When choosing a BoB pre-approved loan you have:
✅No prepayment charges
✅Repayment period from 18 to 36 months
✅Interest rates 12.90% to 16,40% per annum
✅Minimum: Rs.50,000
✅Maximum: Rs.5.00 Lakh*
More information about this loan:
Pre-approved personal loans in India are a convenient option for individuals seeking quick financing. In case of BoB pre-approved loan, its offer is based on the credit history and financial profile of the applicant. The main advantage is the exemption from guarantees, making the approval process more agile. Additionally, the BoB pre-approved loan offers competitive interest rates and flexible repayment options for these loans.
Why do we recommend the BoB pre-approved loan?
There are times in everyone’s life when there is a sudden need for money. Immediate options are usually to use a credit card or borrow money from friends or family members.
Now with net-banking and more lenders chasing fewer borrowers, raising funds through other sources is now possible at a faster pace. In such circumstances, it is always better to take a personal loan rather than using your credit card to meet any emergency requirement. Firstly, because personal loans are much cheaper than any credit card loan and secondly because personal loans can be of larger size than what credit cards offer. The biggest advantage of a personal loan from the borrower’s point of view is that it is an unsecured loan. The borrower is not required to pledge or mortgage any of his assets to raise funds.
Authors’ Opinion
Apart from pre-approved loans, Bank of Baroda offers a diverse range of financial solutions, including retail loans and a wide selection of credit cards. These retail loans cater to a variety of needs, from home financing to vehicle purchase, education financing and much more. With flexible repayment options and competitive interest rates, Bank of Baroda ensures that customers can get financing to suit their needs. Additionally, the bank offers a wide range of credit cards,
Each rewards program offers unique benefits like cashback offers, travel perks and discounts on various purchases. Be it managing everyday expenses or meeting larger financial goals, Bank of Baroda’s range of credit cards offers convenience and flexibility to customers. With Bank of Baroda’s wide array of financial products, customers can manage their finances effectively and achieve their aspirations with ease.
Who can request BoB pre-approved loan?
Eligibility Criteria:
✔️Employees of Central/State Government/Autonomous Bodies/Public/Joint Sector Undertakings, Public Limited Companies/Multinational Companies and Educational Institutions with minimum 1 year of continuous service.
✔️Employees of Proprietorship, Partnership Firm, Private Limited Companies, Trust – with minimum 1 year of continuous service.
✔️Insurance agents have been in business for at least last 2 years.
✔️Self-employed professionals (doctors, engineers, architects, interior designers, technology and management consultants, practicing company secretaries, etc.) with minimum 1 year of stable business.
✔️Self-employed businessmen with minimum 1 year of stable business.
✔️Staff members and NRIs/PIOs are not eligible