• Bank of Baroda (BOB) Personal Loan Interest Rates

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    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 11.70% - 16.70% 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 11.70% - 16.70% 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
    • Urban Areas:
      • Minimum: Rs.1 lakh
      • Maximum: Rs.10 lakh
    • Semi-urban areas:
      • Minimum: Rs.50,000
      • Maximum: Rs.5 lakh
    Age criteria
    • Minimum: 21 years old
    • Maximum of 60 years old for salaried individuals
    • Maximum of 65 years old for non-salaried individuals
    Employment Status Salaried, self-employed, insurance agents, etc.
    Credit Score 750
    Lowest EMI per Lakh Rs.1,102
    Pre-Payment/Foreclosure Charges As per the terms and conditions set by Bank of Baroda
    Overdue EMI Interest 2% of the due amount

    Bank of Baroda Personal Loan scheme details

    Particulars Interest Rate Processing Fee Loan Tenure Loan Amount Salary / Income
    Salaried 11.70%- 16.70% p.a. 2% of the loan amount (Minimum of Rs.1,000 and maximum of Rs.10,000) Maximum of 48-60 months
    • Urban Areas:
      • Minimum: Rs.1 lakh
      • Maximum: Rs.10 lakh
    • Semi-urban areas:
      • Minimum: Rs.50,000
      • Maximum: Rs.5 lakh
    		As per the terms and conditions set by Bank of Baroda
    Self-Employed 11.70%- 16.70% p.a. 2% of the loan amount (Minimum of Rs.1,000 and maximum of Rs.10,000) Maximum of 48-60 months
    • Urban Areas:
      • Minimum: Rs.1 lakh
      • Maximum: Rs.10 lakh
    • Semi-urban areas:
      • Minimum: Rs.50,000
      • Maximum: Rs.5 lakh
    		As per the terms and conditions set by Bank of Baroda

    Factors affecting Bank of Baroda personal loan interest rates

    • Age of the applicant: If the applicant is towards his/her retirement age, the interest rate is usually set higher as the risk involved is more.
    • CIBIL score: The repayment track record of the applicant is taken into consideration. If the applicant has a low CIBIL score (anything below 750) and has failed to repay his/her past loans or credit card bills in time, the interest rate will be set higher.
    • Loan Tenure: As in most cases, the repayment tenure chosen by the applicant has an effect on the interest rate. The longer the tenure, the higher the interest rate.
    • Resident location: The interest rate decided by Bank of Baroda could also be based on whether the applicant resides in an urban or semi-urban area.

    Illustration:

    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 16.70% p.a. on the loan amount of Rs.50,000. Mr. Ram has chosen a tenure of 12 months to repay the loan, and Bank of Baroda has charged a processing fee of 2% on the loan amount.

    To repay the personal loan on time, Mr. Ram has to pay an EMI of Rs.4,554 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. 3,857 Rs. 696 Rs. 4,553 Rs. 46,143
    2 Rs. 3,911 Rs. 642 Rs. 4,553 Rs. 42,232
    3 Rs. 3,965 Rs. 588 Rs. 4,553 Rs. 38,266
    4 Rs. 4,021 Rs. 533 Rs. 4,554 Rs. 34,246
    5 Rs. 4,077 Rs. 477 Rs. 4,554 Rs. 30,169
    6 Rs. 4,133 Rs. 420 Rs. 4,553 Rs. 26,036
    7 Rs. 4,191 Rs. 362 Rs. 4,553 Rs. 21,845
    8 Rs. 4,249 Rs. 304 Rs. 4,553 Rs. 17,596
    9 Rs. 4,308 Rs. 245 Rs. 4,553 Rs. 13,288
    10 Rs. 4,368 Rs. 185 Rs. 4,553 Rs. 8,920
    11 Rs. 4,429 Rs. 124 Rs. 4,553 Rs. 4,491
    12 Rs. 4,491 Rs. 62 Rs. 4,553 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 11.70%. Mr. Paul is charged a processing fee of 2% on the loan amount of Rs.3.5 lakh. To repay the loan on time and keep his credit score optimum, Mr. Paul will have to pay an EMI of Rs.31,031.

    Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    1 Rs. 27,648 Rs. 3,383 Rs. 31,031 Rs. 3,22,352
    2 Rs. 27,916 Rs. 3,116 Rs. 31,032 Rs. 2,94,436
    3 Rs. 28,185 Rs. 2,846 Rs. 31,031 Rs. 2,66,251
    4 Rs. 28,458 Rs. 2,574 Rs. 31,032 Rs. 2,37,793
    5 Rs. 28,733 Rs. 2,299 Rs. 31,032 Rs. 2,09,060
    6 Rs. 29,011 Rs. 2,021 Rs. 31,032 Rs. 1,80,049
    7 Rs. 29,291 Rs. 1,740 Rs. 31,031 Rs. 1,50,758
    8 Rs. 29,574 Rs. 1,457 Rs. 31,031 Rs. 1,21,184
    9 Rs. 29,860 Rs. 1,171 Rs. 31,031 Rs. 91,324
    10 Rs. 30,149 Rs. 883 Rs. 31,032 Rs. 61,175
    11 Rs. 30,440 Rs. 591 Rs. 31,031 Rs. 30,735
    12 Rs. 30,735 Rs. 297 Rs. 31,032 Rs. 0

    FAQs

    1. What is the minimum repayment tenure I can choose to pay back my personal loan?

      2. The minimum repayment tenure is 12 months. The maximum if between 48 months to 60 months.

    2. Do I need a guarantor to avail a personal loan from Bank of Baroda?

      3. No, you will not need a guarantor to avail a personal loan from Bank of Baroda.

    3. Is it possible to add my spouse as a co-applicant? Does Bank of Baroda allow co-applicants?

      4. No, Bank of Baroda does not allow co-applicants.

    4. Does Bank of Baroda allow personal loan pre-payments?

      5. Yes, Bank of Baroda allows pre-payments subject to their terms and conditions. Foreclosure charges will be applicable.

    5. If I have an optimum credit score, can I assume that I will be offered the lowest rate possible?

      6. 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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