BOB Digital Personal Loan on Salary of 10000 : If your salary is Rs 10,000 and you are suddenly in need of money, then there is no need to worry now. Bank of Baroda (BOB)’s Digital Personal Loan can be a good option for you.
You can avail this loan without going to the bank, just from your mobile or computer at home. It requires less documents and the process is also easy. In this blog, we will tell you how people with a salary of Rs 10,000 can apply for BOB Digital Personal Loan , what documents are required and what things are important to keep in mind.
Please read the given information very carefully, and proceed for the loan with your discretion,
What is BOB Digital Personal Loan?
This is a loan that you can avail online. After applying through the bank’s website or app, you have to submit some necessary documents and if you fulfil all the conditions, the money is transferred directly to your bank account.
Difference between BOB Personal Loan earlier and now
Earlier, to get a loan, one had to go to the bank, submit many documents and it took time to get approval. But now with digital loan, this work has become very easy. You can apply from home, less paperwork is required and money is also received quickly.
Key Features of BOB Digital Personal Loan
- You can avail a loan ranging from ₹50,000 to ₹10 lakh.
- The interest rate starts from around 11%.
- You can get 1 to 5 years to repay the loan.
- The loan amount and interest are decided based on your salary and credit score.
BOB Digital Personal Loan Benefits
- You can get loan sitting at home, no need to go to the bank.
- Work gets done with less paperwork.
- Money is received quickly.
- You get to know in advance how much money you will have to pay.
Things to keep in mind for BOB Digital Personal Loan
- Before taking a loan, understand the interest and other expenses.
- Take only as much loan as you can comfortably repay.
- Repay the loan on time, so that your credit score does not deteriorate.
Eligibility for Bank of Baroda Digital Loan for Rs. 10,000 Salary
If your salary is ₹10,000 and you wish to avail a Bank of Baroda digital loan, the following conditions must be met:
- You must be above 21 years of age
- Your job should be permanent
- You must have been in the job for at least 1 year
- Your salary is credited to your bank account every month
- You must have your Aadhaar card and PAN card
- You must have a mobile number and email address, the mobile number must be linked to Aadhaar,
- Your credit score should be good (good record)
If you have all this, then you can apply for a loan.
Documents required to avail Bank of Baroda Digital Loan for Rs. 10,000 Salary
If your salary is ₹10,000 and you wish to avail a digital personal loan from Bank of Baroda, the below documents will be required:
- Aadhaar card – for identification and address
- PAN card – for income and tax details
- 3 Months Salary Slip – To check your income
- 6 months bank statement – to see the record of expenses and income
- Passport size photo – for identification
- Company name and job proof – to show that you are in employment
With these documents, you can easily apply for a loan. Sometimes you get this loan after completing KYC. At the most, you may have to provide a bank statement in which you get your income.
Interest and cost for taking BOB digital loan on salary of 10000
If your salary is ₹10,000 and you want to avail a digital loan from Bank of Baroda, then you need to take care of the below mentioned costs:
- Interest Rate: Interest can range from 11% to 18.50% per annum.
- Processing fee: The fee is up to 2% of the loan amount. It can be as low as ₹1,000 and as high as ₹10,000.
- Late Fee: If you do not pay the EMI on time, 2% more interest may be charged every year.
- GST: You will have to pay 18% GST on all expenses incurred to avail the loan
It is important to understand these expenses well before taking a loan, so that there is no problem later. The good thing is that you will not have to make any payment before the loan.
Step by step guide to avail BOB digital loan on salary of 10000
Let us see what steps you will need to take to avail a digital personal loan from Bank of Baroda,
- First of all open the website or mobile app of Bank of Baroda, you can also go through this link – BOB Digital Loan
- Go to the Digital Personal Loan section.
- Click on “Apply Now” or “Apply for Loan” button.
- Fill the required information like name, mobile number, salary etc.
- Upload necessary documents like Aadhar Card, PAN Card, Bank Statement.
- After filling the information, submit it.
- The bank will check your documents.
- You will receive an SMS or a call once the loan is approved.
- After approval the money will come directly into your bank account.
You may see a change in the steps, if this happens then you just have to complete the given steps with your understanding, for this you will also get to see instructions on the screen and you can easily take this loan
