A personal loan is a financial product that allows us to borrow money from banks to meet various requirements. The money that is borrowed from any financial institution for personal use is known as a personal loan. A personal loan can be provided for the requirements like a medical emergency, marriage, for the renovation of the home. The people may apply from any banks and non-banking financial institutions (NBFCs). It is an unsecured loan which means it doesn’t require any security or collateral. A person can get a personal loan on the basis of their eligibility like monthly income, CIBIL score, banking history, etc.
The interest rate of the loan varies according to the banks. The creditor checks the credit history and credit score of the applicant and the applicant can apply online as well as offline.
Why Bank of Baroda Personal Loan?
The Bank of Baroda is a public sector undertaking bank. The bank is a leading provider of financial services and other products in the market. They also provide a personal loan to those people who are in urgent need of finance. A personal loan is applied for by those people who need urgent financial assistance. This may be for paying medical bills, for paying education fees of the child, for marriage expenses of the daughter child. The bank provides many advantages on the personal loan deals that have been listed below:
- The bank provides loans to pensioners from the defense sector and other pensioners.
- It also provides loans to Insurance agents.
- The bank charges an interest rate of 14.50% on personal loans.
- It provides loans to the people who are in urgent need of finance
Bank of Baroda Personal Loan Eligibility
Not every person can apply for a personal loan. There are some eligibility criteria on the basis of which the bank provides a personal loan to the applicant. There are two categories of applicants:
There are different eligibility criteria for both applicants.
- Firstly the age of applicant should be minimum 21 years and maximum up to 60 years.
- Secondly, if the borrower is residing in a metropolitan city should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city then he should have the minimum income of Rs 12,000.
- The borrower should have the work experience of the last three years and the salary should come in their account only.
- If a person is applying for the personal loan then he must have a good credit history.
- The documentation process is easy they just have to submit their bank statement of the last three months and the salary slip of the last six months.
- If a person is self-employed than the age of the applicant should be minimum of 25 years and maximum up to 65 years.
- The applicant should file ITR for the last three years.
- The credit score of the applicant should be good and no debt should be left due. And the credit score should be more than 650.
- The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
- And the applicant is having a business than his business should be running from the last three years.
Bank of Baroda Personal Loan Documents
When the applicant applies for the personal loan after that, they have to submit some of the documents. These are:
- The applicant has to submit their identity proof which includes Aadhaar Card, Passport, Voter Card, Driving License.
- Two colored photographs
- They have to submit residence proof which includes Updated Passbook, Aadhaar Card, Passport, Voter Card, Ration Card. And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity bill which has to be in the name of the applicant and the address of the owner.
- They have to submit their PAN card which is an essential document under the KYC formality.
- If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the last six months.
- And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.
Self Employed People
Last 3 months salary slips & last 6 months bank statement
ITR of 2.5 lac minimum for last 3 years
Identity Proof: Aadhaar Card/ Voter Card/ Driving License/ Passport
Address Proof: Aadhaar Card/ Voter Card/ Passport/ Driver License/ Ration Card and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address
Two colored photographs
PAN Card photocopy
Bank of Baroda Personal Loan Advantages
The bank was established nearly a century ago and is a leading provider of financial services in the country. They provide many benefits to the customers who apply for a personal loan, some of which are:
- The interest rate is very affordable and starts at 14.50%.
- The minimum loan amount that a person can apply for is Rs. 20,000, whereas, the maximum amount can vary.
- Maximum duration for which a personal loan can be availed from Bank of Baroda is 36 months.
- The processing charges for personal loans in the bank are 2% of the loan amount, which is a minimum of Rs. 500 without an upper limit.
- Many banks provide a personal loan to the people. A personal loan is an unsecured loan as it does not require collateral to be submitted to the bank. It is necessary that the interest rates are compared before applying for a personal loan. We can help you compare the personal loan deals from different banks including Bank of Baroda, call on 60011600 today.
How to Apply?
- The applicant can apply for Bank of Baroda personal loan online on the website of Dialabank. The process is very easy and simple.
- First of all visit www.dialabank.com.
- Then fill the application form online with the necessary information. It includes the name, contact number, and email id.
- The applicant will receive a swift response about their queries from the relationship managers, besides that they will get to know about eligibility and they can compare the rates of interest with other banks too.
- If they are eligible, then their loan will get approved and after the approval of their loan and the submission of the documents the loan will get disbursed within two days.
- First of all, Dialabank is India’s first financial helpline company.
- The applicant can get all the information regarding the loans.
- All the guidance will be free of the cost.
- The rates of interest will be quite low.
- Besides that the applicant will get a document pickup facility from their doorstep, there is no need to go to the bank physically.
About Bank of Baroda
Bank of Baroda (BOB) is a noticeable bank in India that expands various budgetary items and administrations to people the country over. The bank offers a fantastic individual advance item to enable clients to address their different issues. The applicant can use this personal credit to meet their costs; be it a wedding in the family, house remodels or the kid’s instruction expense. Individual credits by Bank of Baroda are excellent money related help to meet their own prerequisites information you must know before applying for a personal loan
Other leading personal loan providers (Click to Apply)
- HDFC Personal Loan
- ICICI Bank Personal Loan
- Axis Bank Personal Loan
- PNB Personal Loan
- SBI Personal Loan
- Citibank Personal Loan
- Bandhan Bank Personal Loan
- Fullerton India Personal Loan
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