If you are searching for a loan to fulfil your professional and personal requirements, consider the eligibility criteria that multiple banking institutions have to offer. Bank of Baroda is a bank that you may consider. It is a leading bank in India’s private sector. The bank offers various products to suit your needs, from home and personal loans to education, business, and car loans.
Are you searching for a loan to fulfil your professional and personal requirements? Do you wish to know the BOB personal loan interest rate and the eligibility criteria for applying for a BOB Personal Loan? You are at the right place. The article will unravel the eligibility criteria for a loan from the Bank of Baroda. If you want to apply for a Bank of Baroda, scroll down and read the write-up.
Bank of Baroda Loan Criteria for Salaried Applicants
As a salaried applicant, you should fulfil the following loan criteria to secure a personal loan from Bank of Baroda:-
- Age- Your age must be 21, while your age during the final EMI repayment must be within sixty years.
- Nationality- You should be a citizen of India.
- Employment- You must be employed for a minimum tenure of one year with an MNC, educational institution, government organisation, PSU, or public or private limited companies.
- Minimum Monthly Salary- Your minimum monthly income must be Rs.20,000 to be eligible for a BOB personal loan.
- Credit Score- You should have an excellent credit score. Credit scores of more than 759 are considered ideal.
Bank of Baroda Loan Criteria for Self-Employed Applicants
The loan criteria for self-employed applicants are slightly different from salaried applicants. As a self-employed applicant, you must fulfil the following loan criteria to secure a personal loan from the Bank of Baroda:-
- Age- Your age must be 21, while your age during the final EMI repayment must be within 65 years.
- Nationality- You should be a citizen of India.
- Profession- You must be a self-employed professional like an architect, doctor, engineer, chartered accountant, consultant, freelancer, etc., earning a stable income for approximately a year with no breaks in between. Suppose you are an insurance agent. In that case, your business must be approximately two years old.
How Do You Check the Loan Criteria in the Bank of Baroda?
You can determine your loan criteria and BOB personal loan interest rate to secure a BOB Personal Loan. You can use third-party loan criteria calculators or the tool on the official portal of the Bank of Baroda to check your eligibility. After deciding on your loan-providing company, enter the following variables in the multiple tabs of the calculator:-
- Aggregate monthly income after compulsory deductions
- The name of the city you reside in and the postal index code
- Select your type of employer- government, private, public sector, etc., from the drop-down menu.
- The loan amount you wish to opt for
After ascertaining your loan criteria, you can calculate the equated monthly instalments payable against your chosen loan amount.
How to Boost Your Chances of Securing a Loan from the Bank of Baroda?
The following are the ways you can improve your chances of securing a BOB Personal Loan:
Improving Your Credit Score
Improving your credit score is the best way to boost your chances of getting a BOB personal loan. Nonetheless, this process is long. You can repay your current credit card bills and loan repayments on time and maintain a good debt-to-income ratio to boost your credit score. Additionally, also refrain from applying for fresh loans. These will aid you in boosting your credit score and improving your loan criteria.
Avoid Putting Numerous Applications
Refrain from applying for loans with multiple loan providers simultaneously. It will depict you as a credit-hungry person, which is bad for your credit history. Moreover, your credit score will be impacted if your applications get rejected. Also, there will be many hard enquiries on your credit score and report owing to multiple applications with numerous lenders, further decreasing your credit score.
Applying for Secured Personal Loans
If you think that the bank may reject your loan application for an unsecured one, you can apply for a secured personal loan. You will need collateral against the loan amount you opted for, increasing your chance of getting a loan.
BOB Personal Loan is a great choice when you require immediate cash. These can save you from the hassle of providing collaterals that are simple to secure. You can send your application for a loan from the Bank of Baroda online from your home. You can visit your adjacent branch and apply for a loan. Also, check the BOB personal loan interest rate and use the calculator for a smooth application procedure. Therefore, apply for a personal loan from the Bank of Baroda today and achieve your dreams!