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BOB Personal Loan of 20,000
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The Bank of Baroda personal loan of ₹20,000 is a versatile credit option. Whether you need to consolidate debts, repair your car, cover medical expenses, or manage other unforeseen expenses, the bank is ready to disburse the funds. You are also not required to pledge any assets as security or collateral. However, just like any other credit facility, you will need to repay the loan amount along with the applicable interest. To make it more transparent, Urban Money presents herein a detailed overview of this borrower-friendly personal finance. Let’s scroll down and learn more about the BOB ₹20,000 loan interest rate, required documentation, eligibility criteria, expected EMI, etc.
20,000 Personal Loan Bank of Baroda – Highlights
Here are the key parameters of a Bank of Baroda personal loan for ₹20,000:
Loan Amount | Rs 20,000 |
Interest Rates | 12.40% to 17.75% p.a. |
Loan Tenure | Up to 5 years |
Eligibility | Both salaried and self-employed individuals |
20,000 Personal Loan EMI for 5 Years
₹20,000 personal loan EMIs from the Bank of Baroda, spanning 1 to 5 years, are as follows:
Loan Amount | Interest Rate | Loan Tenure | EMI Amount | Interest Payable | Total Amount Payable |
₹20,000 | 12.40% p.a. | 1 year | ₹1,781 | ₹1,369 | ₹21,369 |
₹20,000 | 12.40% p.a. | 2 years | ₹945 | ₹2,685 | ₹22,685 |
₹20,000 | 12.40% p.a. | 3 years | ₹668 | ₹4,052 | ₹24,052 |
₹20,000 | 12.40% p.a. | 4 years | ₹531 | ₹5,469 | ₹25,469 |
₹20,000 | 12.40% p.a. | 5 years | ₹449 | ₹6,937 | ₹26,937 |
Compare ₹20,000 Personal Loan From Other Banks & NBFCs
Following is the comparison of an instant ₹20,000 loan from Bank of Baroda with other leading banks and NBFCs across India:
Lender | Interest Rate (p.a.) | Processing Fee | Max. Loan Tenure |
Bank Of Baroda | 12.40% onwards | Up to 2% of the loan amount | 5 years |
Axis Bank | 10.49% onwards | Up to 2% of the loan amount | 7 years |
HDFC Bank | 10.50% onwards | Upto Rs 4999 | 6 years |
Union Bank | 10.60% onwards | 0.50% of the loan amount | 6 years |
State Bank of India | 10.55% onwards | Up to 0.75% of the loan amount | 6 years |
20,000 Bank of Baroda Home Loan – Fees and Charges
Here are the relevant fees and charges for a Bank of Baroda personal loan for ₹20,000:
Fee/Charge | Amount |
Processing Fee | 1% to 2% of the loan amount |
Prepayment Charges | 2% to 4% of the prepaid amount |
20,000 Bank of Baroda Home Loan – Documents Required
₹20,000 personal loan documents at Bank of Baroda are as follows:
Document Type | Accepted Documents |
Proof of Identity | Aadhaar Card, PAN Card, Passport, Voter ID, or Driving Licence |
Proof of Address | Passport, Driving Licence, or Registered Rent Agreement |
Proof of Income | Bank statement covering the last 6 months |
Proof of Employment | Salary slips |
20,000 Bank of Baroda Home Loan – Eligibility Criteria
₹20,000 personal loan eligibility at Bank of Baroda is as follows:
- You must be between 21 and 60 years
- You must have a stable source of income that covers the loan EMIs.
- You must have at least one year of work experience.
- You must have a good credit score and a good repayment history.
Frequently Asked Question (FAQs)
What is the Bank of Baroda's monthly interest on a ₹20,000 personal loan?
Can I get a ₹20,000 personal loan from the Bank of Baroda?
How do I get a ₹20,000 loan without a salary slip from Bank of Baroda?
What is the CIBIL score for a ₹20,000 personal loan at the Bank of Baroda?
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