You can borrow a lump sum amount from the Bank of Baroda to pay your medical bills. As you know if you don’t have a healthcare plan, it could be really difficult for you to pay the hospital bills. The treatments are expensive and can exhaust all your savings and we know you have other priorities as well. So, with Bank of Baroda Personal Loan, meet your medical bills and continue with your daily budget without any hassle. The payment will begin after a month or a few days post-disbursement of the loan amount. The same will be mentioned in the loan documents. so, if you have been facing medical trouble and lack money, read this article and see how Bank of Baroda Personal Loan will help you in the time of a crisis.
Flexible Loan Amount to Meet Your Medical Expenses
As you know the treatment may cost more or less based on the nature of your illness/injury. Because if the patient’s condition is fatal, the resources used in the treatment will be more, such as life support systems, oxygen cylinders, anesthesia, etc. But thankfully, you don’t have to worry about the treatment expenses as the Bank of Baroda Personal Loan will help you pay for the same. How? You need to apply for a loan online/offline and if the request is approved by the bank, soon the money will be in your account.
Now use this money for the patient’s treatment. How much can one borrow? Well, the loan limit is based on your income. So if your income is high and capable of affording repayment of a loan such as INR 10 or 12 Lakh, the bank will grant you the loan. Bank of Baroda allows you to borrow between INR 50,000 and INR 15 Lakh in semi-urban areas and INR 1 to 15 Lakh in urban areas.
So the city or state you live in will also decide your loan limit. No matter whether you seek treatment in an urban or semi-urban city, your resident documents will be considered to compute the loan limit.
What is the Applicable Interest Rate of the Bank of Baroda?
A Personal Loan Bank of Baroda charges an interest rate of 10.00% per annum. This is the starting rate of interest, and your rate will be based on your repayment capacity. How does the bank know that? As you know the bank requires certain documents for the loan application. When you submit your application and the attached documents, the same will be verified to see your eligibility.
If you are found highly eligible for a loan, there is a door of negotiation for you. This happens when the applicant has an impeccable repayment history and a good income. So, if you think the bank interest rate offer is not good for you, put your counter offer and see if the bank agrees. If it is reasonable, the bank may agree and you can have a low Bank of Baroda Personal Loan Interest Rate on your loan.
Having a lower interest rate can help you in many ways. First of all the EMI will be affordable, so you don’t need to put on your daily expenses to pay the EMIs. Second, the interest payment portion in your EMI will be less. It means you’ll be paying only 1/3rd of your loan amount as interest. The bank online calculator lets you know more about the repayment if you use the same before the loan application. A Bank of Baroda Personal Loan EMI Calculator generates the possible EMI and interest payout of your loan as per your inserted details. Although the result may not be accurate as the interest rate may vary at the time of booking the loan.