Being one of the largest lenders in India, Bank of Baroda is known for providing overall financial assistance to its customers. No matter how big or small the financial needs of its customers are, the bank caters to every one of them. And for that, the bank lends BOB Personal Loan up to Rs.10 Lacs to salaried and self-employed professionals.
To maximise the effectiveness of a personal loan, BOB charges competitive interest rates on the sanctioned loan amount. The best thing about the Personal Loan of Bank of Baroda is that you can use it for various purpose. Read more to know about its interest rates and other important facts about Bank of Baroda Personal Loan.
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Bank of Baroda Personal Loan – Ultimate Solution to Your Financial Need
A personal loan is a financial assistance provided by banks and NBFCs to salaried and self-employed professionals. For serious situations like medical emergencies as well as delightful aspirations like travelling, wedding, etc, people avail personal loan. All they look for in personal loan is the interest rate that suits them. Understanding this notion, Bank of Baroda provides personal loan at low-interest rates. Bank of Baroda Personal Loan Interest Rate starts at 11.60%. Such factors make BOB the first choice of many customers for personal loan.
Take a look at the benefits of BOB Personal Loan –
- Loan for multipurpose
- Online application
- No prepayment charges after 6 months
- Convenient repayment tenure
Quantum of BOB Personal Loan
For people living in metro and urban cities, the minimum and maximum personal loan amount are Rs. 1 Lac and Rs. 10 Lacs respectively.
For people living in semi-urban and rural areas, the minimum and maximum personal loan amount are Rs. 50 Lac and Rs. 5 Lacs respectively.
Bank of Baroda Interest Rate and Other Charges
As Bank of Baroda believes in customers concern, it charges the competitive interest rate which ranges from 11.60% to 16.35%. To make it more convenient for borrowers, BOB charges no money whatsoever if you choose to prepayment the loan amount after 6 months. That means you have the option to not pay the interest rate throughout the loan tenure. Once you have the money, prepay your loan amount and get rid of hectic EMIs.
| Bank of Baroda Personal Loan Interest Rates, 2019 | |
| BOB Personal Loan Interest Rate | 11.60% – 16.35% |
| Loan Tenure | Up to 60 months |
| Processing Fee | 2.00% of the total loan amount Min – 1000 Max – 10,000 |
| Loan Amount | Minimum- Rs.50,000 Maximum- Rs. 10 Lakhs |
| BOB Personal Loan Prepayment charges | Within 6 months: 4% on the outstanding balance After 6 months: Nil |
Factors affecting BOB Personal Loan Interest Rate
BOB Personal Loan Interest Rate ranges from 11.60% to 16.35%. The interest rate that will be charged on your desired personal loan amount depends upon various factors. Some of these are –
- Your CIBIL score – A personal loan interest rate is charged on the basis of CIBIL score of the candidate. If your credit score is more than 750, you will probably get low-interest rate on a personal loan amount. If your credit score is below 650, there are chances that you won’t be eligible for the loan.
- Status of your Company – BOB provides low-interest personal loan to companies having tie-up with the bank. Look for corporate tie-up between your company and BOB to avail personal loan at a low-interest rate.
- Job stability – Minimum of 2-year work experience in the same organisation is must. If you are stable at your job then you will be offered a low-interest rate.
- Your monthly income – Interest rate depends a lot on your monthly income. As high monthly income means better repayment capacity to banks, interest rate of BOB personal low will probably go down if you have a good salary.
- MCLR of Bank of Baroda – Marginal Cost of Fund Based Lending Rates (MCLR) is the most important factor that affect the personal loan interest rate. Currently, MCLR of BOB is 8.30%.
Eligibility Criteria for Bank of Baroda Personal Loan
Bank of Baroda Personal Loan Eligibility Criteria are quite easy to meet. As they understand the urgency of a personal loan, they won’t ask you bogus things. These are the eligibility criteria of Bank of Baroda Personal Loan –
For salaried individuals –
- To be eligible, you will have to meet the basic age criteria. The age limit for personal loan of Bank of Baroda is 21-60 years. To utilize the 60 months loan tenure option, you must not be touching the upper age limit.
- You should be a permanent employee of Central/State Government, PSU, or any registered company.
For self-employed individuals
- Those who are self-employed professional and have a regular source of income are eligible for the personal loan.
- The minimum age criteria for such is 24 years.
- The maximum age criteria is 65 years.
For more information regarding BOB Personal Loan Eligibility criteria, you can google “BOB Personal Loan by Afinoz”. With Afinoz, you can get cashback of Rs. 5000 on the sanctioned loan amount.