Check the Interest Rate before Applying for a Personal Loan

A personal loan is among the few loan products for which you do not have to provide any security to the lender. There are various Banks and Non-Banking finance companies (NBFCs) providing personal loan, Bank of Baroda personal loan 2020 is very aggressive in this field. 

Many financial experts' advice to always compare the deal with other banks before applying for a Personal Loan. So, to make it easy for you here is the quick list of features of the Bank of Baroda Personal Loan:

• Customer-Friendly Loan: Bank of Baroda offers quick and hassle-free unsecured personal loans to both the salaried as well as self-employed individuals.

• Personal Loan Schemes: The Bank of Baroda extends the customized deals to fit every need of the loan seekers. You can find the diverse personal loan schemes for the retired pensioners, ex-defense personnel and even scheme of loan against the Earnest Money Deposit.

• Special Personal Loan Option: The existing customers of Bank of Baroda with a good track record at least 6 months can avail of the premium Personal Loan options. The said account is approved at the Bank branch level itself, and then the loan deal is offered.

• Quick Loan Processing: To ensure that all the financial needs are met on time, the Bank of Baroda offers a simple and quick turnaround period on its loan processing.

• Competitive Rate of Interest: Borrowing a Personal Loan at a pocket-friendly interest rate eases the repayment stress to a great extent. Bank of Baroda offers personal loans at a competitive rate of interest.

• Flexible Repayment Tenure: Bank of Baroda's loan comes with a flexible repayment tenure of 5 years (t&c apply). A borrower can acquire a personal loan with flexible repay tenure at low EMIs.

BOB Personal Loan Interest Rate 

Since the BOB personal loan comes along with various benefits but that doesn’t mean that you will not check BOB personal loan interest rate. No matter who is the lender always check the rate of interest before availing a loan. The BOB personal loan interest rate is flexible as it depends on many factors including BOB’s policy at the time of application as well as the applicant's profile and requirements. At Bank of Baroda, personal loan interest rates are among the best value rates to match all needs of the customers, at different stages of life. 

As mentioned above interest rate which you will need to pay for the BOB personal loan shall vary based on various factors, one of the most important of those is the employer (where you are working in case you are a salaried-employee). In case you are working in a well-known company like Reliance, Hindustan Unilever Limited, Infosys, you may get the personal loan at a comparatively low-interest rate. 

The credit history and credit score will also affect the ability to avail of the BOB personal loan. If the CIBIL score is 750 or above, the chance of getting the personal loan sanctioned increases with the better offer of the interest rate.

Eligibility Criteria for applying for BOB Personal Loan

To avail Personal Loan from the Bank of Baroda, you must fulfill the following criteria:

• A borrower age should be 21 years at the time of loan application. The loan repayment tenure should not go beyond the retirement age of 60 years.
• Employees of Partnership firms, Private Limited companies, Proprietorship, Trust with minimum service for 1 year can avail the Bank of Baroda personal loan.
• A borrower should have at least a minimum working tenure of 1 year as Employees of Central / MNCs & Educational Institutions/ State Govt. / Public / Autonomous Bodies and Joint Sector Undertakings, Public Limited Co. 

• Insurance Agents who doing the business minimum for the 2 years are also eligible for the Bank of Baroda personal loan.
• A Self-Employed Professionals (Doctor, Management Consultants, Engineer, Interior Designers, Architect, Tech. and Practicing Company secretaries, etc) with the minimum 1-year stable business can acquire BoB personal loan.