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  • Bank of Baroda Personal Loan

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  • With attractive interest rates, easy documentation procedures and flexible repayment options, Bank of Baroda personal loans are great options for your immediate financial needs. Interest rates starting from 11.35% and tenures extending up to 4 years.
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    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 (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.

    Interest Rates and Charges

    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

    Features

    • 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 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

    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.

    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.

    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 personal loan 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 Personal Loan Customer Care

    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.

    FAQs

    1. What is the minimum loan tenure for Bank of Baroda personal loans?
    2. The minimum loan tenure is 12 months.

    3. What will the lowest EMI be for BOB personal loan worth Rs.1 lakh?
    4. If you go for a BOB personal loan worth Rs.1 lakh, your lowest EMI will be Rs.3,302.

    5. What is the maximum loan tenure for Bank of Baroda personal loans?
    6. The maximum loan tenure is 36 months.

    7. Am I allowed to include my spouse’s income when I want to apply for a Bank of Baroda personal loan?
    8. 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.

    9. What is the processing fee that I will have to pay for my Bank of Baroda personal loan?
    10. The processing fee for your BOB personal loan will be 2% of loan amount along with the service tax.

    11. What is the minimum loan quantum for applicants in metro and urban areas?
    12. The minimum loan quantum is Rs.1 lakh.

    13. What is the maximum loan quantum for applicants in metro and urban areas?
    14. The maximum loan quantum is Rs.10 lakh.

    15. What is the minimum loan quantum for applicants in semi-urban and rural areas?
    16. The minimum loan quantum is Rs.50,000.

    17. What is the maximum loan quantum for applicants in semi-urban and rural areas?
    18. The maximum loan quantum is Rs.5 lakh.

    19. Can I get the assistance of a co-applicant to apply for a BOB personal loan?
    20. 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.

    21. What is the minimum age requirement for a BOB personal loan?
    22. You will have to be at least 21 years to apply for BOB personal loan.

    23. How will the loan quantum be decided for a BOB personal loan?
    24. The loan quantum limit will be fixed according to the classification of the financing branch of the bank.

    25. If I am an insurance agent, can I apply for a BOB personal loan?
    26. Yes, you can apply for the loan if you are an insurance agent if you have been doing business for at least 2 years.

    27. If I am a staff member of Bank of Baroda, can I apply for a BOB personal loan?
    28. No, the bank does not allow staff members to apply for this loan product.

    29. What is the maximum repayment period if I am working with the central or state government or public and joint sector undertakings?
    30. The maximum repayment period is 60 months.

    31. What is the maximum repayment period if I am working with any other organisation?
    32. The maximum repayment period is 48 months.

        

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    Bank Of Baroda Personal Loan Reviews

    • Bank of Baroda Personal Loan
      "Kailashmahawar"
      0.5 5.0/5 "Blown Away!"
      Kailashmahawarkvdhjlfveugfvvvsssuojvvcxxnnnnnnbbbbbbbbhbhhyddsssssdryiooookhvfdssszsdfggjkioobvvvvvvvcccccvvghu8ooooooopjgdsaaaaAAAAAASSEEERRYYIIOOOOPPYTTREEWWWASSDFGJIOOOIHGFFDDSDVHIOIIIIYREEWWEUIOGDWY
      Was this review helpful? 7
      , jaipur
      Reviewed on Jul 28, 2019
    • Bank of Baroda
      Bank of Baroda Personal Loan
      "Need to increase a loan amount"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan in BANK OF BARODA which was applied directly to bank on 1 week before. At an initial the process was smooth and good. The loan amount was low given from bank for the tenure of 4 years. The rate of interest and fee charges are nominal for this loan.
      Was this review helpful? 8
      , coimbatore
      Reviewed on Jul 18, 2019
    • Bank of Baroda Personal Loan
      "Good bank with a low interest for a personal loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with bank of baroda for more than 2 months which was processed directly to bank. Since I am holding a salary account the process was smooth and on time I received a card. The loan amount was low which was given from bank for the duration of 3 years. The rate of interest is low of 11.9%.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Jul 11, 2019
    • Bank of Baroda Personal Loan
      "Excellent process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Bank of Baroda. The process is good and there are no hassles to get the loan. After I submitted the paper work, I got the loan in two days. The customer support and response is good. The rate of interest and the processing charges are normal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2019
    • Bank of Baroda Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      BANK OF BARODA is the bank where i have applied for the personal loan with this bank as the banking process was simple and easy documentation process toe get the loan and using it since from last one year. The duration for repaying the loan was 3 years.
      Was this review helpful? 4
      , new delhi
      Reviewed on May 08, 2019
    • Bank of Baroda Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from BANK OF BARODA before 6 months ago. They have provided a good service and the loan process was very smooth. The documents are submitted to the branch directly. The loan duration is 3 years and there was a processing fee which was normal.
      Was this review helpful? 9
      , bangalore
      Reviewed on Mar 20, 2019
    • Bank of Baroda Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the BANK OF BARODA they have processed the loan so which also the documentation process is simple and easy to get the loan. The loan amount is satisfactory added on that the rate of interest is nominal, processing fee is applicable.
      Was this review helpful? 13
      , new delhi
      Reviewed on Feb 22, 2019
    • Bank of Baroda Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with Bank of BARODA, the loan amount which they have given me was sufficient, and the rate of interest they have charged me was nominal, and the processing fee they have charged me was nominal and there was no delay in loan amount , i got on time, overall service was good.now i am going to close this loan in one year.They have not charged me hidden charges.
      Was this review helpful? 7
      , lucknow
      Reviewed on Jan 29, 2019
    • Bank of Baroda Personal Loan
      "Fast Approval"
      0.5 4.0/5 "Great!"
      My salary account belongs to Bank of Baroda, hence I approached them for the personal loan. I went to the home branch directly they sanctioned the loan on time and just I paid my emi and closed it, the interest rate is around 11.75% for one year of tenure.
      Was this review helpful? 6
      , mumbai
      Reviewed on Jan 14, 2019
    • 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? 15
      , 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? 13
      , 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? 14
      , 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? 11
      , 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? 16
      , 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? 11
      , 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? 8
      , 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? 5
      , 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? 14
      , 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? 6
      , 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? 6
      , rohtak
      Reviewed on Aug 21, 2017
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