BOB Salaried Employee Personal Loan

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Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

The BOB Salaried Employee Personal Loan is an appealing financing option. Lenders typically consider salaried employees as less risky applicants due to their regular and stable income. Thus, Bank of Baroda offers an exclusive financing option for salaried employees with various features and benefits. Eligible candidates can enjoy a lower interest rate, a higher loan amount, minimal documentation, and better terms.

To make your financial journey less difficult, Urban Money offers a brief overview of this financing option. We cover BOB salaried employee personal loan interest rates, applicable fees, eligibility criteria, required documents, and more. We also compare this BOB salaried employee personal loan with other leading banks in India. So that you can pinpoint the most cost-effective option you may have. Let’s scroll down.

BOB Personal Loan for Salaried Employee – Highlights

The following are the key parameters of BOB salaried employee personal loan:

Highlights
Loan Amount	Up to Rs 20 lakh
Interest Rates	12.15% to 18.25% p.a.
Loan Tenure	Up to 7 years
Eligibility	Employee of Private, Public, Trust, LLP, Insurance Agent, etc.

Compare BOB Salaried Employee Loan From Other Bansk

Let’s compare a BOB salaried employee personal loan with other leading banks and NBFCs across India:

Lender	Interest Rate (p.a.)	Processing Fee	Max. Loan Amount	Max. Loan Tenure
Bank Of Baroda	12.15% onwards	Up to 2% of the loan amount	Rs 20 lakh	7 years
Axis Bank	10.49% onwards	Up to 2% of the loan amount	Rs 40 lakh	7 years
HDFC Bank	10.50% onwards	Upto Rs 4999	Rs 40 lakh	6 years
Union Bank	10.60% onwards	0.50% of the loan amount	Rs 15 lakh	6 years
State Bank of India	10.55% onwards	Up to 0.75% of the loan amount	Rs 35 lakh	6 years
IDBI Bank	9.50% onwards	1 % of the loan amount	Rs 5 lakh	6 years
Kotak Mahindra Bank	10.99% onwards	Up to 3% of the loan amount	Rs 40 lakh	6 years
Tata Capital	10.99% onwards	3.5% of the loan amount	Rs 35 lakh	6 years

BOB Personal Loan for Salaried Employee – Fees and Charges

Following are the applicable fees and charges for a BOB salaried employee personal loan:

Fee/Charge	Amount
Processing Fee	1% to 2% of the loan amount
Prepayment Charges	2% to 4% of the prepaid amount
Late Payment Fees	Applicable
Cheque/ECS/NACH dishonour Charges	Applicable
Professional charges (Advocate Charges/Retainer ship Charges)	At Actuals

BOB Personal Loan for Salaried Employee – Documents Required

The required documents for a BOB salaried employee personal loan are as follows:

Proof of Identity: Aadhaar Card, PAN Card, Passport, Voter ID or Driving License.

Proof of Address: Passport, Driving License, or Registered Rent Agreement.

Proof of Income: Bank statement covering the last 6 months

Proof of Employee: Last 2 months’ salary slips.

BOB Personal Loan for Salaried Employee – Eligibility Criteria

The BOB salaried employee personal loan eligibility criteria are as follows:

You must be aged between 21 and 60 years
You must have a sufficient income to cover the monthly repayment.
You must have at least 1 year of work experience.
You must have a good credit score and repayment history.