BOB offers personal loans for education, renovating the home, travelling, medical emergency etc. The personal loan amount by BOB varies based on the location of the customers that is metro, urban or semi-urban areas. The loan amount can range from 1 Lakh to 10 Lakhs for metro and 50000 to 5 lakhs for urban and rural areas. The personal loan charges are specified below in detail.
Personal Loan Charges as on 7.03.2019
|Interest rate||Salaried employees 11.6%|
|Processing fee||2% of the loan amount subject to a minimum of Rs. 250 for salaried employees|
2% of the loan amount subject to a minimum of Rs.1000 and maximum of Rs.10,000 for self-employed
|Loan tenure||Varies from 12 months to 36 months (Salaried people)|
12 months to 48 months for (self-employed)
|Loan amount||Rs.50,000 to 2 lakh for salaried people|
Rs.1 lakh to Rs.10 lakh for self-employed
Personal foreclosure charges for Bank of Baroda
Instead of paying the amount in the required installments, when the borrower settles the same in a single payment it is called foreclosure. This will generally happen when a person has received a lump sum in his account and when he feels that he could use the same against the settlement of his load to reduce the future liabilities.
Bank of Baroda does not charge any amount for foreclosure of any loan account. But this stands valid on the condition that the foreclosure for the loan can be done only after paying a certain amount of EMI for a fixed period. The borrower has to follow the norms as per the Banking regulations and will also have to fill a form for the foreclosure of the loan. A certificate is issued by the Bank having acknowledged the closure of the loan.
Different options to foreclose the loan
If you wish to foreclose your personal loan with BOB, you need to visit the bank, fill a mandatory form and submit the payment through cheque, cash or demand draft. You get to choose the mode of payment as per your convenience.
Bank of Baroda thus provides flexibility in meeting the immediate financial needs of the customer at a very low interest rate. They have a set of experts who are available at one’s doorstep to guide the customer and choose the loan as per his or her needs. It is mainly applicable for salaried, self-employed and other main professionals.