How to get a personal loan from Bank of Baroda?
Personal loan is a financial instrument that helps you meet your personal expenses. Bank of Baroda is a leading Indian bank that offers personal loans to customers. In this article, we will tell you how to get a personal loan from Bank of Baroda. Bank of Baroda personal loan
1. What is a personal loan? | Bank of Baroda personal loan
Personal loan is a loan that you can take to meet your personal needs, such as wedding expenses, medical emergency, education, travel, or any other necessary expenses. This loan is provided without pledging any property, so it is also called an unsecured loan.
2. Eligibility Criteria | Bank of Baroda personal loan
To get a personal loan from Bank of Baroda you need to fulfil the following eligibility criteria:
- Age: The applicant must be between 21 and 60 years of age.
- Income: The applicant must have a minimum monthly income of Rs 15,000 or more.
- Employment: The person must be a permanent employee, government employee, or working in a recognised organisation.
- Credit Score: Your credit score should be 700 or above to gauge your loan repayment capacity.
3. Required Documents
You need to submit the following documents while applying for a personal loan in Bank of Baroda:
- Identity Proof: Aadhaar Card, PAN Card, Driving License, Passport etc.
- Address Proof: Aadhaar Card, Ration Card, Electricity Bill, Water Bill etc.
- Income Proof: Salary Slip, Income Tax Return, Bank Statement etc.
- Photograph: Passport size photo.
4. Application Process
The process of applying for a personal loan from Bank of Baroda is simple and straightforward:
Apply online: Visit the official website of the bank and apply for a personal loan. Fill the form given there and upload the required documents.
Apply at a bank branch: You can also apply by visiting the nearest branch of the bank. Fill the application form there and submit the documents.
Processing and approval: After submitting the application, the bank will check your documents and decide your eligibility based on your credit score and income. If your application is approved, you will get the loan amount credited to your bank account.
5. Interest rates and charges
Bank of Baroda offers competitive interest rates on personal loans, which are decided based on your credit profile and the loan amount. Typically, interest rates range from 10.50% to 16.50%. Apart from this, the bank also charges some processing fees and other charges, which can usually range from 1% to 2% of the loan amount.
6. Repayment period of the loan
The repayment period of a personal loan in Bank of Baroda can range from 12 months to 60 months. You can repay the loan in equated monthly installments (EMIs) as per your convenience.
7. Important tips
Make a budget: Assess your monthly budget properly before taking a loan so that you can pay the EMI on time.
Interest rate comparison: Compare the interest rates of different banks and choose the most suitable option for you.
Prepayment option: See if the bank offers a prepayment facility and if there is any additional charge for it.
Conclusion : Taking a personal loan from Bank of Baroda is a simple process, but it is essential that you understand all the requirements and conditions carefully. With the right planning and careful documentation, you can successfully use a personal loan to achieve your financial goals.