Last week, I got a call from Bank of Baroda regarding a personal loan, and they were offering one to me at a significantly reduced interest rate. Since I was looking to take a personal loan, I intended to choose it. However, before availing it, I asked them about the Bank of Baroda Personal Loan processing fee. They said that generally, BOB charges 2% as the processing fee.
What is the BOB Personal Loan Processing Fee?
There are no personal loans available without processing costs since nothing in our world is free. Apart from the interest paid on loans, there is a processing fee associated with them. Typically, the processing charge falls between 0.50% and 2% of the loan balance.
The processing fee charged by the Bank of Baroda for personal loans is based upon several criteria, including:
Borrower's credit score,
Duration, and
Loan amount
Let’s understand this with an example.
Suppose you are seeking for a personal loan of Rs. 1 lakh and the fee is 1%, then you will be required to pay a processing charge of Rs. 1,000 along with your loan application.
This one-time processing fee is often calculated as a percentage of the loan amount. This cost must be paid at the time the loan application is submitted and is not refundable.
Before signing the contract, it is crucial to check out the terms and conditions pertaining to the processing fee and other costs related to the loan. I hope you found this answer helpful.
Enjoy Low Processing Fees and Get Quick Approvals of Your Personal Loan with NB Instcash. Read more -How to Apply Personal Loan in Bank of Baroda?
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Authors Of The Question
What is Bank of Baroda Personal Loan Processing Fee?
Kedar
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1 Answers
6 months
2024-06-03T10:25:20+00:00 2024-06-03T10:54:05+00:00Comment
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