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How Does The Bank of Baroda Personal Loan Make Travel Expenses Affordable?

Are you planning for your new year travel destination? Did you save for it? If not, don’t worry because the Bank of Baroda personal loan gets it for you. There is a myth that loans are borrowed only when there is a financial emergency, but it is not true, you can borrow money from a bank for high-end purchases, travel, renovation, etc. And here in this article, you will learn how to use a Bank of Baroda Personal Loan for a vacation.

What’s your Budget?

Is there a specific budget for your travel expenses? Because if there is, you should know the Bank of Baroda personal loan limit and check whether it meets your requirement or not. The personal loan eligibility will be dependent on your residence. For instance, for people living in the metro and urban areas, personal loan amounts can be up to INR. 10 lakh, whereas in the semi-urban and rural areas, the maximum personal loan amount is INR. 5 lakh.

Am I Eligible for Bank of Baroda Personal?

If you are impressed with the Bank of Baroda personal loan features, wait did you check the loan eligibility criteria? If not, have a look at the pointers below:

  • The minimum age should be 21 years

  • The maximum age should be 60 years if salaried or 65 years if self-employed

  • Any employees of Central/State Government, Public, and a Joint Sector Undertaking, Public Limited Company, MNCs, Educational Institutions, Proprietorship, Partnership firms, Private Limited companies, Trust.

  • Minimum experience of 1 year

  • If you are an Insurance Agent, you should have a minimum experience of 2 years

  • Also, the Self Employed Professionals like Doctor, Engineer, Architect, Interior Designers, Tech. and Management Consultants, Company secretaries, etc. can borrow Bank of Baroda personal loan if they have a minimum of 1 year stable business.

  • If you are salaried, you must have a salary account in the Bank of Baroda. And for proof, your last month’s salary must be disbursed in your salary account.

Are there any Hidden Charges?

No, the Bank of Baroda doesn’t charge any extra fee for the personal loan except for the processing charge which is 2% of your loan amount. And you must know that the processing fee will be deducted from your disbursed loan amount that means you don’t have to pay any charge on your expenses. 

When to Repay the Borrowed Loan?

You can repay the borrowed amount with interest in equated monthly installments for up to 36 months. And the repayment will start from the next month of the loan disbursement. So you can repay the Bank of Baroda personal loan after returning from your trip and can enjoy your vacation without the worry of finances.

Where to Apply for Bank of Baroda Personal Loan?

To apply for the Bank of Baroda personal loan, you can either go to your nearest bank branch or visit the bank’s official website. During the application process, you may need 2 passport size colored photographs, a copy of your ID (Voter ID, Aadhaar, Passport, Driving License, etc.), salary slip or certificate (if salaried) otherwise ITR report and the latest bank statement.

Now, after knowing about the Bank of Baroda personal loan, don’t delay anymore and go to your desired vacation destination without the worry of money. 

Note: Bank of Baroda charges an interest rate of 10.10%-15.20% per annum on your loan.
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