BOB Personal Loan of 20,000

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

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?

The expected monthly interest rate for the Bank of Baroda personal loan ranges from 1.03% to 1.48%.

Can I get a ₹20,000 personal loan from the Bank of Baroda?

Yes, you can, but it ultimately may depend on your monthly income and creditworthiness.

How do I get a ₹20,000 loan without a salary slip from Bank of Baroda?

It is feasible to secure a personal loan from the Bank of Baroda without a salary slip, but you must submit alternative documents that demonstrate your ability to repay the loan amount.

What is the CIBIL score for a ₹20,000 personal loan at the Bank of Baroda?

The minimum CIBIL score of 700 or above is considered ideal for getting a personal loan from the Bank of Baroda.