Bank of Baroda, one of the leading Indian banks offer personal loans at attractive interest rates. They are popular for quick processing and minimal documentation. Various schemes are available under the Bank of Baroda personal loan for different purposes and categories of individuals. You can also apply for pre-approved and digital personal loans online and offline. To know more about the documents required, eligibility, and other details, continue reading the blog.
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Overview of Bank of Baroda Personal Loans
Bank of Baroda personal loans are offered up to INR 20 lakhs considering your occupation and account relationship with the bank. They are offered at competitive interest rates starting from 12.90% p.a. However, these rates go up to 18.25% p.a based on your monthly income and credit score, meaning that the interest rates will be high if your personal loan with a low CIBIL score is approved.
The bank offers flexible repayment tenure starting from 12 months to 60 months. However, when applying for BoB personal loans, you are required to pay a processing fee of 2% of the loan amount and the stamp duty as per the State jurisdiction.
You can apply for personal loans from the Bank of Baroda online. Their 24/7 online application on their dedicated online platform offers you the convenience to apply from anywhere, anytime. An end-to-end paperless process also makes the application process smooth and hassle-free.
| Maximum Loan Amount | Up to INR 20 lakhs |
| Interest Rates | 12.90% to 18.25% p.a |
| Repayment Tenure | 12 months to 60 months (Up to 5 years) |
| Processing Charges | 2% of the loan amount(minimum INR 1,000, maximum INR 10,000 + GST) |
| Types of BoB Personal Loans | Baroda Loan for Pensioners, Baroda Digital Personal Loan, Baroda Digital Pre-approved Personal Loans |
Also Read: Know all about the Bank of Baroda Forex Card for students that enables you to manage money and international transactions abroad easily.
Example of Bank of Baroda Personal Loan
Let us consider an example of Bank of Baroda’s digital personal loans. Rahul is a salaried employee who applied for a loan of INR 1 lakh at an interest rate of 12.40% p.a. He has to repay the loan in 36 months (3 years).
Bank of Baroda will charge him 2% of the loan amount as processing charges and applicable stamp duty. For example- stamp duty of INR 1,000 and processing charge of INR 2,000 + GST (INR 360). The total cost for him will be INR 3,360.
The bank will disburse INR 96,640 directly to his account. He can start the repayment after the amount is credited to his account. The loan repayment EMI will be INR 3,341. The total amount of interest payable is INR 20,260 and the total amount payable is INR 1,20,260.
Benefits of Bank of Baroda Personal Loans
Bank of Baroda personal loans are unsecured loans offered to provide funds for short-term financial needs. The bank offers easy and quick financial assistance to use the loan amount for any purpose like marriage, travel, covering medical expenses, or education like the Bank of Baroda education loan, or any other. Personal loans from the Bank of Baroda offer many benefits-
- The bank offers emergency funds of up to INR 20 lakhs.
- Offers pre-approved personal loan offers for existing customers.
- You can benefit from extended repayment periods of up to 7 years.
- The application process required minimal documentation.
- Options to choose between floating and fixed rates of interest on Baroda personal loans.
- There are no prepayment penalties for floating-rate loans.
- You can repay the loan easily via cheque, bank transfer, or cash.
Bank of Baroda Personal Loans Interest Rates
Bank of Baroda offers low and attractive interest rates to those with an excellent credit score and stable monthly income. These range from 12.90% to 18.25% p.a. These interest rates are linked with your CIBIL score and are calculated based on your professional and financial income.
| Bank of Baroda Personal Loan Interest Rates | |
| Condition | Effective Rate of Interest |
| For Govt employees or defence personnel maintaining a salary account with the Bank of Baroda | 11.15% to 11.90% p.a |
| For employees of central. state/ PSUs/ autonomous bodies having a salary account with the bank | 11.40% to 16.25% p.a |
| For employees of central. state/ PSUs/ autonomous bodies having a salary account with OTHER banks | 11.90% to 16.75% p.a |
| Employees of public/ private. LLP, insurance agents, self-employed and business professionals having account relationships with the bank | 12.95% to 16.75% p.a |
| Employees of public/ private. LLP, insurance agents, self-employed and business professionals having account relationships with OTHER banks | 14.90% to 18.75% p,a |
Bank of Baroda Digital Personal Loan Interest Rates
You can apply for fixed or floating interest rates as per your needs and financial stability. The fixed rate of interest is calculated based on MCLR (Marginal Cost of Lending-based Funds) and the floating interest rates are calculated based on Bank of Baroda RLLR (Repo-rate Linked Lending Rate).
| Type of Interest Rate | Applicable Rate of Interest | Effective Rate of Interest |
| Fixed ROI | Min: 1 year MCLR + SP + 3.80 Max: 1 year MCLR + SP + 9.15 | 13.00% to 18.35% p.a. |
| Floating ROI | Min: 1 year BRLLR + SP + 3.80 Max: 1 year BRLLR + SP + 8.855 | 12.90% to 18.25% p.a. |
Also Read: Know all the details of Bank of Baroda’s EDP education loan for abroad studies. Check out the interest rates, eligibility, documentation, and how to apply.
Pre-Approved Bank of Baroda Personal Loans
Besides the Digital Personal Loans from Bank of Baroda, the bank also offers Pre-approved Personal Loans. These unsecured loans are offered to the existing customers of the bank who fulfil the eligibility criteria. If you have an excellent CIBIL score for personal loans and a stable source of income, you can access funds quickly without the usual extensive application process.
The maximum amount of loan offered is up to INR 5 lakhs. Interest rates on pre-approved Bank of Baroda personal loans are low, ranging from 12.90% to 16.40% p.a. You can repay the loans from 18 months to 36 months as per your financial goals.
The minimum age of the applicant must be 21 years and the maximum age should not exceed 57 years. Unlike the BoB Digital personal loans, you are not required to submit Income documents like the bank statements and ITR.
To check the pre-approved loan offer from Bank of Baroda, you need to type PAPL<space last four digits of your debit card and send an SMS to 8422009988.
Eligibility Criteria
To be eligible for Bank of Baroda personal loans, applicants must meet the specific eligibility criteria. It varies for salaried and self-employed employees. However, the common criteria related to age, employment status, financial condition, and credit score remain unchanged.
- The minimum age must be between 21 years. The maximum age for salaried employees is 58 years and for self-employees is 65 years at the end of repayment tenure.
- Eligible self-employed professionals for BoB personal loans are doctors, architects, interior designers, technology and management consultants, practising company secretaries, insurance agents, etc. with a minimum of 1 year of service.
- Insurance agents going businesses must be in business for a minimum of 2 years.
- NRIs (Non-Resident Indians) and SHG (Self-Help Groups) are not eligible.
- Co-applicants are not allowed.
- CIBIL score should be more than 700.
Also Read: Check out the details of personal loans from SBI. Know about interest rates, features, eligibility criteria, documentation, and how to apply.
Documents Required
When applying for the Bank of Baroda personal loans, you must submit documents along with the loan application form. These documents are related to identity, address, and income proofs. This lets the bank verify your details and process the personal loan application quickly. Keep these documents ready when applying for Bank of Baroda personal loans-
- Aadhaar Card, PAN Card, or Voter ID
- Bank statements for the last 6 months
- Salary slips for the last 3 months.
- ITR returns for the last 2 years (for self-employed)
- Balance sheet and profit and loss statement for the last 1 year (for self-employed)
- GST returns for the last 1 year (for self-employed)
- Business Proof of Ownership and other documents like Gomasta License, Registration Certificate, and Service Tax Registration (for self-employed)
- IT Assessment/ Clearance Certificate, Income Tax Challans/ TDS Certificate, Form 16/ Form 26 AS for income declared in ITR
How to Apply for Bank of Baroda Personal Loans?
Existing customers can apply for Bank of Baroda personal loans by checking their eligibility through Bank of Baroda’s mobile or internet banking platforms. You can apply instantly and directly through the bank’s digital lending platform if you have a pre-approved loan offer. The process involves minimal documentation and instant disbursal of funds directly to your savings account.
You can also visit the bank’s nearest branch with the required documents and fill out the personal loan application form. Alternatively, you can head to the bank’s official website and request a callback to initiate the application process for Bank of Baroda personal loans. Follow the given steps to proceed with this step-
- Visit the Bank of Baroda’s official website.
- Click on ‘Loans’ and select ‘Personal Loans’.
- Click on ‘Apply Online’.
- You will be redirected to a new page. Read the details mentioned and click on ‘Proceed.’
- Enter your mobile number and verify using the OTP.
- Submit.
This was all about the Bank of Baroda personal loans. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
To be eligible for Bank of Baroda personal loans, you must be a minimum of 21 years of age. The maximum age for salaried employees is 58 years and for self-employees is 65 years at the end of repayment tenure. Salaried and self-employed individuals with a stable source of income and a CIBIL score of more than 700 can easily apply for a BoB personal loan.
Bank of Baroda offers low and attractive interest rates to those with an excellent credit score and stable monthly income. These range from 12.90% to 18.25% p.a.
The loan repayment EMI will be INR 3,341 for a personal loan of INR 1 lakh at 12.40% p.a for 3 years. For a better understanding, check out the example of the Bank of Baroda personal loan.
Bank of Baroda offers different types of personal loans. These are Baroda Loan for Pensioners, Baroda Digital Personal Loan, and Baroda Digital Pre-approved Personal Loans.
Bank of Baroda personal loan interest rate on 1 lakh loan starts from 12.90% p.a. This is applicable if you have an excellent credit score and a stable source of income.
You can apply for Bank of Baroda personal loans by visiting the nearest bank branch. Pre-existing customers can apply through Bank of Baroda’s mobile or internet banking platforms. If you are a new customer, you can head to the bank’s official website and request a callback to initiate the application process.
