Old Bob is ill : Said Grandpa

“Darn good computer, this new one I just got. So you can have my old one”, said Grandpa to my sister.

I was impressed, but a bit cynical. “What’s the catch?”

Grandpa smiled. “Just guess the 4 letter password; unlock the computer and it is hers!”

I knew it. Another silly riddle.

“Tell you what. I will give you a clue”, said Grandpa.

“Are you sure one will do it?”

“Listen to this guy. OK 2 clues.”

Old Bob is ill. Add those words, like an alphametic, and you have
your password!

“Fine. But it’s not a full alphametic, is it? Give me a second clue.”

“OK. The password is an Indian word.”

“Native American Indian or Hindi?”

“They both have it son”, said Grandpa, and he disappeared.

What is the password and how can one get it from that sentence?

Hint:

There is a clue in the format of the puzzle itself