Bank of Baroda Personal Loan

Highlights

  • Bank of Baroda Personal Loan is available to you at a competitive interest rate

  • Apply for this personal loan to meet your varied personal needs

About Bank of Baroda Personal Loan

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.

Personal Loan

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    Bank of Baroda Personal Loan Interest Rates November 2020

    ParticularsDetails
    Interest Rate10.10% - 15.20%
    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
    RepaymentEquated installments up to 36 months
    Processing Fee 2% of the loan amount
    Minimum: INR 1,000
    Maximum: INR 10,000

    Eligibility Criteria

    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 InstitutionsThe 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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00011.60%1₹ 17,732₹ 12,788₹ 2,12,788
    ₹ 2,00,00011.60%2₹ 9377₹ 25,057₹ 2,25,057
    ₹ 2,00,00011.60%3₹ 6605₹ 37,770₹ 2,37,770

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    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.

    Documents Required

    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.

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