BOB Self Employed 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.

Personal Loans can help take care of a wide range of personal expenses. The BoB self-employed personal loan offers instant financial assistance to business owners, doctors, freelancers and other self-employed professionals. Unforeseen or sizeable expenses like medical bills, foreign vacations, new vehicle purchases, education abroad or others can be comfortably funded via Bank of Baroda’s easy personal loans.

The BoB self-employed personal loan interest rate starts at 10.35% p.a., and the bank offers up to 20 lakhs for as many as seven years.

BoB Personal Loan for Self-Employed – Highlights

Glance your way through the BoB self-employed personal loan details here:

Maximum Amount	Rs. 20 lakhs
Instant Disbursal via Digital Application	Up to 10 lakhs
Rate of Interest	Starting at 10.35% p.a.
Type of Interest Rate	Fixed and Floating
Loan Tenure	Up to 7 years
Collateral Requirement	NIL

Comparing BoB Self-Employed Loan With Other Banks

The personal loans market is highly competitive. Look at how BoB self-employed instant loans compare with other banks and NBFCs.

Lender	Rate of Interest (p.a.)	Maximum Loan Tenure
Bank of India	10.25% onwards	Seven years
State Bank of India	10.55% onwards	Six years
Citibank	10.75% onwards	Five years
TATA Capital	10.99% onwards	Six years
Bajaj Finserve	11% onwards	Eight years

BoB Lakh Personal Loan for Self-Employed – Fees and Charges

Apart from the BoB self-employed personal loan interest, a borrower must pay the following fees and charges while applying.

Processing Fee: Ranging from 1-2% of the loan amount plus GST. No processing charge applies to government employees maintaining a salary account with the Bank of Baroda.
Goods and Services Tax (GST): 18% GST applicable on all loan-related services
Penal Interest: 2% penalty on outstanding loan amount
Other Charges: These include charges like stamp duty, verification charges and others.

BoB Personal Loan for Self-Employed – Documents Required

The BoB self-employed personal loan document requirements are as follows:

Mandatory Documents: Duly complete the loan application form with three passport-size photographs and Form 135.
KYC Documents: ID Proof (Aadhar Card/ Driver’s License/ Voter’s ID) and Address Proof (Aadhar Card, Utility Bills)
Business Proof: Registration certificate, Service Tax Registration or other proofs
Six months’ bank statements and updated passbook
Last year’s IT filings
Income Tax Challans/ Form 26AS
IT Assessment/ Clearance Certificate

BoB Personal Loan for Self-Employed – Eligibility Criteria

Take a look at the BoB self-employed Personal loan eligibility criteria:

Nature of Employment: Self-Employed
Age of Business/ Profession: Minimum one year
Age Limit: 21-65 years
High Credit Score