BOB Personal Loan of 1 Lakh

The Bank of Baroda understands the paramount importance of translating aspirations into tangible accomplishments. In pursuit of this goal, its suite of personal loan offerings is meticulously curated to address the distinctive needs of individuals, whether it involves funding a long-anticipated vacation, navigating unexpected expenses, or investing in personal growth. In instances where a substantial sum of 1 lakh can significantly impact an individual’s ability to manage unforeseen events, Bank of Baroda stands as a steadfast ally. The adoption of a customer-centric approach by the bank guarantees a seamless and transparent borrowing experience for individuals. Today, we will learn about BOB Personal Loan 1 Lakh. 

BOB Personal Loan 1 lakh – Highlights

Here is a quick snapshot of BOB Personal Loan of 1 lakh. 

1 lakh Personal Loan EMI for 1- 5 & 7 Years

Compare BOB Personal Loan 1 lakh from Other Banks & NBFC.

Here is a quick rundown for the BOB personal loan comparison with other banks and NBFCs. 

BOB Personal Loan 1 lakh – Fees and Charges

Following are the additional fees and charges that the applicant will need to pay for 1 lakh personal loan. 

• Processing Fee: Typically ranging from 1-2% of the loan amount, the processing fee incorporates Goods and Services Tax (GST). Notably, government employees with a salary account at Bank of Baroda are exempt from processing fees.

• Goods and Services Tax (GST): A standardised 18% GST is applicable to all services linked to the loan, ensuring adherence to prevailing tax regulations.

• Penal Interest: In cases of delayed repayment, a penalty of 2% is levied on the outstanding loan amount. This measure promotes timely and responsible repayment practices.

• Other Charges: Various supplementary charges may be applicable throughout the loan process, covering stamp duty, verification fees, and similar expenses. Applicants are advised to familiarise themselves with these potential costs to ensure a transparent understanding of the financial commitment involved.

1 lakh Personal Loan Documents BOB

To apply for a 1 lakh personal loan through BOB, the applicant must furnish the following documentation:

• Duly filled Loan Application Form: Alongside three passport-size photographs
• Form 135: This form, detailing liabilities and assets, is to be submitted with the application

Financial Records:

• Last six months’ bank statements.
• Updated passbook.

ID Proof (any of the following):

• PAN card
• Aadhar card
• Voter ID
• Driving licence
• Passport.
• Employee ID issued by the organization
• Practice certificate.
• Identity document issued by relevant professional bodies such as ICFAI, ICAI, and ICWA.

Address Proof (any of the following):

• Passport
• Voter ID
• Driving licence
• Postpaid utility bills (gas and electricity bills)
• Updated passbook or bank account statement
• Registered rent agreement

1 lakh Personal Loan Eligibility BOB

 Following is the personal loan eligibility criteria for BOB 1 lakh personal loan. 

• Government and Public Sector Employees: Individuals employed by the Central Government, State Government, autonomous bodies, Public Sector Undertakings, Public Limited Companies, MNCs, and those in educational institutions must possess a minimum service history of one year.

• Private Sector Employees: Employees of Private Limited Companies, Trusts, and Limited Liability Partnerships should demonstrate a continuous service history of at least one year.

• Insurance Agents: Individuals actively engaged in the insurance business should showcase consistent involvement over the past two years.

• Self-Employed Businessmen: Entrepreneurs managing their enterprises must exhibit a minimum of one year of stable business.

• Self-Employed Professionals: Professionals, including doctors, engineers, company secretaries, architects, interior designers, etc., are deemed eligible with a minimum of one year of stable business.

• Application Specifics: Baroda Personal Loans are meticulously crafted for individual applicants; co-applicants are not permissible.

• Age Criteria: Applicants must be a minimum of 21 years old at the time of loan application.

• For salaried individuals, the maximum age at the time of loan maturity is 60 years; for non-salaried individuals, it is 65 years.