Bank of Baroda Personal Loan is a good choice for those individuals who want to become small business man or self employed. The rate of interest is 11.60% - 16.60%. Loan term ranges between 12 months - 60 months. Loan Amount ranges between 1 Lac - Rs. 10 Lacs in Metro and Urban Areas. And loan amount ranges between Rs. 50,000 - Rs. 5 Lacs in Semi-Urban Areas & Rural Areas. Time for Funding is 2 to 3 days thus the shortest period. Prepayment charges are zero to 4% of the outstanding amount.
The bank charges a processing fee of 2% upto a maximum of Rs.10,000 which is quite higher in comparison of its market peers.
|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 LacsIn Metro & Urban Areas|
|Rs. 50,000 - Rs. 5 LacsIn Semi-Urban & Rural Areas|
|Time of Funding||Within 2 to 3 days|
|Pre-Payment Charge||Zero to 4% of the outstanding amount|
Avail upto Rs. 10 Lacs – Avail funds as high as Rs. 10 Lakhs with Bank of Baroda in metro and urban areas and upto Rs. 5 Lacs in semi-urban and rural areas. While the peers in the industry like Canara bank allows a loan only upto Rs.3 lakhs.
Zero Prepayment Charges – Bank of Baroda offers zero prepayment charges if you’re closing your personal loan earlier than the predefined period, but after 6 months from the date of disbursement.
Maximum 48 Months Tenure for Non-Existing Customers – Tenure is limited to maximum 48 months period for new customers. More precisely, new customers get 48 months of Tenure i.e. 2 years..
High Processing Charges –Processing Charges are equal to 2% of the loan amount and can go as high as up to Rs. 10,000 and has to be paid upfront.
|Bank Name||Bank Of Baroda||Canara Bank||Federal Bank|
|Typical APR||11.60% - 16.60%||10.90% - 13.90%||11.49% - 14.49%|
|Loan Term||12 Months - 60 Months||12 months - 72 months||12 months - 48 months|
|Maximum Lending Amount||Rs. 10 Lacs||Rs. 3 Lacs||Rs. 10 Lacs|
|Amount||Rs. 5 Lacs for Pensioners|
|Processing Fee||2% of the loan amountMin Rs. 1,000 - Max Rs. 10,000.||Zero to upto Rs. 5,000||0.50% of the loan amountMin Rs. 500|
|Time to Funding||Within 2 to 3 days||Within 7 days||Within 7 days|
|Pre-Closure||Zero to 4% of the outstanding amount.||Nil||2% of the outstanding amount|
The interest rate charged by the Bank of Baroda ranges between a minimum of 11.60% and maximum of 16.60%. The interest rate of Canara bank is a bit more comprehensive at 10.90%-13.90%. Although Bank of Baroda offers a maximum loan amount of Rs.10 lacs which is lot higher than Canara bank and equal to the Federal Bank.
The processing fee charged for the processing of loan application is 2% of loan amount by Bank of Baroda upto a maximum of Rs.10,000, this is quite high in comparison of Federal bank who is charging 0.50% and Canara bank charging Rs.5,000 at maximum.
The time taken to get the account funded after submission of application is 2 to 3 days at Bank of Baroda while the other two banks take upto 7 days for the loan disbursal.
Bank Of Baroda offers you a quick personal loan to your pocket with online process and on priority approvals. The instant emergency of funds can be matched by a personal loan from Bank of Baroda.
Bank of Baroda do not charges for the preclosure of loan if you prepay the loan after first 6 EMIs. So If you are expecting some extra funds in near future than you can go for a personal loan with the bank and later close it without paying any charges for that.
The Bank of baroda offers personal loans to salaried and non salaried individuals at the rate of 11.60%-16.60% per annum upto a maximum tenure ranging between 12-60 months. The maximum loan amount offered in the shape of personal loan is Rs.10 lacs in urban areas and 5 lacs in rural areas.The bank waives off the processing charges after the payment of first 6 EMIs.
|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|
Interest Rate Range: 13.6% - 16.6% per annum
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.
Interest Rate Range: 11.6% - 14.6% per annum
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
12 Months - 60 Months for employee of Govt. Organisation or Education Institution
12 Months - 60 Months for employee for others including Insurance agents.
You can apply for Bank of Baroda personal loan online through their website by inputting some basic information along with your loan requirements
To locate a branch near you click here. Enter your state/city and you will find a list of the branches available near you.
|Type of Charges||Applicable Charges|
|Processing Charges||2% of the loan amount Min Rs. 1,000 - Max Rs. 10,000.|
|Foreclosure Charges||Nil After 6 Months from the disbursement|
|For Doctors||Up to 2% of the loan amount|
|Penal Charges||2% per month on the outstanding loan amount|
The Bank Of Baroda charges 2% of the loan amount upto a maximum of Rs.10,000 as processing charges which is a bit higher in market comparison. Although the bank makes foreclosure charges Nil If the first 6 installments has been paid. The penal charges for the non payment of EMI are 2% per month for unpaid amount.
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..
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.
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.
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