BOB Personal Loan of 7 Lakh

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Written By
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.

BOB is one of the leading banks in India. With Bank of Baroda, individuals find a trusted partner for all their financial needs. Thus, whether you are planning a dream vacation, consolidating debt, or seizing a new opportunity, BOB Personal Loans offers personalised solutions designed to empower clients on their path to financial success.

BOB offers a commitment to transparency, integrity, and customer-centricity. The BOB personal loans aim to redefine the borrowing experience for borrowers. At Bank of Baroda, the priority is always to define the financial well-being of clients, with a focus on offering competitive interest rates, flexible repayment terms, and a streamlined application process. Today, we will learn everything important about the BOB 7 lakh personal loan. 

BOB Personal Loan 7 Lakh – Highlights

Take a quick look at the BOB Personal Loan for 7 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 

7 Lakh Personal Loan EMI for 1- 5 & 7 Years

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

Loan Tenure Loan Amount Interest Rate (p.a.) EMI
1 Year 7 lakh 10.35% ₹61,655
2 Years  7 lakh 10.35% ₹32,415
3 Years 7 lakh 10.35% ₹22,702
4 Years 7 lakh 10.35% ₹17,872
5 Years 7 lakh 10.35% ₹14,994
7 Years 7 lakh 10.35% ₹11,748

Compare 7 Lakh Personal Loan from Other Banks & NBFC.

Here is a quick snapshot of BOB 7 lakh personal loans from 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 7 Lakh – Fees and Charges

The BOB 7 lakh personal loan is subject to additional fees and charges, as outlined below:

  • Processing Fee: The processing fee, which usually comprises Goods and Services Tax (GST), ranges from 1 to 2% of the loan amount. Notably, government employees with a salary account at Bank of Baroda are exempt from processing fees.

  • Goods and Services Tax (GST): To ensure compliance with current tax regulations, a standard 18% GST is applied to all services related to the loan.

  • Penal Interest: A penalty of 2% is applied to the remaining loan balance in the event of a delayed repayment. This measure is in place to encourage timely and responsible repayment practices.

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

7 Lakh Personal Loan Document BOB

To initiate the application process for a 7 lakh personal loan through BOB, the applicant is required to provide the following documents:

  • Completely filled loan application form.
  • Form 135: This form, which details liabilities and assets, must 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 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

7 Lakh Personal Loan Eligibility BOB

Here is a concise overview of the eligibility criteria for the BOB 7 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 have 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 7 lakh personal loan?

The monthly interest rate for a BOB personal loan starts from 10.25% onwards. 

Can I get a 7 lakh personal loan from BOB?

Yes, if you meet the eligibility criteria, you can apply for a 7 lakh personal loan from BOB. 

How to get a 7 lakh loan without a salary slip in BOB?

Should you uphold a commendable credit score, possess the requisite documentation, and align with the eligibility criteria, pursuing a personal loan with BOB emerges as a viable and prudent choice.

What is the CIBIL score for a 7 lakh personal loan for BOB?

A CIBIL score between 700-750 is considered a health score needed to apply for a personal loan.

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