Bank of Baroda ₹50,000 Personal Loan: Eligibility, Interest Rate, Loan Tenure, Documents and Application Process

Bank of Baroda (BoB) personal loan facility provides instant loans up to ₹50,000, which can be very useful for personal needs, emergency expenses, education, marriage, or travel. It is important to have complete knowledge of BoB Personal Loan eligibility, interest rate, loan tenure, and required documents, so that the loan approval process becomes easy.

Eligibility for Loans

Following are the eligibility conditions for applicants for Bank of Baroda Personal Loan up to ₹50,000:

• Age:
  
  • The age of the applicant for the loan should be between 21 to 60 years.
    
• Employee/Self-Employed:
  
  • Salaried employee or self employed professional working in Govt/Private sector can apply.
    
• Monthly Income:
  
  • Minimum monthly income must be ₹15,000 for salaried employees.
    
  • Annual income should be more than ₹1.5 lakh for self employment.
    
• Credit Score:
  
  • An applicant with a good credit score (CIBIL 700 or above) gets a loan on better terms.
    
• Savings Account:
  
  • A functional account with Bank of Baroda or any other recognized bank is required to deposit the loan amount.

Necessary documents

Following documents are required while applying for Bank of Baroda ₹50,000 Personal Loan:

1. Identity Proof:
   
   • Aadhaar Card, PAN Card, Passport, or Voter Identity Card
     
2. Residence Proof:
   
   • Electricity Bill, Water Bill, Ration Card, or Aadhaar Card
     
3. Proof of Income:
   
   • For Salaried: Last 3 Months Salary Slip and Form 16
     
   • For Self Employed: Last 2 years ITR and Bank Statement
     
4. Bank Statement:
   
   • Last 6 months bank statement
     
5. Photograph:
   
   • Recent passport size photographs (2 copies)
     
6. Loan Application Form:
   
   • Filling and signing the form provided by the Bank of Baroda branch
     

Interest rate and loan terms

Following are the interest rates and terms for ₹50,000 personal loan by Bank of Baroda:

• Loan Amount: Up to ₹50,000
  
• Interest Rate: 10.50% to 14.00% (Depending on applicant’s eligibility and credit score)
  
• Loan Tenure: 12 months to 60 months (1 to 5 years)
  
• Processing Fee: 1% to 2% of loan amount (minimum ₹500)
  
• Advance payment charges:
  
  • Prepayment of the loan will incur a charge of up to 2%.
    
• EMI Option:
  
  • The loan can be repaid through EMIs with convenient repayments.

Procedure for applying for a loan

Offline Process:

1. Branch Visit:
   
   • Visit the nearest Bank of Baroda branch.
     
2. Fill the loan application form:
   
   • Bring the loan application form and fill the required details.
     
3. Submit Documents:
   
   • Submit the application form along with the required documents.
     
4. Loan sanction and amount deposited:
   
   • After document verification, the loan is approved and the amount is deposited in the bank account.
     

Online Application Process:

1. Go to the official website of BoB:
   
   • Bank of Baroda Official Website
     
2. Select the Personal Loan section:
   
   • Select ‘Personal Loan’ in the ‘Loans’ section.
     
3. Click on Apply Now:
   
   • Click on the ‘Apply Now’ button and fill the online form.
     
4. Upload documents:
   
   • Scan and upload required documents.
     
5. Submit the form:
   
   • Bank will verify after submission of form and documents.
     
6. Loan sanction and amount deposited:
   
   • Once the loan is approved, the amount will be directly deposited into the bank account.

Features and Benefits of BOB Personal Loan? 

• Quick Loan Approval:
  
  • The loan is approved within 24 to 48 hours after applying.
    
• Flexible Loan Tenure:
  
  • A flexible tenure ranging from 1 year to 5 years can be chosen for the loan.
    
• Transparency:
  
  • Transparent loan process with no hidden charges.
    
• Advance Payment Option:
  
  • Loans can be repaid early, but will incur a minimum 2% charge.
    
• EMI Facility:
  
  • A convenient option for easy monthly payments through EMIs.

Conclusion

To apply for Bank of Baroda ₹50,000 personal loan one must keep in mind the eligibility criteria and required documents. BoB loan approval and disbursement process is quick, and easy repayment facility through EMI is also available. BoB Personal Loan can prove to be a reliable option to fulfill your financial needs.