When you borrow the bank of baroda personal loan, you will get instant money at lower interest rate with a flexible repayment option. Here in this post, you will learn the features of bank of baroda personal loan, so read and know more about the personal loan benefits.
Why to Choose Bank of Baroda Personal Loan?
The Bank of Baroda Personal Loan is an ideal choice for you, if you need funds urgently. It is recommended to borrow a personal loan, rather than overusing credit cards. Because the credit cards have strict credit limits, whereas, in the personal loan you can choose your exact loan amount. Also, not everywhere your credit card will be accepted, whereas, you can use the Bank of Baroda Personal Loan, and pay through cheque, bank transfer, or cash. There is a due date on your credit card bill, but you can repay the personal loan even over a period of time with predetermined EMIs.
Flexibility on Bank of Baroda Personal Loan
Bank of Baroda offers flexibility regarding the use of the loan amount . You can use your funds from a Bank of Baroda Personal Loan for several purposes. With this, you can pay for your home renovation, higher education, travel, wedding and medical expenses. Among the other personal loans, from this Bank of Baroda Personal Loan, you can borrow up to INR 10 lakh in metro and urban areas, and maximum INR 5 lakh in semi-urban and rural areas.
Attractive Interest Rate on Bank of Baroda Personal Loan
The reason the Bank of Baroda Personal Loan is best for you, is because of the lower interest rate. You can borrow a personal loan from Bank of Baroda at an interest rate ranging from 10.25% - 15.60%. And these interest rates will be based on your monthly income, obligations and repayment history. So take care of these factors if you are applying for the Bank of Baroda Personal Loan.
Who Can Borrow the Bank of Baroda Personal Loan
To apply for the Bank of Baroda personal loan, you must be an employee of government bodies or private companies with minimum service of 1 year. Similarly, if you are self-employed or run a business, you need to have the business or practice for at least one year.
As per the bank criteria your age needs to be at least 21 years to be eligible for a personal loan, while co-applicants are not allowed in this loan. The maximum age to apply for Bank of Baroda Personal Loan is 60 years, whereas it is 65 years salaried. The loan amount under Bank of Baroda personal loan varies by your location. In metro and urban areas, the loan amount can be INR.1 lakh to INR.10 lakh. In semi-urban and rural areas, the l loan amount CAN BE from INR.50,000 up to INR.5 lakh.
For all this the bank charges a processing fee for the personal loan that is calculated as 2% of the loan amount, with a minimum of INR.1000 up to INR.10,000 limit.
Note - You can avail the bank of baroda personal loan for COVID-19 speculation purpose as well. This is for the following existing Retail Assets customers like Home Loan, Loan against Property, Auto Loan with minimum of 12- months relationship with Bank of Baroda, where the loan is fully disbursed and moratorium period completed. And the applicant CIBIL Credit Vision Score should be 650 for the bank of baroda personal loan COVID-19.
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