|Interest Rate||10.25% and above|
|Processing Fees||Rs.1,000 to Rs.10,000|
BRLLR – 4.40%
SP – 0.25%
For existing customers with an account relationship of at least 6 months
BRLLR +SP+3.00% to BRLLR +SP+ 6.00% (According to the loan applicant’s risk rating) that is 7.65% to 10.65%
For applicants who have an account with any other bank for at least 6 months
BRLLR +SP+5.00% to BRLLR +SP+ 8.00% (According to the loan applicant’s risk rating) that is 9.65% to 12.65%
|Age||Applicant should be at least 21 years old|
|Minimum employment/business tenure required||
|Minimum loan amount||Metro and urban areas: Rs.1 lakh Semi-urban and rural areas: Rs.50,000|
|Maximum loan amount||Metro and urban areas: Rs.10 lakh Semi-urban and rural areas: Rs.5 lakh|
|Tenure||Up to 60 months|
There are a number of other factors that play a key role in determining the maximum amount of personal loan that an individual can avail. Furthermore, if you are a salaried professional who holds a salary account with Bank of Baroda, you might be eligible for some added benefits in terms of eligibility. See the table mentioned below to learn about these criteria and how they impact the terms and eligibility of a borrower opting for a personal loan at the bank:
|Parameters||Salaried employees of Central/State Government, Autonomous bodies, PSUs, Joint sector undertakings, or Educational institutions with salary accounts at the bank||Other eligible applicants|
|Repayment capacity||60% of Gross Monthly Income (GMI)||
|Repayment period||Up to 60 months||Up to 48 months|
|Account relationship||Salary of the last month should be credited in the salary account at Bank of Baroda||For loan amount up to Rs.2 lakhs: Borrower must have satisfactory account relationship with any bank for at least 6 months. For loan amount above Rs.2 lakh:
You can compute EMIs for your Bank of Baroda personal loan through any online EMI calculator. BankBazaar.com has a convenient personal loan calculator which can be used simply by dragging a slider. It makes your loan application easier. You can plan your loan expenses and manage your overall finances efficiently with the help of this calculator. To make use of it, you will need to input certain details regarding your loan. These details include loan amount, loan tenure, processing fee, prepayment fee, and interest rate.
You can pay your EMIs promptly to clear your loan on time. During the first few months of your loan tenure, you will be paying a higher interest. Towards the end of your loan tenure, you will be paying a higher principal compared to your interest.
You may also view the pie chart below the result which will show your loan amount, interest due, and the total processing fee that you need to pay for your loan.
You can also view your amortisation details by checking out the bar diagram which can be found below the pie chart. This will show the interest, unsettled loan amount, and principal.
Let us now look at an example to understand how this EMI calculator works. In the following table, we have assumed that the processing fee is 2%, that the interest rate is 10.45% p.a. and that the loan applicant is not interested in making any pre-payment. Each row in the table shows the EMIs for different loan tenures and loan amounts.
|Loan amount (Rs.)||Processing Fee||Interest rate (%) (p.a.)||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)|
The minimum loan tenure is 12 months.
If you go for a BOB personal loan worth Rs.1 lakh, your lowest EMI will be Rs.3,302.
The maximum loan tenure is 60 months for employees working in government sector. For others it is 48 months.
Yes, you can include your spouse’s income when you have to improve your loan eligibility in order to apply for a BOB personal loan.
The processing fee for your BOB personal loan will be 2% of loan amount along with the service tax.
The minimum loan quantum is Rs.1 lakh.
The maximum loan quantum is Rs.10 lakh.
The minimum loan quantum is Rs.50,000.
The maximum loan quantum is Rs.5 lakh.
No, Bank of Baroda accepts personal loan applications only from a single individual. The bank does not allow co-applicants to apply for a personal loan.
You will have to be at least 21 years to apply for BOB personal loan.
The loan quantum limit will be fixed according to the classification of the financing branch of the bank.
Yes, you can apply for the loan if you are an insurance agent if you have been doing business for at least 2 years.
No, the bank does not allow staff members to apply for this loan product.
The maximum repayment period is 60 months.
The maximum repayment period is 48 months.
You can check Bank of Baroda personal loan application status either online or offline. All you need to have in order to check the status is the reference number, unique tracking number and the registered mobile number.
You can contact Bank of Baroda personal loan customer care executives at the following toll-free numbers – 1800 258 44 55/1800 102 44 55. NRIs can call on 079 – 49044100/7923604000.
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