Bank of Baroda Personal Loan | Bank of Baroda Personal Loan Details | Bank of Baroda personal loan eligibility| Bank of Baroda Personal Loan Application Form | Bank of Baroda Personal Loan Interest Rates
Bank of Baroda (BoB) is a state-owned bank in India that offers a range of personal loan options to its customers. These loans can be used for a variety of purposes, such as funding a wedding, home renovation, or a vacation. The bank offers personal loans to both salaried and self-employed individuals.
Table of Contents
What is Bank of Baroda Personal Loan ?
Bank of Baroda’s personal loan product, Baroda Personal Loan, is a unsecured loan, which means that you do not have to provide any collateral or security to avail the loan. The loan amount can be used for various personal needs like home renovation, education, marriage, travel and medical treatment. The loan amount can range from 50,000 to 20 Lacs and can be availed for a maximum period of 60 months.
Bank of Baroda Personal Loan Summary 2023
| Bank | Bank of Baroda |
| Loan Type | Bank of Baroda Personal Loan |
| Loan Amount | Rs. 50000 to 20 Lacs |
| Interest Rates | From 10.60 % |
| Age Limit | 21 to 60 Year |
| Repayment Time | 12 to 60 Months |
| Official Website | Click Here |
Bank of Baroda Personal Loan Interest Rates January 2023
The Interest rate for Baroda Personal loan is determined based on the applicant’s profile and creditworthiness. The rate is subject to change based on the bank’s policy and the RBI guidelines. The interest rate for personal loans at Bank of Baroda is competitive and varies based on the individual’s profile.
| BOB Personal Loan Interest Rates | 10.60 % to 17 % |
Effective Interest Rates Linked with CIBIL Score of the individual BRLLR & SP.
The bank also charges processing fees, which can vary depending on the loan amount and the applicant’s profile. It is always recommended to compare the interest rates, fees and other benefits from other banks as well before taking a decision. It’s also important to read the terms and conditions before signing the loan agreement.
How to calculate EMIs for Bank of Baroda Personal Loans
EMI or Equated Monthly Instalment is the amount that you need to pay to the bank every month to repay the loan. You can calculate the EMI for a personal loan from Bank of Baroda using the EMI calculator available on the bank’s website or using a general EMI calculator.
To calculate the EMI using a general EMI calculator, you will need to know the loan amount, the interest rate and the repayment period. The EMI calculator will use this information to calculate the EMI.
The formula used to calculate EMI is : EMI = P x r x (1+r)^n/((1+r)^n -1)
Where: P = Principal loan amount (the total amount of the loan) r = interest rate per month (interest rate divided by 12) n = number of months (repayment period)
For example, if you are taking a personal loan of INR 5,00,000 at an interest rate of 10% per annum for a repayment period of 5 years (60 months), the EMI would be approximately INR 9,639.
It’s important to note that the interest rate and EMI may vary based on the loan amount, repayment period and the applicant’s profile. Therefore, it’s always recommended to use the Simplified
EMI calculator available on the bank
Bank of Baroda personal loan eligibility
To apply for a personal loan from Bank of Baroda, you will need to meet certain eligibility criteria and provide certain documents. The bank typically requires that applicants have a good credit score, a stable income, and a minimum work experience. You will also need to provide proof of identity, income, and residence, as well as other documents as required by the bank.
- Salaried individuals, Self-employed professionals, and Self-employed non-professionals are eligible for the loan.
- Minimum age of 21 years and maximum age of 60 years at the time of loan maturity.
- Minimum net income of 15,000 for salaried employees and 2,50,000 for self-employed individuals.
- Minimum work experience of 2 years for salaried employees and 3 years for self-employed individuals.
- Minimum CIBIL score of 700 is required.
Documents required to apply for Baroda Personal Loan
- Proof of identity: Passport, PAN card, Voter ID card, or Aadhaar card.
- Proof of residence: Utility bill, rent agreement, or Aadhaar card.
- Proof of income: Salary slips, bank statements, or IT returns for the last 3 months.
- Other documents as required by the bank.
Types of Bank of Baroda Personal Loan
BOB Offers Mainly Four Types of Personal Loan to its Customer
Bank of Baroda Loan to Pensioners
| Loan Type | Baroda Loan to Pensioners |
| Purpose | Any purpose other than speculation. |
| Eligibility | Pensioners/ family pensioners drawing pension through our Bank’s branches. |
| Age Limit | 60 to 75 Year |
| Amount | Regular Pensioner – Up to Rs. 8 Lacs Family Pensioner- Up to Rs. 3 Lacs |
| Repayment Time | 12 to 60 Months |
| For More Details | Click Here |
Baroda Personal Loan
| Loan Type | Baroda Personal Loan |
| Purpose | Any purpose. |
| Eligibility | Salaried, Self Employed or Businessmen |
| Age Limit | 21 to 60 Year |
| Amount | Rs.50,000 to Rs. 20 Lacs |
| Repayment Time | 12 to 60 Months |
| For More Details | Click Here |
Bank of Baroda Pre Approved Personal Loan
| Loan Type | Baroda Pre Approved Personal Loan |
| Purpose | Any purpose. |
| Eligibility | Salaried, Self Employed or Businessmen |
| Age Limit | 21 to 60 Year |
| Amount | Rs.50,000 to Rs. 5 Lacs |
| Repayment Time | 12 to 60 Months |
| For More Details | Click Here |
Bank of Baroda Digital Personal Loan
| Loan Type | Baroda Digital Personal Loan |
| Purpose | Any purpose. |
| Eligibility | Salaried, Self Employed or Businessmen |
| Age Limit | 21 to 60 Year |
| Amount | Rs.10,000 to Rs. 2 Lacs |
| Repayment Time | 12 to 60 Months |
| For More Details | Click Here |
Why choose a personal loan from Bank of Baroda ?
There are several reasons why someone might choose to take out a personal loan from Bank of Baroda:
- Competitive Interest Rates: Bank of Baroda offers competitive interest rates on its personal loan products which can help to keep the overall cost of the loan low.
- Flexible loan amount and repayment period: Bank of Baroda offers a loan amount range of INR 50,000 to INR 15 Lacs, with a repayment period of up to 60 months, which provides customers with flexibility to choose the loan amount and repayment period as per their requirement and capacity.
- No Collateral Required: As it’s an unsecured loan, you don’t have to pledge any collateral or security, making it accessible for people who don’t have any assets to pledge.
- Quick Disbursal: Bank of Baroda has a quick and efficient disbursal process which means that you can receive the loan amount in your account quickly after the loan is approved.
- Convenient Repayment Options: Bank of Baroda provides various repayment options such as auto debit, standing instruction and post-dated cheque, which makes it convenient for customers to repay the loan.
- Widely available: Bank of Baroda has a wide network of branches across the country, which makes it easy to apply and manage the loan.
- Online Application: The bank has also made the process of loan application and disbursal of loan amount, available online which makes the process more convenient and time-efficient for the customers.
Apply Bank of Baroda Personal Loan
To apply for a personal loan from Bank of Baroda, you will need to follow these steps:
- Check your eligibility: Make sure you meet the bank’s eligibility criteria for personal loans, which typically include factors such as your income, credit score, and employment status.
- Gather required documents: Collect the necessary documents, such as proof of income, identity, and residence.
- Choose your loan amount and repayment tenure: Decide on the loan amount you need and the repayment tenure that suits your financial situation.
- Apply online or visit a branch: You can apply for the loan online on the bank’s website or visit a nearby branch to submit your application.
- For Bank of Baroda Digital Personal loan you can apply through bob mobile application “bobworld”.
- Wait for the bank’s response: The bank will review your application and inform you of its decision. If your loan is approved, you will be required to submit additional documents and go through a verification process before the loan is disbursed.
Note: The steps for applying for a personal loan may vary depending on the bank’s policies and procedures. So please check with the bank for their process.
Repayment of Bank of Baroda Personal Loan
Repayment of Baroda Personal Loan is done through Equated Monthly Installments (EMI) for a maximum period of 60 months. The EMI amount will be determined based on the loan amount, interest rate, and repayment period. You can also use the EMI calculator available on the bank’s website to get an estimate of the EMI amount.
Bank of Baroda Personal Loan Fee & Charges
Bank of Baroda charges various fees and interest rates on its personal loans. These charges can include:
- Processing fee: This is a one-time charge that is typically a percentage of the loan amount, and is charged when the loan is disbursed. its now Rs.500 to Rs.10000 excluding GST.
- Pre-payment or foreclosure charges: If you choose to pre-pay or foreclose your loan before the end of the loan tenure, you may be charged a fee.
- Late payment charges: If you fail to make your loan instalments on time, you may be charged a late payment fee.
- Panel Interest rate: Bank of Baroda charges 2% Panel Interest for delaying Loan Repayment.
Bank of Baroda Personal Loan Compared to Other Banks
| Bank | Interest Rate | Tenure | Loan Amount & Processing Fee |
| Bank of Baroda | 10.60% to 17% | 12 to 60 months | Up to Rs. 20 lakh / Up to 1.50% of the loan amount |
| SBI | Starting from 10.99% | 12 to 72 Months | Up to Rs. 20 lakh / Up to 1.50% of the loan amount |
| Bajaj Finserv | Starting from 12.99% | 12 to 60 months | Up to Rs. 25 lakh / Up to 3.99% of the loan amount |
| Axis Bank | 12% to 24% | 12 to 60 months | Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount |
| Citibank | Starting from 10.99% | 12 to 60 months | Up to Rs. 30 lakh / Up to 3% of the loan amount |
| ICICI Bank | 11.50% to 19.25% | 12 to 60 months | Upto Rs. 20 lakh / Up to 2.25% of the loan amount |
Bank of Baroda Personal Loan Customer Care
| Toll-free number | 1800-258-4455 / 1800-102-4455 |
| Email ID | cs.ho@bankofbaroda.com |
Frequently Asked Question
Minimum Salary for Personal Loan is Rs.15000.
Loan Tenure for Personal Loan is From 12 Months to 60 Months.
Maximum loan amount given to bob personal loan is Rs. 20 lacs.
BOB Pre Approved Personal given to selected customers by bank. its depends on income, credit ratings & repayment capacity. when you selected for pre approved personal loan bank contact to you by phone & email.
On bank mobile application “bobworld”, by clicking on Digital Loan icon, any one apply for Digital Personal Loan. Amount from Rs.10000 to Rs.2 lacs.
Personal Loan Foreclosure Charges depends on Loan types. there is no charges for loan after 12 months.
On 10.60%, Loan Tenure 60 Months EMI should be Rs. 5386/- Total Interest Payble in 5 Year Rs. 73,152/-
Govt Employees / defence personnel maintaining salary account with our Bank under scheme code SB 182 & 186
From 10.60% to 11.10%
Gold: Same target customers as mentioned in Silver Category, however, salary account must be with our Bank.
From 11.10% to 15.95%
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
From 11.60% to 15.95%
Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with our Bank
From 12.35% to 15.95%
Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank
From 14.35% to 17.95%
Minimum Age is 21 Year for Personal Loan.
Toll-free numbers – 1800 258 44 55/1800 102 44 55. NRIs can call on 079 – 49044100/7923604000.
There are several ways to make payments on your Bank of Baroda personal loan:
Online banking/ Mobile Banking: You can log in to your online banking account and make payments using your debit card, credit card or net banking.
Auto-debit facility: You can set up an auto-debit facility, where the loan instalment amount will be automatically debited from your bank account on the due date.
Cheque or Demand Draft: You can make the payment by submitting a cheque or demand draft at any of the bank’s branches or drop boxes.
Cash deposit: You can deposit cash at any of the bank’s branches
NEFT/RTGS: You can make the payment via NEFT/RTGS to the bank’s account
minimum loan tenure for Bob personal loan is 12 Months.
Rs.21,543/- EMI for 60 Months
The minimum CIBIL score required for Bank of Baroda personal loan in India is 700.
Overall, Baroda personal loan is a good option for those looking for a personal loan to meet their financial needs. However, it’s important to compare the interest rates, fees, and other benefits of different banks before taking a decision, and read the terms and conditions carefully before signing the loan agreement.
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