BOB Self Employed Personal Loan

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:

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.

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.

1. 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.
2. Goods and Services Tax (GST): 18% GST applicable on all loan-related services
3. Penal Interest: 2% penalty on outstanding loan amount 
4. 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:

1. Mandatory Documents: Duly complete the loan application form with three passport-size photographs and Form 135.
2. KYC Documents: ID Proof (Aadhar Card/ Driver’s License/ Voter’s ID) and Address Proof (Aadhar Card, Utility Bills)
3. Business Proof: Registration certificate, Service Tax Registration or other proofs
4. Six months’ bank statements and updated passbook
5. Last year’s IT filings
6. Income Tax Challans/ Form 26AS
7. 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