Bank of Baroda offers loans up to ₹10 lakh, available to meet personal needs, business expansion, education, medical expenses, or other financial needs. It is important to know the eligibility, required documents and application process for the loan so that it becomes easy to get the loan effortlessly. Both online and offline modes are available for the loan, which facilitates the applicants to apply in their convenient mode. It is very important to understand the eligibility criteria, interest rate, and loan terms before applying for this loan.
Eligibility for Loans
Eligibility Criteria for Bank of Baroda ₹10 Lakh Loan:
- Age: The age of the person applying for the loan should be between 21 to 65 years.
- Loans for Personal or Business:
- Salaried Persons: Employees working in government/private sector are eligible for the loan.
- Self Employed or Businessmen: Traders, independent businessmen, shopkeepers and small business owners can apply for the loan.
- Salaried Persons: Employees working in government/private sector are eligible for the loan.
- Credit Score: Individuals with a good credit score (700 or more) get priority for loan approval.
- Minimum Income: The minimum monthly income of the applicant to apply for the loan is ₹25,000, while the last 2 years of profit/check is also required if seeking a business loan.
- Other conditions:
- Applicant should have an operational bank account with Bank of Baroda or other recognized bank.
- If the loan is being sought for a business, the business should be running successfully for more than 2 years.
- Applicant should have an operational bank account with Bank of Baroda or other recognized bank.
Necessary documents
The following documents are required while applying for a loan:
- Identity Proof:
- Aadhaar Card, PAN Card, Passport, Voter ID Card
- Aadhaar Card, PAN Card, Passport, Voter ID Card
- Residence Proof:
- Electricity Bill, Water Bill, Ration Card, Aadhaar Card
- Electricity Bill, Water Bill, Ration Card, Aadhaar Card
- Proof of Income:
- For Salaried: Last 3 Months Salary Slip and Form 16
- For Businessmen: Last 2 years ITR and Bank Statement
- For Salaried: Last 3 Months Salary Slip and Form 16
- Bank Statement: Last 6 months bank statement
- Photograph: Recent passport size photographs (2 copies)
- Loan Application Form: Signed and fully filled form
Application process for loan
Online Application Process:
- Visit Official Website: Bank of Baroda
- Select Loan Section: Select the ‘Loan’ section on the homepage and select the required loan type.
- Fill the application form: Upload the documents along with filling the required details for the loan.
- Submit form: After submission the bank will verify the documents.
- Loan Sanction: After document verification and eligibility determination, the loan amount will be directly deposited into the bank account.
Offline Application Process:
- Visit the branch: Visit the nearest Bank of Baroda branch.
- Get Loan Form: Fill the loan form and submit it along with required documents.
- Submit Form: Bank will verify the documents and the amount will be credited to your account on approval of the loan.
Features and Benefits of Loans
- Loan Amount: Loan amount available from ₹50,000 to ₹10 lakh.
- Interest Rate: 10% to 16% interest rate (depending on loan type and eligibility).
- Loan Tenure: The loan tenure ranges from 12 months to 60 months (1 year to 5 years).
- Processing Fee: A processing charge of 1% to 2% of the loan amount is levied.
- Early Repayment Option: A pre-payment option is also available for the loan, whereby the loan can be repaid ahead of time.
Important note
- Check your credit history before applying for a loan.
- The loan amount and interest rate will be decided after verification of your eligibility and documents.
- Various verification procedures will be done by the bank during the loan approval process, so provide only correct information in the application.
If any wrong information is provided in the documents, the loan can be cancelled.
Conclusion
Bank of Baroda ₹10 Lakh Loan can be the best option for your financial needs, provided you meet the conditions of eligibility and required documents. With the facility of both online and offline modes, applicants can easily apply for loans in their convenient mode.
