BOB Personal Loan of 8 Lakh

Bank of Baroda (BOB) stands as a prominent financial institution within India, renowned for its leading position in the banking sector. With Bank of Baroda, individuals discover a reliable partner to address their diverse financial needs. Whether contemplating a dream vacation, consolidating debt, or capitalising on a new opportunity, BOB Personal Loans for 8 lakh provide tailored solutions crafted to empower clients on their journey towards financial success.

BOB is committed to transparency, integrity, and a customer-centric approach, aiming to redefine the borrowing experience for its clients. At Bank of Baroda, the paramount objective is to enhance the financial well-being of clients by offering competitive interest rates, flexible repayment terms, and a streamlined application process. Today, we delve into comprehensive insights about the BOB 8 lakh personal loan.

BOB Personal Loan 8 Lakh – Highlights

Following are the highlights for BOB 8 lakh personal loan. 

Maximum Amount	Rs. 20 lakhs
BOB Personal Loan Interest	Starting at 10.35% p.a.
Type of Interest Rate	Fixed and Floating
Loan Tenure	Up to 7 years
Collateral Requirement	NIL

8 lakh Personal Loan EMI for 1- 5 & 7 Years

Take a look at the 8 lakh personal loan EMI for a period of 1-5 and 7 years.

Loan Tenure	Loan Amount	Interest Rate (p.a.)	EMI
1 Year	8 lakh	10.35%	₹61,655
2 Years	8 lakh	10.35%	₹32,415
3 Years	8 lakh	10.35%	₹22,702
4 Years	8 lakh	10.35%	₹17,872
5 Years	8 lakh	10.35%	₹14,994
7 Years	8 lakh	10.35%	₹11,748

Compare 8 lakh Personal Loan from Other Banks & NBFC.

Take a look at the comparison of BOB 8 lakh personal loans with other leading banks and NBFCs. 

Lender	Rate of Interest (p.a.)	Maximum Loan Tenure
Bank of India	10.25% onwards	7 years
State Bank of India	10.55% onwards	6 years
Citibank	10.75% onwards	5 years
TATA Capital	10.99% onwards	6 years
Bajaj Finserve	11% onwards	8 years

BOB 8 Lakh Personal Loan – Fees and Charges

The BOB 8 lakh personal loan incurs additional fees and charges, detailed as follows:

• Processing Fee: Typically ranging from 1-2% of the loan amount, the processing fee encompasses Goods and Services Tax (GST). Noteworthy is the exemption of processing fees for government employees holding a salary account at Bank of Baroda.

• Goods and Services Tax (GST): A standardised 18% GST is applicable to all services associated with the loan, ensuring adherence to prevailing tax regulations.

• Penal Interest: In instances of delayed repayment, a penalty of 2% is levied on the outstanding loan amount. This measure is put in place to promote responsible and timely repayment habits.

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

8 Lakh Personal Loan Document – BOB

Here is a list of all the important documents required to apply for BOB 8 lakh personal loan. Take a look! 

• Completely fill out the loan application form
• Form 135: This form, which details liabilities and assets, must be submitted along with the application

Important Financial Records Needed for BOB 8 Lakh Personal Loan:

• Last six months’ bank statements
• Updated passbook

ID Proofs required for BOB Personal Loan (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 Required to Apply for an 8 lakh BOB personal loan (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

8 lakh Personal Loan Eligibility BOB

Here is the eligibility criteria for the BOB 8 lakh personal loan. Take a look! 

• 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 possess 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.