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    Bank Of Baroda Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    14.15% Fixed
    1,000 to ₹10,000 One time fee
    20,000 - 2L
    1-3 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    Bank Of Baroda Personal Loan is Rated as "Great!" by 11 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Bank of Baroda is an Indian state-owned banking and financial services company head quartered in Vadodara (earlier known as Baroda) in Gujarat, India. It is the second-largest bank in India, after State Bank of India and offers a range of banking products and financial services to corporate and retail customers through its branches and through its specialised subsidiaries and affiliates. During FY 2012-13, Its total business was Rs. 8,021 billion

    Bank of Baroda offer Loans for different key products like Personal Loan, Home Loan, Two Wheelers Loan, Auto Loan...

    Personal loan in Bank of Baroda has Minimal documentation with low processing fee


    You’re probably eligible for an Bank of Baroda Personal Loan if you are

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    02
    03
    04
    Bank of Baroda Personal Loan Minimum Age

    At least 21 years old

    Bank of Baroda Personal Loan Maximum Age

    Less than 58 years old

    Bank of Baroda Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Bank of Baroda Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Bank of Baroda Personal Loan amount eligibility is based on these factors

    01
    02
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    Bank of Baroda Personal Loan Minimum Salary

    Earn more than the minimum
    income required

    Bank of Baroda Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 2 lakhs

    Bank of Baroda Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Bank of Baroda Personal Loan amount by these steps

    01
    02
    Bank of Baroda Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your Credit Card bills

    “Bank

    Choose longer tenure loan up to 3 Years


    Documentation needed to apply for an Bank of Baroda Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Bank of Baroda Personal Loan Interest RatesUpdated on 29 Sep 2016

    Bank of Baroda Personal Loan Details
    Interest Rate 14.15%
    Processing Fees Rs.1,000 to Rs.10,000
    Loan Tenure 3 years

    About Bank of Baroda Personal Loan

    Bank of Baroda is second largest nationalized financial institutions of the nation. The bank is headquartered in Vadodara, Gujarat and was founded in the year 1908. The bank received the ‘nationalized’ status in the year 1969. The bank offers a wide range of banking and financial services as well as products. Bank of Baroda has a widespread network of branches across the whole country and has its corporate headquarters in Mumbai. The bank also has several overseas branches and has merged with and taken over a few smaller banks of the country too.

    As per an analysis in the year 2002, Bank of Baroda has total assets of over Rs.3.58 trillion, along with a network of 4913 domestic branches and over 2000 ATMs across the country.

    Personal Loans as a banking product are fast gaining popularity. With almost all public and private banks offering loans for personal requirements, the market has become quite competitive and dynamic. However, Bank of Baroda has established its Personal Loan product as a reliable and desired cash instrument.

    Personal loans by Bank of Baroda are quite popular and sought-after. These loans ensure that your personal financial needs are met smoothly without digging a hole in your long-term savings.

    Why choose Bank of Baroda Personal Loan?

    Bank of Baroda Personal loans are more preferable in comparison to personal loans by other major banks; this is due to reasons like faster processing, lower rates and a host of other reasons, a few of which are listed below.

    Nominal Documentation: Bank of Baroda ensures that you get your required personal loan without any hassles of copious paperwork. Hence, a few basic documents are all that is required to help you take care of all urgent/planned personal expenses.

    Easy Repayments: The repayment of Bank of Baroda personal loans can be done either through cheques or through online EMIs, both of which are extremely easy to track and pay.

    No pre-payment charges: In case the customer wishes to pay off the personal loan earlier than the agreed loan tenure then Bank of Baroda does not charge any pre-payment fees.

    Attractive Rate of Interest: The rate of interest offered on Bank of Baroda personal loans is extremely competitive.

    Bank of Baroda personal loans are a great way to meet your personal expenses; be it a wedding in the family, house renovation or your child’s education fee. Personal loans by Bank of Baroda are a great financial help to meet your personal requirements. Here are some of the most significant features of Bank of Baroda personal loans.

    Zero Prepayment Charges: Pre-payment charges are not applicable at all in case the customer wants to pay off the Bank of Baroda personal loan earlier than the stipulated loan tenure. This means that you can reimburse the loan amount to the bank as soon as you can spare that extra amount and be done with your financial liability towards the bank.

    Fast Loan Processing: Bank of Baroda has a quick turnaround time on their personal loan applications. Hence, you need not wait for days and weeks to get the loan amount into your bank account. Meet your financial needs as soon as they arise and enjoy a hassle-free banking experience with Bank of Baroda.

    Personal Loan special schemes: Bank of Baroda offers personal loans to pensioners and Ex-Defence personnel too. The bank also has personal loan offerings for Earnest Money Deposits which are for buyers of home/plot/flat.

    Premium Personal Loan option for Existing Customers: Bank of Baroda offers Premium Personal Loan to its existing customers. To be eligible for this loan, a user should have a smooth, running bank account with Bank of Baroda for at least 6 months. The account should be approved for good conduct by the branch head.

    Life is marked by many special occasions, but we may not always have the funds readily available to finance the celebrations accompanying those occasions. For instance, there is a wedding about to take place or you wish to surprise your loved ones by taking them on a vacation. During such times, a helping hand in the form of additional finance can make all the difference in the world. Bank of Baroda provides personal loans which can help you meet those needs in an affordable manner.

    Bank of Baroda MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

    As per the RBI guidelines, all loans (including personal loans) offered by Bank of Baroda will be linked to MCLR (Marginal Cost of Funds based Lending Rate). MCLR rates are dependent on various factors like cost of funds, cost of maintaining cash reserve ratio (CRR), minimum rate of return (margin / profit) and bank’s operating expenses. The MCLR rate applicable on loans issued by Bank of Baroda is as follows, with effect from June 7, 2016, up to the date of the next review i.e. July 6, 2016.

    Tenor MCLR (in percentage)
    Overnight MCLR 9.15%
    1 month MCLR 9.20%
    3 month MCLR 9.30%
    6 month MCLR 9.35%
    1 year MCLR 9.40%
    3 year MCLR 9.40$
    5 year MCLR 9.60%

    Note: the bank shall levy a Strategic Premium of 0.25% over and above the MCLR given above.

    Bank of Baroda Personal Loan Interest Rates (MCLR)

    For all new borrowers, Bank of Baroda will extend personal loans which will be inked to the MCLR rate system. MCLR rates are subject to change without prior notice. Following are the

    MCLR rates for the various personal loans provided by the bank.

    Type of Loan

    MCLR Interest Rate

    Baroda Personal Loan

    One year MCLR + Strategic Premium + 4.50%

    Baroda Premium Personal Loan

    Category A: MCLR + Strategic Premium + 3.00%

    Category B: MCLR + Strategic Premium + 4.00%

    Bank of Baroda Base Rate & Prime Lending Rates (For existing borrowers)

    All existing borrowers can avail personal loans which will be linked to the Base Rate system of interest calculation. Base Rate is set by the RBI each year and is the minimum rate which the bank is allowed to charge its customers. The Prime Lending Rate is the average interest rate which is charged by banks on loan products. Following is the Base Rate and BPLR offered by Bank of Baroda for its loan products.

    Base Rate (w.e.f 5/10/2015) BPLR (w.e.f. 5/10/2015)
    9.65% per annum 13.90% per annum

    Bank of Baroda Personal Loan Interest Rate (Base Rate)

    For all its existing customers, Baroda Bank will continue to offer personal loans which will be linked to the Base rate interest system. The interest rate applicable on Base Rate linked personal loans is Base Rate + 4.50%. Also, existing customers who have taken personal loans with the bank have the option of switching over to the MCLR linked interest rate system.

    Note: The MCLR rates given above are effective as of June 7, 2016. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same. Also, interest rates for personal loans are subject to change with change in MCLR / Base Rate.

    To be eligible for Bank of Baroda Personal Loan, a few age and income criteria need to be met. These are listed below and are subject to change as per Bank’s norms.

    Segment
    • MNC
    • Public Ltd.
    • Co/Large Pvt. Ltd.
    • State Govt. /Central Govt.
    • PSU
    • Professionals who are self-employed like doctors
    Age Above 21 years of age*
    NOTE – This is the standard age eligibility across almost all banks in India
    Job Continuity Should have a job and worked with the current employer for at least 1 year
    Minimum Loan Amount Rs.20,000
    Maximum Loan Amount Rs.2,00,000
    Tenure Up to 36 Months

    BankBazaar.com hosts a unique and effecient EMI Calculator on its website. Using this Personal Loan EMI Calculator Tool , you may find out the monthly loan installment that you will be required to pay each month. This tool lets you find this EMI amount and hence enables you in planning your monthly expenses in advance. Also, knowing the EMI beforehand, a customer can adjust the loan parameters to reach an optimum amount that he/she is comfortable in paying each month.

    The tool takes in loan amount, loan tenure and interest as parameters and then calculates the applicable EMI.

    Apart from the above listed generic features and benefits of availing personal loan from Bank of Baroda, there are some special advantages for existing Bank of Baroda customers. These customers are offered Premium Personal Loan, which has the following significant features –

    • This personal loan by Bank of Baroda is meant for customers who have an account relationship with the bank for at least 6 months and have a good track record
    • The minimum age to be eligible for this personal loan is 21 years
    • The loan is available either with or without check-off. This means the customer can choose to let his employer remit directly, a part of his salary to the bank as personal loan EMI
    • Minimum Monthly income to be eligible for this premium personal loan is Rs.10000 for Personal loan with full check-off
    • Minimum Monthly income to be eligible for this premium personal loan is Rs.15000 for Personal loan with partial/no check-off
    • Maximum Loan amount for personal loan with check-off is Rs.10 lacs or 24 times the net monthly income
    • Maximum Loan amount for personal loan with partial/no check-off is Rs.5 lacs or 24 times the net monthly income
    • Am I eligible for Bank of Baroda personal loan?

      Bank of Baroda offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Bank of Baroda personal loan is Rs. 20,000 per month. If you fall into this group, you can definitely apply for a Bank of Baroda personal loan.

    • How do I repay Bank of Baroda Personal loan?

      You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

    • What is the maximum loan one can get from Bank of Baroda ?

      Bank of Baroda offers personal loans as high as Rs. 2 Lakhs for successful applicants depending on their financial record and repayment history.

    • What is the tenure for Bank of Baroda personal loan?

      Bank of Baroda offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.

    • As a Permanent confirmed employees am I eligible for a personal loan from Bank of Baroda?

      Yes you are, but there are a couple of eligibility criteria’s that you have to meet as a permanent confirmed employee to apply for a personal loan from Bank of Baroda. This includes:

      1. You should have a minimum a year’s experience in service
      2. You should either should be employed at:
        • Central or State Government or Autonomous Bodies or Public or Joint sector undertakings.
        • A reputed Limited company or a MNC or a reputed educational Institution
    • What are the interest rates for personal loans from Bank of Baroda?

      The rate is generally 4.5% but for:

      • Pensioners: Base Rate + 4.50%
      • Defence Pensioners: Base Rate + 4.50%
      • Earnest Money Deposit: Base Rate + 3.25%
    • As a self-employed professional am I eligible for a personal loan from Bank of Baroda?

      Yes, you can as long as you have proof of experience or service as any one of the following professionals listed here:

      • Doctors
      • Architects
      • Interior Designers
      • Engineers
      • Chartered Accountants
      • ‘Technical & Management Consultants & practicing Company Secretaries only, with a stable business’ as on Bank of Baroda portal
    • I am an insurance agent. Am I eligible for a personal loan from Bank of Baroda?

      Yes, you are. But under the following circumstances:

      • You should be doing insurance business for at least the last -5- years
      • You have a stable and regular income, also maintaining a Savings bank account with the bank that credits your commission cheques from their principals.
    • What is the minimum amount of loan that can be borrowed from Bank of Baroda for personal finance?

      The general minimum amount that can be borrowed is Rs. 20,000 from Bank of Baroda for personal finance.

    • What is the maximum limit of loan amount that can be borrowed from Bank of Baroda for personal finance?

      The maximum amount that can be loaned is generally Rs.2 lakhs but is subject to conditions such as the profession of the individual. For instance: The max. Limit is Rs. 1 lakh for Civil Pensioners, whereas its Rs. 2 lakhs for Defence Pensioners and Rs. 5 lakhs for Earnest Money Deposit (EMD).

    • What is the maximum tenure for Bank of Baroda personal loans?

      You can take a maximum of up to 36 months to repay your loan amount.

    • What is the charges levied for defaulting a monthly instalment?

      You have to pay 2% of the loan amount as penalty fee for missing a payment due date for their personal loan.

    • Can I make prepayments? Do I have to pay an extra fees or charges for the same?

      No, you can make prepayments without any extra charges towards the personal loan from this bank.

    *This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Bank of Baroda Limited. For further information about any of the products mentioned above please contact Bank of Baroda.

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