BOB PAN Card Loan- Big news for Bank of Baroda account holders. Especially if you are planning for taking a loan through PAN Card, then todays article is for you. If you are planning to take a personal loan of Rs 7 lakh for 5 years, then first of all it is important to know what your monthly EMI will be. Along with this, it is also important to know from which bank the loan should be taken, what will be the interest rate on it, and what will be the eligibility.

Bank of Baroda (BOB) is a major government bank that provides personal loan facility at attractive interest rates. If you have a PAN card and a salary account, then you can also get some special benefits. In this news, we will tell in detail how much EMI will be on a loan of Rs 7 lakh for 5 years and what are the terms, interest rates and eligibility for taking a loan from BOB.

The demand for personal loans is growing rapidly in India, especially among people who need instant funds for medical expenses, wedding, travel or home renovation. Bank of Baroda (BOB) offers personal loans to such customers at attractive interest rates. If you take a loan of Rs 7 lakh for a tenure of 5 years (60 months), your EMI is determined by the interest rate of that bank. Generally, BOB interest rates start from 10.10% and depend on your profile, credit score, job status and income.

What will be the EMI for a loan of Rs 7 lakh for 5 years?

BOB Pan Loan EMI : Suppose Bank of Baroda offers a loan of Rs 7 lakh at an interest rate of 11% for 5 years. To calculate the EMI, we use the common formula or loan EMI calculator.

Loan amount: ₹7,00,000
Interest Rate: 11% per annum
Tenure: 5 years i.e. 60 months
EMI Calculation:
EMI = ₹15,217 (approx)
Total Payment: ₹15,217 x 60 = ₹9,13,020
Total Interest: ₹2,13,020

👉If the interest rate is slightly lower i.e. 10.10%, then the EMI would be ₹14,888 and the total interest would be around ₹1,93,280.

This clearly shows that even a 1% drop in interest rate can make a difference of around ₹20,000 to your total payment.

Bob pan card loan interest rate for salary account

If you have a salary account in Bank of Baroda and you apply for a personal loan based on PAN card, you can get some discount in the interest rate. Usually, the interest rate for such customers ranges between 10.10% to 12.00% . This rate depends on your credit score, job stability and monthly income.

BOB offers loans to its salary account holders with minimum documentation, with PAN card being a mandatory document. In this case, the processing is faster and the chances of approval are higher.

Bob pan card loan interest rate SBI

If compared, State Bank of India (SBI) also offers personal loan on the basis of PAN card. The interest rate in SBI generally starts from 11.15% . However, this interest rate depends on your credit profile and salary account status. SBI has a special scheme “Xpress Credit” for those customers whose salary comes through SBI.

It is important to note that the processing fee can be higher in SBI, while BOB sometimes waives off the processing fee.

BOB personal loan interest rate

BOB personal loan interest rate starts from 10.10% and can go up to around 13.85%. The interest rate is fixed and the EMI remains the same every month. The bank decides the interest rate based on the following factors:

Credit score (better rates at 750+)
Salary and Income Source
Job Stability
Loan amount and tenure
Government employees, PSUs and MNCs generally get lower interest rates.

There is an EMI calculator on BOB’s website, where you can estimate your EMI by entering your amount and interest rate. Apart from this, you can also compare EMI at different interest rates through the calculator.

For example:

Rs 5 Lakh loan @11% interest for 5 years – EMI = ₹10,869
Rs 7 Lakh loan @10.5% interest for 5 years – EMI = ₹14,990
This calculator helps you in budget planning.