With quick processing, minimum documentation procedures, attractive interest rates and flexible repayment options, Bank of Baroda Personal Loan is a great option for your immediate financial needs. It offers personal loans of up to Rs.20 lacs @ 11.75% p.a. onwards for tenure of up to 7 years. It also offers pension loans to its pension account holders @ 12.80% p.a. Read on to know more about Bank of Baroda Personal Loan.
What is Bank of Baroda Personal Loan ?
Bank of Baroda Personal Loan is a type of unsecured loan offered by the bank to fulfill personal financial needs. The loan amount can be used for various purposes such as debt consolidation, home renovation, medical expenses, wedding expenses, etc. The loan amount, tenure, and interest rate depend on various factors like income, credit score, employment history, etc.
Types of Bank of Baroda Personal Loan Schemes
Bank of Baroda offers different types of personal loans to cater to various financial needs of its customers. The following are the types of Bank of Baroda personal loans :-
Regular Personal Loan
Purpose :- Regular personal loan scheme for any purposes other than speculation
Highlights
- Minimum Age : 21 years
- Maximum Age : For salaried persons: Age of borrower plus repayment period should not exceed retirement age or 60 years whichever is lower and For non-salaried persons: Age of borrower plus repayment period should not exceed 65 years.
- Maximum Loan Amount : Rs.20.00 lakhs (it is linked with borrower’s occupation and account relationship with Bank)
- Minimum Loan Amount : Rs.1.00 lakh for Metro & Urban Branch Rs.0.50 lakh for Rural & Semi-Urban Branch
- Loan Tenure : Up to 7 years.
- Co-Applicant : Applications to be considered on individual basis only. Co-applicants not to be allowed.
Pensioners Personal Loan
Purpose :- Pension personal loan scheme for any purposes other than speculation
Highlights
- Minimum Age : 21 years
- Maximum Age : For salaried persons: Age of borrower plus repayment period should not exceed retirement age or 75 years whichever is lower.
- Maximum Loan Amount : Rs.8.00 lakhs for regular pensioner’s age up to 70 years and Rs.3.00 lakhs for family pensioner’s age up to 70 years.
- Minimum Loan Amount : Rs.5.00 lacs for regular pensioner’s age up to 70 years and Rs.1.50 lakhs for family pensioner’s age up to 70 years.
- Loan Tenure : Up to 5 years.
- Co-Applicant : Applications to be considered on individual basis only. Co-applicants not to be allowed.
Pre-Approved Personal Loan Or Covid 19 Personal Loan
Purpose: Customer can avail facility for any purpose including temporary liquidity mismatch due to COVID-19 except speculation purpose.
Loan Amount: Up to 5 lakhs
Tenure: Up to 5 years (maximum door to door maturity/co-terminus with qualifying link loan)
Note :- This loan product is currently not in use.
Bank of Baroda Personal Loan Highlights |
| Interest Rate | 11.75%-17.05% p.a.
12.80% p.a. (for pensioners) |
| Loan Amount | Up to Rs.20 lacs |
| Tenure | Up to 7 years |
| Processing Fee | Up to 2% (Rs 1,000-10,000)+GST
For Government employees maintaining salary account with Bank of Baroda- NIL |
Bank of Baroda Personal Loan Interest Rates
Bank of Baroda Personal Loan interest rates start from 11.75% P.A. depending on the applicant job profile, employer’s profile and business profile.
| Loan Product & Type of Employees | Interest rate (P.A.) |
| Regular Personal Loan | 11.75% – 17.05% |
| Govt Employees / Defense personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 | 11.75%-12.50% |
| Category Gold: 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 must be with Bank of Baroda | 12.20%-15.05% |
| Category 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 | 12.70%-15.05% |
| Category A : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda | 13.45%-15.05% |
| Category B :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank | 15.45%-17.05% |
| Baroda Loan to Pensioners | 12.80% |
| Pre-approved Personal Loan | 11.75%
Note :- This loan product is currently not in use. |
Compare Personal Loan Interest Rates offered by Top Banks / NBFCs
| Banks/NBFCs | Interest Rates(P.A.) | Apply Online |
| Axis Bank | 12.00% onwards | Apply Now |
| State Bank of India | 10.65% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| ICICI Bank | 10.75% onwards | Apply Now |
| IDFC First Bank | 10.75% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| HDFC Bank | 11.00% onwards | Apply Now |
| Bajaj Finserve Ltd | 13.00% onwards | Apply Now |
Bank of Baroda Personal Loan Fees and Charges
| Processing Fee | Up to 2% (Rs.1,000-10,000)+GSTFor Government employees maintaining salary account with Bank of Baroda- NIL |
| Penal Interest | 2% shall be levied on loan outstanding amount |
| Foreclosure Charges | NIL |
| Preclosure Charges | NIL |
Bank of Baroda Personal Loan Eligibility Criteria
Bank of Baroda has certain eligibility criteria that applicants must meet in order to be eligible for a personal loan. The criteria include :-
- Age
Applicants must be between 21 and 65 years old.
- Employment
Applicants must be salaried or self-employed with a regular source of income.
- Income
Applicants must have a minimum monthly income of Rs. 15,000.
- Credit score
Applicants must have a good credit score, with no defaults or delinquencies in the past.
Work experience: Applicants must have a minimum work experience of 1 year for salaried individuals and 2 years for self-employed individuals.
- Location
Applicants must be residing in the city where the loan is being applied for.
Meeting these eligibility criteria does not guarantee loan approval. Bank of Baroda may have additional requirements that need to be met before a loan is approved. Applicants should also note that meeting the eligibility criteria does not necessarily mean that they will receive the loan amount they applied for. The loan amount approved will depend on various factors, including the applicant’s credit score, income, and repayment capacity.
Documents Required for Bank of Baroda Personal Loan
The following are the documents required to apply for Bank of Baroda personal loans :-
- Identity Proof – Aadhaar Card, PAN Card, Voter ID, Passport, Driving License
- Address Proof – Aadhaar Card, Passport, Voter ID, Driving License, Utility Bill
- Income Proof – Salary Slip, Form 16, Bank Statements
- Employment Proof – Offer Letter, Appointment Letter, Employment Certificate
- Age Proof – Birth Certificate, Passport, School Leaving Certificate
Bank of Baroda Personal Loan Application Process
The application process for Bank of Baroda personal loans is easy and hassle-free. The following are the steps to apply for Bank of Baroda personal loans :-
- Visit the Bank of Baroda website and navigate to the personal loan section.
- Check your eligibility for the loan by providing the required details.
- Fill in the application form with your personal, professional, and financial details.
- Upload the required documents and submit the application form.
- After verification of the documents, the bank will approve the loan.
- Once the loan is approved, the bank will disburse the loan amount to your bank account.
How to Check Bank of Baroda Personal Loan Status ?
Customers can check the status of their Bank of Baroda personal loan application by visiting the bank’s website and entering their application reference number. The bank will provide real-time updates on the status of the loan application.
Tips to Get Approved for Bank of Baroda Personal Loan
To increase the chances of getting approved for a Bank of Baroda personal loan, consider the following tips :-
- Maintain a good credit score
- Have a stable employment history
- Provide accurate and complete information on the loan application
- Apply for a loan amount that fits your financial needs and income level
- Have all the required documents ready
Why choose a Personal Loan from Bank of Baroda ?
- Zero Prepayment Fees –Prepayment Fees are not applicable at all in case the customer wants to pay off the loan earlier than the stipulated loan tenure.
- Special Personal Loan Programs – Bank of Baroda offers personal loans to pensioners and ex-defense personnel too. The bank also has personal loan offerings for Earnest Money Deposits which are for buyers of home/plot/flat.
- Premium personal loan option for existing customers – Bank of Baroda offers Premium Personal Loan to its existing customers. To be eligible for this loan, a applicant should have a smooth, running bank account with Bank of Baroda for at least 6 months. The account should be approved for good conduct by the branch manager.
Benefits of Bank of Baroda Personal Loan
Bank of Baroda personal loans come with several benefits, including :-
- No collateral required
- Quick loan disbursal
- Competitive interest rates
- Flexible repayment options
- Easy application process
Disadvantages of Bank of Baroda Personal Loan
Bank of Baroda personal loans also come with some disadvantages, including :-
- High-interest rates for individuals with low credit scores
- Prepayment charges for some types of loans
- Processing fees for loan applications
Conclusion
Bank of Baroda personal loans are a great option for individuals who need quick cash to fulfill their personal financial needs. With competitive interest rates, flexible repayment options, and an easy application process, Bank of Baroda personal loans can provide the financial support you need. However, it’s important to carefully consider the loan terms and eligibility criteria before applying. By following the tips outlined in this guide, you can increase your chances of getting approved for a Bank of Baroda personal loan.
Bank of Baroda Personal Loan EMI Calculator
FAQs
1. What is the maximum loan amount for Bank of Baroda personal loans ?
The maximum loan amount for Bank of Baroda personal loans is Rs. 20 lakhs.
2. What is the tenure of Bank of Baroda personal loans ?
The tenure of Bank of Baroda personal loans can be up to 60 months.
3. Are there any prepayment charges for Bank of Baroda personal loans ?
No, there are no prepayment charges for Bank of Baroda personal loans.
4. How long does it take for Bank of Baroda to approve a personal loan application ?
Bank of Baroda typically approves personal loan applications within 48 to 72 hours, provided all the required documents are submitted.
5. What is the interest rate for Bank of Baroda personal loans ?
The interest rate for Bank of Baroda personal loans varies depending on the loan amount, tenure, and the applicant’s credit score.
6. Can I apply for a Bank of Baroda personal loan online ?
Yes, you can apply for a Bank of Baroda personal loan online by visiting the bank’s website and filling in the application form.
7. What is the eligibility criteria for Bank of Baroda personal loans ?
The eligibility criteria for Bank of Baroda personal loans include age, income, employment status, and credit score. Applicants must be between 21 and 65 years old, have a minimum monthly income of Rs. 15,000, and a good credit score.
8. What is the repayment schedule for Bank of Baroda personal loans ?
The repayment schedule for Bank of Baroda personal loans can be customized to suit the borrower’s financial needs. The loan can be repaid in equal monthly installments over the chosen tenure.
9. Can I avail of a top-up loan on my Bank of Baroda personal loan ?
Yes, Bank of Baroda offers top-up loans on personal loans for eligible customers who have made regular payments on their existing loan.
10. How can I contact Bank of Baroda for personal loan-related queries ?
Customers can contact Bank of Baroda’s customer care through their toll-free number or visit their nearest branch for personal loan-related queries.
