Baroda is a great financial product for personal use by end customer. In this article, we would be looking into details of various features of BOB Personal Loan.
Eligibility – Every individual who is working in a private or a public limited company is eligible for a personal loan from Bank of Baroda. Self employed individuals who have a continuous business vintage of more than 1 years are also eligible for a personal loan from Bank of Baroda. Age should be more than 21 years and lower than 65 years at the time of personal loan application. Maximum loan up to 15 Lakhs can be availed from Bank of Baroda with processing fee of 2% plus GST on loan amount. Individuals eligible for Bank of Baroda loan are mentioned below-
- Employees of central/state Government/autonomous bodies/public/joint sector undertakings, public limited companies/MNCs & educational institutions with minimum continuous service for 1 year.
- Employees engaged in proprietorship, partnership firms, private limited companies, trust with minimum work experience of 1 year
- Insurance agents doing business for more than 2 years
- Self employed professionals with minimum vintage of 1 year are also eligible for Bank of Baroda personal loan
Interest rates and charges – Personal loan from Baroda bank entails different charges and interest rates depending upon profile of the applicant. Minimum rate of interest for a Bank of Baroda customer is 10.5 and for non Bank of Baroda customer, it is 12.5%. Processing fees are charged uniformly at 2% on loan amount. Loan tenure offered is for 48 to 60 months.
Documents required for Bank of Baroda personal loan-
| Proof of residence |
| Valid passport of applicant |
| Voter id card of applicant |
| Driving license of applicant |
| Postpaid utility bill (gas bill and electricity bill) |
| Updated passbook or bank account statement |
| Registered rent agreement with landlord |
| Proof of Identity |
| PAN card |
| Aadhar Card |
| Valid Indian passport |
| Voters ID card |
| Driving license |
| Employee ID card issued by relevant authorities like the Govt or Defence or reputed corporate |
| Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI |
| Salaried individuals |
| Last 3 months’ salary slips from employer |
| Statement of account for last -6- months ofBank of Baroda/other bank |
| Self Employed individuals |
| Balance sheet and profit and loss account, computation of income for last 1 years |
| Income Tax Returns – last 1 years for Applicants, 26 AS, Traces |
| Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others |
| IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR |
In this article, we have discussed in detail about various features of a loan from Bank of Baroda.
If you want to read more about business loans offered by other major banks then you can visit following articles.
- SBI Business Loan
- HDFC Business Loan for traders
- ICICI Business Loan
- Axis Business Loan
- Axis Mudra Loans
- PNB Business Loan
- Kotak Mahindra Business Loan
- Yes Business Loan
- Bank of Baroda Business Loan
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