Bank of Baroda is one of the premier banks in India that offers loans at an attractive interest rate. The Bank of Baroda personal loans are offered to the customers for any of their use such as medical treatments, education expenses, wedding expenses, traveling costs, and other related expenses.
Borrowers can easily apply for the personal loan when they fulfill the Bank of Baroda’s personal loan eligibility criteria to avail of this loan. Once they submit the necessary documents, the loan amount will be credited to their account within a short-time period.
Features and benefits of Bank of Baroda personal loan
- The bank offers personal loans at low-interest rates.
- Customers can repay the EMI installment within the loan tenure.
- After the initial 6 months period, there are no prepayment charges from Bank of Baroda.
- Borrowers get a personal loan approved in a short period of time.
- The personal loan can be taken for different purposes such as higher education, medical bills, wedding, plan for a vacation, home renovation, etc.
Bank of Baroda personal loan eligibility
The personal loan applications are checked to see if the borrower meets the Bank of Baroda personal loan eligibility criteria. Once the borrower is found to be eligible, the loan amount is disbursed into his account.
- The bank offers personal loans at an interest rate of 11.35% up to 14.35%.
- The borrower should be a resident of India for applying for a personal loan.
- Borrowers can avail a loan of more than Rs. 2 lakh.
- The maximum loan amount offered to the customers is up to Rs. 10 lakhs.
- The maximum tenure for the loan amount is up to 7 years.
- The applicant must be in the age bracket of 21 years up to 65 years.
- The self-employed businessmen, as well as salaried professionals with a work of at least 1 year and, can apply for a personal loan from the Bank of Baroda.
- The maximum loan up to Rs. 10 lakhs in metro and urban areas, and up to Rs. 5 lakh in semi-urban areas.
Factors to improve Bank of Baroda personal loan eligibility
- Timely repay the loan
The borrower should timely repay their loans and credit card amount. This will help to boost its credit rating.
- Fewer loans
The customers should go for a few loans at a time. If they applying for too many loans, the bank may question for repayment capacity of the borrower.
- Long tenure
The short-term loan should be taken for a long period of time. It gives the borrower a lot of time-space to pay back the loan. Most banks prefer to approve the loans to the borrowers, applying for long tenure personal loans.
- Loan amount
The borrower should apply for a loan amount that he/she would be able to pay back comfortably. If they apply for a big loan amount, it makes the loan application a risky proposition.
Documents required for Bank of Baroda personal loan
The important documents required to be submitted for applying for personal loans from Bank of Baroda.
- Statement of bank account/passbook for at least six months.
- Proof of residence should be your recent telephone bills/ electricity bill.
- Proof of identity must be your voter ID/passport/driving license/PAN card.
- For self-employed candidates should submit IT returns for the last three years.
- For salaried employees’ candidates should maintain Form 16 or IT returns for the last two financial years.
- Complete documents for the loan application would be submitted.
Factors affecting Bank of Baroda personal loan eligibility
- Income
Generally, banks have minimum eligibility criteria and borrowers should have a monthly income above the set limit. Borrowers who earn a monthly salary below that specified amount are rejected.
- Age limit
Borrowers who are close to the minimum and maximum age specified for the personal loan are not accepted for the loan. Bank of Baroda offers loans to borrowers who have a regular source of income and can repay the loan comfortably. That is the reason that the borrower’s age is a crucial factor.
- Credit score
Borrowers who have a good credit score are likely to get the Bank of Baroda personal loan. Credit rating tells the bank about your repayment history as well as repayment capacity when it comes to loans and credit cards.
- Job stability
The borrowers require to submit the document for his/her employed profession of at least 1 year. Apart from this, the borrowers who has a stable job and income are most likely to get a personal loan.
- Listed companies
There are many banks having tied-up with companies and the employees of these companies can easily get loans from the bank. The employees who applied for a personal loan must have been working at the company for at least one year.
Conclusion:
With the above-mentioned pointers and information, we must have helped you in understanding the Bank of Baroda’s personal loan eligibility, factors affecting, documents required, and to improve the personal loan eligibility criteria. You can easily understand and apply for the loan while checking the credit limit and repayment capacity. The specified information may help you for getting benefits for choosing Bank of Baroda for personal loans.