What is A BOB personal loan?
A BOB or Bank of Baroda personal loan is an unsecured finance. The bank offers loan for your vacation, wedding and other household expenses.
The benefits of a BOB personal loan at a glance -
Loan for your wedding, honeymoon, medical and other miscellaneous expenses.
Special finance scheme for defense pensioners
Loan with the lowest interest rate offer for senior citizens and people with excellent financial background
Easy documentation, no requirement of collateral and credit history
Loan Approval in one day
BOB Personal Loans - Terms And Conditions
Government employees must have a minimum of 1 year employment experience
Self-employed professionals must have a minimum of 1 year business experience
Government employees and self-employed professionals should substantiate their monthly income with documents like bank statement, Income Tax Returns and others.
Insurance agents must have 5 years experience in insurance Industry to qualify for Bank Of Baroda personal loan. The finance is not approved if the employment tenure is not properly substantiated.
Approval or rejection of the finance is subject to discretion of BOB
BOB offers Rs 200000 loan for borrowers with excellent credit history and good financial background. The maximum tenure for which the loan is offered is 36 months. However, it entirely depends on borrower's repayment capacity.
In case the loan is not repaid within the specified tenure, the borrower is penalized with nonpayment charges. A penalty interest rate of 2% is also charged on total outstanding amount.
Eligibility for BOB unsecured loans
To qualify for BOB unsecured loans, a borrower has to substantiate his/her financial condition, credit history and repayment capacity. Borrowers below 18 are not eligible for the finance.
Is BOB personal loan available for bad credit people?
Bank of Baroda offers bad credit personal finance. The interest rate payable on such finance may range from 15% to 30%. Borrowers are supposed to pay charges like processing fees, legal fees and stamp fees to qualify for BOB bad credit personal finance.
Where to apply BOB unsecured loan?
Potential borrowers can download application form from official website of Bank of Baroda. The application form should be filled in properly as per the instruction provided by the bank. Submit the form to the website of the bank. You will be reverted regarding pre-approval of the unsecured loan in one day.
Before submitting, make sure that the application form is cross checked. BOB can reject if the necessary information is not provided in the application form.
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