Bank of Baroda Personal Loans

Bank of Baroda Personal Loan

4
Processing Fee
2

Loan Amount
₹ Up to 2 Lacs
Tenure
1 - 4 Years

Bank Of Baroda Personal Loan

Bank Of Baroda Personal Loan at a glance

Annual Interest Rate

11.60% - 16.60%

Loan Term

12 Months - 60 Months

Loan Amount

Rs. 1 Lac - Rs. 10 Lacs

In Metro & Urban Areas

 

Rs. 50,000 - Rs. 5 Lacs

In Semi-Urban & Rural Areas

Time of Funding

Within 2 to 3 days

Pre-Payment Charges

Up to 4% of the Principal Outstanding

Documentation

  • Loan Application with recent photographs
  • Residence proof (any one of the following): Passport / Ration Card / Electricity bill / Landline bill
  • Identity proof (any one of the following): Passport / Driving License / PAN Card / Aadhaar card
  • Age Proof (any one of the following): Voter ID / PAN Card / Aadhaar card
  • Income Proof (any one of the following): Latest payslip / Form 16 / IT return along with Bank statement of the last 3 months (If providing Passbook statement then 6 months)

Compare Bank Of Baroda Personal Loans to Other Banks

Bank Name Bank Of Baroda

APR

11.60% - 16.60%

Maximum Lending Amount

Rs. 10 Lacs

Processing Fee

2% of the loan amount Min Rs. 1,000 - Max Rs. 10,000.

Min Rs. 1,000 - Max Rs. 10,000.

Pre-Closure

Up to 4% of the Principal Outstanding

Lending Terms

  • Interest Rate Range: 10.70% - 14.85% per annum
  • Loan Amount: Minimum Rs. 50,000 to Maximum Rs. 10 Lacs
  • Loan Duration: Minimum 12 Months to Maximum 48 Months
  • Loan Disbursement: Within 2 to 3 days

Bank Of Baroda Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Bank of Baroda Personal Loan for Non-Existing Customers

13.6% - 16.6% per annum

Bank of Baroda Personal Loan for Existing Customers

11.6% - 14.6% per annum

Loan Offerings

Bank of Baroda Personal Loan for Non-Existing Customers

  • Interest Rate Range: 13.6% - 16.6% per annum
  • Loan Amount:
    • Minimum Rs. 50,000 to upto 6 times of Gross Monthly Income, subject to maximum Rs. 2 Lacs, where Gross Monthly Income is less than Rs. 75,000 and customer have a bank account relationship with any other bank than Bank of Baroda.
    • Minimum Rs. 50,000 to upto 8 times of Gross Monthly Income, subject to maximum Rs. 2 Lacs, where Gross Monthly Income is above Rs. 75,000 and and customer have a bank account relationship with any other bank than Bank of Baroda.
  • Loan Duration: 12 Months - 48 Months
  • Processing Charges: 2% of the Loan Amount, subject to minimum Rs. 1,000 to maximum Rs. 10,000.

Bank of Baroda Personal Loan for Existing Customers

  • Interest Rate Range: 11.6% - 14.6% per annum
  • Loan Amount:
    • Minimum Rs. 50,000 to upto 12 times of Gross Monthly Income in case the applicant is an employee of Central/State Govt., Autonomous Bodies, Public/Joint Sector Undertakings and Educational Institutions having minimum 1 year continuous service experience with the current organisation and drawing salary through Bank of Baroda Salary Account for at least 6 months.
    • Minimum Rs. 50,000 to upto 6 times of Gross Monthly Income, where Gross Monthly Income is less than Rs. 75,000 and applicant is an employee of Proprietorship / Partnership firms / Private Limited companies / Trust or an Insurance Agent and drawing salary or commision through Bank of Baroda Salary Account for at least 6 months.
    • Minimum Rs. 50,000 to upto 8 times of Gross Monthly Income, where Gross Monthly Income is above Rs. 75,000 and applicant is an employee of Proprietorship / Partnership firms / Private Limited companies / Trust or an Insurance Agent and drawing salary or commision through Bank of Baroda Salary Account for at least 6 months.
  • Loan Duration:
    • 12 Months - 60 Months for employee of Govt. Organisation or Education Institution.
    • 12 Months - 60 Months for employee for others including Insurance agents.
  • Processing Charges: 2% of the Loan Amount, subject to minimum Rs. 1,000 to maximum Rs. 10,000.

FAQs

Who can avail Bank of Baroda Personal Loan?

An eligible person for Bank of Baroda Personal Loan would be

  • Applicant can be an employee of Central / State Govt. / Autonomous Bodies / Public / Joint Sector Undertaking, Public Limited Co. / MNCs or any Educational Institution, having minimum 1 year service experience in the organisation.
  • Applicant can be an employee of Proprietorship, Partnership firm, Private Limited Company or Trust, having minimum 1 year service experience in the organisation.
  • Applicant can be a person working as an Insurance Agents and have been in the business for minimum 2 years.
  • Applicant can either be a Self Employed Professionals such as Doctor, Chartered Accountant, Engineer, Architect, Interior Designer, Technical Consultant, Management Consultant, or a persona Practicing Company secretaries etc, having an experience of minimum 1 year in the business.
  • Applicant can also be a Self Employed Businessman who have been running the business for a minimum 1 year.

A person who is a current employee of Bank of Baroda cannot apply for Bank of Baroda Personal Loan.

Do I have to pay any charges if my monthly EMI got late? How much do I have to pay for the late payment of the loan?

In case you were unable to pay your Monthly EMI until payment due date, Bank of Baroda would charge you a 2% fee per month on the overdue amount in addition to the existing interest rates chargeable to you.

How much EMI would I have to pay on availing Bank of Baroda Personal Loan?

The maximum monthly EMI depends upon the gross monthly income of the applicant. Total deductions including proposed EMI should not exceed as follows, 40% for GMI less than Rs. 75,000, 50% for GMI Rs. 75,000 to less than Rs.2 Lacs, and 60% for GMI Rs. 2 Lacs and above.

reviews
Great
Reyansh Bakshi
Sat Aug 19 2017 15:13:46 GMT+0000 (UTC) a year ago

I applied for personal loan from Bank of Baroda. I was really impressed by the benefits as a customer I get to enjoy. There was no collateral needed, less documentation, competitive interest rates, loan is payable in easy installments, flexible tenure offered of 4 years, etc.

Great
Vihaan Balan
Sat Aug 19 2017 15:15:56 GMT+0000 (UTC) a year ago

I have taken personal loan from Bank of Baroda. The interest rate is low as compared to other banks. The minimum loan amount is Rs. 20,000 and the maximum offered is Rs. 2,00,000, for civil pensioners the amount is Rs. 1 Lac, defense pensioners it is Rs. 2 Lacs, and for earnest money deposit it is Rs. 5 Lacs. The best part is that you don’t have to go through the lengthy documentation process just like other banks. The eligibility criteria are also relaxed. So, overall experience with the bank is quite satisfying.

Bad
Muhammad Khalid
Sat Aug 19 2017 15:18:16 GMT+0000 (UTC) a year ago

Bank of Baroda is the worst bank I have ever seen. The bank doesn’t offer any benefits on availing a loan from them, the documentation process is so lengthy that it will take one whole day to complete it, and the eligibility criteria is also not suitable. The bank takes eternity to disburse the loan. All in all, pathetic services from the bank.

Great
Arnav Bajaj
Sat Aug 19 2017 15:20:14 GMT+0000 (UTC) a year ago

I am having a saving account with Bank of Baroda and on the basis of my account I applied for a personal loan. I was offered an interest rate of 11.5%, one of the bank executives visited my house to collect all the required documents. My personal loan was processed within 10 days and the services offered by the bank is commendable.