BOB Personal Loan of 40000

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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.

When it comes to personal loans, Bank of Baroda understands the importance of turning aspirations into reality, and that’s why we present our Personal Loan offering, tailored to meet your individual needs. Whether it’s funding a long-awaited vacation, covering unexpected expenses, or investing in personal growth, our personal loans empower you to seize every opportunity. A sum of 40,000 is good enough to help you in case of any unforeseen event. Our customer-centric approach ensures a seamless and transparent borrowing experience, coupled with competitive interest rates and flexible repayment options. Today, we will discuss the BOB 40,000 personal loan. 

BOB Personal Loan 40,000 – Highlights

Here is a quick snapshot of BOB Personal Loan of 40,000. 

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 

40,000 Personal Loan EMI for 1- 5 & 10 Years

Loan Tenure Loan Amount Interest Rate (p.a.) EMI
1 Year 40,000 10.35% ₹3,523
2 Years  40,000 10.35% ₹1,852
3 Years 40,000 10.35% ₹1,297
4 Years 40,000 10.35% ₹1,021
5 Years 40,000 10.35% ₹857
7 Years 40,000 10.35% ₹671

Compare BOB Personal Loan 40,000 from Other Banks & NBFC.

Take a quick 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 40,000 – Fees and Charges

Here are the additional fees and charges that the applicant will need to pay for 40,000 personal loan. 

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

  • Goods and Services Tax (GST): A standard 18% GST is applicable to all services related to the loan.

  • Penal Interest: A penalty of 2% is levied on the outstanding loan amount in case of delays in repayment.

  • Other Charges: Additional fees, including stamp duty, verification charges, and similar expenses, may be applicable during the loan process.

40,000 Personal Loan Documents BOB

To complete the loan application process, the following documents are required:

  • Duly filled out the Loan Application Form: Accompanied by three passport-size photographs.
  • Form 135: This form, providing details of liabilities and assets, should be submitted along 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 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

40,000 Personal Loan Eligibility BOB

Following is the personal loan eligibility criteria for the BOB 40,000 personal loan. 

  • Government and Public Sector Employees: Employees of Central Government, State Government, autonomous bodies, Public Sector Undertakings, Public Limited Companies, and MNCs, as well as those in educational institutions, with a minimum service history of one year

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

  • Insurance Agents: Individuals engaged in insurance business for the past two years

  • Self-Employed Businessmen: Individuals running their own business with a minimum of one year of stable business

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

  • Application Specifics: Baroda Personal Loans are designed for individual applicants only; co-applicants are not permitted

  • Age Criteria: Minimum age at the time of loan application: 21 years

  • Maximum age at the time of loan maturity: 60 years for salaried individuals; 65 years for non-salaried individuals

Personal Loan By Banks

Frequently Asked Question (FAQs)

What is the BOB monthly interest on 40,000 personal loan?

The monthly interest rate for a BOB personal loan starts from 10.35%.

Can I get 40,000 personal loan from BOB?

Yes, if you meet the eligibility criteria, then you can apply for a BOB personal loan.

How to get 40,000 loan without a salary slip in BOB?

If you have a good credit score, have proper documentation with you, and also meet the eligibility criteria, then applying for a personal loan with BOB may be feasible.

What is the CIBIL score for a 40,000 personal loan for BOB?

A healthy CIBIL score is considered to be between 700-750 or above.

Urban Money