or personal loan in BOB

How to apply for personal loan in BOB?


Unexpected financial problems can crop up at any time. But keeping a stash of money in your savings account to address these emergencies can also rob you from the great interests you can earn by investing the money in the right schemes. As such, it becomes very crucial to manage your finance well, so that you are able to create well while sailing through all your emergencies smoothly. A personal loan through a money loan app can helpyou in addressing your small funding requirements. An online loan has many benefits but the loan amount offer by loan apps is often lesser than that offered by conventional banks.If you need a big ticket loan then you may consider applying for a personal loan from Bank of Baroda.

Bank of Baroda (BOB) Personal Loans

BOB is a renowned Indian bank that offers an array of banking solutions and loan products. You can apply for a Bank of Baroda (BOB) personal loan if you are a salaried individual or self-employed.

Whether you require funds to refurbish your home or pay for an up skilling course, finance your wedding or start a new business,you can approach BOB for a quick online loan. This premier Indian bank offers personal loans at the best interest rates.

Even so, you have to satisfy the eligibility criteria to avail a BOB Personal loan. You may also access the money loan app to know your eligibility for personal loans.

Bank of Baroda (BOB) Personal Loans: Different Types

The various types of BOB personal loans you can avail are:

  • Baroda Personal Loan: Loan amount ranges from Rs 1 lakh to Rs 15 lakh.
  • Baroda Loan to Pensioners: For pensioners receiving pension via BOB branches.
  • Pre-Approved Personal Loan: Minimum loan amount is Rs 10,000 and the maximum loan amount is Rs 50 lakh.

Bank of Baroda (BOB) Personal Loans: Mandatory Documents

  • Loan application form has to be duly filled and affixed with a passport-sized photograph.
  • Form 135 mentioning details of assets and liabilities.
  • Bank statement of last 6 months or copy of updated passbook.
  • Identity Proof (including a photocopy of voter ID, Aadhaar card, PAN Card, Passport, or any other government-recognized identity document).
  • Any other documents that the bank requests.

Salaried Individuals

  • Bank account statement for the past 6 months or salary slips for 3 months.

Self-Employed Groups

  • Income Tax Returns (IT Returns) for the last 1 year
  • Balance Sheet, Income Computation, and Profit & Lost Statement for the past 1 year
  • Clearance Certificate / TDS Certificate (Form 16A) / Income Tax Challan / IT Assessment / Form 26 AS
  • Proof of Business, which includesGomasta License, Registration Certificate, and Service Tax Registration

Bank of Baroda (BOB) Personal Loans: Eligibility Criteria

  • Minimum age to apply is 21 years; and the maximum age is 60 years for salaried individuals and 5 years for self-employed applicants
  • Government employee who has been in service for minimum 1 year.
  • Employee of a proprietorship firm, partnership firm, or private limited company for at least 1 year.
  • Insurance agents who have been in business for the past 2 years.
  • Self-employed individuals can apply after being in business for at least 1 year.
  • Self-employed individuals become eligible after having been in business for minimum 1 year, including engineers, interior designers, and architects.

Bank of Baroda (BOB) Personal Loans:Miscellaneous Charges

  • Processing Fee: Can go up to 2% for loan amounts ranging from Rs 1,000 to Rs 10,000; in case of a government employee holding a BOB salary account, they are not charged processing fee.
  • Penal Interest: Up to 2% on the outstanding loan balance.
  • Foreclosure & Pre-Closure Charges: NIL

Bank of Baroda (BOB) Personal Loans: How to Apply

Here are the steps to apply for a BOB personal loan:

Check the Eligibility

Browse the BOB official website and study the eligibility norms. The application process entails fillingout the loan application form with basic contact details and submitting all mandatory documents. Next, you have to click on the eligibility calculator to know your eligibility. If you are eligible, then proceed by applying for a personal loan.

Loan Amount and Documents

Remember to enter the loan amount and repayment period when submitting your loan application. You can also access the money loan app to calculate your EMI based on your loan amount and plan your payment schedule.

Among documents you have to submit to determine loan eligibility are salary slip, PAN Card, bank statement, and employee ID.

Document Verification

The BOB authorities will verify all your documents. Your loan will be approved if you have all your paperwork in order, your loan will be approved. Upon loan approval, the funds will be directly credited to your bank account.

Other ways of applying for a BOB personal loan are:

  • Visit the nearest branch to complete all the necessary paperwork
  • Call the BOB customer care toll-free numbers: 1800 102 4455 / 1800 258 4455
  • You can apply via the BOB World App if you have a BOB bank account

Bank of Baroda (BOB) Personal Loans:Turnaround Time

Bank of Baroda has set no fixed turnaround time to disburse personal loans. However, the bank takes between 2 to 7 working days from the date of application to offer a personal loan.

In case of a BOB online loan, you can obtain your loan in a short span because of minimal paperwork.Bank of Baroda also provides immediate disbursal of the loan amount in case of pre-approved loans to select customers.


In conclusion, Bank of Baroda is one of the most trusted lenders in the India. However, there are some limitations too. BOB has no provision for co-applicant when it comes to personal loans. The bank considers loan applicants only on an individual basis. BOB evaluates your credit score and monthly income to determine whether you are eligible for a personal loan or not and their eligibility norms are quite stringent.

Anyway, you must compare the different loan offers available on the money loan app, to get the best deals on your loan.

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