BOB Personal Loan of 5 Lakh

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Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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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 5 Lakh Personal Loan stands out as an exceptional solution for financial hurdles! With its unique blend of features like straightforward eligibility criteria, attractive interest rates, user-friendly EMI choices, and streamlined documentation, you can achieve all your goals. Urban Money has conducted a comparative analysis of the loan so that you can have a hassle-free lending experience.

5 Lakh Personal Loan Bank of Baroda – Highlights

Mentioned below are the standout aspects of the Bank of Baroda 5 Lakh Personal Loan:

Features	Description
Who Are Eligible?	Employee of Private, Public, Trust, LLP, Insurance Agent, etc.
Loan Tenure	Flexible tenure, from 12 to 48months
Margin	NA
Upfront Fee	N/A
Collateral/Security	No collateral is required

5 Lakh Personal Loan EMI for 7 years

Here’s an example of the repayment schedule for a 5 lakh personal loan EMI calculated at the starting interest rate of 10.50% for a tenure of 7 years:

Loan Tenure	EMI	Total Interest Payable	Total Payment
1 year	44,004	28,054	5,28,054
2 years	23,119	₹54,847	₹5,54,847
3 years	₹16,181	₹82,501	₹5,82,501
4 years	12,729	₹1,11,010	₹6,11,010
5 years	₹10,673	₹1,40,368	₹6,40,368
6 years	9,313	₹1,70,567	₹6,70,567
7 years	Rs.8391	Rs.2,04,869	Rs.7,04,869

Compare 5 Lakh Personal Loan from other banks & NBFCs.

Explore how the 5 lakh personal loan from Bank of Baroda compares with other leading banks and NBFCs (Non-Banking Financial Corporations) in the market:

Name of the Lender	Interest Rate
Axis Bank	10.49% onwards
IndusInd Bank	10.50% onwards
IDFC First Bank	10.75% onwards
HDFC Bank	10.50% onwards
ICICI Bank	10.65% onwards
Kotak Mahindra Bank	10.99% onwards

5 Lakh Personal Loan Bank of Baroda – Charges

Let us check out the various charges applicable on the instant 5 lakh loan from Bank of Baroda:

Fee/Charge	Amount
Processing Fee	1-2% of loan amount
Prepayment Charges	Nil for floating rate, up to 4% for fixed rate
Late Payment Fees	2% per month on overdue amount
Fee/Charge	Amount
Processing Fee	1-2% of loan amount

5 Lakh Personal Loan Bank of Baroda- Documents Required

The following is the complete list of documents required for a 5 lakh Bank of Baroda personal loan:

- Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID or Driving License.
- Address Proof: Passport, Driving License, or Registered Rent Agreement.
- Income Proof: Bank statement covering the last 6 months
- Employment Proof: Last 3 months’ salary slips.

Self-employed individuals:

- Balance sheet and profit and loss account, computation of income for last 1 year
- Income Tax Returns – last 1 year for Applicants, 26 AS, Traces
- Business proof: Gomasta License, Registration Certificate, Service Tax, etc.

5 Lakh Personal Loan Bank of Baroda – Eligibility Criteria

The following are the eligibility criteria for a Bank of Baroda personal loan of 5 lakh:

Individuals must be between the ages of 21 and 60 years
Must have sufficient income to cover the monthly repayment.
Individuals must have at least 1 year of work experience.
Individuals must have a good credit score and impeccable repayment history.

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Frequently Asked Question (FAQs)

What is the BOB monthly interest on a 5 lakh personal loan?

BOB monthly interest on a 5 lakh personal loan starts from 10.50%

Can I get a 5 lakh personal loan from BOB?

Yes, you can apply for a 5 lakh personal loan from Bank of Baroda. The approval will depend on your eligibility, including factors like income and credit score.

How to get a 5 lakh loan without a salary slip in BOB?

To get a 5 lakh loan without a salary slip in BOB, you may need to explore options like a personal loan for self-employed individuals or business owners. Provide documents such as ITR, business proof, bank statements, and other financial records to demonstrate your income and repayment capacity.

What is the CIBIL score for a 5 lakh personal loan for BOB?

The need for a CIBIL score varies as per the loan amount. However, keeping it above 750 is recommended to get a low interest rate on your BOB 5 lakh loan.