|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 (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.
|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|
|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|
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.
|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|
|MCLR benchmark||MCLR in (%) with effect from 7 May 2017|
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.
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||
|Fixed Obligations to Income Ratio (FOIR) or repayment capacity||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:
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.
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.)|
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 –
Whenever you have any doubt or grievance about personal loans from Bank of Baroda, you can reach out to them through their customer care helpline numbers. You need not go all the way to a bank branch to get a resolution for your hassles. The bank has a toll-free number, which can be used for any issues related to personal loans. The bank also has other customer service numbers for other products. You can get in touch with the bank whether you are living in the country or you are in a foreign country.
You can get in touch the knowledgeable, patient, and polite customer care representatives at Bank of Baroda by calling at the toll-free numbers at 1800 22 33 44, 1800 258 44 55, and 1800 102 44 55.
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 36 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.
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