BOB Personal Loan of 7 Lakh

BOB is one of the leading banks in India. With Bank of Baroda, individuals find a trusted partner for all their financial needs. Thus, whether you are planning a dream vacation, consolidating debt, or seizing a new opportunity, BOB Personal Loans offers personalised solutions designed to empower clients on their path to financial success.

BOB offers a commitment to transparency, integrity, and customer-centricity. The BOB personal loans aim to redefine the borrowing experience for borrowers. At Bank of Baroda, the priority is always to define the financial well-being of clients, with a focus on offering competitive interest rates, flexible repayment terms, and a streamlined application process. Today, we will learn everything important about the BOB 7 lakh personal loan. 

BOB Personal Loan 7 Lakh – Highlights

Take a quick look at the BOB Personal Loan for 7 lakh. 

7 Lakh Personal Loan EMI for 1- 5 & 7 Years

Take a look at the 7 lakh personal loan EMI for a period of 1-5 and 7 years.

Compare 7 Lakh Personal Loan from Other Banks & NBFC.

Here is a quick snapshot of BOB 7 lakh personal loans from other banks and NBFCs. 

BOB Personal Loan 7 Lakh – Fees and Charges

The BOB 7 lakh personal loan is subject to additional fees and charges, as outlined below:

• Processing Fee: The processing fee, which usually comprises Goods and Services Tax (GST), ranges from 1 to 2% of the loan amount. Notably, government employees with a salary account at Bank of Baroda are exempt from processing fees.

• Goods and Services Tax (GST): To ensure compliance with current tax regulations, a standard 18% GST is applied to all services related to the loan.

• Penal Interest: A penalty of 2% is applied to the remaining loan balance in the event of a delayed repayment. This measure is in place to encourage timely and responsible repayment practices.

• Other Charges: Various supplementary charges may be applicable throughout the loan process, covering stamp duty, verification fees, and similar expenses. Applicants are advised to familiarise themselves with these potential costs to ensure a transparent understanding of the financial commitment involved.
  

7 Lakh Personal Loan Document BOB

To initiate the application process for a 7 lakh personal loan through BOB, the applicant is required to provide the following documents:

• Completely filled loan application form.
• Form 135: This form, which details liabilities and assets, must 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 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

7 Lakh Personal Loan Eligibility BOB

Here is a concise overview of the eligibility criteria for the BOB 7 lakh 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 demonstrate a continuous service history of at least one year.

• Insurance Agents: Individuals actively engaged in the insurance business should showcase consistent involvement 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 deemed eligible with a minimum of one year of stable business.

• Application Specifics: Baroda Personal Loans are meticulously crafted 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.