Bank Loans Bank of Baroda Loan Loans Personal Loans

Bank of Baroda Personal Loan, Interest Rates and Document process

Loans for personal use from Bank of Baroda offer a fast and simple solution to your most urgent financial requirements. When you need money for an emergency medical situation within your family, for the wedding of your sibling or to make improvements to your house the personal loan will help you meet your needs. Personal loans offer many advantages over other types of credit like credit cards or informal loans from family members, or untrustworthy financial institutions. The majority of salaried people as well as professionals and self-employed can make an application for personal loans. With competitive rates of interest, low paperwork, and fast approval, Bank of Baroda offers one of the top personal loans available today.

Bank of Baroda offers personal loans that can be as high as Rs 10 lakh at 10 percent p.a. from now for a period of up to five years. They also offer pension loans to pension account holders from 9.75 onwards for tenure of up to 5 years. p.a. Bank of Baroda offers personal loans at competitive interest rates, with fast processing and minimal documentation. Find out the details regarding Bank of Baroda Personal Loans.

Bank of Baroda Personal Loan Highlights

Rates of Interest: 10.00% p.a. up to 9.35 percent p.a. (for onwards) and 9.35% p.a. (for pension loans)

The Loan Amount: Up to 15 lakhs rupees

Tenure: up to 5 years

Processing Fee: 2% (Rs 1,000-10,000)+GST

Bank of Baroda Personal Loan Interest Rates

Customer Type Interest Rate
Customers who have accounts with the bank for at most 6 months 10.00%-13.60% p.a.
Customers with accounts at other banks for at minimum 6 months 12.00%-15.60% p.a.
For employees of state/central govt./public/joint sector undertakings/autonomous bodies/educational institutions with 1 year service and accounts with the bank 10.00%-13.60% p.a.
Baroda Loan for Pensioners 9.35% p.a
Personal Loan with Covid-19 9.75% p.a.
Personal Loan that has been pre-approved 8.75%-16% p.a.

Different types of Bank of Baroda Personal Loans

1. Baroda Personal Loan

  • Purpose: Non speculative activities
  • Amount of Loan: Maximum: Up to 15 lakh rupees (metro as well as urban)
  • The amount is Rs. 15 lakh (semi-urban and rural)
  • Minimum Limit: Up to Rs.1 lakh (metro and urban)
    up to Rs.50,000 (semi-urban as well as rural)
  • Tenure: 48-60 months

2. Baroda Personal Loans Covid-19

  • The purpose of this loan is For any financial requirement, such as temporary mismatches in liquidity caused by Covid-19, excluding speculation
  • Loan Amount: Minimum- Rs 25,000 and Maximum: Rs 5 lakh
  • Time of Tenure: Up 5-years (co-terminus that includes a qualified link-loan/maximum amount of door for door maturity)

3. Baroda Loan for pensioners

The purpose of HTML0 is:Can be availed by pensioners to cover their individual needs, excluding for speculations.

4. Pre-approved Personal Loan

• Goal:To meet all the financial requirements, including the liquidity mismatch caused by Covid-19, with the exception of for speculations
• The Loan Limit:Up to 5 lakhs
• Time of TenureUp up to five years (maximum door-to-door maturity or co-terminus with a loan that is qualified)

Eligibility to Bank of Baroda Personal Loan

  • Minimum age is 21 years old.
  • Age limit for salaried employees Age limit for salaried employees: 60 years old

For non-salaried workers: 65 years.

  • Employers of private or public bodies with a minimum service time of at least one year
  • The employees employed by private limited corporations proprietorship companies, trusts, and partnership firms who have an average of one year continuously
  • NRI/PIO as well as staff members aren’t eligible
  • Insurance agents who have been in business for at minimum two years
  • Self-employed businessmen who have at minimum 1 year of business stability
  • Self-employed professionals such as engineers, doctors, secretaries, architects, secretary, interior designers, etc. with at least one year of steady business

Features of Digital Personal Loan

  • Apply anytime, any location.
  • End to End process that is paper-free.
  • Competitive Interest Rates that range between 9.75 percentage and up 15.10%.
  • You can avail as high as Rs.10,00,000/- with a the maximum period of 60 months.
  • Pre-approved Personal Loan for customers who are already customers.

Advantage of having a Pre Approved offer (PAPL)

  • Offers Up to Rs.5,00,000for a an maximum that is 36 month.
  • Competitive Interest Rates that range between 8.75 1 % up to percent.
  • No processing costs.
  • Instant cash out of the money deposited in your account.
  • There is no requirement for income documents (Bank Statement/ITR)

Documents required to apply for Bank of Baroda Personal Loan

The following documents are the most commonly used required to get a Bank of Baroda Personal Loan:

  • Fill out the loan application form, accompanied by passport-sized photographs
  • Form 135 with information on assets and liabilities should be filed along with
  • Bank statement for the last 6 months and the most recent passbook
  • Identification proofs like PAN card, Aadhar card driver’s license, voter ID passport, ID card for employees issued by the company practice certificate, identity documents issued by the relevant professional bodies such as ICFAI, ICAI, ICWA.
  • Other documents that the bank requires

For salaried applicants:

A/C statement for the six months from Bank of Baroda/any other banks Salary slips for the past three months

For self-employed applicants:

  • Tax returns on income for the past one year
  • Statement of Profit and Loss with income computation, balance sheet for the last one year
  • TDS certification (Form 16A)/Form 26AS
  • Business proofs: Registration certificate, Gomasta license, Service tax registration, etc

Bank of Baroda Customer Care

Customers can reach their Bank of Baroda customer using any of these methods:

Toll-Free Numbers: 1800-258-4455 / 1800-102-4455

Branch visit: Go to the nearest Bank of Baroda branch to receive answers to your questions.

How do I Apply in order to apply for Bank of Baroda Personal Loan?

The steps to take to obtain an online personal loan from Bank of Baroda is mentioned in the following paragraphs:

  • Go to the official site of Bank of Baroda Or contact your local Bank of Baroda branch.
  • Then, you must fill in the financial, professional, and personal details according to the requirements of the lender. Submit the form.
  • After you’ve submitted an application for the loan, Bank of Baroda will verify your eligibility and provide you with the maximum amount you can take advantage of.
  • If you are able to approve the application, you will have to submit necessary documents that can be uploaded on the internet.
  • Your documents are processed at the Bank of Baroda, and after the loan is approved loan, the money will be credited into the Bank of Baroda account immediately.

FAQs regarding Bank of Baroda Personal Loan

1. How long is the loan term that is minimum in the case of Bank of Baroda personal loans?

The maximum loan duration is 12 months.

2. What would the cheapest cost of EMI for a BOB personal loans worth Rs.1 lakh?

If you opt for an BOB personal loan amounting to Rs.1 Lakh, the minimum EMI is Rs.2,149.

3. How long is the longest loan term in the case of Bank of Baroda personal loans?

The maximum duration of loans will be for 60 month for those employed in the government sector. Other employees have 48 months.

4. Can I include the income of my spouse when I apply to an Bank of Baroda personal loan?

Yes, you can add the earnings of your spouse when you need to enhance your loan’s eligibility to get an BOB Personal loan.

5. Is there a processing charge I’ll be charged to get the Bank of Baroda personal loan?

The fee for processing BOB personal loans will be 2%. BOB personal loan is 2% of total amount of loan, in addition to the service tax.

6. How much is the minimal loan amount for those who reside in metropolitan and urban zones?

The minimum amount of loan amounts to Rs.1 lakh.

7. How much is the max loan amount for those who reside in metropolitan and urban zones?

The maximum amount of loan can be Rs.10 lakh.

8. What’s the minimum amount of loan for those in semi-urban and rural zones?

The minimum amount of loan is Rs.50,000.

9. What’s the highest amount of loan for applicants living in semi-urban and rural regions?

The maximum loan amount can be Rs.5 lakh.

10. Are I able to get the help of a co-applicant in applying for a personal loan with BOB?

The bank does not accept co-applicants. Bank of Baroda accepts personal loan applications from only an individual. The bank is not able to allow applicants who are co-applicants apply for personal loans.

11. Is there a minimum age required for personal loans from BOB?

You must be at least 21 years old to apply for a BOB personal loan.

12. What will the amount of the loan be set for a personal loan?

The quantum of the loan will be determined based on how the bank classifies the branch of financing of the bank.

13. If I’m an insurance agent, may do I get a Personal loan?

Yes, you are eligible to apply for a loan if you are an insurance broker who has been in business for at least two years.

14. If I’m an employee at Bank of Baroda, can I apply for a BOB personal loan?

The bank will not let employees the opportunity to make an application for this.

15. How long is the longest amount of time to repay for me if I am working with the state or the central government, public or joint sector enterprises?

The maximum period of repayment is 60 months.

16. The maximum period of repayment for me if I’m working with a different company?

The maximum period of repayment of 48 month.

17. How do I check Bank of Baroda personal loan status?

You can verify Bank of Baroda personal loan status whether online or offline. All you require to know your status are the reference numbers, the unique tracking number, and registered mobile number.

18. How can I contact Bank of Baroda personal loan customer service?

Contact Bank of Baroda personal customer service executive at the toll-free number below: 1800 258 4455/1800 1022 44 55.

NRIs can contact 079-449044100/7923604000.

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By Kapil Garg

I am a professional Loan and Insurance advisor with an approved license helping people with my services like Loans, Retirement Planning, Investment Planning.

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