Bank of Baroda offers personal loans for customers residing in urban and semi-urban areas up to Rs.10 lakh at attractive interest rates between 10.50% - 12.50% p.a. with flexible repayment tenures up to 60 months. The processing fee charged on the loan amount is 2%, subject to a minimum of Rs.1,000 and a maximum of Rs.10,000. The loan repayment period can be extended up to 60 months.
| Particulars | Salaried/Self-employed |
| Interest Rate | 10.50% p.a. - 12.50% p.a. |
| Processing Fee | 2% of the loan amount (Minimum of Rs.1,000 and maximum of Rs.10,000) |
| Loan Tenure | Maximum of 48-60 Months |
| Loan Amount |
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| Age criteria |
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| Employment Status | Salaried, self-employed, insurance agents, etc. |
| Credit Score | 750 |
| Lowest EMI per Lakh | Rs.2,149 |
| Pre-Payment/Foreclosure Charges | As per the terms and conditions set by Bank of Baroda |
| Overdue EMI Interest | 2% of the due amount |
| Particulars | Interest Rate | Processing Fee | Loan Tenure | Loan Amount |
| Customers having relationship with the bank for at least 6 months | 10.50% p.a. onwards | 2% | Up to 5 years |
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| Customers having relationship with other bank for at least 6 months | 12.50% p.a. onwards | 2% | Up to 5 years |
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1. For individuals with a salary of Rs.25,000
Let’s assume that Mr. Ram has secured his first job and wishes for a personal loan of Rs.50,000 to meet personal commitments. Since Mr. Ram has a poor CIBIL score as he/she has not had any prior loans and is yet to own a credit card, Bank of Baroda sets the highest interest rate of 12.50% p.a. on the loan amount of Rs.50,000. Mr. Ram has chosen a tenure of 12 months to repay the loan.
To repay the personal loan on time, Mr. Ram has to pay an EMI of Rs.4,454 and in doing so, he is giving himself the chance to improve his CIBIL score.
| Year | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
| 1 | Rs.3,933 | Rs.521 | Rs.4,454 | Rs.46,067 |
| 2 | Rs.3,974 | Rs.480 | Rs.4,454 | Rs.42,092 |
| 3 | Rs.4,016 | Rs.438 | Rs.4,454 | Rs.38,077 |
| 4 | Rs.4,058 | Rs.397 | Rs.4,455 | Rs.34,019 |
| 5 | Rs.354 | Rs.4,454 | Rs.29,919 | |
| 6 | Rs.4,142 | Rs.312 | Rs.4,454 | Rs.25,777 |
| 7 | Rs.4,186 | Rs.269 | Rs.4,455 | Rs.21,591 |
| 8 | Rs.4,229 | Rs.225 | Rs.4,454 | Rs.17,362 |
| 9 | Rs.4,273 | Rs.181 | Rs.4,454 | Rs.13,089 |
| 10 | Rs.4,318 | Rs.136 | Rs.4,454 | Rs.8,771 |
| 11 | Rs.4,363 | Rs.91 | Rs.4,454 | Rs.4,408 |
| 12 | Rs.4,408 | Rs.46 | Rs.4,454 | Rs.0 |
2. For individuals with a salary of Rs.65,000
Let’s assume that Mr. Paul is a middle-aged man with a monthly salary of Rs.65,000 and has a brilliant credit score as he has never missed a loan payment in the past. Mr. Paul wishes to avail a loan amount of Rs.3.5 lakh for a tenure of 1 year and Bank of Baroda offers him the lowest possible interest rate of 10.50% p.a. To repay the loan on time and keep his credit score optimum, Mr. Paul will have to pay an EMI of Rs.30,852.
| Year | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
| 1 | Rs.27,790 | Rs.3,063 | Rs.30,853 | Rs.3,22,210 |
| 2 | Rs.28,033 | Rs.2,819 | Rs.30,852 | Rs.2,94,178 |
| 3 | Rs.28,278 | Rs.2,574 | Rs.30,852 | Rs.2,65,900 |
| 4 | Rs.28,525 | Rs.2,327 | Rs.30,852 | Rs.2,37,374 |
| 5 | Rs.28,775 | Rs.2,077 | Rs.30,852 | Rs.2,08,599 |
| 6 | Rs.29,027 | Rs.1,825 | Rs.30,852 | Rs.1,79,573 |
| 7 | Rs.29,281 | Rs.1,571 | Rs.30,852 | Rs.1,50,292 |
| 8 | Rs.29,537 | Rs.1,315 | Rs.30,852 | Rs.1,20,755 |
| 9 | Rs.29,795 | Rs.1,057 | Rs.30,852 | Rs.90,965 |
| 10 | Rs.30,056 | Rs.796 | Rs.30,852 | Rs.60,904 |
| 11 | Rs.30,319 | Rs.533 | Rs.30,852 | Rs.30,584 |
| 12 | Rs.30,584 | Rs.268 | Rs.30,852 | Rs.0 |
The minimum repayment tenure is 12 months. The maximum if between 48 months to 60 months.
No, you will not need a guarantor to avail a personal loan from Bank of Baroda.
No, Bank of Baroda does not allow co-applicants.
Yes, Bank of Baroda allows pre-payments subject to their terms and conditions. Foreclosure charges will be applicable.
Your credit score is just one of the factors that decide the interest rate. Bank of Baroda takes into consideration numerous factors when deciding the interest rate.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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