The world is going beyond paperwork in the digital world. However, banks are still asking for various documentation procedures while providing personal loans to their customers. Most of the time customers do not get instant loans from their banks due to a lack of documents. But now Bank of Baroda is starting a new initiative to provide their customers an instant loan. You can apply for Baroda Digital Pre-Approved Personal Loan through online mode without visiting any branch physically. Read this article to learn the instant Baroda Digital Pre-Approved Personal Loan application procedure and also know about the eligibility criteria, Baroda Digital Pre-Approved Personal Loan interest rate, etc.
Baroda Digital Pre-Approved Personal Loan 2023
Bank has started to provide digital loans to their customers, banks are also asking the soft copies of all the documents through online mode. So it is quite difficult to get an instant loan without proper documents. The Baroda Digital Pre-Approved Personal Loan scheme is a new feature that is used by banks to reduce the paperwork and provide paperless process instant loans. You can ask for up to 5 lakh Bob personal loan in this Pre Approved Loan Scheme. The bank will charge interest rates from 12.40% to 15.90%. It will vary according to the Baroda Digital Pre-Approved Personal Loan eligibility of the customer. You can also choose the tenure of the loan amount from 18 months to 36 months according to your income and suitability.
Baroda Digital Pre-Approved Personal Loan Eligibility
You need to fulfill the following eligibility criteria of the Bank of Baroda to get instant loan under the pre-approved loan scheme.
- Only Indian citizens will get the benefit of this scheme
- The age of the applicants should be between 21 years to 60 years
- The range of the loan amount will vary between 50,000 to 5 lakh rupees according to the needs of the customer.
- Self-employed persons and salaried person both can apply for this Bob instant loan scheme according to their annual income.
Documents Required for BOB Instant Loan 2023
You need not upload any documents on the official website of the Bank of Baroda to get an instant pre-approved loan. but the information in the following documents should be provided for KYC purposes only.:
- Aadhar Card details of the applicant
- The mobile number which is linked with Aadhar Card and Bank of Baroda
- Bank of Baroda bank account number.
Baroda Digital Pre-Approved Personal Loan Interest rates and other charges
The bank is providing Bob instant loan with average interest rates designed for self employed as well as salaried persons. The bank will deduct 12.40% to 15.90% interest rates. These interest rates will be decided according to the relationship of the customer with the bank. the main factor in calculating interest rates is a good credit score. If your CIBIL score is more than 750 then it is highly possibility that you will get low interest rates interest-instant loans from Bank of Baroda. However, apart from the interest rates of the bank, you also have to pay processing fees and other charges to get the instant loan. 2% processing fees will be deducted from the loan amount and other applicable GST amounts will also be deducted from your loan amount. After that, you will get the loan in your bank account
Apply online for BOB Pre-Approved Instant Personal Loan
Follow the procedure to apply online of Bank of Baroda Pre approved personal loan 2023:
- Visit the official website of the Bank of Baroda.
- Now you have to click on the link of the Baroda Digital Pre-Approved Personal Loan under the loan section.
- In this section, you can see Pre approved personal loan section where you have to click on the link to apply now.
- Now you will reach a new page where you can see all the terms and conditions on the website and you have to click on the link to proceed.
- After that enter your registered mobile number with the Bank of Baroda where you will get OTP on your mobile phone which have to submit on the website.
- After that, you have to enter your Aadhar card number and information where you will again get OTP for Aadhar verification.
- Now you have to select the loan amount that you want to get from Bank of Baroda and choose the tenure of the EMI for repayment of the loan.
After that you have to click on the submit link and your application will be added to review in the bank. If you fill in all the information correctly in this online application form then you will get approval within a few hours from the bank and the loan amount will be sent to your bank account.