Application for personal loan with private banks isn’t easy in India as you need to fulfil a number of formalities and pay a number of charges in name of processing charges , clearance charges and loan file charges but this is not so with the nationalized banks .In India SBI , Punjab National bank , Canara bank and Bank of Baroda are some of the trusted bank units which are handheld by the Government where people use to keep their money . But sometimes , due to an urgent need they are not able to use their money and get into requirement of a personal loan which these nationalized banks offers at a very cheaper rate.
Bank of Baroda standing apart provides a BOB PAPL – Bank of Baroda Pre Approved Loan service where a customer of Bank of Baroda can apply for a personal loan which is already approved by the bank due to the customer eligibility created based on the creditability and transaction limit of the customer with the bank . Personal loan with Bank of baroda will be provided to the customer without much conditions. If you are a customer , then here is how you can apply for BOB PAPL loan online without much formalities involved.
How to apply for BOB Papl Online in India ?
Being a customer , there are multiple option available with the applicant to apply for a pre approved personal loan from Bank of baroda as the bank offers assistance through online means , customer care support , on bank executive support and even door visit loan application assistance to its customer . While before application , the customer has to first confirm for its eligibility for the loan calling to the agent of the bank or by visiting the nearest bank branch .
To apply for BOB Papl online , you file an application online following :
- Go to the official Bank of Baroda Customer Assistance Portal or the BOB Pre Approved Loan Page.
- Click on Apply for Loan
- Read the terms and conditions
- Enter your personal details and click on Confirm .
You will receive assistance from the Bank of Baroda nearest branch for your loan application , where a support executive in personal will take care of your loan application and will take the entire application forward . It is necessary that you do not pay any amount to the agent for loan processing , as the processing charges and all related charges will be charged by bank through the bank account of the applicant .
How much amount can be raised with BOB Papl ?
The maximum amount of loan that can be applied on Bob Papl loan applicaiton is Rs 5 lakh where the Bank of Baroda mobile application will provide you a confirmation of your eligibility for the loan . Also , the maximum period for repayment of this loan is 36 months where annual interest rate shall be charged at the rate of 11 to 16 percent based on the economy rate .
Eligibility for Bob Papl – Bank of Baroda Pre Approved Personal Loan
Only eligible customers of bank of baroda shall be able to apply for Pre approved personal loan from the bank . The eligibility can be checked by calling on the bank loan status number or by messaging on the bank as ” PAPL + Last 4 digit of the debit card and to be sent to 8422009988 .
The loan is approved based on the transaction limit and past statements of the customer being a trust long customer ,so their is no special requirement from the bank for the loan application and even no special Income documents are asked by the bank for application of BOB Papl loan from Bank of baroda.
Documentation and Processing Charges for Bob PAP Loan
For submission of pre approved personal loan with Bank of baroda , the following documents are to be submitted while submitting the loan application with the bank online or offline or at the time of verification of the application :
1 . Aadhaar Details
2. PAN Details
3. Valid Mobile number and Email
4. Bank Statments for last 6 months.
5. Web Cam for Video KYC and Picture
6. ITR for last 2 years .
7. GST Reports for last year in case of Self employed if applicable .
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Connecting to Bank of Baroda for Bob Papl
The most easiest way to know if you are eligible for BOB Papl or not , is by visiting the nearest bank branch and asking the executive for your personal loan approval . Also , if your mobile number is linked with the bank records you will receive an SMS when you are eligible to apply for pre approved loan with the bank . To ask if you are eligible or not you can call on the loan support helpline of the bank there at 1800 5700 or you can also SMS on the number and format provided above.
Terms and Conditons for BOB Papl Application and Repayment in India
The following conditions are linked to BOB PAPL Pre approved personal loan application with Bank of Baroda :
- The loan amount shall be between Rs 5000 to Rs 5 lakh only .
- The interest rate shall be charged any rate between 11 percent to 16 percent .
- The loan repayment is to be done within 36 months ,
- Processing charges can be charged anything between 1000 to Rs 10000.
- Loan application can be cancelled before sending the file for processing and not later.
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Conclusion
Bank of Baroda pre approved loan application with Bob Papl is an opportunity for all self employed and salaried individuals to raise personal loan without much complications and with minimum usage of documents. The loan can be raised for a maximum amount 5 lakh and it will be directly credited to the account without payment of any disbursal charges or any special charges.