Consumer Loan
Conveniences and small luxuries make life enjoyable. Consumer Loan is an easy finance option for purchasing household items.
ELIGIBILTY
GUARANTOR REQUIREMENT
General condition for guarantor applicable to all the eligible employee
| Sl. No | Eligible Borrower | Guarantor requirement |
| 1 | Regular employees | e-PEMs and Non-ePEMs (EMI remitted from the office) ✓ Guarantor is not required if the applicant is in service for more than 3 years excluding probation period. ✓ Guarantor is required if the applicant is less than 3 years in service excluding probation period. ✓ The guarantor should be equal or higher grade with 3 years or more in service. ✓ For senior officials and executive officials who cannot provide guarantor of same grade shall provide guarantor of one or two grades lower. |
| 2 | Contract employees | ✓ All the borrowers are required to provide Third Party Guarantee (TPG) of same or higher grade from the Civil Service/ DHI owned Companies/ State Owned Companies (SOEs). ✓ For senior officials and executive officials who cannot provide guarantor of same grade shall provide guarantor of one or two grades lower. ✓ The guarantor must be regular employee or their contract term should be equal or more than the loan tenure. Otherwise, the loan tenure should be equivalent to their contract tenure. |
| 3 | Private employees | All the borrowers are required to provide employer guarantee or TPG from a civil service/ DHI owned Companies/ SOEs. However, the private company should be in operation for more than 5 years. |
| 4 | BoB Corporate client employees (with Corporate Banking Department) | Irrespective of the requirement of PF, gratuity, and the number of years in service, the borrowers are required to provide employer guarantee. (To be consulted with the Corporate Banking Department) |
QUANTUM
1. Regular Employees
| In Service | Amount Eligible (Nu.) |
| 6 to 12 months (including probation period) | 100,000.00 |
| Above one to 3 years (confirmed service excluding probation period) | 300,000.00 |
| Above 3 years (confirmed service excluding probation period) | 500,000.00 |
2. Contract Employees
| In Service | Amount Eligible (Nu.) |
| 3 to 12 months (confirmed service) | 200,000.00 |
| Above one to 5 years confirmed service or contract term whichever is lower. | 500,000.00 |
3. Private Employees
| In Service | Amount Eligible (Nu.) | Conditions |
| 12 months (confirmed service) | 100,000.00 | Limit computation will be 1.5 times the PF accumulation of the applicant but the slab has to be followed as per their service in the company whichever is lower. |
| Above one to 3 years (Confirmed service excluding probation period) | 200,000.00 | |
| Above 3 years (Confirmed service excluding probation period) | 500,000.00 |
4. BoB Corporate Client Employees with Corporate Banking Department
| In Service | Amount Eligible (Nu.) | Conditions |
| Confirmed service excluding probation period | Maximum 500,000.00 | Conditions – Employer recommended amount or 70% LTI whichever is lower. |
INTEREST RATE
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TENURE
5 years maximum
REQUIRED DOCUMENTS