BOB Personal Loan of 50000

The Bank of Baroda recognises the significance of transforming aspirations into tangible achievements. This is why its’ personal loan offerings are meticulously crafted to cater to your unique needs, whether it be funding a long-awaited vacation, managing unexpected expenses, or investing in personal growth. For instances where a sum of 50,000 can make a substantial difference in handling unforeseen events, Bank of Baroda stands ready to assist. Our customer-centric approach guarantees a borrowing experience characterized by seamlessness and transparency. Today, we delve into the specifics of the BOB 50,000 personal loan, aiming to provide you with insights that will aid in making informed financial decisions.

BOB Personal Loan 50,000 – Highlights

Here is a quick snapshot of BOB Personal Loan of 50,000. 

50,000 Personal Loan EMI for 1- 5 & 7 Years

Compare BOB Personal Loan 50,000 from Other Banks & NBFC.

Here is a quick rundown for the BOB personal loan comparison with other banks and NBFCs. 

BOB Personal Loan 50,000 – Fees and Charges

Following are the additional fees and charges that the applicant will need to pay for 50,000 personal loan. 

• Processing Fee: Typically ranging from 1-2% of the loan amount, the processing fee includes Goods and Services Tax (GST). It is noteworthy that government employees maintaining a salary account with Bank of Baroda enjoy an exemption from processing fees.
• Goods and Services Tax (GST): A standard 18% GST applies to all services associated with the loan, ensuring compliance with prevailing tax regulations.
• Penal Interest: In instances of delayed repayment, a penalty of 2% is imposed on the outstanding loan amount. This encourages timely and responsible repayment practices.
• Other Charges: Various additional charges may be applicable during the loan process, encompassing stamp duty, verification fees, and similar expenses. It is advisable for applicants to acquaint themselves with these potential costs for a transparent understanding of the financial commitment involved.

50,000 Personal Loan Documents BOB

The applicant will need the following documents to apply for a 50,000 personal loan via BOB. 

• Duly filled 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 organisation
• Practice certificate
• Identity document 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

50,000 Personal Loan Eligibility BOB

Following is the personal loan eligibility criteria for BOB 50,000 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 have a minimum service history of one year.
• Private Sector Employees: Employees of Private Limited Companies, Trusts, and Limited Liability Partnerships should possess a continuous service history of at least one year.
• Insurance Agents: Individuals involved in the insurance business should demonstrate consistent engagement 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 eligible with a minimum of one year of stable business.
• Application Specifics: Baroda Personal Loans are exclusively designed 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.