Bank of Baroda (BoB) is a prominent public lender offering a wide range of customized personal loans to meet your personal needs. It offers loans for numerous purposes such as weddings, education or even medical emergencies. The loan is available to both salaried and self-employed with different levels of income. But one must keep a close eye on the interest rate at which the loan comes. Because that will decide greatly the amount you’ll end up paying to the lender. Let’s check out Bank of Baroda Personal Loan Interest Rates and their effect on repayment.
How Much are Bank of Baroda Personal Loan Interest Rates & Other Charges?
Bank of Baroda Personal Loan Interest Rates range from 11.40%-13.40% per annum. While existing customers must have an account relationship for a minimum of 6 months, customers must have a relationship with another bank for a minimum of 6 months. The processing fee is levied at 2% of the loan amount. There are no pre-closure charges. However, if you make a late payment, there will be a 2% penal interest on the overdue amount.
Which Will Tell the Effect of Bank of Baroda Personal Loan Interest Rates?
The tool by which you can know the effect of Bank of Baroda Personal Loan Interest Rates is the loan EMI calculator. You can access this calculator online. All you need to do is to enter the loan amount, interest rate and tenure in the calculator. The BoB Personal Loan EMI Calculator not only helps compute the Equated Monthly Installment (EMI) but also the interest likely to be paid throughout the loan tenure.
The Amortization Table Shows You More!
The amortization table shows more of the repayment like how much principal and interest you will pay year after year, plus the outstanding balance. What this does is help you plan your repayment better.
How to Apply for Bank of Baroda Personal Loan Online?
You can apply for Bank of Baroda Personal Loan online by visiting the website of the public lender. Access the personal loan application form online by mentioning your personal and professional details. Submit the form after filling the details correctly. The bank will receive the application and do an eligibility check before deciding to approve it or not. Once the details are found genuine, the lender will give an in-principle approval and intimate you the same. It will send an executive to whom you need to submit relevant documents. Bank of Baroda will check the documents thoroughly and give a final go-ahead if the details are authenticated properly.
Documents You Need to Submit to Apply for Bank of Baroda Personal Loan
Submit the following documents when applying for the personal loan at Bank of Baroda.
Identity Proof – PAN Card/Passport/Voter ID/Driving License/Aadhaar Card
Residence Proof – Passport/Voter ID/Driving License/Aadhaar Card/Electricity Bill/Telephone Bill
Income Proof – Salary Slips for the Last 3-6 Months
Last Six Months Bank Statement
Duly signed and filled application form