Bank of Baroda Personal Loan: Rates, Eligibility, Charges

Urgent financial needs can arise at any time, whether it’s for a medical emergency or home renovation. To help with desired funds, Bank of Baroda personal loans offer a quick solution with minimal paperwork and fast approval.

With flexible repayment options and competitive interest rates, Bank of Baroda personal loans make it easy to get the funds you need without hassle. Let’s explore details related to eligibility, documentation, interest rates, and fees in this blog.

Benefits of Bank of Baroda Personal Loan

A personal loan from Bank of Baroda comes with several advantages that make it a great option for many. Let’s break them down:

1. Emergency Fund

In case of an emergency, such as a medical crisis, unexpected expense or loans to study abroad, a personal loan offers quick access to funds, ensuring you don’t have to worry about financial stress.

2. Advantage Over Credit Cards

Unlike credit cards, which come with high-interest rates, a personal loan offers relatively lower rates, making it a cost-effective borrowing option.

3. No Strict Credit Limits

While credit cards come with pre-set credit limits, personal loans allow you to borrow larger amounts according to your needs without limitations.

4. Flexible Repayment Options

With Bank of Baroda’s personal loan, you can repay through multiple methods, such as cheque, bank transfer, or even cash, depending on what suits you best.

5. Longer Repayment Tenure

Bank of Baroda offers extended timelines for loan repayment, making it more convenient for borrowers to manage their EMIs without financial strain.

6. Flexible Usage of Funds

You can use the personal loan for any legitimate purpose – be it a vacation, home improvement, medical treatment, or paying for a wedding. There are no restrictions on how you can use the funds.

7. Easy Top-Up Loans

In case you require additional funds in the future, you can easily avail yourself of a top-up loan, which can be added to your existing loan without much paperwork.

8. Higher Borrowing Limit

Depending on your income and creditworthiness, Bank of Baroda allows you to borrow up to INR 20 lakh. The loan amount varies depending on your occupation and relationship with the bank.

Also Read: How to Pay Off Student Loans?

Features of Bank of Baroda Personal Loans

Before applying for a personal loan with BoB (Bank of Baroda), it’s important to know the key features and terms associated with the loan:

Feature	Description
Eligibility Criteria	Available to government employees, private sector employees, self-employed professionals, and business owners with at least one year of continuous service or business.
Minimum Age	21 years
Maximum Age	60 years for salaried employees, 65 years for non-salaried employees at the end of the loan tenure
Loan Amount	INR 1 lakh to INR 20 lakh (depending on occupation and account relationship with the bank)
Loan Tenure	12 months to 84 months (varies by occupation and loan amount)
Processing Charges	NIL for government employees with salary accounts at Bank of Baroda, otherwise between 1% to 2% of the loan amount, subject to a minimum of INR 1,000 plus GST
Interest Rates	Floating or fixed rates available, depending on the applicant’s CIBIL score

Interest Rates on Bank of Baroda Personal Loans

Bank of Baroda offers personal loans with both floating and fixed interest rate options, ranging from 11.15% p.a. to 18.50% p.a. Interest rates are linked to your CIBIL score and vary according to different categories of borrowers. Here’s a breakdown:

Category	Interest Rate (Floating)	Interest Rate (Fixed)
Government Employees with BOB Salary Account	11.15% to 11.65%	11.25% to 11.75%
Employees of Central/State Government/Public Sector/PSUs	11.65% to 16.50%	11.50% to 14.35%
Self-employed professionals (Doctors, Engineers, Architects)	12.90% to 16.50%	13.05% to 15.30%
Employees of Private/Public Companies, Insurance Agents, Self-employed individuals with other banks	14.90% to 18.50%	15.00% to 18.30%

Also Read – Education Loan Without Collateral

Eligibility Criteria

The eligibility criteria for a Bank of Baroda personal loan are simple. However, as per the bank’s official website, bank staff, NRIs, and PIOs are not eligible to apply for personal loans from BoB.

Check out the eligibility criteria below-

1. Who Can Apply?

Government Employees: Employees of central or state government, public sector undertakings, or educational institutions with at least 1 year of service can apply.

Private Employees: Employees of private companies, trusts, and LLPs with 1 year of service can apply.

Self-Employed Professionals: Doctors, engineers, architects, and other professionals with 1 year of stable business can apply.

Self-Employed Business Owners: Business owners with 1 year of stable business can apply.

Insurance Agents: Must have been in business for at least 2 years.

2. Co-Applicants

Bank of Baroda does not accept co-applicants for personal loans, and applications are considered on an individual basis.

3. Age Limit

• For salaried persons: You must be at least 21 years old. The loan repayment period, combined with your age, should not exceed the retirement age (60 years).
• For non-salaried persons: You must be at least 21 years old, and the loan repayment period, combined with your age, should not exceed 65 years.

4. Loan Amount

The loan amount varies based on your job type and relationship with the bank. For employees of private companies, the loan limit is INR 2 lakhs, while for others, it can go higher depending on your relationship with the bank.

• Maximum Loan Amount: Up to INR 20 lakh, depending on occupation and relationship with the bank.
• Repayment Tenure: Ranges from 12 months to 84 months, with options for both salaried and self-employed individuals.

5. Repayment Capacity

Your ability to repay is a key factor. The percentage of your income that can be used for repayment varies based on your job and income.

• For Government employees and employees of public sector undertakings: The maximum limit is 75% of Gross Monthly Income (GMI).
• For Private employees, self-employed professionals, and business owners: The repayment capacity ranges from 40% to 70% of GMI, depending on the applicant’s income.

Penal Charges for Bank of Baroda Personal Loan

If you miss a payment or delay your loan repayment, a penal interest of 2% will be charged on the outstanding loan amount. This is an extra fee for late payments.

Processing Charges for Bank of Baroda Personal Loan

The processing charges for a Bank of Baroda personal loan depend on whether you are a government employee or not:

• For Government Employees who have a salary account with Bank of Baroda, there are no processing charges.
• For others, the processing charges range from 1% to 2% of the loan amount plus GST. The minimum charge is INR 1,000 + GST, and the maximum charge is INR 10,000 + GST.

Here’s a table to give you a clearer idea:

Category	Processing Charges
Government Employees (BOB salary account)	NIL
Others	1% to 2% of the loan amount + GST
Minimum Processing Charge	INR 1,000 + GST
Maximum Processing Charge	INR 10,000 + GST

Documents Required for Bank of Baroda Personal Loan

To apply for a personal loan from Bank of Baroda, the following documents are required:

1. Filled Loan Application with three passport-sized photographs.
   
2. Proof of Identity:
   • PAN card, Aadhar card, Voter ID, or driving license.
     
3. Proof of Residence:
   • Valid passport, voter ID, postpaid utility bills, or rent agreement.
     
4. Income Proof for Salaried Employees:
   • Last 3 months’ salary slips.
   • Bank statement for the last 6 months.
     
5. Income Proof for Self-Employed Individuals:
   • Balance sheet and profit-loss account.
   • Income Tax Returns for the last 1 year.
   • Business-related documents (e.g., Gomasta license, GST registration).

Also Read: Evidence of Financial Support

Bank of Baroda Digital Personal Loans

Bank of Baroda also offers Digital Personal Loans, which allow you to apply for a personal loan online without visiting the bank. The entire process is simplified for convenience. 

You can apply through their website or mobile app, and the approval process is faster with minimal paperwork. You can also easily check balance in Bank of Baroda and know your loan status.

These digital loans are ideal for customers looking for quick funds without the need for physical documentation.

With Bank of Baroda Digital Personal Loans, you get:

• Quick Application Process: Apply online from the comfort of your home.
• Minimal Documentation: Only basic documents are needed, making it easier to apply.
• Fast Disbursal: Get the loan amount in your account quickly, usually within a few hours or days.
• Flexible Repayment Options: Choose repayment terms that work for you.

These digital loans are perfect for those who need funds urgently but want to avoid lengthy paperwork and in-person visits to the bank.

Example of Bank of Baroda Digital Personal Loan

• A salaried customer avails a Digital Personal Loan of INR 2,00,000 for a period of 48 months at an interest rate of 13.50% per annum.
• The applicant will be charged for applicable stamp duty and processing charge @ 2% of the loan amount (For example, Stamp Duty INR 2,000 + Processing Charge INR 4,000 + GST).
• The Net Amount credited to the applicant’s account will be INR 1,94,000.
• The Total Cost incurred for the loan will be INR 6,000.
• The loan will be repayable in 48 months with an EMI of INR 5,413.
• The Total Interest Payable will be INR 59,824, and the Total Amount Payable will be INR 2,59,824.

Bank of Baroda Pre-Approved Personal Loan vs. Digital Personal Loan

Bank of Baroda offers two types of personal loans to cater to different customer needs: Pre-Approved Personal Loans and Digital Personal Loans. 

The Pre-Approved Personal Loan is designed for select customers with minimal documentation and quick processing. 

On the other hand, the Digital Personal Loan offers a fully online, paperless process with higher loan limits and flexible repayment options. 

To choose the right option, check out the table below for a comparison of their key features.

Feature	Pre-Approved Personal Loan	Digital Personal Loan
Loan Offer Starting From	INR 50,001 to INR 5,00,000	INR 50,000 to INR 10,00,000
Competitive Interest Rate	12.90% to 16.40%	12.90% to 18.25%
Loan Repayment Period	18 to 36 months	12 to 60 months
APR (Annual Percentage Rate)	15.23% to 19.95%	14.38% to 23.39%
Processing Charges	2.00% of the Loan Amount (INR 1,000 – INR 10,000) + GST	2.00% of the Loan Amount (INR 1,000 – INR 10,000) + GST
Stamp Duty	As per state jurisdiction	As per state jurisdiction
Income Documentation	Not required	End-to-end paperless process
Application Process	SMS-based eligibility check	Apply 24/7 online
Age Criteria	21 to 57 years	21 years minimum, 58 years max (salaried), 65 years max (self-employed)
How to Apply	SMS PAPL <last 4 digits of debit card> to 8422009988	Online application

To sum up, a personal loan from Bank of Baroda provides you with a flexible and affordable way to meet your financial needs. With competitive interest rates, minimal documentation, and a straightforward application process, it’s a great option for anyone looking for fast, reliable financial assistance.

Apply today and turn your dreams into reality with Bank of Baroda Personal Loans!

For more detailed information, you can visit your nearest Bank of Baroda branch or check their website for the latest updates.

Check out the FAQs below for more details.

FAQs

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