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  • Bank of Baroda (BOB) Personal Loan Eligibility

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  • Bank of Baroda offers personal loans to employed individuals, self-employed individuals, self-employed professionals, and insurance agents. You have to be at least 21 years old to be able to get a personal loan through Bank of Baroda. You can avail a maximum loan amount of up to Rs.5 lakh to Rs.10 lakh on the basis of your geographical location.

    Bank of Baroda Loan Eligibility Criteria

    Criteria Salaried Self-Employed Insurance Agents Self-Employed Professionals
    Age Minimum age: 21 years;
    Maximum age: 60 years at the end of the loan repayment tenure
    Minimum age: 21 years;
    Maximum age: 65 years at the end of the loan repayment tenure
    Minimum age: 21 years;
    Maximum age: 60 years at the end of the loan repayment tenure
    Minimum age: 21 years;
    Maximum age: 60 years at the end of the loan repayment tenure
    Work Experience Should be in service for at least 1 year Should be in a stable business for at least 1 year Should be in the business for at least 2 years Should be in a stable business for at least 1 year
    Residential Status Resident of India Resident of India    
    Interest Rate 11.70% p.a. to 14.70% p.a. for existing Bank of Baroda customers;
    13.70% p.a. to 16.70% p.a. for other borrowers
    11.70% p.a. to 14.70% p.a. for existing Bank of Baroda customers;
    13.70% p.a. to 16.70% p.a. for other borrowers
    11.70% p.a. to 14.70% p.a. for existing Bank of Baroda customers;
    13.70% p.a. to 16.70% p.a. for other borrowers
    11.70% p.a. to 14.70% p.a. for existing Bank of Baroda customers;
    13.70% p.a. to 16.70% p.a. for other borrowers
    Loan Amount Minimum loan amount:
    Rs.50,000 for borrowers from semi-urban and rural areas;
    Rs.1 lakh for borrowers from metro and urban areas.
    Maximum loan amount:
    Rs.5 lakh for borrowers from semi-urban and rural areas;
    Rs.10 lakh for borrowers from metro and urban areas.
    Minimum loan amount:
    Rs.50,000 for borrowers from semi-urban and rural areas;
    Rs.1 lakh for borrowers from metro and urban areas.
    Maximum loan amount:
    Rs.5 lakh for borrowers from semi-urban and rural areas;
    Rs.10 lakh for borrowers from metro and urban areas.
    Minimum loan amount:
    Rs.50,000 for borrowers from semi-urban and rural areas;
    Rs.1 lakh for borrowers from metro and urban areas.
    Maximum loan amount:
    Rs.5 lakh for borrowers from semi-urban and rural areas;
    Rs.10 lakh for borrowers from metro and urban areas.
    Minimum loan amount:
    Rs.50,000 for borrowers from semi-urban and rural areas;
    Rs.1 lakh for borrowers from metro and urban areas.
    Maximum loan amount:
    Rs.5 lakh for borrowers from semi-urban and rural areas;
    Rs.10 lakh for borrowers from metro and urban areas.
    Loan Tenure Up to 60 months for government employees;
    Up to 48 months for others
    Up to 48 months Up to 48 months Up to 48 months

    Factors affecting Bank of Baroda Personal Loan Eligibility

    1. Age of the applicant: The age of the applicant is one of the most important factors that is taken into consideration by Bank of Baroda. Bank of Baroda offers personal loans for individuals who are at least 21 years old. They also have an upper limit for the age of the applicant which is dependent on the employment status of the applicant.

    2. Credit Score: The credit score of the applicant is an overall indication of his or her creditworthiness. Usually, a credit score of 750 or more is considered to be a good credit score. Most banks also mention a particular range of credit score as one of the important eligibility criteria. If an applicant has a credit score which suits the requirement, it becomes easier for him or her to get the loan application approved.

    3. Level of income of the applicant: Most banks have a very nominal income criterion for personal loans. However, the applicant will be required to have a steady and regular source of income. The repayment capacity of a borrower is decided on the basis of the income of the applicant. The borrower’s income will also affect the loan amount that he or she will be eligible for. An applicant with a higher monthly income is likely to get a higher amount of loan approved.

    4. Residential Status: The residential status of an applicant is also an important factor which is taken into consideration at the time of verifying the eligibility of the person. In most cases, the applicant will be required to be a resident of India to be eligible to avail a personal loan.

    5. Work experience of the applicant: Whether the applicant is an employed individual, a self-employed individual, an insurance agent, or a self-employed professional, Bank of Baroda has set a particular requirement for all of them. The applicant will be required to fulfil the criterion as per the prescribed norms of the bank.

    6. Status of employment of the applicant: The applicant will be required to fulfil the requirement of the bank in regard to the criterion set for the employment type. Many lenders offer personal loans only for confirmed and full-time employees only. In such cases, if an applicant does not fulfil the requirement, his or her application is most likely to be rejected.

    7. Debt-to-Income Ratio of the applicant: An applicant will be required to have a decent debt-to-income ratio. A personal loan application might be rejected if the debt-to-income ratio of an applicant is not as per the requirement of the lender.

    8. Having a salary account with the bank: Having a salary account with the bank basically establishes a relationship with the bank. This pre-existing relationship with the bank often helps in getting a loan application approved easily.

    How to improve your chances of getting a Bank of Baroda Personal Loan?

    1. Boosting up your credit score: This is one of the best options to increase your chances of getting a personal loan. However, this is a long-term process. If you have a low credit score, the chances of your personal loan application being rejected go up. You can consider maintaining a good debt-to-income ratio and making timely payments for your existing loans and credit card bills to improve your credit score. In addition to that, also try to not apply for fresh loans. These things will help you improve your credit score.

    2. Not putting up multiple loan applications: Make sure you do not apply for a personal loan with multiple lenders at the same time. This will portray you as a credit-hungry individual which is bad for your credit history. Furthermore, if the applications get rejected, it will affect your credit score adversely.

    3. Opting for a secured personal loan: If you feel that your application for an unsecured personal loan might be rejected, you can consider applying for a secured loan. Although you will be required to provide collateral against the loan amount, the chances of you getting the loan increase manifold.

    Frequently Asked Questions (FAQs)

    1. Are staff members eligible to avail a personal loan through Bank of Baroda?

    No, staff members are not eligible to avail a personal loan through Bank of Baroda.

    2. Who are eligible to avail a Bank of Baroda Personal Loan as self-employed professionals?

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

    3. What is the penal interest charged by Bank of Baroda on overdue amount?

    Bank of Baroda charges a penalty of 2% on the overdue amount of your personal loan instalment.

    4. What is the processing fee charged by Bank of Baroda on the personal loans offered by them?

    Bank of Baroda charges a processing fee of 2% which is levied on the loan amount. The processing fee is subject to a minimum of Rs.1,000 and a maximum of Rs.10,000.

    5. Can I apply for a personal loan through Bank of Baroda along with a co-applicant?

    No, you cannot apply along with a co-applicant. Each personal application is considered on an individual basis.

        

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