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Disclaimer: Bank of Baroda is not a Paisabazaar partner for personal loans and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Bank of Baroda for personal loans. No offers/services from Bank of Baroda are being provided by Paisabazaar for personal loans. For further information about Bank of Baroda for personal loans, users are required to reach out directly to Bank of Baroda.
| Bank of Baroda Personal Loan Highlights | |
| Interest Rate |
|
| Loan Amount | Up to Rs 20 lakh |
| Tenure | Up to 7 years |
| Processing Fee | NIL |
Note: Rates as of 26th November 2024
Apply for Personal Loan from Paisabazaar
Paisabazaar has tied-up with 30+ banks and NBFCs to offer personal loan . Applicants can compare the interest rates and other features offered by our below-mentioned partner banks and NBFCs and can then apply accordingly as per their preference.
HDFC Bank
Up to ₹40L
10.85% - 24%
Upto 6 Years
₹6,500
Axis Bank
Up to ₹10L
11.25% - 22%
Upto 5 Years
Upto 2%
Kotak Mahindra Bank
Up to ₹40L
10.99% - 36%
Upto 6 Years
Upto 3%
IDFC First Bank
Up to ₹10L
10.99% - 23.99%
Upto 5 Years
Upto 2%
ICICI Bank
Up to ₹50L
10.85% - 16.25%
1-6 Years
Upto 2%
*Applicable for selected customers
Table of Contents
Bank of Baroda Personal Loan Interest Rates
Bank of Baroda personal loan interest rates start from 10.60% p.a. depending on the job profile and employer’s profile of its personal loan applicants.
| Festive offer interest rates | 10.85% p.a. onwards |
| For women borrowers | 10.60% p.a. onwards |
Floating Interest Rates
| Type of Employees | Interest rate (p.a.) |
| Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank | 15.15%-18.75% |
| Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda | 13.15%-16.75% |
| Category C: Silver : Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank | 12.40%-16.75% |
| Gold: Same target customers as mentioned in Silver Category, however, salary account must be with Bank of Baroda | 11.90%-16.75% |
| Govt Employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 | 11.40%-11.90% |
| Loan Product | Interest rate (p.a.) |
| Baroda Loan to Pensioners | 12.15% (digital)
12.65% (non-digital) |
| Baroda Digital Pre-approved Personal Loan | 12.90%-16.40% |
| Baroda Digital Personal Loan | 12.90%- 18.25% |
Fixed Interest Rates
| Type of Employees | Interest rate (p.a.) |
| Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank | 14.90%-18.20% |
| Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda | 12.95%-15.20% |
| Category C: Silver : Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank | 11.90%-14.25% |
| Gold: Same target customers as mentioned in Silver Category, however, salary account must be with Bank of Baroda | 11.40%-14.25% |
| Govt Employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 | 11.15%-11.65% |
Bank of Baroda Personal Loan Fees and Charges
Below-mentioned are the personal loan processing charges levied by Bank of Baroda:
| Baroda Personal Loan | NIL |
| Baroda Pensioners Loan | NIL |
Also Read: Processing Fee for Personal Loan charged by other lenders
EMI Calculator
Prospective personal loan applicants can use Bank of Baroda Personal Loan EMI Calculator to calculate the total interest cost and the EMIs payable throughout the loan tenure. Applicants need to enter the loan amount, loan tenure and interest rate in the Personal Loan EMI Calculator given below and get instant results.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply for Personal Loan with Quick Disbursal Click Here
Types of Bank of Baroda Personal Loans
Bank of Baroda offers the following types of personal loan schemes to its applicants:
Baroda Personal Loan
Purpose: Bank of Baroda offers regular personal loan to salaried and self-employed individuals for all personal purposes, other than speculation.
Loan Amount: Rs 1 lakh to Rs 15 lakh
- Minimum Loan Amount: Rs 1 lakh for metro and urban branch and Rs 50,000 for rural and semi-urban branch
- Maximum Loan Amount: Rs 20 lakh (based on the borrower’s occupation and account relationship with the bank)
Tenure: Up to 7 years
Baroda Loan to Pensioners
Purpose: Pensioners and family pensioners drawing pension from Bank of Baroda can avail Baroda Loan to Pensioners to raise funds for fulfilling their personal requirements, except for speculative purposes. Pensioners should be drawing pension from Bank of Baroda for at least last 3 months and there should have been no return of cheques for financial reasons.
Loan Amount:
For Regular Pensioners:
- For age up to 70 years- Up to Rs 8 lakh
- For age above 70 years- Up to Rs 5 lakh
For Family Pensioners:
- For age up to 70 years- Up to Rs 3 lakh
- For age above 70 years- Up to Rs 1.50 lakh
Tenure:
- For age up to 70 years- Up to 5 years
- For age above 70 years- Up to 3 years
Baroda Digital Pre-approved Personal Loan
Purpose: Bank of Baroda offers Baroda Digital Pre-approved Personal Loan, previously known as Bank of Baroda Pre-approved Personal Loan (BoB PAPL), to select existing customers to fulfil their personal requirements, other than speculative purposes.
Loan Amount: Rs 50,000 to Rs 5 lakhs
Tenure: 18 months to 3 years
Apply for Personal Loan with Quick Disbursal Click Here
Eligibility for Bank of Baroda Personal Loan
Given below is the personal loan eligibility criteria set by Bank of Baroda for its applicants.
- Employees of Central Government/State Government/autonomous bodies/Public Sector Undertakings/Public Limited Companies/MNCs/educational institutions with a service history of at least 1 year
- Employees of Private Limited Companies, Trust, Limited Liability Partnership with a continuous service history of at least 1 year
- Insurance agents in business for the last 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
- Applicants can apply for Baroda Personal Loans only individually. Co-applicants are not allowed.
- Minimum age at the time of loan application- 21 years
- Maximum age at the time of loan maturity- for salaried: 60 years; for non-salaried: 65 years
For Baroda Loan to Pensioners
- Pensioners and family pensioners drawing pension from Bank of Baroda
- Pensioners getting their pension disbursed through Treasury/Defence Pension Disbursing Office directly to the credit of their savings account with Bank of Baroda
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
Apply for Personal Loan with Quick Disbursal Click Here
Documents Required for Bank of Baroda Personal Loan
Below-mentioned is the detailed list of documents required by Bank of Baroda during personal loan application:
- Duly filled loan application form with 3 passport size photographs. Form 135 with details of liabilities and assets should be submitted along.
- Last 6 months bank statement and updated passbook
- ID proof- PAN card, Aadhar card, voter ID, driving license, passport, employee ID issued by the organization, practice certificate and identity document issued by relevant professional bodies like ICFAI, ICAI, ICWA.
- Address Proof such as Passport, Voter ID, Driving License, Postpaid Utility Bill (gas and electricity bill), updated passbook or bank account statement, Registered rent agreement
Additional Documents for Salaried Applicants
- A/c statement for last 6 months of Bank of Baroda/any other bank
- Salary slips for last 3 months
Know more about the documents required for Personal loan for salaried
Additional Documents for Self-employed Applicants
- Income tax returns for past 1 year
- Profit and loss statement, income computation and balance sheet for last 1 year
- Income tax challan/clearance certificate/IT assessment/TDS certificate (Form 16A)/Form 26 AS
- Business Proofs: Registration certificate, Gomasta license, Service tax registration, etc.
Additional Documents for Bank of Baroda Personal Loan
- Pension/PPO no.
Additional Documents for Baroda Digital Pre-approved Personal Loan
- Valid mobile number (linked with Bank of Baroda account number)
- Aadhar number for procurement of OTP for e-stamping and e-signature
Also read the documents required for Personal Loan for self-employed
Apply for Personal Loan with Quick Disbursal Click Here
Bank of Baroda Personal Loan Customer Care
Bank of Baroda Personal Loan applicants can enquire about their personal loan application and other related queries by contacting on the below mentioned customer care numbers.
Personal Banking (24X7)
Toll Free Number
- 1800 258 44 55
- 1800 102 44 55
Email ID: cs.ho@bankofbaroda.com
Also know about Bank of Baroda Personal Loan customer care numbers and grievance redressal in detail.
FAQs on BOB Personal Loan
How can I avail personal loan from Bank of Baroda?
Applicants can avail Bank of Baroda Personal Loan by applying through the official website of the bank or by visiting its branches. Additionally, they should also visit online financial marketplaces to compare the interest rates and other features provided the various lenders based on their credit profile and then, apply accordingly.
Who is eligible for Bank of Baroda personal loan?
Bank of Baroda Personal Loans are offered to employees of Central/State government, autonomous bodies, public or joint sector undertakings, public limited companies, MNCs, educational institutions with a minimum service of 1 year, employees of private limited companies, trust, limited liability partnership, insurance agents doing business for atleast 2 years, self-employed professionals, such as doctors, architects, engineers, interior designers, technology and management consultants.
What is the personal loan interest rate offered by Bank of Baroda?
Bank of Baroda offers personal loans at both fixed and floating interest rates. The floating interest rates for Bank of Baroda Personal Loan range from 11.40% to 18.75% p.a. whereas the fixed interest rates range from 11.10% to 18.15% p.a. depending on the credit profile of its applicants.
How can I check Bank of Baroda pre-approved personal loan offers?
Bank of Baroda offers pre-approved personal loan to its select existing customers. Existing customers of Bank of Baroda can check for pre-approved personal loan offers from the official website of Bank of Baroda. They can type PAPL<space> last 4 digits of their debit card and send an SMS to 8422009988 from their registered mobile number and check for pre-approved personal loan offers with Bank of Baroda. Additionally, you should also visit online financial marketplaces like Paisabazaar.com to check the pre-approved offers, if eligible, from other lenders.
What is the processing fee levied by Bank of Baroda on personal loans?
Bank of Baroda charges a processing fee of 2% of the personal loan amount with the minimum fee being Rs 1,000 and the maximum fee being capped at Rs 10,000.
What are the foreclosure charges levied on Bank of Baroda personal loan?
Bank of Baroda does not charge any foreclosure charges on floating rate personal loans. However, in case of fixed rate personal loans, the lender charges 3% on the prepaid amount during the first 3 years of loan period.
How can I close Bank of Baroda Personal Loan?
You can close your Bank of Baroda Personal Loan in three ways- regular closure, wherein the borrower repays the EMIs as per the repayment schedule; by making part-prepayments of the outstanding loan amount and by foreclosure of the personal loan before the due date.
What is the turnaround time for Bank of Baroda Personal Loan?
Bank of Baroda has not stated the turnaround time for personal loans. Lenders usually disburse personal loans within 2-7 working days from the date of application. Bank of Baroda offers digital personal loans that might take less time for disbursal due to its end-to-end paperless process. It also offers pre-approved personal loans to select customers with instant disbursement of loan amount.
Can I have a co-applicant while applying for Bank of Baroda Personal Loan?
Co-applicants are not allowed while applying for Bank of Baroda Personal Loan. Applications are considered on individual basis only.
Does Bank of Baroda give instant personal loan?
Bank of Baroda offers pre-approved personal loans to select customers with instant disbursement of loan amount.
What is the maximum credit score required to avail Bank of Baroda Personal Loan?
Bank of Baroda has not specified a cut-off credit score for its personal loan applicants. However, credit score of 750 and above is considered to increase the chances of availing personal loan at lower interest rates.
How can I avail personal loan from Bank of Baroda?
Applicants can avail Bank of Baroda by applying through the official website of the bank or by visiting its branches. Alternatively, they can also visit online financial marketplaces to compare the interest rates and other features provided the various lenders based on their credit profile and then apply accordingly.