We all know that getting a personal loan can take weeks, if not months, to get sanctioned, so saving the hassle of waiting in long bank queues and going to the bank regularly. You might be curious about how we can get rid of all this struggle and get a pre-approved bank loan in just a few minutes. Here we have discussed everything you need to know about the Bank of Baroda personal loan, which offers pre-approved personal loans in just 3-clicks. Continue reading to learn more about the loan offered by this bank for various purposes.
Which bank is offering a Pre-approved Personal loan?
Bank of Baroda clients and all the loan aspirants should be aware that this nationalized bank is now providing them with pre-approved personal loans, which they may apply for in as little as 30 seconds and, that too with just three clicks on their computer screen or on their mobile phones. Customers may log on to Apnapaisa for more clarifications and get answers to all their queries regarding the loans and other credit facilities provided by the Bank of Baroda.
So, what are Pre-approved Personal loans?
Pre-approved personal loans are offered for a short loan repayment tenure and are provided to a chosen group of customers once they have been authorized or recognized by the bank or any other institution as an existing borrowers. The requirement for paperwork is kept at a minimum and there is no need for any collateral or security requirement for the loan to be approved. To be qualified for the fast loan option, you need to have a strong credit history and a history of on-time payments.
Many banks and non-banking financial companies (NBFCs) in India provide this type of loan to facilitate their customers to meet their urgent financial needs and reduce the time it takes for loans to be disbursed significantly. Interest rates for pre-approved loans might range between 10.49% per annum and 14.00% per annum, depending on the amount of the loan. On the other hand, the rate of interest may differ from one borrower to another depending on their respective profiles, so you should check with the lender before taking out a personal loan to be sure of the rate.
Advantages and characteristics of this loan:
According to the Bank of Baroda personal loan website, interested customers should know that this product allows them to convert purchases made offline (at POS) and online (at any e-commerce aggregator) both, starting from Rs. 50,000 into easy Equated Monthly Instalments (EMI) of up to 3/6/9/12/18 months, or to get an instant credit up to Rs. 50,000 through mobile banking application (M-Connect Plus). Customers who participate in this program may be entitled to get a cashback (if any) from the participating brands, according to the terms of the program.
Eligibility of the Pre-approved Personal loan:
It is important to note that this personal loan scheme is only open to individual saving bank account holders who have met the qualifications set out by the bank’s internal guidelines. The consumer must be at least 21 years old to be eligible for this program. Customers who are qualified for the promotion will be notified by SMS or email. Customers may also verify their eligibility and limit by texting the word “PAPL” to the number 8422009988 from their registered mobile phone number.
Interest Rate applicable to this scheme:
One of the essential parts which people are most curious about might be the rate of interest that is applicable on the loan amount. After all, getting such an excellent pre-approved loan within less time might mean there’s a catch in the interest rate. But it does not seem so since the Bank of Baroda is offering competitive interest rates on this scheme. Interested customers should be aware that the interest rate applicable across all tenures starts at 16.00% per annum.
How can you apply?
Customers interested in applying for the loan must first visit the official Apnapaisa website and look for Bank of Baroda’s personal loan and then choose the ‘Apply Now’ option. Clients will need to follow the on-screen instructions to finish the entire application procedure. In the event of any more questions or concerns, interested parties may get in touch with customer support and get more clarities regarding this loan.
All those who are looking for a personal loan for an urgent need or expense, can connect with our team at Apnapaisa and get access to the best offers on loans with the exact information required for a pre-approved personal loan in just 3-clicks. All the necessary information about the bank and the home credit personal loan scheme has been provided above for your better understanding.