BOB Personal Loan of 10 Lakh

Bank of Baroda (BOB) is a prominent financial institution in India, known for its leading position. With BOB, individuals find a reliable partner for diverse financial needs. Whether planning a dream vacation, consolidating debt, or seizing an opportunity, BOB’s 10 lakh personal loans offer tailored solutions for financial success. BOB is dedicated to transparency, integrity, and a customer-centric approach, aiming to redefine the borrowing experience. The paramount objective at the Bank of Baroda is to enhance clients’ financial well-being through competitive interest rates, flexible repayment terms, and a streamlined application process. Today, we will explore comprehensive insights into the BOB 10 lakh personal loan.

BOB Personal Loan 10 lakh – Highlights

Take a look at the important parameters for BOB 10 lakh personal loan.

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

Take a quick look at the 10 lakh personal loan EMI for a period of 1-5 and 7 years.

Compare 10 lakh Personal Loan from Other Banks & NBFC.

Here is a quick comparison between BOB 10 lakh personal loans and those of other leading banks and NBFCs. 

BOB 10 lakh Personal Loan – Fees and Charges

The BOB 10 lakh personal loan incurs additional fees and charges, detailed as follows:

• Processing Fee: Typically ranging from 1-2% of the loan amount, inclusive of Goods and Services Tax (GST). 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 associated with the loan, ensuring adherence to prevailing tax regulations.

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

• Additional Fees: During the loan process, there may be a number of additional fees that need to be paid. These include stamp duty, verification costs, and other related costs. In order to ensure a clear understanding of the financial commitment involved, applicants are advised to familiarise themselves with these potential costs. 

10 lakh Personal Loan Document

Here is a list of important documents required for a 10 lakh personal loan amount for BOB. 

• Completely filled loan application form
• Form 135: This form, detailing liabilities and assets, must accompany the application.

Financial records for the BOB 10 lakh personal loan):

• Last six months’ bank statements
• Updated passbook

ID Proofs for BOB Personal Loan (any of the following):

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

Address proof is required for 10 lakh BOB personal loan (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

10 lakh Personal Loan Eligibility BOB

Here is the eligibility criteria for the BOB 10 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.