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 |
|
12% to 24% |
|
|
11.30% to 16.40% |
|
|
12.15% to 15.15% |
|
|
11.50% to 12% |
|
|
10.75% to 21.50% |
|
|
10.50% to 16.99% |
|
|
20.00% to 22.00% |
|
|
10.50% to 17.99% |
|
|
10.99% to 16.25% |
|
|
11.00% to 19.20% |
|
|
12.00% to 14.00% |
|
|
14.00% to 23.00% |
|
|
10.75% to 17.84% |
|
|
11.00% to 16.75% |
|
|
7.65% to 12.65% |
|
|
12.45% to 14.15% |
|
|
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
