BOB Personal Loan of 2 Lakh

Bank of Baroda’s personal loan is meticulously crafted to cater to the unique needs of individuals. Whether it involves financing a long-anticipated vacation, navigating unforeseen expenses, or investing in personal growth, personal loans are designed to provide tailored solutions, and a 2 lakh personal loan is a fairly good amount to address any kind of need. The bank’s customer-centric approach ensures that the borrowing experience is characterised by seamlessness and transparency. Today, we will delve into the specifics of the BOB Personal Loan of 2 lakh, gaining insights that empower them to make informed financial decisions.

BOB Personal Loan 2 lakh – Highlights

Here is a quick snapshot of BOB Personal Loan of 2 lakh. 

2 lakh Personal Loan EMI for 1- 5 & 7 Years

Here is a quick look at the 2 lakh personal loan EMI for 1-5 and 7 year timeframes. 

Compare BOB Personal Loan 2 lakh from Other Banks & NBFC.

Take a look at the BOB personal loan comparison with other banks and NBFCs. 

BOB Personal Loan 2 lakh – Fees and Charges

Following are the additional fees and charges that the applicant will need to pay for a BOB 2 lakh personal loan. 

• Processing Fee: Typically ranging from 1-2% of the loan amount, the processing fee encompasses Goods and Services Tax (GST). It is noteworthy that government employees holding a salary account with Bank of Baroda are exempt from processing fees.

• Goods and Services Tax (GST): A standardised 18% GST is applicable to all services associated with the loan, ensuring compliance with prevailing tax regulations.

• Penal Interest: In cases of delayed repayment, a penalty of 2% is imposed on the outstanding loan amount. This measure encourages timely and responsible repayment practices.

• Other Charges: Various supplementary charges may be applicable throughout the loan process, encompassing stamp duty, verification fees, and similar expenses. Applicants are advised to acquaint themselves with these potential costs to ensure a transparent understanding of the financial commitment involved.

2 lakh Personal Loan Documents BOB

To apply for a 2 lakh personal loan through BOB, the applicant will need the following documents. 

• Completely fill out the loan application form
• Form 135: This form, detailing liabilities and assets, is to be submitted with the application.

Financial Records:

• Last six months’ bank statements
• Updated passbook

ID Proof (any of the following):

• PAN card
• Aadhar card
• Voter ID
• Driving licence
• Passport
• Employee ID issued by the organisation
• Practice certificate
• Identity documents issued by relevant professional bodies such as ICFAI, ICAI, and ICWA

Address Proof (any of the following):

• Passport
• Voter ID
• Driving licence
• Postpaid utility bills (gas and electricity bills)
• Updated passbook or bank account statement
• Registered rent agreement

2 lakh Personal Loan Eligibility BOB

 Here’s a quick rundown of the personal loan eligibility criteria for the BOB 2 lakh personal loan. 

• Government and Public Sector Employees: Individuals employed by the Central Government, State Government, autonomous bodies, Public Sector Undertakings, Public Limited Companies, MNCs, and those in educational institutions must possess a minimum service history of one year.

• Private Sector Employees: Employees of Private Limited Companies, Trusts, and Limited Liability Partnerships should demonstrate a continuous service history of at least one year.

• Insurance Agents: Individuals actively engaged in the insurance business should showcase consistent involvement over the past two years.

• Self-Employed Businessmen: Entrepreneurs managing their enterprises must exhibit a minimum of one year of stable business.

• Self-Employed Professionals: Professionals, including doctors, engineers, company secretaries, architects, interior designers, etc., are deemed eligible with a minimum of one year of stable business.

• Application Specifics: Baroda Personal Loans are meticulously crafted for individual applicants; co-applicants are not permissible.

• Age Criteria: Applicants must be a minimum of 21 years old at the time of loan application.

• For salaried individuals, the maximum age at the time of loan maturity is 60 years; for non-salaried individuals, it is 65 years.