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BOB Pre-Approved Personal Loan

What is BOB Pre-Approved Personal Loan

BOB Pre-Approved Personal Loans are instant and different from your regular loans which banks usually provides to customers. It designed on the basis of credit worthiness of customer for example if customer re-pay their loans on time and maintain healthy transactions with bank then they offers for pre-approved loans.

These loans can be starts from 50,000/- here customer has flexibility to decide required loan amount which approved on the basis of eligibility of customer, however pre-approved loans are pre- set by banks.

Important Key Features of BOB Pre-Approved Personal Loan

• It is completely paperless process.
• With attractive interest rates.
• Need not to pay any additional charges for loan.
• It is directly disburse on customer’s bank saving account.
• Zero processing fees with instant disbursement.

How to Check BOB Pre-Approved Personal Loan

• Pre-approved personal loans are instant personal loans. It may considered on customers credit records found suitable or profile fit for loan then it offer to the customer.
• The parameter of loan is to check customers’ re-payment capacity, previous loan track records and good source of income.
• Initially loan can be offered to rs. 50,000/- to 5 lcas further it can be increase or decrease as per customer need and requirement.
• It is also necessary for bank that customer is maintaining healthy relationship and gentle behavior with bank.
• To check pre-approved loan offer you can type PAPL<space> last four digits of your debit card number and send SMS to 8422009988 from your registered mobile number.

Eligibility Criteria of BOB Pre-Approved Personal Loan

• An excellent credit score at least 700 and above and stable monthly income will be the key factor for eligibility.
• If customer has having account in a bank for long time period and maintain sound financial records will also be eligible for pre-approved personal loan.
• Keeping a low debt to income ratio means your EMI should be less than 1/3^rd of your income will be considered for pre-approved loan.
• Age limit of applicant is minimum 21 years and maximum 57 years.
• There will not be any requirement of income document. (bank statement or ITR)

Note – NRI’s (non residence Indian) SHG will not eligible for BOB Pre-Approved Loans.

Miscellaneous charges of BOB Pre-Approved Personal Loan

• Loan amount starts from 50,000/- to maximum of rs.- 5,00,000/- lacs.
• Competitive rates of interest minimum 12.90% to maximum of 16.40%.
• Loan re-payment period for minimum 18 months to maximum of 16 months.
• APR (annual percentage rate) will be range of minimum 15.23% to maximum of 19.95%
• Processing fees is 2% of loan amount (minimum rs.- 1000/- to maximum of rs.-10,000/- +GST)
• Stamp duty will be charged as per state stamp act.

Penal Charges of BOB Pre-Approved Personal Loan

• Penal charges or penal interest will be charged @2% p.a. on the amount of default for delayed payment of dues which includes. (principal, interest and service charges)
• Penal charges @2% per annum will be charged on following condition.
  • If non – submission of documents as per sanction letter.
  • If non – compliance in security perfection as per sanctioning term.
  • Any other branches/non compliance in material terms of sanction.

Note – Penal charged will be applied for overdue of payment which takes by bank in form of installment, it will be calculated based on the actual number of days of default but will be debited on the monthly basis.

Rate of Interest for BOB Pre-Approved Personal Loan

 List of Document Required for BOB Pre-Approved Personal Loan

• Valid mobile number should be linked with bank of Baroda saving account number.
• Aadhar number will be needed for procurement of OTP fro E-stamping & E-sign.
• Since pre-approved personal loans are offered to existing bank customers, however documents are not required. The bank itself has customers KYC information in their records but in some cases the bank may ask for income proof – KYC proof (Aadhar,PAN,Voter Id) and a cancelled cheque.

Conclusion

I hope above all mentioned information will be helpful for you and might get preliminary information of pre-approved personal loans. Pre-approved personal loans are very helpful when you need funds on a very urgent basis, this loans can be from 50,000/- to 5 lacs which you can obtain instantly to pay for online expenses and offline purchases and many more as per the need. These loans are instant with no paperwork and quick disbursement.