Bank of Baroda Personal Loan: Personal loans can be seen as a form of installment credit. It is different from a credit card because a personal loan makes a one-time payment of cash to borrowers.
Personal loans come to one’s rescue when one is short of money, for which applicants must know about the interest rates charged by the bank and the Bank of Baroda micro personal loan application online.
It is straightforward to access personal loans, and they are granted so fast that many people take personal loans often to meet expenses. In the recent times, a lot of people have Bank of Baroda loans.
In this article, we will discuss the Bank of Baroda loan yojana, and much more.
Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.
Bank of Baroda
- Bank of Baroda Overview
- Bank of Baroda Features
- How to Apply for a Personal Loan in Bank of Baroda?
- Bank of Baroda Personal Loan Eligibility Criteria
- Bank of Baroda Personal Loan Documents Required
- Bank of Baroda Personal Loan Features
- Takeaways from the Article
There are three distinct types of Mudra loans depending on the loan amount.
Shishu: Loans up to fifty thousand sanctioned under the Pradhan Mantri Mudra Yojana scheme are put in this category.
Kishore: Loans of amounts up to five lakhs sanctioned under the Pradhan Mantri Mudra Yojana scheme are put in this category.
Tarun: Loans amounting to up to ten lakhs sanctioned under the Pradhan Mantri Mudra Yojana scheme are put in this category.
The loans sanctioned under this scheme have repayment tenure extending up to a maximum of sixty months.
- Bank of Baroda provides personal loans to salaried individuals at rates more attractive than most other banks.
- These loans can be taken up to meet an individual’s financial endings.
- The money can be spent in any way as wanted by the individual.
- There are exclusive advantages of credit cards and informal loans, a personal loan can help any salaried or self-employed individual.
Online Application: To apply online, applicants need to visit the Bank of Baroda official website and read through the details.
Applicants are requested to fill the application forms as per the guidelines, with correct information to have their application accepted.
Offline Application: To apply offline, applicants may call the branch number and know the details about applying.
- The personal loan of Bank of Baroda has some salient features, which we will discuss below.
- The loan can be applied by any individual who is employed in a government or a private firm.
- To get the loan, the individual has to be working in the same office for more than a year.
- Similarly, self-employed people will also have to show their business or practice for at least one year.
- The age of the applicant may be from twenty-one up to the mark of sixty or sixty-five. The maximum age should be sixty for salaried people, and for non-salaried people, the whole age should be sixty-five at the end of the repayment period.
- The principal capital of the loan varies from location to location. In urban and metro cities, the loans granted are from one lakh to fifteen lakhs.
- The loans granted in semi-urban and semi-metro cities are from fifty thousand to fifteen lakhs.
- The processing charges for personal loans are calculated at 2% with GST on the loan amount.
The documents required for applying for a personal loan are
- A filled loan application form with three passport size photographs and a 135-form containing the details of these assets and the liabilities owed by the individual.
- The last six months’ bank statements and an updated passbook.
- Proof of residency may include a passport, an aadhaar card, post-paid utility bill, voter card, driving license, registered rent agreement.
- Proof of identity may also include a passport, an Aadhaar card, a voter card, a driving license, and others.
- For salaried people, they should have the receipt of the salaries received by them, and for self-employed people, they should provide the balance sheet of profit and loss of their work and their income of the last year.
The benefits provided by the personal loans of the Bank of Baroda are discussed below.
- Benefits of Emergency Funds: In such dire situations where the country is facing a deadly pandemic in the name of COVID-19, an emergency fund is always helpful for an individual. Apart from medical emergencies, the emergency fund can also be used by individuals to serve their other financial needs.
- Advantage Over Credit Cards: Personal loans also have an advantage over credit cards. Individuals usually can spend money up to a specific limit on credit cards which is not the case for personal loans.
- No strict Credit limits: There is no limit in the upper ceiling of the credit in a personal loan.
- Repayment Tenure: The repayment tenure of the loan can be extended up to sixty months. Hence, this makes the loan more attractive to the borrowers.
The Bank of Baroda is also known as the Pradhan Mantri Mudra Yojana is a flagship scheme of the government to extend the affordable principle to small and micro-businesses.
Loans under this scheme are only given to micro non-farming enterprises involved in money-making. Mudra schemes are designed to bring fundings to the unfunded enterprises. Hence, you should not hesitate to get your Personal Loan from the Bank of Baroda anymore!