Bank of Baroda 10 Lakh Personal Loan

• Interest Rate: Starts from 10.40% p.a.
• Repayment Tenure: Up to 84 months
• Processing Charges: 2% of the loan amount + GST, NIL for Government Employees
• No end-use restriction on funds
• Minimal documentation
• Quick processing

• Application:
  • Completed loan application form with 3 passport-sized photographs
  • Form 135 (Assets & Liabilities statement)
• Banking Records:
  • Bank statement for the last 6 months
  • Updated passbook
• Proof of Residence (any one):
  • Valid passport
  • Voter ID card
  • Driving license
  • Postpaid utility bill (gas/electricity)
  • Updated passbook/bank statement
  • Registered rent agreement
• Proof of Identity (any one):
  • PAN card / Aadhaar card / Valid Indian passport
  • Voter ID card
  • Driving license
  • Employee ID card (Govt/Defence/Reputed corporate)
  • Identity certificate or professional certificate (ICAI, ICWA, ICFAI, etc.)
• For Salaried Individuals:
  • Last 3 months’ salary slips
  • Bank account statement (last 6 months)
• For Self-Employed Individuals:
  • Balance sheet, profit & loss account, and income computation for the last 1 year
  • Income Tax Returns (Form 26AS, IT returns)
  • Business proof (Gomasta License, Registration Certificate, Service Tax Registration, etc.)
  • IT Assessment/Clearance Certificate, IT Challans, TDS Certificate (Form 16A), or Form 26AS

Also Read: Personal Loan Required Documents

• Assess Your Repayment Capacity
  • If you want smaller EMIs, opt for a longer tenure.
  • If you can comfortably pay higher EMIs, choose a shorter tenure to save on interest.
• Consider Total Interest Cost
  • Longer tenure comes with lower EMI but higher total interest.
  • Shorter tenure comes with higher EMI but lower overall interest.
• Factor in Financial Stability
  • Stable income and fewer financial commitments allow you to choose shorter tenures.
  • If your income is variable or you have multiple obligations, a longer tenure offers breathing space.
• Match with Future Goals
  • If you expect an increase in income (like a promotion), you can start with a longer tenure and prepay later.
  • If you plan major expenses ahead (wedding, education, property), keep EMIs affordable with a moderate tenure.
• Use an EMI Calculator
  • Always compare EMI across different tenures using a personal loan EMI Calculator online to see what suits your budget and lifestyle best.
• Quick Tip: For a Rs. 10 lakh loan at 10.40% p.a.
  • 5 years (60 months) → EMI approx. Rs. 21,444; lower interest outgo.
  • 7 years (84 months) → EMI approx. Rs. 16,809; easier on the budget but higher overall interest.