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    Bankbazaar Bank Of Baroda Personal Loan

    We found 1 Bank Of Baroda Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.35% - 16.35% Floating
    1,000 to ₹10,000 One time fee
    1L - 10L
    4 Years
    Response Time : Within 30 minutes
    What you'll love
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    Eligibility Criteria
    Bank Of Baroda Personal Loan is Rated as "Great!" by 16 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Bank Of Baroda Personal Loan

    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

    Perfect Personal Loan Deals for you


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

    01
    02
    03
    04

    At least 21 years old

    Less than 60 years old

    Salaried / Self “ Employed
    with regular income

    Earn more than the minimum
    income required


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

    01
    02
    03

    Earn more than the minimum
    income required

    Maximum allowed personal loan is Rs. 10 lakhs

    EMIs of other loans lower
    your eligibility


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

    01
    02

    Pay off your Credit Card bills

    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 23 Sep 2017

    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

    About Bank of Baroda Personal Loan

    Enquire for 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.

    TenorMCLR (in percentage)
    Overnight MCLR9.15%
    1 month MCLR9.20%
    3 month MCLR9.30%
    6 month MCLR9.35%
    1 year MCLR9.40%
    3 year MCLR9.40$
    5 year MCLR9.60%

    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 annum13.90% 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
    AgeAbove 21 years of age*
    NOTE – This is the standard age eligibility across almost all banks in India
    Job ContinuityShould have a job and worked with the current employer for at least 1 year
    Minimum Loan AmountRs.20,000
    Maximum Loan AmountRs.2,00,000
    TenureUp 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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  • Bank Of Baroda Personal Loan Reviews

    • 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 4
      , 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? 7
      , 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? 7
      , 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? 4
      , 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? 6
      , 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? 7
      , 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? 11
      , 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? 5
      , mumbai
      Reviewed on Sep 16, 2014
    • Bank of Baroda Personal Loan
      "Consideration of EMI date would be helpful"
      0.5 3.0/5 "Satisfactory"
      I had taken the loan before 5 years and at that point of time, there were no processing fees. Interest rate is as per the market. Its quite good and no issues at all. Regarding interest rate, the charges , i feel happy. Customer service way of approach is not bad as once my queries were resolved in bit long time. Initially, i requested to deduct the installment of 10th and later was changed as per their bank system. Its better if they can provide the installment date as per the convenient of customers. Even ECS payment options is not available.
      Was this review helpful? 7
      , udaipur
      Reviewed on Jul 23, 2014
    • Bank of Baroda Personal Loan
      "Overall services are fine and good"
      0.5 5.0/5 "Blown Away!"
      The Bank of Baroda bank services are quite OK as it is nationalized bank. Net banking is too good and faster. Branch services are quite OK and executives are doing a good job. I can find number of ATM's and their overall services are fine and good.
      Was this review helpful? 7
      , chennai
      Reviewed on Jul 14, 2014
    • Bank of Baroda Personal Loan
      "Lead banker of my company"
      0.5 3.0/5 "Satisfactory"
      Four months ago I received a personal loan from Bank of Baroda. Everything such as documentation and the loan process are the same however the guarantor details are mandatory to get a loan. Rate of interest is variable but quite affordable. Bank of Baroda is one of lead banker of my company and I am holding a salary account for a while.
      Was this review helpful? 13
      , vadodara
      Reviewed on May 17, 2014
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