Is Borrowing a Bank of Baroda Personal Loan for COVID-19 a Right Decision?

COVID-19 spreads are fast and unfortunately, if you get tested positive for the same and don’t have lump sum money to seek treatment, borrow a Bank of Baroda Personal Loan. The bank will help you get a lump sum of INR 25,000 to INR 5 Lakh. Well, this amount will be enough to cover your medical expenses such as oxygen, room rent, doctor’s fee, etc. Keep reading this for more information on the Bank of Baroda Covid 19 Personal Loan. 

Who Can Borrow this Covid 19 Personal Loan?

To be eligible for the Bank of Baroda Personal Loan for COVID-19, you need to take care of the following conditions –

• The applicant should be an adult which means aged 21 years and more
• Should have a regular source of income to ensure payout of the loan
• Must be diagnosed positive in a government authorized center
• Should have at least six months of relationship with Bank of Baroda (BOB)

How My Loan is Decided?

Your loan amount will be based on the repayment capacity and other factors, let’s check this out below –

Income 

Well, your salary is the source of income that helps pay off the borrowed money. So, you need to have a decent income to get a lump sum amount from the Bank of Baroda for COVID treatment. 

Current obligations

Do you have any credit cards or existing loans? If yes, the bank may find it difficult to offer you a loan amount. Well, if your income is capable of affording a new loan, any existing loan or credit card bills won’t be much of a problem.

Credit Score

A three-digit credit score helps the bank know your repayment history. Well, as this loan is related to a medical emergency, the bank will allow a score of 650 to be eligible for this. You can check your score online by visiting any of the credit bureaus.

What is the BOB Personal Loan COVID-19 Application Process?

You don’t need to visit any bank branch for the loan application as you are already facing medical trouble and not in a situation to go anywhere. So, follow these instructions to get a personal loan from the Bank of Baroda.

• Visit the official website of the bank on your smartphone
• Find ‘BOB COVID 19 Personal Loan’ from the products drop-down
• Click on ‘Apply Now’
• Click on ‘Proceed’
• Enter your mobile number
• Click on ‘submit OTP’
• You’ll receive an OTP on your mobile phone, enter the same
• Tick the terms and conditions box
• Click on ‘submit’
• Select ‘Bank of Baroda Personal Loan for COVID-19’ from the loan option
• Enter the loan amount you need
• Mention your net monthly income and other details
• Upload a few documents
• Click on ‘Submit’

The bank will communicate to you via SMS or email to let you know whether the loan is approved or not. Meanwhile, you can track the status of your loan application by visiting the bank’s website. Click on ‘Track status’, enter a captcha and the tracking number you have received from the bank. 

List Documents Required for the BOB Personal Loan

To borrow a loan from the Bank of Baroda, have the following documents with you –

• KYC Proof – Aadhaar Card, PAN Card, Driving License, Passport and two passport size colored photographs.
• Income documents – Salary slip, bank statement, ITR report, Form 16.
• Address proof – Utility bill payment receipt, Passport copy, etc.
• Report from the doctor’s office stating you’re diagnosed positive for COVID 19

So, get yourself a BOB Personal Loan and check personal loan interest rate and pay your medical bills. This loan comes in handy for those who haven’t purchased any health insurance. So, to secure yourself from the expenses of COVID 19 get a personal loan from the Bank of Baroda and don’t worry about the treatment or test cost.