Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Loading your search...
    Close

    Compare, check your eligibility and apply online instantly.

  • Bank of Baroda Personal Loan is Rated as "Great!" by 23 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Bank of Baroda Personal Loan

    Bank of Baroda (BOB) is a prominent bank in India that extends numerous financial products and services to individuals across the nation. The bank offers an excellent personal loan product to help customers meet their multiple needs. You can utilise this personal loan 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.

    Perfect Personal Loan Deals for you


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

    01
    02
    03
    04
    Bank of Baroda Personal Loan Minimum Age

    At least 21 years old

    Bank of Baroda Personal Loan Maximum Age

    Less than 60 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
    03
    Bank of Baroda Personal Loan Minimum Salary

    Earn more than the minimum
    income required

    Maximum allowed personal loan is Rs. 10 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 of Baroda Personal Loan Tenure

    Choose longer tenure loan up to 4 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 21 Nov 2018

    Bank of Baroda Personal Loan Details
    Interest Rate 11.35% to 16.35%
    Processing Fees Rs.1,000 to Rs.10,000
    Pre-closure Charges Within 6 Months - 6% of Principal outstanding After Six Months - Nil
    Loan Tenure 4 years

    Bank of Baroda Personal Loan Interest Rates
    For existing customers with an account relationship of at least 6 months 1-year MCLR + SP + 3.00% to 1-year MCLR + Strategic Premium + 6.00% (According to the loan applicant’s risk rating)
    For applicants who have an account with any other bank for at least 6 months 1-year MCLR + SP + 5.00% to 1-year MCLR + Strategic Premium + 8.00% (According to the loan applicant’s risk rating)
    Preferred credit score 750 and above

    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 numerous reasons such as 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.

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

    Enquire for Bank of Baroda Personal Loan

    Features of Bank of Baroda Personal Loan

    • Zero Prepayment charges: Prepayment 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.

    Bank of Baroda Personal Loan Fees and Charges

    Processing fee 2% of loan amount + Service tax
    Minimum processing fee Rs.1,000
    Maximum processing fee Rs.10,000
    Penalty interest 2% on the outstanding loan amount

    Bank of Baroda MCLR details

    MCLR benchmark MCLR in (%) with effect from 7 May 2017
    Overnight MCLR 8.00
    1-month MCLR 8.05
    3-month MCLR 8.15
    6-month MCLR 8.35
    1-year MCLR 8.50

    The Base Rate for all existing accounts of personal loan borrowers with effect from 1 July 2018 is 9.25% p.a. The Benchmark Prime Lending Rate (BPLR) for all present accounts is 13.55% p.a. which has been effective from 1 July 2018.

    Bank of Baroda Personal Loan Eligibility

    Segment
    • Salaried employees of MNCs
    • Public Limited Company or Large Private Limited Company employees
    • Employees of the State Government or Central Government
    • Employees at Public Sector Undertakings (PSUs) and Joint Sector Undertakings
    • Salaried individuals at educational institutions and autonomous bodies
    • Employees of partnership or proprietorship firm
    • Professionals who are self-employed like doctors, practising company secretaries, engineers, interior designers, management consultants, architects, or management consultants
    • Insurance agents
    Age Applicant should be at least 21 years old
    Minimum employment/business tenure required
    • Salaried employees should have a job and worked with the current employer for at least 1 year.
    • Self-employed persons must have had a stable business for a minimum of 1 year.
    • Insurance agents must have been in business for at least 2 years.
    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

    Special Criteria for Bank of Baroda Personal Loans

    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
    Gross monthly income (GMI) Maximum loan up to 12 times of GMI
    • If GMI is less than Rs.75,000, maximum loan will be up to 6 times of GMI
    • If GMI is Rs.75,000 and above, maximum loan will be up to 8 times of GMI
    Fixed Obligations to Income Ratio (FOIR) or repayment capacity EMI should be 60% of GMI
    • For GMI less than Rs.75,000 - EMI should be 40% of GMI
    • For GMI between Rs.75,000 and Rs.2,00,000 - EMI must be 50% of GMI
    • For GMI Rs. 2,00,000 and above - EMI should be 60% of 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:
    • Applicant should have satisfactory account relationship with Bank of Baroda for at least 6 months.
    • For employees of private limited companies, trusts, proprietorship/partnership firms - Borrower must have maintained salary account at Bank of Baroda for the last 6 months.
    • For insurance agents - The commission earned by the borrower for the last 6 months should have been credited to the account at Bank of Baroda.

    How to calculate EMIs for Bank of Baroda Personal Loans

    You can compute EMIs for your Bank of Baroda personal loan through any online EMI calculator. BankBazaar.com has a convenient EMI 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.

    • To use the BankBazaar EMI calculator for your Bank of Baroda Personal Loan, you will have to first go to the main menu of the website and then go to ‘Finance Tools’. Here, you can choose EMI calculator.
    • Once you click on the calculator, you will first have to select your loan amount by dragging the slider.
    • Next, you need to choose your loan tenure with the help of the slider.
    • You will now have to enter the interest rate charged by Bank of Baroda for your personal loan. This will need to be given in percentage.
    • Further, you have to enter the processing fee which will be a percentage of your personal loan amount.
    • You will now have to decide if you wish to go for a prepayment or not. You can do this by clicking the ‘Yes’ or ‘No’ option. Next, you can click ‘Calculate’.

    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.

    Example

    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.)
    10 Lakh 2% 10.45% 46,353 32,479 25,579 21,469
    15 Lakh 2% 10.45% 69,529 48,718 38,369 32,204
    20 Lakh 2% 10.45% 92,706 64,958 51,158 42,938
    25 Lakh 2% 10.45% 1,15,882 81,197 63,948 53,673
    30 Lakh 2% 10.45% 1,39,059 97,437 76,738 64,407
    35 Lakh 2% 10.45% 1,62,235 1,13,676 89,527 75,142
    40 Lakh 2% 10.45% 1,85,412 1,29,915 1,02,317 85,877

    Bank of Baroda Premium Personal Loan:

    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 –

    Bank Of Baroda Personal Loan Reviews

    • Bank of Baroda Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      My personal loan was taken with BANK OF BARODA , the process was really smooth and hassle free. I never had any issues with their services. They charge rate of interest and processing fee was too nominal with this bank . The process of getting loan was too quick and i did not face any issue at the time of documentation .
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 14, 2018
    • Bank of Baroda Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Bank of Baroda and my experience was good, the loan amount was for Rs 50000 with high interest rate when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 2 years.
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 01, 2018
    • Bank of Baroda Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have take personal loan from Bank of Baroda which they approved in 1 day and the amount is reflected in next day ,its instant approve process. As am not satisfied with the rate of interest which is quiet high. They provided the tenure period of 5-6 years and i make the payment monthly though ECS. Even the processing fees and charges are also very high.
      Was this review helpful? 6
      , indore
      Reviewed on Aug 22, 2018
    • Bank of Baroda Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have got the personal loan from the bank of Baroda around 6months ago, they have disbursed the loan amount in 2 months of time. I haven't got the required loan amount and they haven't approved the requested loan amount. The rate of interest is average with this service.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Mar 27, 2018
    • Bank of Baroda Personal Loan
      "Efficient Bank"
      0.5 5.0/5 "Blown Away!"
      Bank of Baroda is one of those efficient banks that provided me with a loan long time ago, and their process involved minimal hazzle. The loan got approved within a day, I had option to preclose my loan which I did. The rate of interest is also good in the bank.
      Was this review helpful? 14
      , agra
      Reviewed on Oct 10, 2017
    • Bank of Baroda Personal Loan
      "good service"
      0.5 4.0/5 "Great!"
      Service was good ,customer service was very helpful and responsible ,even during the documentation part was fine ,till now it was a very good service from BANK OF BARODA for my personal loan service . I am happy with their overall service of BANK OF BARODA.
      Was this review helpful? 7
      , chennai
      Reviewed on Oct 04, 2017
    • Bank of Baroda Personal Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Bank of Baroda and they gave it to me with a good deal overall. The process was easy to get the loan and the documentation was simple and the process was not lengthy. The after loan services are also smooth without any issues.
      Was this review helpful? 5
      , bangalore
      Reviewed on Sep 25, 2017
    • Bank of Baroda Personal Loan
      "Be convenient to the customers"
      0.5 3.0/5 "Satisfactory"
      As my salary account is with Bank of Baroda, I got some loan opportunity from BOB through my company but I was informed that the entire personal loan process will be done in three months of time which is too much. so I did not go with BOB. If they took three months to the people who are approaching the bank though their organization then I do not know the exact processing time if people approach the bank directly. It would be good if the loan processing time is short.
      Was this review helpful? 2
      , karur
      Reviewed on Sep 07, 2017
    • Bank of Baroda Personal Loan
      "Fair Service"
      0.5 5.0/5 "Blown Away!"
      I had not taken any personal loan from Bank of Baroda but I had tried once with the bank for the loan. Actually I am a salaried cum business man and I am maintaining my savings account with BOB for more than ten years. But the bank did not approve the loan due to the salary constrains.
      Was this review helpful? 7
      , vadodara
      Reviewed on Aug 30, 2017
    • Bank of Baroda Personal Loan
      "Excellent Service"
      0.5 3.0/5 "Satisfactory"
      Bank of Baroda provides an excellent service for me and they make my loan process easy and fast which was very helpful for me in processing my loan and the rate of intrest was also low compare to others which comes to 13.5% was affortable for me and the executives were also helpful in processing my loan process.
      Was this review helpful? 2
      , kolhapur
      Reviewed on Aug 22, 2017
    • Bank of Baroda Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have got personal loan from Bank of Baroda within 2 to 3 days of time. The additional charges are nominal with Bank Of Baroda. The rate of interest was average as per the market rate. The customer service was also very helpful in regards to my personal loan process. I am satisfied with the loan amount.
      Was this review helpful? 1
      , rohtak
      Reviewed on Aug 21, 2017
    • Bank of Baroda Personal Loan
      "BOB considers only Government employees for personal loan"
      0.5 1.0/5 "Really Bad"
      Though I am a long term customer of Bank of Baroda, they were not willing to give me a personal loan. I am having savings account for quite long time and I do much transactions with them. In spite of having savings account with SBI, I prefer BOB for all my transactions. But BoB considers only the government employee for personal loan, which is really a disappointment.
      Was this review helpful? 8
      , bhopal
      Reviewed on Mar 10, 2017
    • Bank of Baroda Personal Loan
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      Within one day my personal loan was disbursed by bank of baroda as i have account with them i just visited the branch once and on the same day the approval was given. Interest rate charged 13.5 %. Partial payment and pre payment van be done without any charges. BOB has the fast process.
      Was this review helpful? 11
      , jaipur
      Reviewed on Dec 09, 2015
    • Bank of Baroda Personal Loan
      "Satisfied!"
      0.5 3.0/5 "Satisfactory"
      I got my personal loan amount disbursed within 10 days of application. Since I am holding a savings account with Bank Of Baroda, they collected only minimal documents for the application. The interest rate and processing fees is normal when compared to other banks.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Aug 29, 2015
    • Bank of Baroda Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I hold saving account in Bank of Broda, basis on my existing relationship I applied for personal loan. I was offered loan at 11.5% interest rate. The executive came to my house within 2 hours to collect my documents. My loan was processed in 10 days.Excellent service provided from the bank.
      Was this review helpful? 6
      , vadodara
      Reviewed on Aug 10, 2015
    • Bank of Baroda Personal Loan
      "BANK OF BARODAPersonal Loan"
      0.5 4.5/5 "Excellent!"
      I am being with BOB for a quiet long time it is very friendly. They maintain good communication. Interest rate is quiet low while comparing to other banks. Even though the interest rate is high they did not keep up their words on interest so bit dissatisfied on it. Base Rate + 4.50%
      Was this review helpful? 9
      , surat
      Reviewed on May 15, 2015
    • Bank of Baroda Personal Loan
      "Bank of baroda personal loan"
      0.5 3.0/5 "Satisfactory"
      I am being with BOB for a quiet long time it is very friendly. They maintain good communication. Interest rate is quiet low while comparing to other banks. Even though the interest rate is high they did not keep up their words on interest so bit dissatisfied on it. Base Rate + 4.50%
      Was this review helpful? 5
      , secunderabad
      Reviewed on Feb 03, 2015
    • Bank of Baroda Personal Loan
      "awesome facility"
      0.5 5.0/5 "Blown Away!"
      BOB The loan amount ranges from 20,000 to 2 lacs. While the lower limit is good enough to cover people requiring small ticket personal loan, the upper limit is too low to attract people who seek higher amounts.The processing fees are 2% of the loan amount which is as per market standards. There are no prepayment charges which are a big plus for borrowers looking to pay off the loan ahead of schedule.is a public sector bank. The bank was established in 1908 and was nationalized in 1969.
      Was this review helpful? 11
      , mumbai
      Reviewed on Jan 07, 2015
    • Bank of Baroda Personal Loan
      "Best Service of Personal Loan by Bank of Baroda "
      0.5 3.5/5 "Pretty good"
      BOB The loan amount ranges from 20,000 to 2 lacs. While the lower limit is good enough to cover people requiring small ticket personal loan, the upper limit is too low to attract people who seek higher amounts.The processing fees are 2% of the loan amount which is as per market standards. There are no prepayment charges which are a big plus for borrowers looking to pay off the loan ahead of schedule.is a public sector bank. The bank was established in 1908 and was nationalized in 1969. It is one of the few nationalized banks to pursue an aggressive marketing strategy.Overall service was good.I don't have any account but even though I got a good response from them.
      Was this review helpful? 15
      , mumbai
      Reviewed on Oct 29, 2014
    • Bank of Baroda Personal Loan
      "Banking relationship with this bank is good"
      0.5 4.5/5 "Excellent!"
      It is a nationalized bank, whatever they are providing its per the government norms. If I am in need of money in urgent basis, they help me and give it immediately. Interest rate is 9.25% and I would do the deposit in branch. I have a good personal relation with this bank, even the customer service gives me personally.
      Was this review helpful? 9
      , mumbai
      Reviewed on Sep 16, 2014
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.