Bank of Baroda Personal Loan
Personal Loan Rates EMI 2017 118 views
Table of Contents
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
| Particulars | Details |
|---|---|
| Interest Rate | 11.60% - 16.50% |
| 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 |
| Repayment | Equated 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 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₹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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount
Interest Rate
Tenure
Monthly Instalment
Total Interest Amount
Total Amount
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