A specialised personal loan by Bank of Baroda aimed at employed individuals for providing financial aid concerning any purpose. This loan features low interest rates and fast approval times.
The loan can be utilised for business or personal needs, but can’t be utilised for any speculative purposes.
The eligibility criteria to be met in order for the institution to be able to sanction the loan include the following -
The financing mode allowed under the Baroda Premium Personal Loan is a term loan.
Based on the credit-worthiness of the applicant, Bank of Baroda can provide loans that to the applicant subject to the following limits –
The total monthly deductions with all EMIs should not exceed 60% of monthly income.
The repayment duration can be a maximum of 7 years.
Interest rates for a Baroda Premium Personal Loan could range from the Base Rate + 3.25% to Base Rate + 4.50% per annum based on Bank of Baroda’s discretion. The rates are as per November 2015.
The standard list of required documents for applying for this loan are mentioned as follows –
The Personal Loan from Bank of Baroda is an unsecured loan that requires no guarantors or collaterals and is a really good financing option for individuals to meet any kind of personal or business needs, either planned or urgent.
The loan period can be of 84 months and the loan processing time is very less when compared to other business or personal loans. The loan process involves minimal documentation.
Through Bank of Baroda’s website the forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail Bank of Baroda requesting an executive assistance for application process.
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