Requirements and Documents Needed for a BOB Personal Loan

Eligibility Criteria

To apply for a Bank of Baroda Personal Loan, you must meet the following age requirements:

• Least Age: 21 years at the hour of credit application.
• For Salaried People: 58 years at the hour of credit development.
• For Business/Independently employed People: 65 years at the hour of credit development.

Required Documents

Here is a rundown of records you’ll have to give while applying for a Sway Individual Credit:

• Aadhar Number (connected with your portable number)
• Legitimate Skillet Number
• Legitimate Versatile Number
• Net Financial Qualifications or Computerized Bank Proclamation throughout the previous a half year
• Web Camera: For snapping a photo and performing Video KYC during the application cycle.
• Annual Expense forms (ITR) e-documenting or Computerized ITR Returns throughout the previous 2 years (for independently employed people)
• GST Enlistment Authentications or Advanced GST Returns throughout the previous 1 year (for independently employed people)

How to Apply for a BOB Personal Loan

Follow these basic moves toward applying for a Bank of Baroda Individual Credit:

• Click on the Connection: Utilize the given connection to start your credit application process.
• Click on “Proceed”: This will direct you to the application structure.

• Enter Your Versatile Number: You will get an OTP for confirmation.
• Confirm OTP: Enter the OTP to continue with the application.
• Fill the Internet-based Structure: Give your enrolled portable number, and date of birth, and select your credit type and advance sum.
• Give Required Records: Transfer the important archives as referenced previously.

• Present the Application: Whenever everything is filled in accurately, present your application structure.
• Report Check: The framework will confirm your archives, and whenever endorsed, you will accept your advance.

Age Rules

To get equipped for an individual credit application, you should be at least 21 years of age and ought not to be over 60 years of age. In the event that you don’t fall under this age classification, your Bank of Baroda Personal Loan application will be dismissed. The bank sets an age limit since they need to be guaranteed that you can reimburse the advance easily.

Insufficient Income

A consistent type of revenue is the evidence for any bank that you are fit for reimbursing your own credit. Each bank sets a base month to month or yearly pay prerequisite to be equipped for an individual credit. Likewise, Bank of Baroda has a set a base net month to month pay of INR 10000. Assuming you neglect to meet this base pay necessity, your Bank of Baroda Personal Loan credit application might get dismissed.

• No Prepayment Punishment: Adaptability to take care of the credit right on time without extra charges.
• Better than Visas: Admittance to credit with higher sums and lower BOB Personal Loan fees contrasted with Mastercards.
• No Rigid Credit Cutoff points: You can apply for a credit in view of your requirements and qualifications.
• Different Installment Choices: Reimburse through check, bank move, or money.
• Adaptable Reimbursement Terms: Browse reimbursement courses of events going from 12 to 60 months.
• Adaptable Utilization of Assets: Utilize the advance sum for individual requirements, health-related crises, travel, or some other reason.
• Higher Credit Sum: Contingent upon your qualification, you might fit the bill for a bigger advance sum than charge cards or other individual advance items.

With a Bank of Baroda Personal Loan, you can get to the assets you want effectively and at serious loan costs, with adaptable reimbursement terms to suit what is happening.

Poor Credit Score:

A FICO rating is created by credit departments in view of your credit conduct. A decent score reflects how mindful in dealing with your money. Banks think of it as a significant measure to assess the borrowers’ reliability.

Having an unfortunate FICO score will hurt your own credit qualification. This could be one of the primary justifications for why your Bank of Baroda Personal Loan application might have been dismissed.

FAQs: Bank of Baroda Personal Loan – Apply Online in 5 Minutes

Q1: What is the Bank of Baroda Personal Loan?

The Bank of Baroda Personal Loan is a quick and easy financing option for individuals who need immediate financial assistance. You can apply for this loan online in just 5 minutes, without leaving your home. The loan amount ranges from ₹50,000 to ₹10,00,000, and is available at attractive interest rates. Whether it’s for personal expenses, medical emergencies, travel, or home renovation, this loan can meet your financial needs.

Q2: How can I apply for a Bank of Baroda Personal Loan?

You can apply for a Bank of Baroda Personal Loan in two ways:

1. Online Application: Apply through Bank of Baroda’s online platform. It’s quick, easy, and secure. You can complete the application from the comfort of your home.
2. In-Person Application: You can also visit your nearest Bank of Baroda branch for assistance in applying for the loan.

Both methods are convenient, but applying online is faster and allows you to get pre-approved offers with minimal effort.

Q3: What is the eligibility criteria for a Bank of Baroda Personal Loan?

To apply for a Bank of Baroda Personal Loan, you need to meet the following eligibility criteria:

• Minimum Age: 21 years at the time of loan application.
• Maximum Age:
  • For salaried individuals: 58 years at loan maturity.
  • For self-employed or business owners: 65 years at loan maturity.

Q4: What documents are required to apply for a Bank of Baroda Personal Loan?

The following documents are required to apply for a Bank of Baroda Personal Loan:

1. Aadhar Number (linked with your mobile number)
2. PAN Number
3. Valid Mobile Number
4. Net Banking Details or Digital Bank Statement for the past 6 months
5. Web Camera for taking a photo and performing Video KYC
6. Income Tax Returns (ITR) for the last 2 years (for self-employed applicants)
7. GST Registration Certificates or Digital GST Returns for the past year (for self-employed applicants)

Q5: What is the loan amount and interest rate for a Bank of Baroda Personal Loan?

• Loan Amount: ₹50,000 to ₹10,00,000
• Interest Rate: 12.40% to 17.75% (based on your eligibility and credit profile)
• Repayment Period: 12 to 60 months

Q6: What is the loan approval process?

The loan approval process for Bank of Baroda Personal Loan is simple:

1. Application: Apply online or visit a branch with the required documents.
2. Document Verification: A representative will verify your details and documents.
3. Eligibility Check: The bank will evaluate your creditworthiness and eligibility.
4. Final Offer: After verification, the bank will send you the final loan offer with the loan amount, interest rate, and repayment terms.
5. Loan Disbursement: Once you approve the terms, the loan amount will be credited to your account immediately.

Q7: How do I apply for a Bank of Baroda Personal Loan online?

Follow these steps to apply for a Bank of Baroda Personal Loan online:

1. Click on the Application Link: Use the provided link to start the application process.
2. Click “Continue”: This will take you to the application form.
3. Enter Your Mobile Number: You will receive an OTP for verification.
4. Verify OTP: Enter the OTP to proceed.
5. Fill the Application Form: Provide your personal details like mobile number, date of birth, and loan amount.
6. Upload Documents: Upload the required documents.
7. Submit the Application: After reviewing the details, submit the form.
8. Loan Approval: The bank will verify your documents and process your loan.

Q8: What are the benefits of a Bank of Baroda Personal Loan?

• No Prepayment Penalty: You can repay the loan early without any additional charges.
• Better than Credit Cards: The loan offers higher amounts and lower interest rates than credit cards.
• Flexible Loan Amounts: You can apply for a loan based on your needs and eligibility.
• Multiple Payment Options: Choose to repay via cheque, bank transfer, or cash.
• Flexible Repayment Terms: Repayment periods range from 12 to 60 months.
• Higher Loan Amounts: If eligible, you may qualify for a larger loan than what credit cards or other personal loans offer.

Q9: Can I apply for a Bank of Baroda Personal Loan if I have a low credit score?

A poor credit score can affect your Bank of Baroda Personal Loan application. The bank uses your credit score to assess your reliability as a borrower. If your credit score is low, it may be difficult to get approval, or you may be offered a loan at a higher interest rate. It’s advisable to check your credit score before applying and take steps to improve it if necessary.

Q10: What happens if my Bank of Baroda Personal Loan application is rejected?

If your loan application is rejected, it could be due to factors such as:

• Insufficient Income: You must meet the minimum income requirement, which is ₹10,000 per month.
• Poor Credit History: A low credit score can affect your loan eligibility.
• Discrepancies in Documents: Inaccurate or incomplete information can lead to rejection.

If your application is rejected, you can reach out to Bank of Baroda’s customer care to understand the reasons and explore other options.