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Bank of Baroda Personal Loan

Bank of Baroda has a quick solution for urgent financial needs. It helps to get Personal Loan at affordable rates, less paperwork & quick processing altogether makes it unique.
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Bank of Baroda Personal Loan

Personal Loans from the Bank of Baroda have many advantages over other forms of credit, like credit cards & informal Loans from friends, family members or untrustworthy financiers. Bank of Baroda Personal Loan is a good option if you need an emergency fund for a wedding, or planning a tour with family.

Bank Of Baroda Personal Loan benefits and features

Benefits:-

  • Advantage over credit cards
  • Zero prepayment charges
  • Offers the top-up facility

Features:-

  • Maximum Loan amount can be obtained
  • Flexible tenure

Various Types of Bank of Baroda Personal Loan

1. Bank of Baroda Personal Loan for personal expenses:-Bank of Baroda offers Loans for personal expenses such as weddings, medical emergencies, paying off debts, higher education, home renovation, etc.

2. Bank of Baroda Top-up loan:- Through BOB Top up the Loan, you can avail minimum Loan amount as 1 lakh & maximum Loan amount as 2 crores but remember repayment tenure period will be the balance on your existing home loan.

3. Bank of Baroda pre-Approved Personal Loan:- As its name suggests approved Personal Loan is given to only potential borrowers who qualify some eligibility criteria to get approved. Suppose, you are a pre-approved customer then you may contact a BOB representative directly to get benefited from offering schemes.

Also Read:-What is Buyers Credit

Bank of Baroda Personal Loan Rate of Interest, Fee & Other Charges

Interest Rates and Types of Banks of Baroda loan scheme

 Charges

For Existing Customers having bank account Relationship with same Bank for minimum 6- months For applicants having Bank account relationship with any other Bank for minimum 6- months
Lowest interest rate 10.50% 12.50%
Processing fee 2% +GST 2% +GST
Penal interest 2% on overdue amount 2% on overdue amount
Pre-closure charges Nil charges Nil charges
Loan amount
  • Loan up to 1 lakh to 10 lakhs for Metro and Urban Centers.
  •  Loan up to 50,000 to 5 lakhs for Semi Urban & rural areas)
  • Loan up to lakh to 10 lakhs for Metro and Urban Centers
  • Loan up to 50,000 to 5 lakhs for Semi Urban & rural areas)
Foreclosure charges Nil charges Nil charges
Tenure 48 to 60 months 48 to 60 months

 

Bank of Baroda Personal Loan Eligibility Criteria

Age 21 – 70 years
Employment Type Salaried and Self-employed professional and non-professional
Minimum Salary for Salaried Rs.25,000 per month
Minimum Salary for Non-Salaried Rs.2 lakh per annum

 Bank of Baroda Personal Loan Eligibility Criteria for Salaried:-

  • Applicant should be resident of India
  • Applicant age should be in between 21 to 70 years

 Bank of Baroda Personal Loan Eligibility Criteria for Professional:-

  • Applicant age should be in-between 21 – 65 years
  • Doctor, CA, Architect, Lawyers, Consultant, Engineer & CS can apply for Home Loan on Professional category.

 Bank of Baroda Personal Loan Eligibility Criteria for Self-Employed:-

  • Any individual filing income tax returns are eligible
  • Maintain good financial records
  • Minimum 3 years of existing business

 Bank of Baroda Personal Loan Documents Required

Document category Documents required
KYC Document

Both salaried as well as self-employed need to provide any one of the following as identity proof.

PAN Card

Aadhaar Card

Driving License

Election/ Voter ID Card

Passport

Proof of Income

Applicant should require last 3-month payslip.

Applicant should have Bank statement of last 6 months.

Financial Documents

Salaried Individuals:  salaried individuals required last 3 month's Salary Slips and, Bank Statements of 6 months.

 Self-employed individuals: - Self-employed individuals required a last 1-year Bank statement for both savings and current account.

Proof of residence

You can summit any one of the following documents as an address proof:

  • PAN Card
  • Passport
  • Aadhaar Card
  • Driving License
  • Election/ Voter’s ID Card
  • Property/ Municipal Tax receipt

Electricity bill, telephone bill, piped gas bill, water bill, post-paid mobile phone bill etc.

 How to apply Bank of Baroda Personal Loan online?

Step 1 - You can apply for a Personal Loan from the Bank of Baroda by visiting their website or you can visit the nearest branch.

Step 2 - Check your eligibility criteria to meet well or not from your end to avoid Loan rejection. If, yes you may download Personal Loan application form by online or collect it from your nearest branch Bank.

Step 3- Fill the required personal, professional, and financial details and attach KYC & mandatory documents. Then check your all details and documents twice before submitting the Loan application.

Step 4 – After evaluation of your information. shortly your Loan approval take place where your Loan sanctioned then, Loan amount will be credited to your respective account

Also Read:-Axis Bank Home Loan

Bank of Baroda Personal Loan FAQ

How to fill Bank of India Personal Loan application form?

It’s a simple process whether you are applying online or offline you just need to ensure that you carry mandatory documents as given by BOB Personal Loan checklist, after that, you will be required to fill up the details in Personal Loan application form like your full name, date of birth, address, occupation & contact details along with necessary documents attached. Check twice details & documents are submitted properly without any missing or error consist.

What is the importance of a credit score to avail a Bank of Baroda Personal Loan?

Your credit score matters a lot while you get a BOB Personal Loan. Your cibil score should be more than 750. A low credit score increases the chances of rejection your application.

What is the Bank of Baroda customer care number?

Any further queries and questions just call on toll-free numbers for Bank of Baroda are 1800 258 4455 and 1800 102 4455.

Who are eligible to apply for Bank of Baroda Personal Loan as self-employed professionals?

All individuals who fall under the self-employed such as doctors, lawyers, interior designers, architects, engineers, tech consultants, management consultants, company secretaries, and so on are eligible to avail of a Personal Loan through the Bank of Baroda.

Do I need to be an existing customer of Bank of Baroda to get their Personal Loan?

No, it's not necessary to be an existing customer of same Bank but Banks give preference to existing customers. For new customers, the Bank will check your financial record, any recent credit transactions, and your average financial status.

How much EMI do I have to pay?

To know how much EMI is allocated to your borrowed amount, firstly you need to calculate. Use the Bank of Baroda Personal Loan calculator to get your monthly scheduled EMI & timely its remaining principal amount.

How does Bank of Baroda Personal Loan EMI calculator work?

To calculate Personal Loan EMI, you need to enter required Loan amount, tenure period to repay Loan & interest rates to calculate monthly payable EMI.

Bank of Baroda Customer Care

For knowing more about Personal Loan customers can contact the Bank of Baroda customer services by call on this number 1800-258-4455 and 1800-102-4455 (toll-free) or you can visit the nearby Bank of Baroda branch to get your queries answered.

Also Read:-Which Home Loan is Best

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