How to Get Bank of Baroda Pre-Approved Personal Loan Instantly?

Pre-approved personal loans offered by the Bank of Baroda are instant personal loans for their existing customers based on their creditworthiness. If an existing customer repays their debts on time and has a good income, the bank offers a fixed amount, which they can borrow as a personal loan. 

Apart from Bank of Baroda pre approved personal loan, the bank also provides Bank of Baroda pre approved micro personal loan of up to Rs. 50,000 to finance short-term offline and online purchases. When a person applies for a pre-approved personal loan, the lender credits the set loan amount to their savings account within a few minutes.

Pre-approved loans are different from your regular personal loans. In regular personal loans, you can decide the required loan amount, which is approved by the lender based on your eligibility. However, in the case of a pre-approved personal loan, the loan amount is pre-set.

Here is everything you need to know about pre approved personal loan Bank of Baroda offers and how to avail of it instantly.

How to Get a Pre-approved Loan from Bank of Baroda Instantly?

• Firstly, you must check if you have a pre-approved offer or not.
• To check the pre-approved loan offer, you have to type PAPL<space> last 4 digits of your debit card and send an SMS to 8422009988. 
• Then visit the official website of the bank and click ‘Apply Now’ on the Pre-approved Personal Loan page.
• Now, click on the ‘Proceed’ button.
• Enter your mobile number to receive an OTP.
• Enter the received OTP in the designated space.
• Then click on ‘Submit OTP’.

If eligible, the bank will disburse the loan amount within minutes. With Bank of Baroda, you can get an instant BoB pre approved personal loan of up to Rs. 5 Lakhs at competitive interest rates based on your eligibility. 

You can call the Bank of Baroda’s toll-free number 1800 258 4455/ 1800 102 4455 or head to your nearest branch of the bank for more details regarding the application process.

For more enquiry related to your personal loan you can directly contact Bank of Baroda Customer Care.

Features of Bank of Baroda Pre-Approved Personal Loan

The key features of the loan are mentioned below:

• Types: Pre - Approved Micro Personal Loan and Pre - Approved Mini Personal Loan
• Purpose: This loan can be used for any purpose other than speculation.
• Loan amount: Under pre approved micro personal loan Bank of Baroda offers up to Rs. 50,000, and for a pre-approved mini personal loan, the loan limit is above Rs.50,000 up to Rs. 5,00,000.
• Repayment tenure: The tenure ranges from 9 to 18 months for a pre-approved micro personal loan and 18 to 36 months for a pre-approved mini personal loan.
• Rate of interest: The pre approved micro personal loan Bank of Baroda interest rate ranges from 11.75% to 16% per annum. The rate is the same for the other variant.
• Processing fee: Varies between Rs. 1,000 and Rs. 10,000.
• Stamp duty: As per state jurisdiction.
• Pre-closure charges: Nil
• Penal interest: 2% on the overdue amount/ non -compliance of terms & conditions.

Why Apply for Bank of Baroda Pre-Approved Personal Loan?

• BoB pre-approved loans are helpful when you need funds urgently. 
• There is no end-use restriction on the disbursed loan amount. 
• The entire process is paperless 
• Direct disbursement to account
• No prepayment charges involved
• Pre-approved personal loans come with competitive rates of interest, leading to pocket-friendly equated monthly instalments (EMIs).
• No need to submit income documents like bank statements and income tax returns.
• Pre-approved loans are usually disbursed by the banks in the borrower’s account within a few minutes to a couple of hours.
• The bank sees you as a retainable customer, and therefore you are more likely to get offered flexible repayment terms.

Eligibility Criteria for Bank of Baroda Pre-Approved Personal Loan

• Age criteria: Minimum 21 years when applying for the loan, and maximum age at the end of tenure should not be above 60 years.
• Occupation: The loan is offered to both salaried individuals as well as self-employed.
• Non-Resident Indians (NRls) and Self Help Groups (SHGs) are not eligible.

Documents Required for Bank of Baroda Pre-Approved Personal Loan

• A valid mobile number, linked with your Bank of Baroda Account Number.
• Aadhar number connected with your mobile number for procurement of OTP for E-stamping and E-sign.
• Valid PAN number. 
• Net banking credentials/digital bank statements for the last 6 months.
• Web camera for clicking pictures and performing Video KYC.
• ITR e-filing credentials/ digital income tax returns for the last 2 years (self-employed).
• GST portal credentials/ digital GST returns for the last 1 year (self-employed).

Bank of Baroda Pre-Approved Personal Loan - Fees & Charges

• Rate of interest: 11.75% to 16% p.a., based on the loan amount, CIBIL score and internal score.
• Unified processing charges: Nil for a pre-approved micro personal loan and @2% of loan amount + applicable GST (between Rs. 1,000 and Rs. 10,000) for a pre-approved mini personal loan.
• Stamp duty: As per state jurisdiction.
• Pre-closure charges: Nil
• Penal interest: 2%, levied on overdue amount/ non-compliance of terms & conditions.

How to Increase Your Chances of Getting an Instant Pre-Approved Personal Loan?

• Maintain a high credit score: As your credit score shows your debt repayment capabilities, maintaining a consistently high CIBIL score of 701+ can help you qualify for the pre-approved loan.
• Keep a low debt-to-income ratio: This is the ratio of your gross debt to your gross income. Your EMIs should ideally be less than one-third of your income to be considered for the loan.
• Maintain a good working relationship with your bank: Your relationship with the bank, along with your good financial management record, enhances your loan-acquiring abilities.