BOB Personal Loan of 6 Lakh

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Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

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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’s 6 Lakh Personal Loan is notable for its sweet benefits. Thus, Urban Money offers a comprehensive overview, encompassing key elements of the loan. With this guide, you can get one step closer to your financial goal. So, what are you waiting for, scroll down and make your dreams come true.

6 Lakh Personal Loan Bank of Baroda – Highlights

Mentioned below are the standout aspects of the Bank of Baroda 6 Lakh Personal Loan:

Features	Description
Who Are Eligible?	Salaried individuals, self-employed professionals, and business persons
Loan Tenure	Up to 84 months
Margin	N/A
Upfront Fee	N/A
Collateral/Security	Not required

6 lakh Personal Loan EMI for 1- 5 & 10 Years

Trying to figure out how much time and money fits in your pocket? Well, here is a table for you to make it easy!

Loan Tenure	EMI	Total Interest Payable	Total Payment
1 year	₹52,805	₹33,664	₹6,33,664
2 years	₹27,742	₹65,817	₹6,65,817
3 years	₹19,417	₹99,001	₹6,99,001
4 years	₹15,275	₹1,33,212	₹7,33,212
5 years	₹12,807	₹1,68,441	₹7,68,441
6 years	₹11,176	₹2,04,680	₹8,04,680
7 years	₹10,023	₹2,41,917	₹8,41,917

Compare 6 Lakh Personal Loan from other banks & NBFCs.

Understand how a 6 lakh personal loan from Bank of Baroda compares with other leading banks and NBFCs (Non-Banking Financial Corporations) in the market:

Name of the Lender	Interest Rate
Axis Bank	10.49% onwards
IndusInd Bank	10.50% onwards
IDFC First Bank	10.75% onwards
HDFC Bank	10.50% onwards
ICICI Bank	10.65% onwards
Kotak Mahindra Bank	10.99% onwards

Remember, you can always use Urban Money’s for BOB 6 lakh personal loan calculator to assess your monthly EMI.

6 lakh Personal Loan Bank of Baroda – Charges

Let us check out the various charges applicable on the instant 6 lakh loan from Bank of Baroda:

Fee/Charge	Amount
Processing Fee	1-2% of loan amount
Prepayment Charges	Nil for floating rate, up to 4% for fixed rate
Late Payment Fees	2% per month on overdue amount
Fee/Charge	Amount
Processing Fee	1-2% of loan amount

6 lakh Personal Loan Bank of Baroda- Documents Required

The following is the complete list of documents required for a 6 lakh Bank of Baroda personal loan:

Identity Proof:
- Aadhaar Card, PAN Card, Passport, Voter ID or Driving License.
Address Proof:
- Passport, Driving License, or Registered Rent Agreement.
Income Proof:
- Bank statement covering the last 6 months
Employment Proof:
- Last 3 months’ salary slips.
Self-employed individuals:
- Balance sheet and profit and loss account, computation of income for last 1 year
- Income Tax Returns – last 1 year for Applicants, 26 AS, Traces
- Gomasta License, Registration Certificate, Service Tax, etc.

6 lakh Personal Loan Bank of Baroda – Eligibility Criteria

The following are the eligibility criteria for a Bank of Baroda personal loan of 6 lakh:

Age: 21 to 60 years
Income: More than Monthy EMI
Individuals must have at least 1 year of work experience.
Individuals must have a good credit score and impeccable repayment history.

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Frequently Asked Question (FAQs)

What is the BOB monthly interest on a 6 lakh personal loan?

BOB monthly interest on a 6 lakh personal loan starts from 10.50%.

Can I get a 6 lakh personal loan from BOB?

Yes, you can apply for a 6 lakh personal loan from the Bank of Baroda. The approval will depend on your eligibility, including factors like income and credit score.

How to get a 6 lakh loan without a salary slip in BOB?

To get a 6 lakh loan without a salary slip in BOB, you may need to explore options like a personal loan for self-employed individuals or business owners. Provide documents such as ITR, business proof, bank statements, and other financial records to demonstrate your income and repayment capacity.

What is the CIBIL score for a 6 lakh personal loan for BOB?

The need for a CIBIL score varies as per the loan amount. However, keeping it above 750 is recommended to get a low-interest rate on your BOB 6 lakh loan.