Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Bank of Baroda Personal Loan: Your Comprehensive Guide
Bank of Baroda Personal Loan: Your Comprehensive Guide
Bank of Baroda (BoB) offers personal loans tailored to meet a variety of financial needs. These loans are available up to Rs 20 lakh with interest rates starting at 11.15% per annum, and tenures extending up to 7 years. Additionally, BoB provides pension loans to its pension account holders at competitive rates beginning from 12.15% per annum. These personal loans are characterized by attractive interest rates, quick processing, and minimal documentation.
Key Highlights of Bank of Baroda Personal Loans
Interest Rate: 11.15%-18.75% per annum
Loan Amount: Up to Rs 20 lakh
Tenure: Up to 7 years
Processing Fee: Up to 2% of the loan amount (ranging from Rs 1,000 to Rs 10,000)
Why Choose Bank of Baroda Personal Loans?
Minimal Documentation: The application process is streamlined, requiring fewer documents compared to other financial products.
Quick Processing: The bank ensures swift processing of loan applications, making funds available when you need them most.
No Collateral Required: These are unsecured loans, meaning you don’t need to provide any security to avail them.
Flexible Repayment Options: With tenures extending up to 7 years, you can choose a repayment plan that suits your financial situation.
Types of Bank of Baroda Personal Loans
Baroda Personal Loan
Purpose: This loan is designed for salaried and self-employed individuals to meet various personal financial needs except speculative purposes.
Loan Amount: From Rs 1 lakh to Rs 20 lakh.
Tenure: Up to 7 years.
Baroda Loan to Pensioners
Purpose: This loan is tailored for pensioners and family pensioners who receive their pension through Bank of Baroda, enabling them to meet their personal financial requirements.
Loan Amount:
For Regular Pensioners:
Up to 70 years: Up to Rs 8 lakh
Above 70 years: Up to Rs 5 lakh
For Family Pensioners:
Up to 70 years: Up to Rs 3 lakh
Above 70 years: Up to Rs 1.50 lakh
Tenure:
Up to 70 years: Up to 5 years
Above 70 years: Up to 3 years
Baroda Digital Pre-approved Personal Loan
Purpose: Available to select existing customers, this loan helps fulfill various personal needs, excluding speculative purposes.
Loan Amount: From Rs 50,000 to Rs 5 lakh.
Tenure: 18 months to 3 years.
Interest Rates for Bank of Baroda Personal Loans
Floating Interest Rates
Category A: 15.15%-18.75% for customers with accounts at other banks.
Category B: 13.15%-16.75% for customers with accounts at BoB.
Category C (Silver): 12.40%-16.75% for government employees and employees of reputed companies with accounts at other banks.
Category C (Gold): 11.90%-16.75% for similar customers with accounts at BoB.
Government Employees/Defence Personnel: 11.40%-11.90%.
Fixed Interest Rates
Category A: 14.90%-18.20% for customers with accounts at other banks.
Category B: 12.95%-15.20% for customers with accounts at BoB.
Category C (Silver): 11.90%-14.25% for government employees and employees of reputed companies with accounts at other banks.
Category C (Gold): 11.40%-14.25% for similar customers with accounts at BoB.
Government Employees/Defence Personnel: 11.15%-11.65%.
Fees and Charges
Processing Fees:
Baroda Personal Loan: Up to 2% of the loan amount (Rs 1,000 to Rs 10,000).
Baroda Pensioners Loan: No processing fees.
EMI Calculator
Prospective applicants can use the Bank of Baroda Personal Loan EMI Calculator to estimate their monthly payments. Simply enter the loan amount, tenure, and interest rate to get instant results on your EMI and total interest payable.
Eligibility Criteria
The eligibility criteria for a Bank of Baroda personal loan include:
Employees of Central/State Government, PSUs, Autonomous Bodies, Public Limited Companies, and MNCs: Minimum 1 year of continuous service.
Employees of Private Limited Companies, Trusts, and LLPs: Minimum 1 year of continuous service.
Insurance Agents: In business for at least 2 years.
Self-employed Businessmen and Professionals: Minimum 1 year of stable business.
Age: 21 to 60 years for salaried individuals, up to 65 years for non-salaried individuals.
Pensioners: Should be drawing a pension from Bank of Baroda.
Required Documents
For All Applicants:
Completed application form with three passport-sized photographs.
Last 6 months’ bank statements and updated passbook.
Proof of Identity (e.g., PAN card, Aadhaar card, voter ID, driving license, passport).
Proof of Address (e.g., passport, voter ID, driving license, utility bill).
For Salaried Applicants:
Last 3 months’ salary slips.
Latest Form 16.
For Self-employed Applicants:
Income tax returns for the past year.
Profit and loss statement, balance sheet for the last year.
Business proof (e.g., registration certificate, service tax registration).
For Pensioners:
Pension payment order (PPO) number.
For Digital Pre-approved Personal Loan:
Valid mobile number linked to the BoB account.
Aadhaar number for OTP and e-signature.
Customer Care
For queries related to personal loans, customers can contact Bank of Baroda’s 24x7 customer care:
Toll-Free Numbers: 1800 258 44 55 / 1800 102 44 55
Email: cs.ho@bankofbaroda.com
Applying for a Personal Loan
To apply for a personal loan, follow these steps:
Determine Your Eligibility: Check if you meet the bank's eligibility criteria.
Gather Required Documents: Collect all necessary documents before applying.
Choose the Loan Type: Decide which personal loan product suits your needs.
Use the EMI Calculator: Estimate your monthly payments to understand your financial commitment.
Submit Your Application: Apply online or visit the nearest BoB branch.
Conclusion
Bank of Baroda’s personal loans offer a flexible and convenient way to meet your financial needs. Whether you're looking to fund a wedding, consolidate debt, or manage an emergency expense, BoB provides various loan products with competitive interest rates, flexible tenures, and minimal documentation requirements. By understanding the eligibility criteria, required documents, and application process, you can make an informed decision and secure the funds you need efficiently.
Bank of Baroda (BoB) offers personal loans tailored to meet a variety of financial needs. These loans are available up to Rs 20 lakh with interest rates starting at 11.15% per annum, and tenures extending up to 7 years. Additionally, BoB provides pension loans to its pension account holders at competitive rates beginning from 12.15% per annum. These personal loans are characterized by attractive interest rates, quick processing, and minimal documentation.
Key Highlights of Bank of Baroda Personal Loans
Interest Rate: 11.15%-18.75% per annum
Loan Amount: Up to Rs 20 lakh
Tenure: Up to 7 years
Processing Fee: Up to 2% of the loan amount (ranging from Rs 1,000 to Rs 10,000)
Why Choose Bank of Baroda Personal Loans?
Minimal Documentation: The application process is streamlined, requiring fewer documents compared to other financial products.
Quick Processing: The bank ensures swift processing of loan applications, making funds available when you need them most.
No Collateral Required: These are unsecured loans, meaning you don’t need to provide any security to avail them.
Flexible Repayment Options: With tenures extending up to 7 years, you can choose a repayment plan that suits your financial situation.
Types of Bank of Baroda Personal Loans
Baroda Personal Loan
Purpose: This loan is designed for salaried and self-employed individuals to meet various personal financial needs except speculative purposes.
Loan Amount: From Rs 1 lakh to Rs 20 lakh.
Tenure: Up to 7 years.
Baroda Loan to Pensioners
Purpose: This loan is tailored for pensioners and family pensioners who receive their pension through Bank of Baroda, enabling them to meet their personal financial requirements.
Loan Amount:
For Regular Pensioners:
Up to 70 years: Up to Rs 8 lakh
Above 70 years: Up to Rs 5 lakh
For Family Pensioners:
Up to 70 years: Up to Rs 3 lakh
Above 70 years: Up to Rs 1.50 lakh
Tenure:
Up to 70 years: Up to 5 years
Above 70 years: Up to 3 years
Baroda Digital Pre-approved Personal Loan
Purpose: Available to select existing customers, this loan helps fulfill various personal needs, excluding speculative purposes.
Loan Amount: From Rs 50,000 to Rs 5 lakh.
Tenure: 18 months to 3 years.
Interest Rates for Bank of Baroda Personal Loans
Floating Interest Rates
Category A: 15.15%-18.75% for customers with accounts at other banks.
Category B: 13.15%-16.75% for customers with accounts at BoB.
Category C (Silver): 12.40%-16.75% for government employees and employees of reputed companies with accounts at other banks.
Category C (Gold): 11.90%-16.75% for similar customers with accounts at BoB.
Government Employees/Defence Personnel: 11.40%-11.90%.
Fixed Interest Rates
Category A: 14.90%-18.20% for customers with accounts at other banks.
Category B: 12.95%-15.20% for customers with accounts at BoB.
Category C (Silver): 11.90%-14.25% for government employees and employees of reputed companies with accounts at other banks.
Category C (Gold): 11.40%-14.25% for similar customers with accounts at BoB.
Government Employees/Defence Personnel: 11.15%-11.65%.
Fees and Charges
Processing Fees:
Baroda Personal Loan: Up to 2% of the loan amount (Rs 1,000 to Rs 10,000).
Baroda Pensioners Loan: No processing fees.
EMI Calculator
Prospective applicants can use the Bank of Baroda Personal Loan EMI Calculator to estimate their monthly payments. Simply enter the loan amount, tenure, and interest rate to get instant results on your EMI and total interest payable.
Eligibility Criteria
The eligibility criteria for a Bank of Baroda personal loan include:
Employees of Central/State Government, PSUs, Autonomous Bodies, Public Limited Companies, and MNCs: Minimum 1 year of continuous service.
Employees of Private Limited Companies, Trusts, and LLPs: Minimum 1 year of continuous service.
Insurance Agents: In business for at least 2 years.
Self-employed Businessmen and Professionals: Minimum 1 year of stable business.
Age: 21 to 60 years for salaried individuals, up to 65 years for non-salaried individuals.
Pensioners: Should be drawing a pension from Bank of Baroda.
Required Documents
For All Applicants:
Completed application form with three passport-sized photographs.
Last 6 months’ bank statements and updated passbook.
Proof of Identity (e.g., PAN card, Aadhaar card, voter ID, driving license, passport).
Proof of Address (e.g., passport, voter ID, driving license, utility bill).
For Salaried Applicants:
Last 3 months’ salary slips.
Latest Form 16.
For Self-employed Applicants:
Income tax returns for the past year.
Profit and loss statement, balance sheet for the last year.
Business proof (e.g., registration certificate, service tax registration).
For Pensioners:
Pension payment order (PPO) number.
For Digital Pre-approved Personal Loan:
Valid mobile number linked to the BoB account.
Aadhaar number for OTP and e-signature.
Customer Care
For queries related to personal loans, customers can contact Bank of Baroda’s 24x7 customer care:
Toll-Free Numbers: 1800 258 44 55 / 1800 102 44 55
Email: cs.ho@bankofbaroda.com
Applying for a Personal Loan
To apply for a personal loan, follow these steps:
Determine Your Eligibility: Check if you meet the bank's eligibility criteria.
Gather Required Documents: Collect all necessary documents before applying.
Choose the Loan Type: Decide which personal loan product suits your needs.
Use the EMI Calculator: Estimate your monthly payments to understand your financial commitment.
Submit Your Application: Apply online or visit the nearest BoB branch.
Conclusion
Bank of Baroda’s personal loans offer a flexible and convenient way to meet your financial needs. Whether you're looking to fund a wedding, consolidate debt, or manage an emergency expense, BoB provides various loan products with competitive interest rates, flexible tenures, and minimal documentation requirements. By understanding the eligibility criteria, required documents, and application process, you can make an informed decision and secure the funds you need efficiently.
Author
Pluto Team
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