Bank of Baroda - Benefits of Bank of Baroda Personal Loans

Bank of Baroda provides personal loans for various financial needs at attractive rates of interest, and a suit of other benefits such as feasible repayment options and instant loan approvals. mymoneykarma gives you all the information you need on Bank of Baroda personal loans.

Benefits of Bank of Baroda Personal Loans

Bank of Baroda personal loans are loaded with many benefits and features. Here are a few highlights of Bank of Baroda personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
• Long loan tenures ranging from a minimum of 6 months and a maximum period of 60 months.
• Affordable interest rates ranging between 11.05% - 11.6% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.
  

Eligibility Criteria for Bank of Baroda Personal Loans   

Applicants must meet the following criteria to get a personal loan from Bank of Baroda.

• Minimum income of Rs 1 lakh per annum for salaried customers.
• Maximum income of Rs 2 lakhs per annum for self-employed customers.
• Must be an account holder of Bank of Baroda.
• Sound repayment capability and a good credit score.
• Minimum age of 21 years.
• Maximum age of 65 years.
• Minimum work experience of 1 year.
  

Documents Required for Bank of Baroda Personal Loans

Applicants need to submit the following documents while applying for Bank of Baroda personal loan.

• Filled loan application form with necessary details such as income, occupational details, and personal information.
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
• Two copies of recent passport sized photographs
  

How to Apply for Bank of Baroda Personal Loans Online

Applicants can directly apply for Bank of Baroda personal loans online by visiting the Bank of Baroda website, going to the personal loan section, downloading the loan application form, submitting the filled form and uploading the required documentation on the website. The applicant profiles are then evaluated, and the loan is approved on meeting all the eligibility criteria.

How to Apply for Bank of Baroda Personal Loans Offline

To apply for Bank of Baroda personal loans, applicants can also visit any personal loan center of Bank of Baroda along with the required documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within 3-5 working days.

Bank of Baroda Home Loan - Features and Benefits of BOB Home Loans

Bank of Baroda offers a wide range of home loan options to its customers, enabling them to purchase their dream home on their own name. It offers attractive interest rates and easy documentation process with quick approval. The home loans made available by Bank Of Baroda are tailor-made for customers, be it salaried, self-employed, a lower income group, or senior citizens.

Here is the gist of the BOB Home Loans. Give it a quick read to know in detail about BOB.

Features and Benefits of BOB Home Loans

• Home loans for salaried, non- salaried and self-employed professionals.
• Interest rate starts from 8.70% onwards.
• Offers loans to purchase a plot/flat, build a new home, or extend an existing one.
• Adopts both floating and fixed interest rates.
• The maximum loan amount offered in semi-urban and rural areas is Rs. 1 crore.
• The maximum loan amount offered in metros is Rs. 10 crore.
• Provides free personal accidental insurance for the stipulated repayment period.
• Provides free credit card and 0.25% concession for car loans.
• It can take 6 working days for the loan to be processed and accepted/rejected.
  

Eligibility Criteria for BOB Home Loans

• The applicant's age must be between 25-65 years for salaried and 25-70 years for self-employed professionals.
• The applicant can apply for upto 90% of the property value.
• The facility of adding a co-applicant is provided, who can be a spouse/children with the age below 50 years with a steady income source.
• Decent credit score
• The bank requires security in the form of equitable mortgage of the housing property or any other suitable securities.
  

Types of Bank of Baroda Home Loans

Baroda Home Loan

• Baroda Home Loan offers to purchase a plot/flat, build a new home, or extend an existing one. NRIs are also eligible to apply for this loan.
• Low interest rates and processing charges
• You can receive a higher home loan if you add a close family member as a co-applicant.
• Free credit card and 0.25% concession for car loans.
• Free accident insurance with every home loan.
• Loan tenure of up to 30 years with equated monthly installments (or EMIs).
• Top-up loans can be given up to a maximum of five times.
  

Baroda Home Loan Advantage

• The Home Loan will be linked with your Saving Bank Account.
• The rate of interest applicable on this Savings Account will be zero.
• To avail maximum benefit under this scheme, the individual must deposit all his savings in the linked savings bank account.
• Customers will remit the EMIs to the linked savings account.
• EMI recovery will be made by auto recovery from linked savings bank account.
  

Baroda Pre-Approved Home Loans

• Baroda Pre-Approved Home Loan is offered prior to identification of a specific flat/house/plot by the applicant.
• It helps the customer to negotiate with builders/sellers.
• The customer is assured of the eligible loan amount.
• It gives the in-principle sanction letter for ‘Baroda Pre Approved Home Loan’ where the loan amount calculated as per the prevailing interest rates.
• The loan eligibility is assessed based on the income of the customer as per the existing Home Loan scheme.
• It varies for Resident Individuals, NRI, PIO, or OIC.
• A validity of 4 months is given for the sanction letter.
• Property papers must be submitted by the customer within this validity of Baroda Pre Approved Home Loan.

Bank of Baroda Loan Against Property - Features of BOB Loan Against Property

Bank of Baroda Loan Against Property is a multipurpose loan that assists people in taking credit against their assets during times when they face a financial crunch. The loan comes with its own set of properties and features.

Bank of Baroda Loan Against Property Scheme

Baroda Overdraft Against the Land and Building

• Purpose: To provide hassle-free credit to SME borrowers for meeting working capital requirements.
• Minimum limit: Rs.10 lakhs
• Mortgage of factory land and building or any other property belonging to the unit, promoters of the business group, or close relatives of the developers (such as father, mother, wife, son, and daughter - based on the condition that they stand as guarantors).
• Note: In case of a residential or commercial building, the age of the property shouldn’t be more than 25 years at the time of loan sanctioning.
  

Features of BOB Loan Against Property

• The loan can be used for various purposes, such as business expansion, funding of children’s education, vacations, etc.
• This loan can be availed either as an overdraft facility or as a demand loan, depending upon the requirement of the customer.
• The loan quantum can range from ?1 lakh to 3 crores; however, it varies based on the residential area of the applicant.
• An applicant residing in a rural area can apply for a maximum loan amount of Rs.10 lakhs.
• The applicants living in semi-rural or urban areas can get a maximum loan quantum of up to Rs.3 crores.
• The eligible loan amount varies depending on the business profile of the applicant as well. A salaried professional can avail a loan of up to 36 times his gross income, whereas a self-employed professional can avail a loan up to 5 times the average of his last three years’ annual income.
• The loan has to be paid in the form of monthly EMIs. The maximum number of EMIs is 84, as fixed by the bank.
• BOB loan against property is a secured loan, and its documentation process is quite easy.
• The bank also sanctions loans to individuals who want to transfer their existing loans to Bank of Baroda at low interest rates.
  

Eligibility Criteria

• Age: The permissible age limit for borrowers is 21-60 years.
• Job experience: The salaried applicant should have at least three years of job experience in total.
• A self-employed applicant should have been in his current business for the last three years.
• The gross annual income of the applicant, whether salaried or self-employed, should be a minimum of Rs.60000/annum, which means that an applicant in his current job/business must at least earn Rs.5000/month.