Bank of Baroda Personal Loan is available to you with attractive interest and a long tenure. If you have a personal loan requirement, you can take a loan from the Bank of Baroda online and offline.
Bank of Baroda gives you a pre-approved personal loan of up to ₹5 lakh at
an interest rate of 10.70% to 14.20% per annum with a flexible tenure of 3
years. BOB gives you a Digital Personal Loan of up to₹10 Lakhs at an interest
rate of 10.70% per annum with a flexible tenure of 5 years.
A personal loan from Bank of Baroda offers a quick and easy solution to all
your urgent financial needs. Here we will walk you through the features,
benefits, and charges of a Bank of Baroda personal loan and also offer you the
link button to apply for the loan so that you do not face any problems in
availing of the loan.
Bank of
Baroda Personal Loan Details
|
Bank of Baroda Personal Loan
Interest Rate |
10.70% to 14.20% p.a. |
|
Digital Personal Loan Amount |
Up to ₹20 lakhs |
|
Tenure Time |
Up to 5 years |
|
BOB Pre-approved Personal Loan |
Up to ₹5 Lakhs |
|
Processing fee |
Up to 1.50% + GST (Maximum₹10,000) |
|
Age Limit |
21 to 65 years |
|
Pre-closure Charges |
Nil |
|
Part-payment fees |
Nil |
|
Bank of Baroda Personal Loan
Customer Care Number |
1800-258-4455 1800-102-4455 |
|
Example |
Loan Amount: ₹50,000 Tenure: 12 Months Interest Rate: 10.55% (on Reducing Principal Balance Interest
Calculation) EMI Amount: ₹4.408 Total Interest Payable: ₹2,903 Processing Fees (incl. GST): ₹1,500 Disbursed Amount: ₹50,000 – 1,500 = 48,500 Total Amount Payable: ₹52,903 |
Bank of
Baroda Personal Loan Interest Rate
Bank of Baroda is a public sector Bank in India owned by the Government of
India, which provides personal loans to people under various schemes. Bank of
Baroda offers personal loans up to₹20 lakh to customers at the lowest interest
rate of 10.70% per annum.
Customers can apply online as well as offline. Applicants with a BOB
savings account can apply for a personal loan through personal net banking.
Bank of Baroda decides the interest rate based on customer profile, income
structure, credit score, etc., which may differ from customer to customer.
|
Loan Product |
Interest Rate (p.a.) |
|
Baroda Loan to Pensioners |
11.35% |
|
Pre-approved Personal Loan |
10.70% to 14.20% |
|
Digital Personal Loan |
10.70% |
Also read this: Bank of Baroda Credit Card, Apply online now
Factors affecting Bank of Baroda personal loan interest rates
Age of the applicant: The
interest charged on the personal loan can be more or less according to the applicant'sagee.
Younger applicants have to pay less interest as the risk involved is less, and
older applicants may have to pay higher interest as the risk involved is more.
CIBIL Score: The credit score
of the applicant is taken into consideration before determining the personal
loan interest rate. If the applicant has a low CIBIL score and has failed to
repay his previous loans or credit card bills on time, the interest will be
determined higher.
Loan Tenure: In most cases,
the loan repayment tenure is chosen by the applicant. The option is in the
hands of the applicant as to when he will repay the loan. The longer the tenure
of the personal loan, the higher the interest.
Residential Location: The
interest rate decided by the Bank of Baroda can also be based on whether the
applicant lives in an urban or semi-urban area. People living in city areas can
get a personal loan at a low interest rate.
Features of
SBI Personal Loan
BOB provides a personal loan to meet our financial needs. We can use this
personal loan for home renovation, medical emergencies, family marriage, urgent
household expenses, etc. We can also apply for a Small Instant Personal Loan from
the Bank of Baroda.
Loan amount: BOB offers loans
ranging from ₹5,000 to ₹20 lakh as personal loans to customers, which proves to
be very beneficial to meet our financial needs. Bank of Baroda provides loan
amounts under different schemes on a single platform. The minimum loan amount
available for an overdraft loan is five thousand, and the maximum loan limit is 20 lakhs.
Repayment Tenure: You get a
flexible tenure of 5 years to repay the amount taken as a personal loan, which
proves very beneficial for all customers.
Interest Rate: BOB provides
personal loans to its customers at an interest rate of at least 10.70% per
annum. Bank of Baroda fixes the interest rate based on customer profile, income
structure, credit score, etc., which may vary from customer to customer.
Low Processing Fee: You are
charged a low processing fee on the loan amount you get. A processing fee of
1.5% + GST of the sanctioned loan amount will be applicable.
Customer Care Support:
Immediately after you submit the BOB Personal Loan form, the Bank of Baroda
Personal Loan team gets in touch with you and gives you complete details about
the loan.
Without Security Loan: You do
not need to deposit security while taking a loan from BOB Personal Loan. Here
you get loans up to ₹20 Lakhs without collateral.
Digitally Processed: You don't
need to submit any documents manually if you apply for a loan here. Here, the
entire loan process is 100% online.
All Your Loans in One Place: Bank
of Baroda works relentlessly to bring all personal loan options on the same
platform. Get multipurpose instant loans without any guarantee & collateral
security for all your needs. BOB Personal loan makes it possible with a quick
& easy online process.
Bank of
Baroda Personal Loan Fees and Charges
|
Processing Fee |
Up to 2% (Rs 1000-10000) +GST For Government employees
maintaininga salary account with Bank of Baroda – Nil |
|
Penal Interest |
2% on the outstanding loan amount |
|
Foreclosure Charges |
Nil |
|
Pre-closure Charges |
Nil |
Eligibility
for Bank of Baroda Personal Loan
- Minimum age – 21 years
- Maximum age – 60 years
- Non–salaried person maximum age – 65 years
- Employees of government bodies/private companies with a service of at least 1 year
- Employees of private limited companies, proprietorship firms, trust and partnership firms with a service of at least 1 year continuously
- NRI/PIO and members of staff are ineligible.
- Insurance agents in business for at least 2 years
- Self-employed businessmen with at least 1 year of stable business
- Self-employed professionals like doctors, engineers, company secretaries, architects, interior designers, etc with at least 1 year of stable business.
- Bank of Baroda may also check the credit score and monthly income of its applicants, just like other lenders do while evaluating their personal loan eligibility.
Bank of
Baroda Personal Loan Documents Required
Completely filled loan application along with 3 passport-sized photographs
along with Form 135 giving details of Assets and Liabilities of the applicant.
Bank Statement for the last six months and updated passbook.
Proof of residence includes any of the following:
- Valid passport
- Voter ID card
- Driving license
- Postpaid utility bill (gas bill and electricity bill)
- Updated passbook or bank statement
- Registered rent agreement
Proof of identity:
- PAN card
- Aadhaar card
- Valid Indian passport
- Voters ID card
- Driving license
- Employee ID card issued by relevant authorities like the Govt or Defence or reputed corporate
- Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI
For Salaried individuals
- Last 3 months’ salary slips
- Statement of account forthe last six months of Bank
For Self-employed individual
- Balance sheet and profit and loss account, computation of income for the last 1 year
- Income Tax Return – last 1 year for applicants, 26 AS, Traces
- Business proof: GST registration, Registration Certificate, Service Tax Registration, etc.
- IT Assessment Certificate, Income Tax Certificate (Form 16A)
How to apply
for a Bank of Baroda Personal Loan?
- Visit the official website of the Bank of Baroda or contact your nearest BOB branch.
- Now, fill in the personal, professional, and financial details as required by the lender and submit the form.
- Once you submit the application form, the Bank of Baroda will check your eligibility and provide you with information about the eligible amount that you can avail of.
- If you agree to process the application form, you will submit the required documents, which can also be uploaded online.
- Finally, your documents will be processed by the Bank of Baroda, and on successful approval of the loan, the funds will be disbursed instantly into your Bank of Baroda account.
Offline Process for Bank of Baroda
Personal Loan
You can also apply for a Bank of Baroda personal loan by visiting their
branch or calling their customer care centre. Offline mode is mentioned below:
- Visit the nearest branch and fill out the application form with the required loan amount, personal details, business information, and your contact number.
- The representative of the Bank of Baroda will explain loan eligibility, loan rates, terms, processing fees, prepayment, and foreclosure terms.
- After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your loan application.
- On successful verification, the loan can be disbursed immediately after loan approval and agreement signing.
Bank of
Baroda Personal Loan Customer Care Number
By Phone: You can call on
the company’s customer care number 1800-258-4455
Equipment Finance: You can
call on the company’s customer care number 1800-102-4455.
Email: You can also
contact customer care via email. The email address for specific queries is
below:
- Loan Queries: cs.ho@bankofbaroda.com
- Loan Queries: support@bankofbaroda.com
FAQ:
How to apply for a personal loan?
One can apply for a personal loan through any of the below-mentioned modes:
Through a branch. Find our nearest branch locator. Online application. Visit
the website to apply for an instant personal loan online. By calling us on the
toll-free numbers: 18002584455/18001024455. Through the BOB World app, if you
are an existing customer of the bank.
What is the minimum salary for a personal loan in the Bank of Baroda?
To avail a Bank of Baroda personal loan, you need to have a minimum net
income of ₹20,000 per month.
Is the Bank of Baroda giving loans?
You can get a personal loan from the Bank of Baroda depending on various
factors such as income, age, account relationship, and occupation. A personal
loan for a salaried individual varies by location. In metro and urban areas,
the loan amounts can range from ₹1 lakh to ₹20 lakhs.
What is a Personal Loan?
Personal loans help you to borrow
money for a price of a personal nature – be it for some other requirement such
as an emergency, education, family marriage, or home renovation. With Bank of
Baroda Personal Loan, with various loans ranging from 5k to 15 Lakh, you can
enjoy an interest rate of 10.70% to 14.20% p.a. with flexible terms ranging
from 24 to 60 Months.
What is an EMI?
EMI Stands for Equated Monthly
Instalment. It is the fixed amount paid for the repayment of your loan. It
includes both the principal component and the interest amount. It gives you the
convenience and benefit of repaying the personal loan amount in small and easy
instalments.
What are the different types of Banks of Baroda personal loans to employees
of corporates?
Employees of corporates can apply for a Bank of Baroda Pension Loan, BOB pre-approved
loan, or digital personal loan, provided they fulfil the eligibility criteria.
You must have a salary account with the lender to apply for the Baroda personal
loan.
What is the minimum loan amount for BOB Loan for Central and State
Government Pensioners?
The BOB minimum loan amount for Central and State Government pensioners is ₹5,000.
Can you tell me the typical loan tenure for BOB personal loans?
Most Bank of Baroda personal loans offer a tenure of up to 60 months.
However, depending on the scheme, the repayment tenure can go up to 84 months.
What is the interest for ₹2 lakhs in Bank of Baroda
personal loan?
