BOB Senior Citizen Personal Loan

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Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

BOB personal loan for senior citizens is designed to provide you with the financial flexibility and security you deserve during retirement. With its attractive interest rates, minimal documentation, and swift processing, the loan empowers you to meet unexpected expenses, fulfil cherished dreams, or enjoy a worry-free retirement. Whether you need funds for a medical emergency, home renovation, or a dream vacation, the senior citizen personal loan BOB offers a reliable solution, allowing you to focus on what truly matters – enjoying a comfortable and fulfilling retirement.

BOB Personal Loan for Pensioners – Highlights

The following are the key principles of a BOB personal loan for senior citizens:

Highlights
Loan Amount	5 Lakhs to 8 Lakhs
Interest Rates	11.65%
Loan Tenure	Up to 15 years or until you reach the age of 70, whichever comes first.
Eligibility	You should be under the age of 75 and should be a regular pensioner

Comparing BOB Pensioners Loan With Other Banks

Following is the comparison of BOB personal loan senior citizens with other lending banks in India.

Lender	Interest Rate (p.a.)	Processing Fee	Tenure
State Bank of India	11.20% onwards	1% of the loan amount	Up to 6 years
Bank of India (BOI)	10.25% onwards	Nil	Up to 5 years
Punjab National Bank	11.75% onwards	Nil	Up to 5 years
United Bank of India	11.40% onwards	1% of the loan amount	Up to 5 years
Central Bank of India	12.00% onwards	1% of the loan amount	Up to 7 years

BOB Personal Loan for Pensioners – Fees and Charges

Let’s take a look at the following fees and charges you can expect in a BOB instant loan for senior citizens:

Fee/Charge	Amount
Processing Fee	Rupees 1,000 + GST
Penal Interest	2% on the outstanding amount

BOB Personal Loan for Pensioners – Documents Required

Specific documents are needed for a senior citizen applying for a BOB personal loan. These include proof of identity (Aadhaar card, PAN card, passport, voter ID, or driving licence), proof of address (utility bills, passport, or driving licence), and proof of pension (pension payment order or pension account statement). These documents are essential to facilitate the loan application process.

BOB Personal Loan for Pensioners – Eligibility Criteria

The following are the eligibility criteria for a BOB personal loan for senior citizens:

Being an Indian citizen should be a must.
You must be below 76 years of age.
A BOB bank account is necessary for the pensioner to draw his/her pension.
A good credit history and score is a must for the pensioners.