There is the time for you now to choose the desired future for yourself by getting the right means of education. And for higher studies, you need funds for that, and if you are not eligible for an education loan then Bank Of Baroda has a solution for this. Using the BOB personal loan you can fit your education costs under that. Read the given article to know about the features of the loan and its benefits.
What’s the BOB personal loan eligibility?
You can apply for the loan whether you are self-employed or salaried. The income of the applicant is the primary factor in the loan approval. So, if you do not have a good source of income, then you can also jointly apply for the loan. The age of the borrower should be 21 years or above to get the loan approval from the bank. Tenure of the BOB personal loan ranges from 12 to 60 months. And the interest rate charged to your loan amount during this period starts from 11.40% per annum.
On what basis the interest rate is charged on my loan? The interest rate of your personal loan is dependent on your relationship with the bank, income, age and credit history. Existing BOB customers with a good repayment track record have a better chance of getting instant loan approval at a lower rate of interest. On the other hand, non-BOB users can get the loan at an interest rate from 13.40% per annum.
Was there any method for BOB personal loan payment!
Yes, there is a method for the timely payments of the loan and interest rate. It is Equated Monthly Installments (EMI) using this you won’t feel the burden of loan. Because the loan is reducing in the form of EMI. And to calculate it, you can use the BOB personal loan EMI calculator. To use the online device, you just have to enter the loan amount, interest rate and duration of payment in it. And the EMI is generated within a few seconds. Using the EMI, you can decide a suitable tenure for the loan payment and can meet your education needs.
Payment of the loan is done via online or offline both methods. You can opt for ECS and NACH if you are comfortable with online banking. Otherwise, you can use the old method of loan payment through post-dated cheques.
How do I apply for a BOB personal loan?
To get a personal loan for admission to the desired university, you can visit the BOB branch. Ask for the loan, and fill up an application form and submit a few documents. Those documents are needed to prove your identity, income and current address. And to prove them, you can submit the Aadhar card, PAN card, salary slip and bank statement. After the documentation process, you need to make a certain payment for the processing of the loan that is 2% of the borrowed amount. When the loan is disbursed to the account then you can easily make use of it to fulfill your needs. Now, your future is in the right hands with BOB personal loans and using it, you can achieve them.