BOB Personal Loan of 2 Lakh

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Kirti Bansal
Kirti Bansal
Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.
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’s personal loan is meticulously crafted to cater to the unique needs of individuals. Whether it involves financing a long-anticipated vacation, navigating unforeseen expenses, or investing in personal growth, personal loans are designed to provide tailored solutions, and a 2 lakh personal loan is a fairly good amount to address any kind of need. The bank’s customer-centric approach ensures that the borrowing experience is characterised by seamlessness and transparency. Today, we will delve into the specifics of the BOB Personal Loan of 2 lakh, gaining insights that empower them to make informed financial decisions.

BOB Personal Loan 2 lakh – Highlights

Here is a quick snapshot of BOB Personal Loan of 2 lakh. 

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 

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

Here is a quick look at the 2 lakh personal loan EMI for 1-5 and 7 year timeframes. 

Loan Tenure Loan Amount Interest Rate (p.a.) EMI
1 Year 2 lakh 10.35% ₹17,616
2 Years  2 lakh 10.35% ₹9,261
3 Years 2 lakh 10.35% ₹6,486
4 Years 2 lakh 10.35% ₹5,106
5 Years 2 lakh 10.35% ₹4,284
7 Years 2 lakh 10.35% ₹3,357

Compare BOB Personal Loan 2 lakh from Other Banks & NBFC.

Take a look at the BOB personal loan comparison with other 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 Personal Loan 2 lakh – Fees and Charges

Following are the additional fees and charges that the applicant will need to pay for a BOB 2 lakh personal loan. 

  • Processing Fee: Typically ranging from 1-2% of the loan amount, the processing fee encompasses Goods and Services Tax (GST). It is noteworthy that government employees holding a salary account with 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 compliance with prevailing tax regulations.

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

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

2 lakh Personal Loan Documents BOB

To apply for a 2 lakh personal loan through BOB, the applicant will need the following documents. 

  • Completely fill out the loan application form
  • 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 organisation
  • Practice certificate
  • Identity documents 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

2 lakh Personal Loan Eligibility BOB

 Here’s a quick rundown of the personal loan eligibility criteria for the BOB 2 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 monthly interest rate for a 2,00,000 INR personal loan from BOB?

The monthly interest rate for a 2,00,000 INR BOB personal loan initiates at 10.35%.

Can I secure a 2,00,000 INR personal loan from BOB?

Certainly, if you meet the eligibility criteria, you are eligible to apply for a 2,00,000 INR BOB personal loan.

How can I obtain a 2,00,000 INR loan from BOB without a salary slip?

If you maintain a commendable credit score, possess the necessary documentation, and meet the eligibility criteria, applying for a personal loan with BOB becomes a feasible option.

What CIBIL score is necessary for a 2,00,000 INR personal loan from BOB?

A robust CIBIL score typically falls within the range of 700-750 or above for a 2,00,000 INR personal loan with BOB.

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