Bank of Baroda Personal Loan

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.

Personal Loan

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    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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    EMI Calculator