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.
Connect with our Loan Advisor Now!
- Personalized Home Loan solutions
- Expert guidance
- Application assistance
- Credit score discussion
- Home Loan interest rate comparison
Get in Touch for Loan Expert Advice
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 |
|
| 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 |
|
| Repayment period | Maximum 60 months | Maximum 48 months |
| Account relationship |
|
|
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 |
|
| Address Proof |
|
| Identity Proof |
|
| Bank statement |
|
Self Employed Individuals
| Application |
|
| Address Proof |
|
| Identity Proof |
|
| Bank statement |
|
| Business proof |
|
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
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).
Bank of Baroda provides high-value loans, ranging from INR 50,000 to INR 15 lakhs.
An applicant is required to submit their Aadhaar card, PAN card, driving licence, voter ID, and utility bills for KYC verification.
Bank of Baroda offers unsecured loans at nominal interest rates ranging from 8.65% to 16.00% p.a.
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.
