Bank of Baroda Personal Loan
The Bank of Baroda offers personal loans with flexible terms to cater to a variety of financial needs. Their interest rates range from 11.15% to 18.75% per annum, depending on the applicant's profile and creditworthiness. Borrowers can avail of loan amounts up to ₹20 lakh with a repayment period extending up to 7 years, providing ample time to manage repayments comfortably. Additionally, the processing fee is capped at 2% of the loan amount, with a minimum charge of ₹1,000 and a maximum of ₹10,000. These rates and terms are effective as of August 1, 2024.
Bank of Baroda Personal Loan Interest Rates
Starting Interest Rates: Bank of Baroda personal loan interest rates begin at 11.15% per annum. The exact rate may vary based on the applicant's job profile and the profile of their employer.
Floating Interest Rates: Interest rates for loans vary based on the employee's category and the bank with which their salary account is maintained. Rates range from 11.40% to 18.75% annually.
Floating Interest Rates
| Type of Employees | Interest rate (p.a.) |
|---|---|
| Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank | 15.15%-18.75% |
| Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda | 13.15%-16.75% |
| Category C: Silver : Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank | 12.40%-16.75% |
| Gold: Same target customers as mentioned in Silver Category, however, salary account must be with Bank of Baroda | 11.90%-16.75% |
| Govt Employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 | 11.40%-11.90% |
(Source: paisabazaar)
Fixed Interest Rates
Explore competitive interest rates based on your employment category:
| Type of Employees | Interest rate (p.a.) |
|---|---|
| Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank | 14.90%-18.20% |
| Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda | 12.95%-15.20% |
| Category C: Silver : Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank | 11.90%-14.25% |
| Gold: Same target customers as mentioned in Silver Category, however, salary account must be with Bank of Baroda | 11.40%-14.25% |
| Govt Employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 | 11.15%-11.65% |
(Source: paisabazaar)
Fees and Charges for Bank of Baroda Personal Loans
Bank of Baroda applies the following processing charges for personal loans: for a standard Baroda Personal Loan, the fee is up to 2% of the loan amount, with a minimum charge of ₹1,000 and a maximum of ₹10,000. However, for Baroda Pensioners Loans, there are no processing charges.
Bank of Baroda Personal Loan vs Other Bank Loan
When considering a personal loan, it's important to compare the interest rates and features offered by Bank of Baroda with those of other banks and financial institutions. By evaluating these factors, you can select the loan that best fits your needs and preferences. Explore our list of partner banks and NBFCs to find the most suitable option for you.
(Link for interest rates comparison:
https://www.paisabazaar.com/bank-of-baroda/personal-loan)
Types of Bank of Baroda Personal Loans
Bank of Baroda offers a range of personal loan options to cater to various needs and borrower profiles. Here’s an overview of the available schemes:
Baroda Personal Loan: The Baroda Personal Loan is designed for both salaried and self-employed individuals seeking funds for personal expenses, excluding speculative purposes. Borrowers can access a loan amount ranging from ₹1 lakh to ₹15 lakh.
For those in metro and urban areas, the minimum loan amount starts at ₹1 lakh, while it is ₹50,000 for rural and semi-urban areas. Depending on the borrower’s occupation and their relationship with the bank, the maximum loan amount can go up to ₹20 lakh. The loan tenure is flexible, extending up to 7 years, providing ample time for repayment.
Baroda Loan to Pensioners: This loan scheme is tailored for pensioners and family pensioners who receive their pension from Bank of Baroda. It allows them to access funds for personal needs, barring speculative purposes. To qualify, pensioners must have been receiving their pension from the bank for at least the past three months, with no cheque returns due to financial reasons.
For regular pensioners under the age of 70, the loan amount can be up to ₹8 lakh, whereas those above 70 can borrow up to ₹5 lakh. Family pensioners can avail up to ₹3 lakh if they are under 70 years of age, and up to ₹1.50 lakh if they are above 70. The tenure for loans to pensioners is capped at 5 years for those under 70, and 3 years for those above 70.
For pensioners, the Baroda Loan to Pensioners provides a digital interest rate of 12.15% per annum and a slightly higher rate of 12.65% for non-digital applications.
Baroda Digital Personal Loan: The Baroda Digital Personal Loan from Bank of Baroda offers a quick and seamless way to access funds for various needs, from vacations to home improvements. With its paperless application process and direct disbursement, getting the money you need has never been easier. Borrowers can enjoy competitive interest rates, no prepayment charges on floating rates, and flexible terms that help turn your dreams into reality.
The Baroda Digital Personal Loan presents a broader range of interest rates, from 12.90% to 18.25% per annum, offering flexibility based on the borrower’s creditworthiness and other factors.
Baroda Digital Pre-approved Personal Loan:
Formerly known as the Bank of Baroda Pre-approved Personal Loan (BoB PAPL), the Baroda Digital Pre-approved Personal Loan is available to select existing customers. This loan is intended to meet various personal needs, excluding speculative activities.
Borrowers can receive amounts ranging from ₹50,000 to ₹5 lakh, with a repayment tenure between 18 months and 3 years. This pre-approved facility offers a streamlined borrowing experience for eligible customers, facilitating quicker access to funds.
The Baroda Digital Pre-approved Personal Loan features an interest rate between 12.90% and 16.40% per annum, depending on the applicant’s profile and loan specifics.
Eligibility Criteria for Bank of Baroda Personal Loans
When considering a personal loan from Bank of Baroda, it’s essential to understand the eligibility requirements. Below is a detailed breakdown of the criteria:
Employment Requirements
For Salaried Individuals:
Applicants must be employed with Central Government, State Government, autonomous bodies, Public Sector Undertakings, Public Limited Companies, MNCs, or educational institutions.
A minimum of 1 year of service is required.
Employees of Private Limited Companies, Trusts, and Limited Liability Partnerships (LLPs) must have at least 1 year of continuous service.
For Self-Employed Individuals:
Self-employed businessman should have at least 1 year of stable business operations.
Self-employed professionals, including doctors, engineers, company secretaries, architects, and interior designers, must also demonstrate a minimum of 1 year of stable business activity.
Baroda Loans for Pensioners:
When considering a personal loan from Bank of Baroda, it’s essential to understand the eligibility requirements. Below is a detailed breakdown of the criteria:
Insurance Agents:
Insurance agents need to be in business for a minimum of 2 years.
Age Requirements:
Minimum Age: Applicants must be at least 21 years old at the time of the loan application.
Maximum Age: The maximum age limit is 60 years at the time of loan maturity for salaried individuals and 65 years for non-salaried individuals.
Application Guidelines:
Individual Applications Only: The personal loan can only be applied for individually. Co-applicants are not permitted.
Documents Required for Bank of Baroda Personal Loan
When applying for a personal loan with Bank of Baroda, you will need to provide several important documents. Here’s a comprehensive list:
General Documents:
Completed Loan Application Form: Ensure the form is filled out accurately and includes three recent passport-sized photographs.
Form 135: This form must include details of your liabilities and assets.
Bank Statements: Provide statements for the last six months or an updated passbook.
Proof of Identity: Acceptable documents include PAN card, Aadhar card, voter ID, driving licence, passport, or an employee ID issued by your organisation. Professional identity documents such as those from ICFAI, ICAI, or ICWA are also acceptable.
Proof of Address: Options include Passport, Voter ID, Driving License, a recent utility bill (gas or electricity), an updated passbook or bank statement, or a registered rental agreement.
For Salaried Applicants:
Bank Statements: Recent six-month statements from Bank of Baroda or any other bank.
Salary Slips: The last three months' salary slips.
For Self-Employed Applicants:
Income Tax Returns: For the past year.
Financial Statements: Include profit and loss statements, income computation, and balance sheets for the last year.
Tax Documents: Provide income tax challans, clearance certificates, IT assessment, TDS certificates (Form 16A), or Form 26AS.
Business Proofs: Submit registration certificates, Gomasta licence, service tax registrations, etc.
Additional Documents:
For Pensioners: Provide your Pension/PPO number.
For Baroda Digital Pre-approved Personal Loans:
Valid Mobile Number: Must be linked to your Bank of Baroda account.
Aadhar Number: Required for OTP verification and digital signatures.
Make sure all documents are current and accurately reflect your financial status to ensure a smooth application process.
Bank of Baroda Personal Loan EMI Calculator
Borrowers can use the Bank of Baroda Personal Loan EMI Calculator to easily estimate your total interest expenses and monthly EMI payments. Simply input your loan amount, repayment period, and interest rate into the calculator to receive immediate results and a clear overview of your financial commitment throughout the loan term.
Bank of Baroda Personal Loan FAQs
What is the eligibility for a personal loan?
To qualify for a personal loan, you generally need to be at least 21 years old. You should be either employed or self-employed, with a stable income that allows you to comfortably repay the loan. Additionally, having a CIBIL score of 701 or higher is usually required.
How can I apply for a personal loan from Bank of Baroda?
To avail a personal loan from Bank of Baroda, you can apply through their official website or visit a branch in person. Additionally, it’s wise to compare interest rates and loan features on online financial marketplaces to ensure you get the best deal based on your credit profile before submitting your application.
How is personal loan eligibility calculated?
Personal loan eligibility is determined by several factors, including your occupation, income, and your CIBIL score. Banks also consider your existing relationship with them or other financial institutions. Key aspects like your ability to repay the loan and the loan term are crucial in assessing your eligibility.
What factors affect a personal loan EMI amount?
The EMI on a personal loan is influenced by several key factors: the loan amount, interest rate, and tenure. Your income plays a crucial role, as lenders assess your repayment capacity based on your earnings, employment type, and job stability. A high credit score (above 800) often secures better rates, while a favourable debt-to-income ratio (ideally below 40-50%) can also lead to more competitive interest rates.