Vadodara Personal Loan

Popularly known as ‘Kala Nagari’ and ‘Sanskrit Nagar,’ Vadodara or Baroda is an important city of Gujarat. The city is the 20th largest city in India and is the 3rd biggest city in Gujrat. It has a rich cultural heritage and the city’s economy is mostly focused on fertilizers and compounds, medicines, fisheries, fiber weaves, dairy, and machine gears. Rice, wheat, grams, yarn, sugarcane, and yellow peas are some significant crops that are harvested in Vadodara. The city also has more than 120 public schools and 100 public schools.

The city is also home to many public and private banks that makes it easier to get a personal loan. A personal loan is an unsecured loan that can be used for whatever reason the borrower sees fit. An unsecured loan is a word that refers to a loan that does not require collateral. Personal loans are available from banks, credit unions, and other financial institutions on a regular basis.

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Documentation needed to apply for an Vadodara Personal Loan

The documents that one need to apply for a personal loan in Vadodara is mentioned below:

1. Photo ID and age proof
2. Signed application form with photograph
3. Residence proof
4. Last 6 months bank statement
5. Documentation for salaried applicants:
- Last 3 months salary – slips
- Form 16 or Income Tax Returns
6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Vadodara Personal Loan Interest Rates_{Updated on 21 Sep 2023}

Vadodara Personal Loan Details

Interest Rate (Monthly reducing balance)	8.70% - 36%
Processing Fees	0.5-2.5%
Loan Tenure	1 year to 5 years
Pre-closure Charges	2% - 5%
Guarantor Requirement	No guarantor required

Personal Loan in Vadodara

The citizens of Vadodara sometimes opt for a personal loan when they have a need for large sum of money urgently. The most typical reasons why people in Vadodara take out personal loans from banks are to buy a car, renovate their home, finance weddings and other celebrations, travel, and so on.

Personal Loans Offered by various Banks in Vadodara

There is a large number of public and private banking sectors and non-banking institutions that offer personal loans at attractive interest rates to individuals who are seeking a helping hand with their finances. Some of the leading banks in Vadodara include:

Tata Capital
Citibank
Aditya Birla
Canara Bank
Standard Chartered
IDBI Bank
IndusInd
Fullerton
IDFC First
Kotak Mahindra
HDFC Bank
Karur Vysya
Indian Overseas Bank
IDBI Bank
South Indian Bank
UCO Bank
Bank of India
Union Bank
Yes Bank

How to Get a Personal Loan with the Lowest Interest Rate in Vadodara

When applying for a personal loan, there are a few crucial elements to consider in order to be eligible for low interest rates. The interest rate you are qualified for is determined by the lender that provided you with the funds. The first and most important stage will be to establish your creditworthiness. This can be done by going to a credit information company's official website. These businesses provide you with an accurate score, which is a key aspect in getting your loan approved.

A good credit score will not only make it easier to obtain a loan amount, but it will also give you with a variety of low-interest loan possibilities. Credit scores of 750 and above are considered good, and this makes it much easier for you to be approved for a larger loan amount and at a cheaper interest rate. It is critical that you carefully draught and examine your financial requirements so that you do not apply for a loan amount that you do not require because you will end up paying a lot more in interest. Similarly, if you apply for a loan amount that is insufficient to meet your financial demands, you will be required to apply for another loan to ensure that your needs are met. As a result, it is critical that you examine your financial needs to ensure that you do not lose money by paying more interest payments.

Personal Loan Interest Rates in Vadodara 2023

There are a number of public and private sector banks in Vadodara that offer a plethora of options when it comes to personal loans to its residents. Listed below are the interest rates that is offered by various banks located in Vadodara:

Bank	Interest Rate Range
Citibank	9.99% to 14.99% (fixed)
Standard Chartered	11.49% onwards
Tata Capital	11.99% to 19.50% (Fixed)
HDFC Bank	10.50% onwards
IndusInd Bank	10.49% onwards
Kotak Mahindra	10.25% onwards
Fullerton	11.99% to 36%
Bank of India	10.35% to 12.35%
Bank of Maharashtra	9.45% to 12.80%
Canara Bank	12.05% (floating)
Central Bank	9.85% to 10.05%
IDBI Bank	10.90%
Indian Overseas Bank	10.80%
Union Bank	9.30% onwards
Karur Vysya	8.70% to 11.70%
State Bank of India	10.60% to 13.10% (fixed)
Tamilnad Mercantile Bank	14.05%
UCO Bank	10.05% onwards
Yes Bank	10% onwards

Salary Requirements to avail Personal Loans in Vadodara

A lender has a set of requirements that need to be met by potential borrowers if they want to loan sanctioned. Applicants who want to apply for a loan have to either be self-employed or salaried individuals and they must provide ample proof of their salary or income to the bank or lender. This is done to ascertain the legitimacy of the applicant’s capability to repay the loan. Salaried employees have to draw a minimum of Rs.10,000 a month to be eligible for a personal loan that comes with full check-off and Rs.15,000 a month for a personal loan that comes with partial/no check-off. Self-employed individuals are required to draw a minimum monthly salary of Rs.20,000 if they are to avail a loan from the bank. These requirements vary with each bank. You can visit the official website of the bank of your choice to check the salary requirement to have a personal loan sanctioned by the bank.

FAQs on Vadodara Personal Loan

How long does a bank take to approve an application for a personal loan?
The time taken by a bank to approve an application submitted for a personal loan varies from bank to bank. There are some bank that approve applications for a personal loan within 48 hours while there are others banks that take at least a week. On average, a bank can take 6-7 working days to approve a loan. Make sure that your documents are in order to help speed up the loan approval process.
Are there any additional charges that are associated with a personal loan?
Yes, there are. Most banks in Vadodara charge a small processing fee that ranges anywhere between 2% and 2.5% of the loan amount that you intend on borrowing. This fee is generally deducted from the loan amount that is disbursed to you.
How do I repay my personal loan from Bank of Baroda?
The repayment of a personal loan that is applied and sanctioned to residents in Vadodara can be easily made through EMIs using post-dated cheques in favour of the bank that sanctioned the loan. Another way you can repay a loan is by linking your loan to your debit account. The amount will get deducted automatically every month.
If I miss an EMI payment, what are the charges levied for the same?
You will have to pay an amount that amounts to 2% of the loan amount that has been sanctioned. This is charged as a penalty fee for missing a due date on their personal loan.
What is the maximum amount of money that I can borrow through a personal loan?
This is entirely dependent on the lender. The lender will determine your capability to repay a loan by considering various factors like credit score, annual salary, etc. Loans to the tune of Rs.5 lakh is sanctioned by most banks in the Vadodara area.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

Important Personal Loan Pages

Personal Loans by Bank

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

Personal Loan Articles

Other Loans

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Vadodara Personal Loan Reviews

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"Good Loan provider"

0.5 3.5/5 "Pretty good"

Just to improve the credit score, i have taken the personal loan from Paysense. I bought the loan amount of Rs. 50000 and they have offered me a interest rate of 15%. I have selected the duration of 12 months. They don't give the part payment facility to the customer. I have received the NOC letter via mail. I have paid the EMI amount of Rs. 4900 per month.

Was this review helpful? 1

KETAN , vadodara
Reviewed on Mar 12, 2020
"Good Loan Service"

0.5 3.5/5 "Pretty good"

For the marriage purpose, i have taken this loan. I like the HDFC bank but they have sanctioned me very less amount hence i have availed the loan with TATA Capital. They have provided me a loan amount of Rs. 1.50 lakhs and got the interest rate of 18% which is quite higher anyway its acceptable. Part payment and pre-closure is available after 6 months.

Was this review helpful? 4

KETAN , vadodara
Reviewed on Mar 12, 2020
"Good "

0.5 4.0/5 "Great!"

I got a personal loan offer from HOME CREDIT hence applied direct from them on 6 months back. The duration of tenure is 51 months for the loan amount of 2.10L. I got the amount after 10 days. The rate of interest is 14% but I am not aware about fee amount deducted. EMI need to pay of 8,621 rupees. pre closure is applicable.

Was this review helpful? 6

ASHI , vadodara
Reviewed on Mar 06, 2020
"Good loan offer"

0.5 5.0/5 "Blown Away!"

I taken a personal loan from Bajaj Finserv on 2 years back. I am going to close the loan by next month. The tenure period I chosen for 2 years for the loan amount of 1.80L. The rate of interest is nominal 14% and processing fee amount was deducted. There is pre closure option. EMI need to pay of 7,741 rupees through ECS mode.

Was this review helpful? 5

PADHIYAR , vadodara
Reviewed on Mar 06, 2020
"Loan services are not good"

0.5 3.0/5 "Satisfactory"

I took a personal loan from Bajaj Finance but they are providing me a higher interest rate. It was a hassle free process so that i opted the personal loan with Bajaj Finance. I got the flat rate of interest 18% per annum. Loan documentation are collected physically through the executive. If they reduce the interest rate, it would be fine.

Was this review helpful? 2

PADARIA , vadodara
Reviewed on Mar 05, 2020
"Better Loan Service"

0.5 5.0/5 "Blown Away!"

Its because of the lowest interest rate, nominal processing fee and hassle free process, i have selected the personal loan from HDFC. Within a day, they have credited the amount into my account. I have done the documentation process through online. Chosen the tenure period of 5 years. I pay the EMI amount of Rs. 6661 for the loan amount of Rs. 2.85 lakhs.

Was this review helpful? 2

DEVENDRA , vadodara
Reviewed on Mar 05, 2020
"Need to decrease interest charge"

0.5 4.0/5 "Great!"

I got a call on delayed basis from HDFC bank for a personal loan, it took around 2-3 days. The loan amount was sufficient, they have sanctioned by 2 week days and the tenure period is 4 years. The rate of interest is bit high of 13-14%. I am not aware about pre closure option. Their service is better than other bank and I get remainder message on time for the payment.

Was this review helpful? 0

ANONYMOUS , vadodara
Reviewed on Feb 15, 2020
"Good service"

0.5 4.0/5 "Great!"

I have taken personal loan through TATA Capital online .The rate of interest and the processing fee was very high .I have availed this loan due to my requirement .This loan was sanctioned on time without any difficulties.The service was fantastic and the agent shared all the relevant details about the card process .There was proper callback and follow up from their end .

Was this review helpful? 0

M VAIDEHI , vadodara
Reviewed on Feb 14, 2020
"Need to improve in customer service"

0.5 1.0/5 "Really Bad"

I have applied HDFC Bank personal loan through online. Bank side they are not getting touch with me, no calls message from bank, so unable to give documents to them. Rate of interest was 11% which was nominal, customer service was not at all good need to improve it.

Was this review helpful? 0

C K S , vadodara
Reviewed on Feb 04, 2020
"Good service"

0.5 4.0/5 "Great!"

I have applied a personal loan from HDFC bank through online. But to get a call from bank took almost 2 working days. The process was done on smooth but the amount was low when compared to my requirement. The tenure period is too long. Rate of interest was 10% which is okay.

Was this review helpful? 0

TARA , vadodara
Reviewed on Feb 04, 2020
"Good service"

0.5 5.0/5 "Blown Away!"

I applied for Home credit personal loan through online and also went directly to the branch for submitting the documents. Once submitted the loan credited within 2 to 3 hours. I have taken a loan amount of 90K with the interest rate of1.76% per month.

Was this review helpful? 1

DEEPMONI , vadodara
Reviewed on Jan 12, 2020
"Comfortable loan service"

0.5 5.0/5 "Blown Away!"

HDFC service has been good and my salary account is linked here so that i opted the personal loan with them. I applied the loan amount of Rs. 8 lakhs but based on my criteria they have sanctioned me only Rs. 6 lakhs. They have provided me a interest rate of 14%. They took 1 week to sanction my loan. I am paying the EMI amount of Rs. 16,400 with the tenure period of 5 years.

Was this review helpful? 1

SENTHIL , vadodara
Reviewed on Jan 07, 2020
"Good service"

0.5 5.0/5 "Blown Away!"

TATA CAPITAL has offered a personal loan of 1L which was sufficient with tenure period of 2 years. On time I got a call from bank for further process. The process was went on smooth. I couldn't submit my payslip which I don't have hence the process was cancelled due to the bank norms. Rate of interest was high of 14%.

Was this review helpful? 0

SILAS , vadodara
Reviewed on Jan 04, 2020
"Best Service"

0.5 5.0/5 "Blown Away!"

I have applied for Fullerton personal loan through Online .I have not taken this loan since it was not approved from fullerton end .The agent clearly explained the whole process about the loan .I have submitted the required documents also and not have any issues with the rate of interest and the processing fee.

Was this review helpful? 0

MUKESHBHAI , vadodara
Reviewed on Nov 21, 2019
"Good bank to apply for a personal loan"

0.5 5.0/5 "Blown Away!"

Already I had taken a personal loan of one lakh from HDFC bank on 2 years before. This loan was applied directly to them. The tenure period of 4 years. Rate of interest was around 18% per annum but there is no processing fee which was quite happy. There is an option for a pre closure thats why I took this loan. Still 48K only pending to close the loan.

Was this review helpful? 0

SAMARSINH , vadodara
Reviewed on Nov 07, 2019
"Good Service"

0.5 5.0/5 "Blown Away!"

I had received a call on time from HDFC bank once I was applied a personal loan. Bank executive has told to submit the documents but at that time I was in out of station. The loan amount was sufficient of 1.8L tenure of 3 years. The agent has given all information about loan details like interest rate and pre closure option.

Was this review helpful? 0

MAYUR , vadodara
Reviewed on Nov 07, 2019
"Service not Satisfied "

0.5 1.0/5 "Really Bad"

I have applied a personal loan with FULLERTON through online . They have not inform the reason that for what purpose the loan was not processed further. Rate of interest was high and the agent has given all the information about the loan process .There was no follow up and callback from their end.

Was this review helpful? 0

VOHRA , vadodara
Reviewed on Nov 04, 2019
"Good"

0.5 5.0/5 "Blown Away!"

I applied personal loan from Fullerton. When I applied I did not have salary slip so they closed my application. I have salary slip now so I will apply again. Their service is very good, verification was done on time. Fullerton's rate of interest is nominal.

Was this review helpful? 0

H , vadodara
Reviewed on Oct 15, 2019
"Best Service"

0.5 5.0/5 "Blown Away!"

I have applied for Edelweiss Retail Finance Limited personal loan through Online.I have got the loan amount on time and the agent gave all the required details about the loan process very clearly.While submitting the documents there was no difficulties faced as well.

Was this review helpful? 3

RAKESH , vadodara
Reviewed on Oct 11, 2019
"Good"

0.5 5.0/5 "Blown Away!"

I have taken a personal loan with HOME CREDIT INDIA FINANCE PRIVATE LTD on a month before which was applied through an online. On time they have called for further verification and fast service. The loan amount was sufficient as per my requirement for the tenure of 3 years, there was no processing fee but an interest was nominal within one day they have sanctioned the loan.

Was this review helpful? 0

YATIN , vadodara
Reviewed on Oct 10, 2019

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