BOB Personal Loan of 10 Lakh

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Written By
Hepson Franklin
Hepson Franklin
Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

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.

Maximum Amount  Rs. 20 lakhs
BOB Personal Loan Interest Starting at 10.35% p.a.
Type of Interest Rate Fixed and Floating
Loan Tenure Up to 7 years 
Collateral Requirement  NIL 

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.

Loan Tenure Loan Amount Interest Rate (p.a.) EMI
1 Year 10 lakh 10.35% ₹88,079
2 Years  10 lakh 10.35% ₹46,307
3 Years 10 lakh 10.35% ₹32,432
4 Years 10 lakh 10.35% ₹25,531
5 Years 10 lakh 10.35% ₹21,420
7 Years 10 lakh 10.35% ₹16,783

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. 

Lender  Rate of Interest (p.a.) Maximum Loan Tenure
Bank of India 10.25% onwards 7 years
State Bank of India  10.55% onwards 6 years
Citibank 10.75% onwards 5 years
TATA Capital 10.99% onwards 6 years
Bajaj Finserve 11% onwards 8 years

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.

Personal Loan By Banks

Frequently Asked Question (FAQs)

What is the BOB monthly interest on a 10 lakh personal loan?

The monthly interest rate for a BOB personal loan commences at 10.25% and is subject to variation based on specific terms and conditions.

What is the eligibility for a 10 lakh personal loan from BOB?

Certainly, if you meet the eligibility criteria, you qualify to apply for a 10 lakh personal loan from BOB.

Is it possible to secure a 10 lakh loan without a salary slip in BOB?

With a commendable credit score, possession of requisite documentation, and alignment with eligibility criteria, opting for a personal loan with BOB is a judicious and viable choice, even without a salary slip.

What is the CIBIL score requirement for a 10 lakh personal loan with BOB?

A CIBIL score within the range of 700-750 is considered a healthy score, meeting the prerequisite for applying for a 10 lakh personal loan with BOB.

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