Bank of Baroda Personal Loan

Personal Loan Rates 2017 150 views

About Bank of Baroda Personal Loan

Having great plans, but can’t fulfill them because of shortage of money? Don’t worry, Bank of Baroda is here to fulfill the various needs of the people through it’s 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₹20,000 to₹2,00,000. The loan amount is to be repaid within 36 months.

Bank of Baroda Personal Loan Interest Rates

ParticularsDetails
Interest Rate

11.55% - 16.55%

Maximum Amount ₹ 2,00,000 (subject to condition)
For Civil Pensioners : Maximum limit is ₹ 1,00,000
For Defence Pensioners : Maximum limit is ₹ 2,00,000
For Earnest Money Deposit : Maximum limit is ₹ 5,00,000
Minimum Amount ₹ 20,000
RepaymentEquated installments up to 36 months
Processing Fee 2% of the loan amount
Minimum: ₹1,000
Maximum: ₹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₹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

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

Year Principal Interest Balance Amount

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 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

BOB Interest Rates

The bank charges interest on the loan at 11.60% per annum interest rate. This amount is formulated by taking into consideration the following things:

Processing Fee

The processing fee is 2% of the loan amount. The minimum processing fee  is₹1,000 and the maximum processing fee is₹10,000.

Factors Affecting Personal Loan Eligibility

The factors that affect Personal loan eligibility are:

  • Monthly Income
  • Age
  • Monthly Expenses
  • Any Other Loan
  • Credit History
  • Job Stability
  • Relationship with the Bank
  • Category of Your Employer

Features and Benefits

  • Simple procedure
  • No pre-payment fee charged
  • Loan available for all personal needs
  • Repayment in monthly instalments

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