BOB Personal Loan of 40000

When it comes to personal loans, Bank of Baroda understands the importance of turning aspirations into reality, and that’s why we present our Personal Loan offering, tailored to meet your individual needs. Whether it’s funding a long-awaited vacation, covering unexpected expenses, or investing in personal growth, our personal loans empower you to seize every opportunity. A sum of 40,000 is good enough to help you in case of any unforeseen event. Our customer-centric approach ensures a seamless and transparent borrowing experience, coupled with competitive interest rates and flexible repayment options. Today, we will discuss the BOB 40,000 personal loan. 

BOB Personal Loan 40,000 – Highlights

Here is a quick snapshot of BOB Personal Loan of 40,000. 

40,000 Personal Loan EMI for 1- 5 & 10 Years

Compare BOB Personal Loan 40,000 from Other Banks & NBFC.

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

BOB Personal Loan 40,000 – Fees and Charges

Here are the additional fees and charges that the applicant will need to pay for 40,000 personal loan. 

• Processing Fee: Typically ranges from 1-2% of the loan amount, plus Goods and Services Tax (GST). Notably, government employees holding a salary account with Bank of Baroda are exempt from processing fees.

• Goods and Services Tax (GST): A standard 18% GST is applicable to all services related to the loan.

• Penal Interest: A penalty of 2% is levied on the outstanding loan amount in case of delays in repayment.

• Other Charges: Additional fees, including stamp duty, verification charges, and similar expenses, may be applicable during the loan process.

40,000 Personal Loan Documents BOB

To complete the loan application process, the following documents are required:

• Duly filled out the Loan Application Form: Accompanied by three passport-size photographs.
• Form 135: This form, providing details of liabilities and assets, should be submitted along 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 organization
• 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

40,000 Personal Loan Eligibility BOB

Following is the personal loan eligibility criteria for the BOB 40,000 personal loan. 

• Government and Public Sector Employees: Employees of Central Government, State Government, autonomous bodies, Public Sector Undertakings, Public Limited Companies, and MNCs, as well as those in educational institutions, with a minimum service history of one year

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

• Insurance Agents: Individuals engaged in insurance business for the past two years

• Self-Employed Businessmen: Individuals running their own business with a minimum of one year of stable business

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

• Application Specifics: Baroda Personal Loans are designed for individual applicants only; co-applicants are not permitted

• Age Criteria: Minimum age at the time of loan application: 21 years

• Maximum age at the time of loan maturity: 60 years for salaried individuals; 65 years for non-salaried individuals