A salaried person tackles day-to-day expenses with his/her regular income. And when there is a financial emergency, it is difficult for a salaried individual to maintain the balance between the daily needs and lump sum money requirements. In situations like this, BOB Personal Loan comes in handy. To apply for a Bank of Baroda Personal Loan, you can go to the bank’s official website or the nearest branch office. For more information on this loan for salaried, read this page below.
Eligibility Criteria for BOB Personal Loan
The bank offers you the BOB Personal Loan if you meet the following conditions –
The minimum age is 21 years for BOB Personal Loan. So if you’re 21 years old or above, visit the bank branch and apply for the loan. There is a minimum age requirement to make sure the loan is repaid without any trouble. Those below 21 may not have a regular source of income and will be considered less reliable for loan repayments.
BOB Personal Loan’s maximum age limit is 60 years. So, if you’re far away from attaining the maximum age limit of this personal loan and require a lump sum of money, your loan application will most likely get approved. But if you’re a couple of years away from retirement, the bank may consider disapproving your case or hiking your interest rate. The loan limit will be based on your monthly income.
EMI & Income Ratio
The applicant needs to meet the EMI and income ratio to get the BOB Personal Loan. If you’re an employee of the Central or State Government, autonomous bodies, public or joint sector undertakings and educational institutions, the EMI to income ratio should not exceed 60%. At least one year of continuous work experience in the current organization is required for the BOB Personal Loan. For private limited company employees, the ratio is as follows –
If monthly income is less than INR 75,000, the ratio should be above 40%. 50% for income INR 75,000 and above but less than INR 2,00,000 Lakh. And if the income is more than INR 2,00,000, the ratio should not go past 60%.
What is the Maximum BOB Personal Loan?
The loan, which will be based on your monthly income, can be given for up to INR 15 Lakh. For metro and urban applicants, the minimum loan amount is INR 1 Lakh and INR 50,000 for semi-urban and rural applicants. You’re eligible for a high loan amount if you can afford the likely high EMIs. To check your eligibility, the bank considers your income, credit history, repayment potential, etc.
BOB Personal Loan Interest Rate for Salaried Applicants
If you’re a bank customer for at least six months, the rate of interest will start from 10.50% per annum. And other bank customers will get the starting Bank of Baroda Personal Loan Interest Rate of 12.50% per annum.
So, take advantage of the low rate of interest by having at least six months of banking relationship with Bank of Baroda. You can open a savings or current account with the bank in that regard. And when six months are over, apply for a BOB Personal Loan. This way, you get lower interest on your borrowed money.
What are the Charges Applicable to the BOB Personal Loan?
The bank charges a non-refundable processing fee of 2%+GST. And this could be a minimum of INR 1,000 or up to INR 10,000 based on your loan amount. You don’t need to pay this from your pocket as the same will be reduced from your loan amount.
You can pre-close the BOB Personal Loan without having to pay charges for the same. So, save a handsome sum using this facility.