Bank of Baroda Personal Loan: Interest Rate, Eligibility, Apply Process & Customer Care

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BANK OF BARODA PERSONAL LOAN 

ABOUT BANK OF BARODA PERSONAL LOAN :

Bank of Baroda is here to fulfill the various dreams and needs of the people through its personal loan facility. These loans are available for both salaried individuals and self-employed professionals. The personal loans meet any financial requirements such as marriages, house renovation, a child’s education, paying credit card dues, hospitalization expenses, holidays and various other things. You can also get the best interest rates and easy documentation procedures .

 

BENEFITS OF BANK OF BARODA PERSONAL LOAN :

1. Flexible loan tenure :

The Bank of Baroda provides flexible loan tenure is 1 to 5 years for government employees and 1 to 4 years for others.This bank is also taken to meet their sudden needs and desires of the customers. 

2. Apply online :

You can also apply online for Bank of Baroda Personal Loan to save your time so customers do not need to waste their time to go to the bank to apply for a personal loan you can easily apply online without any problem.

3. Affordable loan amount :

Bank of Baroda offers personal loan from a minimum amount of Rs.1 lakh and maximum amount upto Rs.10 lakh.

4. Easy approval :

Once the loan is approved from Bank of Baroda, the amount is paid out from your account within a few days. It is quite easy and simple for the approval of personal loans.

 

FEES AND CHARGES OF BANK OF BARODA PERSONAL LOAN :

  • The processing fees of Bank of Baroda personal loan is 2% on the loan amount (Minimum of Rs 1000 and maximum of Rs 10000).

  • There is no foreclosure and part payment charges apply for Bank of Baroda personal loan.

 

ELIGIBILITY CRITERIA OF BANK OF BARODA PERSONAL LOAN :

TYPE

ElIGIBILTY CRITERIA

ELIGIBLE

Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies

AGE

Salaried/ Self Employed and Professionals:

21-60 years or date of retirement (whichever is earlier)

Pensioners/ Family Pensioners:

21-65 years (on the maturity date of the loan)

Minimum Net Monthly Income/Salary

For Salaried Class:

Minimum Annual Net Income of Rs. 1.80 lakh per annum

For Self Employed Non Professional (SENP) Borrower:

Minimum Annual Business Income of Rs 5 lakh p.a.

For SEP (Self Employed Professional) Borrower:

Minimum Annual Business income of Rs.  3.6 lakh p.a.

 

COMPARE OTHER BANK PERSONAL LOAN INTEREST RATES :

BANKS

INTEREST RATES

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

HDFC Bank Personal loan

10.75% to 21.50%

Kotak Mahindra Bank Personal Loan

10.50% to 16.99%

Yes Bank Personal Loan

20.00% to 22.00%

Citi Bank Personal Loan

10.50% to 17.99%

ICICI Bank Personal Loan

10.99% to 16.25%

Standard Chartered Bank Personal Loan

11.00% to 19.20%

IDBI Bank Personal Loan

12.00% to 14.00%

RBL Bank Personal Loan

14.00% to 23.00%

HSBC Bank Personal Loan

10.75% to 17.84%

IndusInd Bank Personal Loan

11.00% to 16.75%

Bank of Baroda Personal Loan

7.65% to 12.65%

Bank of India Personal Loan

12.45% to 14.15% 

Canara Bank Personal Loan

12.05% onwards

 

BANK OF BARODA PERSONAL LOAN EMI CALCULATION :

Calculate your EMI of your personal loan on different tenure and principal amount. Here is some sample EMI of different tenure and at different interest rates.

Principal amount & interest rate

For 1 year

For 2 years

For 3 years

For 4 years

For 5 years

2 lakh @ 12% p.a.

Rs. 17,770

Rs. 9,415

Rs. 6,643

Rs. 5,267

Rs. 4,449

5 lakh @ 13% p.a.

Rs. 44,659

Rs. 23,771

Rs. 16,847

Rs. 13,414

Rs. 11,377

10 lakh @ 14 % p.a.

Rs. 89,787

Rs. 48,013

Rs. 34,178

Rs. 27,326

Rs. 23,268

Use this formula to calculate your EMI

E = R x P x    (1+R)n

                    ((1+R)n-1)

Here,

  • P stands for the principal amount that you want to apply for.

  • R represent the rate of interest per month 

  • N is the time period of loan in months

  • E represents EMI

 

DOCUMENTS REQUIRED FOR BANK OF BARODA PERSONAL LOAN :

TYPE

DOCUMENTS

Proof of identity

Aadhar card, pan card, driving license, passport etc.

Address proof

Aadhar card, voter id, rental agreement, registry and utility bills

Income proof

Last 3 month salary slip, last 6 months bank statement, latest ITR

For repayments modes

Duly signed loan agreement, ECS form/Standing Instruction Request


HOW TO APPLY ONLINE FOR BANK OF BARODA PERSONAL LOAN :

  • Browse to Bank of Baroda official portal

  • In “Personal”  select “Loans”

  • In loan section click on “ personal Loan”

  • Fill the application form 

  • Attached all required documents with application form

  • After submitting your application form you will get notification through bank about loan status

 

WHY CHOOSE BANK OF BARODA PERSONAL LOAN:

1. No charges apply :

    The Bank of Baroda required no foreclosure and pre payment charges applied for personal loan.

2. Provide special schemes:

    Bank of Baroda offers special scheme on marriages expenses, house renovation expenses, a child’s education, paying credit card dues,                hospitalization expenses, holidays expenses etc 

3. Quick and easy solution :    

    There should be a very simple and fast solution to fulfill all your financial needs and it should be done through Bank of Baroda personal loan           facility    

               

FREQUENTLY ASKED QUESTIONS :

1. What is the maximum loan tenure for Bank of Baroda personal loans?

The maximum loan tenure is 5 years for employees working in the government sector.

2. What is the minimum tenure of personal loan in Bank of Baroda?

The maximum tenure of personal loan in Bank of Baroda is 1 years.

3. Is collateral or security required to secure a loan from Bank of Baroda?

No,collateral or security is required to secure a personal loan from Bank of Baroda.

4. What is the minimum and maximum loan amount of Bank of Baroda?

The Minimum loan amount is Rs 1 lakh and Maximum Rs 10 lakh.loan amount of Bank of Baroda.

5. What is the minimum or maximum age requirement for a Bank of Baroda personal loan?

You will have to be at least 21 years to 65 years to apply for a Bank of Baroda personal loan.

6. What is the processing fee for Bank of Baroda personal loan?

The processing fee for Bank of Baroda personal loan will be 2% of loan amount (Min Rs.1000 and Maxi Rs.10000).

Last Updated on : 14/Jul/2020

Know More About

Bank Of Baroda Personal Loan

You're eligible for a Bank Of Baroda Personal Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Bank Of Baroda Personal Loan Interest Rates

Updated on 25 Nov 2017

Bank Of Baroda Personal Loan Details
Interest Rate (Monthly reducing balance) 7.65% - 16.65%
Processing Fees 2% processing charge with a minimum of Rs 1000 and a maximum of Rs 10000
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959