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Having great plans, but can’t fulfill them because of a shortage of money? Don’t worry, Bank of Baroda is here to fulfill the various needs of the people through its personal loan facility. Now insufficient budget will no more be a barrier in achieving your dreams. You can spend open-heartedly in your daughter’s marriage or book a holiday trip for your family by availing the personal loan from this bank. Bank of Baroda provides personal loans ranging from amount of INR 20,000 to INR 2,00,000. The loan amount is to be repaid within 36 months.
Bank of Baroda Personal Loan Interest Rates March 2023
|Interest Rate||10.90% - 18.25%|
|Maximum Amount||INR 2,00,000 (subject to condition)|
For Civil Pensioners: Maximum limit is INR 1,00,000
For Defence Pensioners: Maximum limit is INR 2,00,000
For Earnest Money Deposit: Maximum limit is INR 5,00,000
|Minimum Amount||INR 20,000|
|Repayment||Equated installments up to 36 months|
|Processing Fee||2% of the loan amount|
Minimum: INR 1,000
Maximum: INR 10,000
The following candidates are eligible to apply for the loan:
|Permanent confirmed employees (minimum 1 year service) of||Self Employed Professional||Insurance agents subject to|
|Central/State Govt/ /Autonomous Bodies/Public/ Joint sector undertakings.||Doctors, Architects, Interior Designers, Engineers, Chartered Accountants, Technical & Management Consultants & practising Company Secretaries only, with a stable business (minimum 1-year)||The agent is doing insurance business for the last -5- years|
|Reputed Limited companies / MNCs & Educational Institutions||The agent has regular and stable income and maintaining SB a/c with the bank for crediting commission cheques received from their principals|
Bank of Baroda Personal Loan EMI Calculator
Tensed what EMI amount(Equated Monthly Installment) you need to pay and how to calculate the same? It’s easy to know how much amount you are liable to pay per month to your lender bank. Just enter the principal amount, rate of interest and tenure of the loan in the EMI calculator and it will tell you the EMI amount.
For example, If a person avails a loan of INR 2,00,000 for the time period of 3 years at 11.60% interest rate then what would be his EMIs, interest and total amount payable. Well, find out the same in the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 2,00,000||11.60%||1||₹ 17,732||₹ 12,788||₹ 2,12,788|
|₹ 2,00,000||11.60%||2||₹ 9377||₹ 25,057||₹ 2,25,057|
|₹ 2,00,000||11.60%||3||₹ 6605||₹ 37,770||₹ 2,37,770|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 59,135||₹ 20,122||₹ 1,40,864|
|2||₹ 66,371||₹ 12,885||₹ 74,493|
|3||₹ 74,556||₹ 4763||₹ 0|
How to Apply
If you are eligible for taking up the loan, then you can apply for the same at the nearest branch office. The service is available at all the branches. You just need to fill in the application form.
|For Salaried||For Self- Employed|
|Stipulated loan application||Stipulated loan application|
|2 Passport size photographs||2 Passport size photographs|
|Copy of passport/voter ID card/driving license||Copy of passport/voter ID card/driving license|
|Processing fee cheque||Processing fee cheque|
|Last 3 months bank statement/6 months bank passbook||Last 3 months bank statement/6 months bank passbook|
|Latest salary slip||Latest Bank statement|
|Current dated salary certificate with the latest Form 16||Latest ITR or Form 16|
Bank of Baroda Personal Loan Application Form
You need to fill in the application form in order to avail the loan.
Following fields are to be mandatorily filled:
- Personal details
- Profession details
- Details of assets/liabilities
- Proposed loan details
- Income details
- Outstanding loan details
- Details of guarantor
Factors Affecting Personal Loan Eligibility
Keep an eye on the factors that affect your Personal loan eligibility. Having an understanding of the same can result in more loan eligibility and fast approval. Let’s check out such factors below.
- Monthly Income – Your income must be INR 20,000 or above to borrow funds from Bank of Baroda. Plus, the monthly income dictates greatly the loan amount you will get from the lender.
- Age – The age should be between 21 to 65 years to get a loan from Bank of Baroda.
- Monthly Expenses – Credit card purchases and other expenses made by you every month are taken into account to calculate your loan limit.
- Any Other Loan – If you have an existing loan, it may affect your new personal loan from Bank of Baroda. The timely payment of your ongoing loan can make the bank approve the loan quickly.
- Credit History – The previous loan or credit card payments become a part of your credit history and which acts as a proof of your creditworthiness. A timely payment record will ensure you have a good credit history and reward you with a loan approval quickly.
- Job Stability – You must be working for at least 1-year in the current organization to have the Bank of Baroda personal loan. And if you are self-employed, your business should be in the market for at least a year.
- Relationship with the Bank – Customers who have an existing relationship with the bank don’t have to go through a long procedure. As they can simply check for the pre-approved offers online.
- Category of Your Employer – If you are working in Central, State Govt., Autonomous Bodies, Public and Joint Sector Undertakings, Public Limited Company, MNCs & Educational Institutions, the loan can be approved quickly.
Bank of Baroda Loan Application Form
Availing a personal loan from Bank of Baroda is an easy and quick process. All you need is an application form that allows you to enjoy a hassle-free journey. It is mandatory for an applicant to fill an application in order to apply for a loan. The form can either be downloaded online from bank’s website or you can simply visit the bank branch to get the form. An applicant needs to fill his/her personal as well as professional details such as Name, Age, Gender, Marital Status, Income, Employment Type,etc. Make sure that the details are correct as false information will not help you here.
Features and Benefits
- Simple Procedure – The loan process is completed in a few easy steps, you can go to the bank branch, fill up the loan application form and submit it with the KYC and income proof. After that, you just need to wait for its approval.
- No Prepayment Fee – You can prepay the loan whenever you want without worrying about the prepayment fee. Bank of Baroda doesn’t levy any charge on prepaying the loan before the expiry of the original tenure.
- Loan Available for All Personal Needs – The user can use the fund for any financial requirement from a wedding to a medical emergency.
- Repayment in Monthly Installments – Payment of the borrowed amount and the applied interest is made in equated monthly installments, which you can calculate by yourself.
Bank of Baroda Personal Loan FAQs
1. How to get personal loan from Bank of Baroda?
You can apply for a personal loan from Bank of Baroda by logging into your net banking portal or by downloading the bank application.
2. How much time does the Bank of Baroda take to approve a personal loan?
Banks usually take a week to 15 days to decide on a personal loan application. However, some banks can also approve your application within 2-3 days. It purely depends on the bank and its policies.
3. How long does it take to get a personal loan from Bank of Baroda?
If your application is complete without any errors, you can get a loan anywhere between 2 to 15 days. If you are an existing customer of the bank, you may get a pre-approved loan within a few seconds or hours.
4. What is the minimum personal loan amount in Bank of Baroda?
You can avail a minimum loan of Rs 1,00,000 to a maximum of Rs 15,00,000.
5. Can I take 2 personal loans from Bank of Baroda?
Yes, you can avail two loans if the bank permits you to do so. It depends on your credit score, monthly income, stability of your job, associated organization, and other relevant factors.
6. What are the documents required to apply for a Bank of Baroda personal loan?
You need the following documents to apply for a Bank of Baroda personal loan.
– Duly filled application form with passport size photographs
– Bank statements for last six months
– Address proofs such as passport or driving license
– ID proofs such as PAN card and Aadhaar card
– Salary slips for last 3 months
– IT returns, Profit and loss statements, business proofs for self-employed borrowers
7. Who is eligible to take Bank of Baroda personal loan?
Salaried individuals, self-employed individuals and insurance agents who have been working for around 2 years are eligible for Bank of Baroda personal loan.
8. How to check my personal loan status in Bank of Baroda?
You can check the status of your personal loan application by contacting the toll free numbers of the bank – 1800 22 33 44/1800 258 44 55/1800 102 44 55. You can also go directly to the branch where you applied for a personal loan to speak with the loan officer about the status of your application. –
9. Who can be your co-borrower in Bank of Baroda personal loan application?
Usually, the co-borrowers are your parents, spouse, earning siblings or earning children in a personal loan application.
10. What is the minimum CIBIL score required for Bank of Baroda personal loan in India?
The minimum CIBIL score required for Bank of Baroda personal loan in India is 750.
11. How to close Bank of Baroda personal loan?
You can directly visit the branch and submit the final due payments by cheque, demand draft or cash to close your personal loan. You will just need to fill a compulsory personal loan closure form and make the necessary payments.
12. How to foreclose Bank of Baroda personal loan?
To foreclose a personal loan, you need to visit the branch, fill the foreclosure form, submit the required documents, pay the required amount and sign the mandatory documents if required.
13. How to pay Bank of Baroda bank personal loan?
You can pay your personal loan EMIs by cheque, cash, demand draft, auto debit or UPI.
14. How to check personal loan balance in Bank of Baroda?
You can check your loan balance by visiting the official website of the bank, login to your personal loan account, and view your statement by clicking on ‘View statement’. This option will let you know your loan balance and other details.