What Bank of Baroda Loans Can Help You Become Debt Free?
Debt consolidation plays a key role in being smart about your money.
You should know that a 1% interest rate difference in a Rs 5 lakh loan of 3 years can save you Rs 8,524. This may not seem much. But if you consider that Rs 100 invested in Infosys shares in 1993 during its IPO would now be worth around Rs 2 crore, think what Rs 8,524 can become in 25-30 years?
This is why it always makes sense to reduce your debt interest burden.
Today, let’s look at 5 loans from Bank of Baroda that you can use to reduce or even pay off your high-interest debt.
Loan #1: Personal Loan
This Bank of Baroda Personal Loan helps you get funds for urgent financial needs. Though usually meant for expenses related to personal life, wedding, travel, medical treatment and so on, you can also use this loan to consolidate your debts. You can even pay off high-interest loans such as credit card debts or other loans such as overdrafts, thereby reducing your overall debt burden.
More details on this loan are available here.
Loan #2: Mortgage Loan
Though usually meant for home purchase or renovation, one version of this loan called Loan Against Property (or second mortgage in some cases) can help you get funds by mortgaging your property and pay off your other debts. You can apply for this BoB Loan against Property if you have a minimum continuous service or run a business for three years. Point to note: you cannot use this loan for speculative reasons.
More details on this loan are available here.
Loan #3: Loan Against Securities
Compared to the mortgage loan or loan against property, this Bank of Baroda loan can be obtained with lesser paperwork. You can simply use your securities such as Kisan Vikas Patra (KVP), National Savings Certificate (NSC), Life Insurance policy, or Govt. bonds, among others, with the bank. Though you can use this BoB secured loan for any financial needs, you can also use it to pare or consolidate your high-interest debts. Like the mortgage loan, this one also cannot be availed for speculation.
More details on this loan are available here.
Loan #4: Loan Against Gold Ornaments/Jewellery
This BoB loan helps you get funds by pledging your gold jewellery or gold coins. You can use this secured loan to meet any financial needs such as personal expenses, vacations, medical treatment, marriage, and so on and to consolidate high-interest debts.
More details on this loan are available here.
Loan #5: Advance Against Securities
This loan is similar to the third option except that you may get funds by pledging your securities such as shares, debentures, bonds, debt-oriented mutual funds, etc. (in the first one where you get it by pledging Govt. securities or insurance policies). Like the other loan, this BoB loan can be used to meet any contingencies and personal needs and to consolidate your high-interest debts.
More details on this loan are available here.
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