Life can be tough when you’re earning ₹20,000 a month and unexpected expenses pop up. Maybe it’s a medical emergency, home repairs, or even a wedding in the family. Whatever the reason, a personal loan from Bank of Baroda (BOB) could be the helping hand you need.
But how much loan can you actually get with a ₹20,000 salary? And how do you apply online without the hassle? Let’s break it down in simple steps so you can get the financial support you deserve.
Can You Get a BOB Personal Loan on a ₹20,000 Salary?
Yes, you can! But the amount you’re eligible for depends on a few key factors:
- Your Income – BOB usually requires a minimum salary of ₹15,000–₹20,000.
- Your Age – You should be between 21–60 years (for salaried individuals).
- Job Stability – At least 1 year of continuous employment.
- Credit Score – A CIBIL score of 750+ increases approval chances.
How Much Loan Can You Get?
With a ₹20,000 salary, you may qualify for:
- ₹1 lakh to ₹2 lakh (if you live in a metro city)
- ₹50,000 to ₹1 lakh (if you’re in a small town or rural area)
The bank ensures your EMI doesn’t exceed 50% of your income, so if you earn ₹20,000, your max EMI should be around ₹10,000/month.
BOB Personal Loan Interest Rates (2024)
BOB offers competitive interest rates starting from 11.15% to 18.50% per year. For a ₹20,000 salary, expect rates around 13%–16%, depending on your credit history.
Example EMI Calculation:
- Loan Amount: ₹1 lakh
- Interest Rate: 14%
- Tenure: 3 years
- Monthly EMI: ~₹3,420
This means only 17% of your salary goes towards EMI—affordable, right?
How to Apply for a BOB Personal Loan Online (Step-by-Step)
No need to visit a branch! Here’s how to apply in minutes:
Option 1: BOB World App (Fastest Method)
- Download the BOB World App (Google Play/App Store).
- Login with your mobile number & password.
- Go to “Loans” → “Personal Loan” → “Apply Now”.
- Fill in personal, income, and employment details.
- Upload documents (Aadhaar, PAN, salary slips).
- Submit & wait for approval (can take 24–48 hours).
Option 2: DIL2 Portal (For Existing Customers)
- Visit https://dil2.bankofbaroda.in.
- Login via OTP or net banking.
- Select “Personal Loan” and enter required details.
- Upload documents & check eligibility.
- Choose loan amount & tenure, e-sign, and submit.
Pro Tip: If you’re an existing BOB customer, check for pre-approved loans—they’re faster with minimal paperwork!
Documents Required for BOB Personal Loan
- ID Proof: Aadhaar, PAN, Voter ID
- Address Proof: Electricity bill, rent agreement
- Income Proof: Last 3 months’ salary slips & bank statements
- Passport-size photo
Pre-Approved BOB Personal Loan: Instant Approval!
If you’re an existing customer with a good banking history, you might get a pre-approved offer.
Loan Amount: ₹50,000–₹5 lakhs
Minimal Documents
Disbursal in 24 hours
How to Check?
- SMS PAPL <last 4 digits of debit card> to 8422009988.
- Check your BOB World App for offers.
FAQs: Quick Answers to Your Doubts
1. Can I get a ₹3 lakh loan with a ₹20,000 salary?
Unlikely. BOB usually approves up to ₹2 lakh for ₹20K salary earners.
2. What if I have a low CIBIL score?
A score below 700 reduces approval chances. Try improving it before applying.
3. How to get ₹30,000 urgently?
- Try BOB’s pre-approved loan (if eligible).
- Use instant loan apps (KreditBee, PaySense).
- Credit card cash advance (if available).
4. Is there a prepayment penalty?
BOB charges no penalty if you repay a floating-rate loan early.