What is the process of consumer loan?

With a consumer loan, you receive all the money the lender has approved for you in one lump sum. … Then, to pay the lender back, you need to make equal monthly payments, called installments, for a fixed period of time, until the loan is paid off. The lender may also charge you fees for giving you the loan.

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Besides, how can I check my loan status in Bank of Baroda?

A person can check the loan status by calling the numbers 1800 22 33 44/1800 258 44 55/1800 102 44 55 for any financial queries including Personal Loan. You can also directly go to the branch you apply at to meet the officer in charge to know the status of your personal loan application.

Consequently, how can I close my Bank of Baroda loan? Pay the last instalment of the Bank of Baroda loan and contact the bank for closing the loan. Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Bank of Baroda branch where you opted for the loan.

Also to know is, how do I close my Bob loan account?

Steps to Close Bank of Baroda Account Offline

  1. Visit the home branch, if you have finalized to close the existing account with Bank of Baroda.
  2. Share your requirement of account closing at the ‘Help Desk’.
  3. The official representative will provide you with an ‘Account Closure Form’ or you can download it online.

Is a consumer loan the same as a personal loan?

The concept of personal loan refers to the type of collateral that the customer offers the bank, while the concept of consumer credit refers to the purpose for which the loan will be used and the concept of fast loan refers to how the transaction is processed. … Consumer loans are usually personal loans.

What are the 4 common types of consumer loans?

Types of Consumer Loans

  • Mortgages. …
  • Credit cards: Used by consumers to finance everyday purchases.
  • Auto loans: Used by consumers to finance the purchase of a vehicle.
  • Student loans: Used by consumers to finance education.
  • Personal loans: Used by consumers for personal purposes.

What are the 4 types of loans?

  • Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. …
  • Credit Card Loans: …
  • Home Loans: …
  • Car Loans: …
  • Two-Wheeler Loans: …
  • Small Business Loans: …
  • Payday Loans: …
  • Cash Advances:

What are the types of loan?

Types of secured loans

  • Home loan. Home loans are a secured mode of finance that give you the funds to buy or build the home of your choice. …
  • Loan against property (LAP) …
  • Loans against insurance policies. …
  • Gold loans. …
  • Loans against mutual funds and shares. …
  • Loans against fixed deposits. …
  • Personal loan. …
  • Short-term business loans.

What documents are required for consumer loan?

Documents that are required to seek a consumer durable loan vary from lender to lender. Generally the list of documents includes: Identity proof (PAN Card, Voter’s ID, Aadhar Card etc.), Address proof (Passport, Driver’s License, Electricity Bill etc.) and Income proof (latest salary slip).

What is an example of a consumer loan?

A consumer loan is any loan or line of credit a consumer receives from a creditor. Common consumer loans are home mortgages, auto loans, credit cards, personal loans, student loans, home equity, and HELOC loans.

What is EMI full form?

An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.

What is PAPL in Bank of Baroda?

Pre-approved Micro Personal Loan offers facility to easily avail personal loan which is pre-approved.

What is the interest rate for 3 lakh loan?

Calculated Monthly EMI for 300000 of loan amount for 3 years at various rate of Interest :

Loan Amount Rate of Interest Per Month EMI
3 Lakh 14.00% Rs.10253.29
3 Lakh 15.00% Rs.10399.6
3 Lakh 16.00% Rs.10547.11
3 Lakh 18.00% Rs.10845.72

What is the most common type of consumer loan?

installment loans

Which type of loan is best?

Best for lower interest rates

Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.

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