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Bank of Baroda Personal Loan

Bank of Baroda Personal Loan

Name: Bank of Baroda Personal Loan
Brand: Bank of Baroda
Availability: InStock

4.5

Bank of Baroda personal loans are available online and offline without needing security. Bank of Baroda understands that emergencies can happen at any time. Therefore, they offer faster approval times and quick loan disbursals to make it easier for its customers to avail of a personal loan. Moreover, the Bank of Baroda offers personal loans without any strict requirements. So, even with a low or no credit score, you can get a personal loan from the Bank of Baroda.

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Bank of Baroda Personal Loan

Interest Rate

11.25% - 18.5%

Loan Amount

₹10K - ₹15L

EMI Per Lakh

₹2,187 - ₹2,567

Processing Fees

Upto 2% of the Loan amount + applicable taxes

Pre-Payment Charges

NIL

Features and Benefits
Eligibility Criteria
Documents Required
EMI Calculator
FAQs
Apply Now

Features and Benefits of Bank of Baroda Personal Loan

Headquartered in Vadodara, the Bank of Baroda is a nationalised bank under the regulations of the Reserve Bank of India. It is the third-largest bank in India and is widely spread across seventeen countries. Bank of Baroda offers a varied range of financial products to its customers.

The personal loan offered by the bank provides unsecured financial assistance at nominal and competitive interest rates to both salaried and self-employed individuals. It aims to provide its customers with an optimum experience via extended repayment tenures and instant loan disbursals.

Interest rates range from 8.65% to 16.00% p.a.
Extended repayment tenure that goes up to 5 years
Customised loans of up to INR 15 lakhs
Bank of Baroda offers varied repayment options to make financing easy for its customers. You can opt for cash, cheque or bank transfers. An individual can benefit from added advantage by opting for repayment via credit cards.
It offers customised loans of up to INR 15 lakhs to rural and urban cities.
Self-employed and salaried individuals can avail of this loan by meeting the eligibility criteria specified by the bank.
The personal loan acts as a safety net for all your financial needs. It offers instant disbursals and rapid processing to make financing hassle-free.
You can repay your loan at your pace with an extended repayment tenure of 5 years.
Personal Loan by type
By Professions
By CIBIL Score
By Schemes
Without
Other
Personal Loan for Salaried Employee

Personal Loan for Doctors

Personal Loan for Students

Personal Loan for Senior Citizens

Personal Loan for Self Employed

Personal Loan for Women
Personal Loan for Low CIBIL Score of 500

Personal Loan with 800 CIBIL Score

Personal Loan with 750 CIBIL Score

Personal Loan with 700 CIBIL Score

Personal Loan with 650 CIBIL Score

Personal Loan with 600 CIBIL Score

Personal Loan with 550 CIBIL Score
Personal Loan for Travel

Debt Consolidation Personal Loan

Personal Loan for Medical Emergency

Personal Loan for Wedding
Personal Loan without Salary Slip

Personal Loan without Documents

Personal Loan Low CIBIL Score

Personal Loan without Income Proof
Personal Loan Prepayment

Interest-Free Loan

Personal Loan Top up

Advance Salary Loan

Personal Loan Eligibility

Personal Loan Preclosure

Credit Card Loan

Consumer Durable Loan

Small Personal Loan

Personal Loan Balance Transfer

Short Term Personal Loan

Overdraft Personal Loan

Flexi Personal Loan

Eligibility Criteria of Bank of Baroda Personal Loan

Listed below are the eligibility criteria for the different applicants for the Bank of Baroda Personal Loan.

Salaried Employees

Bank of Baroda offers personal loans to individuals working in private limited companies, public sector undertakings, proprietorship firms or LLPs.

Minimum age	21 years or above on the date of loan sanction
Maximum age	Should not exceed 60 years or retirement age (whichever is lower)
Work experience	At least 1 year
Nationality	Indian

Self-Employed Professionals

Bank of Baroda offers tailor-made personal loans to doctors, engineers, company secretaries, architects, interior designers and chartered accountants.

Minimum age	21 years or more on the date of loan sanction
Maximum age	Should not exceed 65 years
Work experience	1 year stable business
Nationality	Indian

Self-Employed Non-Professionals

Bank of Baroda offers personal loans to business owners and insurance agents to help maintain uninterrupted cash flow in the business.

Minimum age	21 years or more on the date of loan sanction
Maximum age	Should not exceed 65 years
Work experience	Self-employed individuals: 1 year of stable business Insurance agents in business: minimum 2 years
Nationality	Indian

Note: Co-applicants are not allowed for BOB personal loan applications. Staff members and NRIs are not eligible.

Guidelines for Bank of Baroda Personal Loan Eligibility

Parameters	Salaried and Self-employed individuals with a BOB salary account	Salaried and Self-employed individuals with a salary account in other banks
Repayment capacity (FOIR)	60% of GMI	If GMI< INR 75,000: 40% of GMI If INR 75,000 If GMI> INR 2,00,000: 60% of GMI
Repayment period	Maximum 60 months	Maximum 48 months
Account relationship	Salary account with Bank of Baroda Previous month salary should be credited in the account	For loan amount of up to INR 2,00,000 You are required to have a bank account with any bank for 6 months For loan amount above INR 2,00,000: You are required to have a bank account with any bank for 6 months The trust salary account of employees should be maintained with BOB for 6 months if they belong to proprietorship, partnership firms, private limited companies. In the case of insurance agents, the commission for the minimum for the last 6 months should be credited to the account with Bank of Baroda.

Minimum and Maximum Personal Loan Amount Sanctioned by Bank of Baroda

The minimum and maximum loan amounts sanctioned by the Bank of Baroda differ as per the location of the applicant.

Locality	Minimum	Maximum
Metro and urban areas	INR 1,00,000	INR 15,00,000
Semi-urban and rural	INR 50,000	INR 15,00,000

Documents Required for Bank of Baroda Personal Loans

Listed below are the documents required by salaried and self-employed individuals for the Bank of Baroda Personal Loan application.

Salaried Employees

Application	Submit the completely filled and signed application form 3 passport size photographs Form 135 (details of assets and liabilities of the applicant, if any)
Address Proof	Voter ID Aadhaar card Passport Driving licence PAN Card Post paid utility bills Copy of updated passbook Copy of updated bank statements Copy of rent agreement (if applicable)
Identity Proof	Voter ID Aadhaar card Passport Driving licence PAN Card Employee ID card issued by the government or defence or any reputed corporate
Bank statement	Previous 3 months salary slip Bank statement for previous 6 months

Self Employed Individuals

Application	Submit the completely filled and signed application form 3 passport size photographs Form 135 (details of assets and liabilities of the applicant)
Address Proof	Voter ID Aadhaar card Passport Driving licence PAN Card Post paid utility bills Copy of updated passbook Copy of updated bank statements Copy of rent agreement (if applicable)
Identity Proof	Voter ID Aadhaar card Passport Driving licence PAN Card Certificate of practice or identity document with photograph issued by professional bodies like ICAI, ICWA, ICFAI (if applicable)
Bank statement	P&L account, balance sheet and annual income computation of previous year ITR returns Form 26 AS Form 16A
Business proof	Gumasta licence Business registration certificate Income tax challan TDS certificate IT assessment or clearance certificate

Bank of Baroda Personal Loan EMI Calculator

The Bank of Baroda Personal Loan EMI calculator is an online tool that assists you in calculating the estimated monthly EMIs. The user-friendly calculator helps plan your finances in an organised manner. Drag the sliders and select the loan amount, interest rates and tenure. A bar graph indicating your monthly repayments will be displayed on your screen.

How Does Bank of Baroda Personal Loan Compare With Other Lenders?

Bank of Baroda	8.65% to 16.00% p.a.
State Bank of India	9.60% to 15.65% p.a.
HDFC Bank	10.50% to 21.00% p.a.
ICICI Bank	10.50% to 19.00% p.a.
Kotak Mahindra Bank	10.25% onwards
Axis Bank	12.00% to 21.00% p.a.
IDFC First	12.50% to 18.00% p.a.
Bajaj Finserv	12.99% onwards
HSBC Bank	9.50% to 15.25% p.a.
Punjab National Bank	9.50% onwards

FAQs

From loans to affordable interest rates, we have the answers for everything you need to know.

What are the documents required to apply for a Bank of Baroda Personal Loan?

To avail of a Bank of Baroda Personal Loan, you are required to submit the application form duly signed, KYC documents, age proof, bank statements and business proof (applicable to self-employed individuals).

What is the maximum and minimum BOB Personal Loan amount I can get?

Bank of Baroda provides high-value loans, ranging from INR 50,000 to INR 15 lakhs.

What KYC documents will I have to submit to apply for a BOB Personal Loan?

An applicant is required to submit their Aadhaar card, PAN card, driving licence, voter ID, and utility bills for KYC verification.

What is the interest rate of Bank of Baroda Personal Loans?

Bank of Baroda offers unsecured loans at nominal interest rates ranging from 8.65% to 16.00% p.a.

What are the business proof documents required to avail of personal loans?

A self-employed individual is required to submit a Gumasta licence, business registration certificate, income tax challan, GST certificate, TDS certificate, IT assessment and clearance certificate for business verification.

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