In case you’re exposed to COVID and now facing financial troubles, get a Bank of Baroda Personal Loan. Using this unsecured loan, you can meet your financial needs. This offer is for Bank of Baroda retail asset customers. To know more about this type of Bank of Baroda Personal Loan, read this page further.
Eligibility for Bank of Baroda Personal Loan for COVID
The bank provides this personal loan to the following customers –
- Applicants who have borrowed a Home Loan of any type from Bank of Baroda and has at least six months of relationship with the bank
- Applicants who have borrowed a loan against property and have a minimum of six- month relationship.
- The auto loan customers such as two-wheeler or car loans with a minimum of 12-month relationship
- A minimum of six months relationship if a loan is fully disbursed and moratorium period completed.
- At least three loan installments should be paid by the applicant to borrow Bank of Baroda Personal Loan for COVID.
Who isn’t eligible for this personal loan?
- Applicants whose accounts lie in SMA 1 or 2 category
- Applicants who are enjoying the Bank of Baroda Overdraft Facility
What is the Loan Amount Offered by Bank of Baroda?
A minimum of INR 25,000 and a maximum of INR 5 Lakh can be borrowed from the bank using this COVID loan. If you’re an existing Car loan customer, this loan is subject to 20% of the original sanctioned limit of the auto loan. So, the total outstanding auto loan and proposed COVID loan should not be more than the current market value of the underlying asset i.e. vehicle.
Bank of Baroda Personal Loan Interest Rate for this COVID Scheme
The bank will charge the lowest personal loan interest rate of 9.50% per annum which is lower than the standard personal loan rate offered by Bank of Baroda. The BOB Personal Loan Interest Rate will remain fixed during the repayment period, so you won’t have to worry about payment fluctuation.
Is the Tenure of Bank of Baroda Personal Loan for COVID Linked to My Existing Loan?
Yes, the loan tenure is a co-terminus with the qualifying link loan or the maximum door-to-door maturity, subject to 60 months. This way, you can manage both existing and a new loan from Bank of Baroda within a specified tenure.
What is the Prepayment charge for Bank of Baroda Personal Loan COVID?
The bank won’t charge you any fee for prepaying this type of personal loan. Doing prepayment will relieve you from any liability going forward and reduce your overall interest obligations. In this, you could take help from the Personal Loan EMI calculator.
Using the calculator, you can find the right time for prepayment. To plan your prepayment, you should start saving or investing a portion of your income. So when the time comes, you can pay the lump sum required for prepayment.
Important Notes
- The validity of loan sanction is three months
- The liability to the bank vanishes when the outstanding loan amount is NIL
- The interest rate will apply at the prevailing rate per annum on a daily reducing balance with monthly rests.
- Bank of Baroda, at its discretion, can either increase or decrease the EMI amount or the period of the loan, subject to the maximum stipulated period as mentioned under the COVID scheme guidelines.
- The Bank will charge a Penalty interest of 2% when you miss paying the EMIs.
- Pay EMIs through ECS or NACH method
- A negative lien on the existing security will be charge for the existing link loan.
