Bank of Baroda Personal Loan Interest Rates
Personal loans of Bank of Baroda may carry an outright interest rate of 11.15% annually subject to the applicant's nature of work and relationship with the bank. For floating-rate loans, the interest rates vary between 11.40% and 18.75%, while fixed-rate loans are between 11.15% and 18.20%.
From a little above that point on, it depends on the work position and relationship with the bank. Some persons may be subject to somewhat higher interest rates than others, although government employees and those with privileged salary accounts with Bank of Baroda benefit from the most favorable rates. All applicants are strongly advised to visit the nearest branch of Bank of Baroda to ascertain the precise rates and details.
Bank of Baroda Personal Loan Interest Rates and Characteristics
Applicants for a personal loan must be employees of government or private entities with at least one year of continuous service. Self-employed individuals or business owners should have been operating their business or practise for a minimum of one year.
To be eligible for a personal loan, applicants must be at least 21 years old. Co-applicants are not permitted. The maximum age limit for applying is 60 years for salaried individuals and 65 years for non-salaried individuals at the end of the loan repayment period.
The maximum loan amount available is Rs. 20 lakhs, though it varies based on the borrower's occupation and their relationship with the bank. The minimum loan amount is Rs. 1 lakh for Metro and Urban branches, and Rs. 0.5 lakh for Rural and Semi-Urban branches.
Processing charges for personal loans are as follows:
For government employees who maintain a salary account with Bank of Baroda: No charges.
For other applicants: Processing fees range from 1% to 2% of the loan amount plus GST, with a minimum charge of Rs. 1,000 plus GST and a maximum of Rs. 10,000 plus GST.
Both floating and fixed interest rate options are available for personal loans from Bank of Baroda. For additional details, applicants should visit the nearest Bank of Baroda branch.
Bank of Baroda Personal Loan Interest Rates 2024
For Salaried Employees:
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
Bank of Baroda personal loan interest rates 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.
Type of Employees Interest rate (p.a.)
| 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% |
Compare Bank of Baroda Personal Loan Interest Rates with Other Banks
The table below highlights the interest rates offered by various banks, enabling you to compare and choose the best option for your needs. Although the interest rates which you may get will depend on the bank’s policies as well as your overall credit profile. Bank of Baroda provides personal loans with rates beginning at 11.15% per annum.
Note: All the interest rates are as of January 2025. For latest interest rates, please refer to the bank’s website.
| Banks | Interest rates |
| HDFC Bank | 10.85% onwards |
| State Bank of India | 11.45% onwards |
| Axis Bank | 11.25% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Bandhan Bank | 9.47% onwards |
| ICICI Bank | 10.85% onwards |
| IDFC Bank | 10.99% onwards |
| Canara Bank | 10.95% onwards |
| Federal Bank | 12% onwards |
| Punjab National Bank | 10.40% onwards |
| Union Bank of India | 11.35% onwards |
| Indian Bank | 10% onwards |
| Yes Bank | 11.25% onwards |
| Bank of India | 10.85% onwards |
| IDBI Bank | 11% onwards |
| AU Bank | Up to 30% |
Source: PaisaBazaar
Bank of Baroda Personal Loan Interest Rates EMI Calculator
(https://www.bankofbaroda.in/calculators/personal-loan-emi-calculator)
Bank of Baroda Personal Loan EMI Calculator
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Bank of Baroda Personal Loan Fees and Charges
Standard Baroda Personal Loan
Processing Fee: Up to 2% of the loan amount
Minimum Charge: ₹1,000
Maximum Charge: ₹10,000
Baroda Pensioners Loans
Processing Fee: None
Bank of Baroda Personal Loan Schemes
Bank of Baroda offers a variety of personal loan options to suit different needs and borrower profiles. Below is a detailed overview of their available schemes:
Baroda Personal Loan
Purpose: Designed for both salaried and self-employed individuals for personal expenses (excluding speculative purposes).
Loan Amount:
Minimum: ₹1 lakh (metro and urban areas); ₹50,000 (rural and semi-urban areas)
Maximum: Up to ₹20 lakh, based on occupation and bank relationship
Tenure: Flexible, up to 7 years
Baroda Loan to Pensioners
Purpose: Specifically for pensioners and family pensioners receiving pensions from Bank of Baroda for personal needs (excluding speculative purposes).
Eligibility: Pensioners must have received their pension from the bank for at least the last 3 months with no cheque returns due to financial reasons.
Loan Amount:
Regular Pensioners under 70: Up to ₹8 lakh
Regular Pensioners above 70: Up to ₹5 lakh
Family Pensioners under 70: Up to ₹3 lakh
Family Pensioners above 70: Up to ₹1.50 lakh
Tenure:
Under 70 years: Up to 5 years
Above 70 years: Up to 3 years
Interest Rates:
Digital applications: 12.15% per annum
Non-digital applications: 12.65% per annum
Baroda Digital Personal Loan
Purpose: Provides a fast and paperless way to access funds for various needs such as vacations or home improvements.
Features:
Competitive interest rates
No prepayment charges on floating rates
Flexible terms
Loan Amount: Varies based on borrower’s needs and creditworthiness
Interest Rates: Range from 12.90% to 18.25% per annum
Baroda Digital Pre-approved Personal Loan
Purpose: For select existing customers to meet personal needs (excluding speculative activities) with a streamlined borrowing experience.
Loan Amount: Ranges from ₹50,000 to ₹5 lakh
Tenure: Between 18 months and 3 years
Interest Rates: 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 applying for a personal loan from Bank of Baroda, it is crucial to meet the eligibility requirements. Below is a detailed breakdown of the criteria:
Employment Requirements
For Salaried Individuals:
Employment Type: Must be employed with:
Central or State Government
Autonomous bodies
Public Sector Undertakings
Public Limited Companies
Multinational Corporations (MNCs)
Educational institutions
Service Duration: Minimum of 1 year of service required.
Private Sector Employees: Employees of Private Limited Companies, Trusts, and Limited Liability Partnerships (LLPs) must have at least 1 year of continuous service.
For Self-Employed Individuals:
Business Owners: Must have at least 1 year of stable business operations.
Professionals: Self-employed professionals such as doctors, engineers, company secretaries, architects, and interior designers must also demonstrate a minimum of 1 year of stable business activity.
Insurance Agents:
Experience Required: Must be in business for a minimum of 2 years.
Baroda Loans for Pensioners
Eligibility: Pensioners and family pensioners receiving pensions through Bank of Baroda are eligible.
Pension Crediting: The pension must be credited directly to a savings account with Bank of Baroda, whether disbursed through the Treasury or Defence Pension Disbursing Office.
Features: Specialised loan services with streamlined processing and supportive terms tailored to meet unique financial needs.
Age Requirements
Minimum Age: Applicants must be at least 21 years old at the time of application.
Maximum Age:
For salaried individuals: Up to 60 years at the time of loan maturity.
For non-salaried individuals: Up to 65 years at the time of loan maturity.
Application Guidelines
Individual Applications Only: Personal loans can only be applied for individually. Co-applicants are not permitted.
Make sure you meet these criteria before applying for a personal loan with Bank of Baroda to ensure a smooth application process.
Factors Affecting Bank of Baroda Personal Loan Interest Rate
There are several factors which influence the Bank of Baroda personal loan interest rate, some of which are explained below:
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Credit Score: Interest rate has a direct link with credit score, though as of now rates have not come out, obviously high credit score will lead to an even lower interest rate. Thus, do not apply for multiple credits, credit card bills get paid in advance, and payments are made beforehand, and more importantly, don't forget there should be a good mix of your credits.
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Income: While Bank of Baroda has not offered any special interest rates in terms of income, usually, higher incomes reflect better repayment abilities. As they involve less credit risk, most lenders charge applicants with higher monthly incomes and lower interest rates.
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Job Description: The interest rates are calculated by the bank considering the employer's profile and the occupation of the applicant. Salaried employees, especially those employed in known companies, usually receive lower rates than self-employed applicants because of the assumption of a more stable income.
Bank of Baroda Personal Loan Interest Rate FAQs
How can I check Bank of Baroda’s pre-approved personal loan offers?
Send an SMS with "PAPL" followed by the last 4 digits of your debit card to 8422009988 from your registered mobile number.
What are the foreclosure charges on a Bank of Baroda personal loan?
No charges for floating rate loans. For fixed rate loans, a 3% fee applies on prepayments during the first 3 years.
What is the turnaround time for a Bank of Baroda personal loan?
Typically 2-7 working days. Digital and pre-approved loans may be disbursed faster.
Can I have a co-applicant for a Bank of Baroda personal loan?
No, co-applicants are not allowed. Applications are processed individually.
What credit score is needed for a Bank of Baroda personal loan?
While there’s no specific cut-off, a score of 750+ is preferred for better rates.