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Bank Of Baroda Personal Loan

Bank of Baroda personal loans are available online and offline without needing security. Bank of Baroda understands that emergencies can happen at any time. Therefore, they offer faster approval times and quick loan disbursals to make it easier for its customers to avail of a personal loan. Moreover, the Bank of Baroda offers personal loans without any strict requirements. So, even with a low or no credit score, you can get a personal loan from the Bank of Baroda.

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Features and Benefits of Bank of Baroda Personal Loan

Headquartered in Vadodara, the Bank of Baroda is a nationalised bank under the regulations of the Reserve Bank of India. It is the third-largest bank in India and is widely spread across seventeen countries. Bank of Baroda offers a varied range of financial products to its customers.

The personal loan offered by the bank provides unsecured financial assistance at nominal and competitive interest rates to both salaried and self-employed individuals. It aims to provide its customers with an optimum experience via extended repayment tenures and instant loan disbursals.

  • Interest rates range from 8.65% to 16.00% p.a.
  • Extended repayment tenure that goes up to 5 years
  • Customised loans of up to INR 15 lakhs
  • Bank of Baroda offers varied repayment options to make financing easy for its customers. You can opt for cash, cheque or bank transfers. An individual can benefit from added advantage by opting for repayment via credit cards.
  • It offers customised loans of up to INR 15 lakhs to rural and urban cities.
  • Self-employed and salaried individuals can avail of this loan by meeting the eligibility criteria specified by the bank.
  • The personal loan acts as a safety net for all your financial needs. It offers instant disbursals and rapid processing to make financing hassle-free.
  • You can repay your loan at your pace with an extended repayment tenure of 5 years.

Eligibility Criteria of Bank of Baroda Personal Loan

Listed below are the eligibility criteria for the different applicants for the Bank of Baroda Personal Loan.

Salaried Employees

Bank of Baroda offers personal loans to individuals working in private limited companies, public sector undertakings, proprietorship firms or LLPs.

Minimum age 21 years or above on the date of loan sanction
Maximum age Should not exceed 60 years or retirement age (whichever is lower)
Work experience At least 1 year
Nationality Indian

Self-Employed Professionals

Bank of Baroda offers tailor-made personal loans to doctors, engineers, company secretaries, architects, interior designers and chartered accountants.

Minimum age 21 years or more on the date of loan sanction
Maximum age Should not exceed 65 years
Work experience 1 year stable business
Nationality Indian

Self-Employed Non-Professionals

Bank of Baroda offers personal loans to business owners and insurance agents to help maintain uninterrupted cash flow in the business.

Minimum age 21 years or more on the date of loan sanction
Maximum age Should not exceed 65 years
Work experience
  • Self-employed individuals: 1 year of stable business
  • Insurance agents in business: minimum 2 years
Nationality Indian

Note: Co-applicants are not allowed for BOB personal loan applications. Staff members and NRIs are not eligible.

Guidelines for Bank of Baroda Personal Loan Eligibility

Parameters Salaried and Self-employed individuals with a BOB salary account Salaried and Self-employed individuals with a salary account in other banks
Repayment capacity (FOIR) 60% of GMI
  • If GMI< INR 75,000: 40% of GMI
  • If INR 75,000
  • If GMI> INR 2,00,000: 60% of GMI
Repayment period Maximum 60 months Maximum 48 months
Account relationship
  • Salary account with Bank of Baroda
  • Previous month salary should be credited in the account
  • For loan amount of up to INR 2,00,000

 

  • You are required to have a bank account with any bank for 6 months
  • For loan amount above INR 2,00,000: 
    • You are required to have a bank account with any bank for 6 months 
    • The trust salary account of employees should be maintained with BOB for 6 months if they belong to proprietorship, partnership firms, private limited companies.
    • In the case of insurance agents, the commission for the minimum for the last 6 months should be credited to the account with Bank of Baroda.

Documents Required for Bank of Baroda Personal Loans

Listed below are the documents required by salaried and self-employed individuals for the Bank of Baroda Personal Loan application.

Salaried Employees

Application
  • Submit the completely filled and signed application form
  • 3 passport size photographs
  • Form 135 (details of assets and liabilities of the applicant, if any)
Address Proof
  • Voter ID
  • Aadhaar card
  • Passport
  • Driving licence
  • PAN Card
  • Post paid utility bills
  • Copy of updated passbook
  • Copy of updated bank statements
  • Copy of rent agreement (if applicable) 
Identity Proof
  • Voter ID
  • Aadhaar card
  • Passport
  • Driving licence
  • PAN Card
  • Employee ID card issued by the government or defence or any reputed  corporate
Bank statement
  • Previous 3 months salary slip
  • Bank statement for previous 6 months

Self Employed Individuals

Application
  • Submit the completely filled and signed application form
  • 3 passport size photographs
  • Form 135 (details of assets and liabilities of the applicant)
Address Proof
  • Voter ID
  • Aadhaar card
  • Passport
  • Driving licence
  • PAN Card
  • Post paid utility bills
  • Copy of updated passbook
  • Copy of updated bank statements
  • Copy of rent agreement (if applicable) 
Identity Proof
  • Voter ID
  • Aadhaar card
  • Passport
  • Driving licence
  • PAN Card
  • Certificate of practice or identity document with photograph issued by professional bodies like ICAI, ICWA, ICFAI (if applicable)
Bank statement
  • P&L account, balance sheet and annual income computation of previous year
  • ITR returns
  • Form 26 AS
  • Form 16A
Business proof
  • Gumasta licence
  • Business registration certificate
  • Income tax challan
  • TDS certificate
  • IT assessment or clearance certificate

Minimum and Maximum Personal Loan Amount Sanctioned by Bank of Baroda

The minimum and maximum loan amounts sanctioned by the Bank of Baroda differ as per the location of the applicant.

Locality Minimum Maximum
Metro and urban areas INR 1,00,000 INR 15,00,000
Semi-urban and rural INR 50,000 INR 15,00,000

Bank of Baroda Personal Loan EMI Calculator

The Bank of Baroda Personal Loan EMI calculator is an online tool that assists you in calculating the estimated monthly EMIs. The user-friendly calculator helps plan your finances in an organised manner. Drag the sliders and select the loan amount, interest rates and tenure. A bar graph indicating your monthly repayments will be displayed on your screen.

How Does Bank of Baroda Personal Loan Compare With Other Lenders?

Bank of Baroda 8.65% to 16.00% p.a.
State Bank of India 9.60% to 15.65% p.a.
HDFC Bank 10.50% to 21.00% p.a.
ICICI Bank 10.50% to 19.00% p.a.
Kotak Mahindra Bank 10.25% onwards
Axis Bank 12.00% to 21.00% p.a.
IDFC First 12.50% to 18.00% p.a.
Bajaj Finserv 12.99% onwards
HSBC Bank 9.50% to 15.25% p.a.
Punjab National Bank 9.50% onwards

Bank of Baroda Personal Loan Customer Care

Toll-free number 1800-258-4455 / 1800-102-4455
Email ID cs.ho@bankofbaroda.com

FAQs

What are the documents required to apply for a Bank of Baroda Personal Loan?

To avail of a Bank of Baroda Personal Loan, you are required to submit the application form duly signed, KYC documents, age proof, bank statements and business proof (applicable to self-employed individuals).
What is the maximum and minimum BOB Personal Loan amount I can get?

Bank of Baroda provides high-value loans, ranging from INR 50,000 to INR 15 lakhs.
What KYC documents will I have to submit to apply for a BOB Personal Loan?

An applicant is required to submit their Aadhaar card, PAN card, driving licence, voter ID, and utility bills for KYC verification.
What is the interest rate of Bank of Baroda Personal Loans?

Bank of Baroda offers unsecured loans at nominal interest rates ranging from 8.65% to 16.00% p.a.
What are the business proof documents required to avail of personal loans?

A self-employed individual is required to submit a Gumasta licence, business registration certificate, income tax challan, GST certificate, TDS certificate, IT assessment and clearance certificate for business verification.