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Bank of Baroda 10 Lakh Personal Loan

Turn your life plans into reality with the right capital assistance. With a Bank of Baroda Rs. 10 lakh personal loan, you can achieve all you goals without much struggle. The bank offers easy, hassle-free and quick loan application process. Head to Paisabazaar to apply for a Bank of Baroda personal loan and experience lending at its finest.
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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
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100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
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Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Features of Bank of Baroda Rs. 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

Bank of Baroda Rs. 10 Lakh Personal Loan Eligibility:

To qualify for a Bank of Baroda Rs. 10 lakh personal loan, you need to be eligible for the following criteria:

Eligibility Criteria Details
Age Minimum: 21 years for both salaried and self-employed applicants
Maximum: 60 years for salaried, 65 years for self-employed
Salaried Individuals - Employees of Central/State Government, autonomous bodies, PSUs, public limited companies, MNCs, and educational institutions with at least 1 year of continuous service.
- Employees of private limited companies, trusts, or LLPs with at least 1 year of continuous service.
Insurance Agents Must have been actively conducting business for a minimum of 2 years.
Self-Employed Professionals Includes doctors, engineers, architects, interior designers, tech/management consultants, practicing company secretaries, etc., with at least 1 year of stable business.
Self-Employed Business Persons Must have at least 1 year of stable business operations.
Exclusions Staff members, NRI/PIO applicants are not eligible.

Also Read: Eligibility Requirements of a Personal Loan

Documents Needed for Bank of Baroda Rs. 10 Lakh Personal Loan:

The following documents are required by the Bank of Baroda when you apply for a personal loan with the bank:

  • 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:
  • 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

Bank of Baroda Personal Loan of Rs. 10 Lakh: Interest Rate

Bank of Baroda offers both floating and fixed interest rates on personal loans. The Bank of Baroda personal loan interest rate starts from 10.40%. A detailed overview of the interest rate levied by the bank is given below:

Category Floating Rate (%) Fixed Rate (%) Description
Government Employees 10.40 – 10.90 11.05 – 11.55 Salary account with BOB under scheme code SB 182 & 186
Gold 10.90 – 15.75 11.30 – 14.15 Employees of Central/State Govt, PSUs, Autonomous Bodies, Listed Public Ltd Co with external rating “A” & above, Joint Sector Undertakings & Educational Institutions of National Repute, having salary account with Bank of Baroda
Silver 11.40 – 15.75 11.80 – 14.15 Same as Gold, but salary account with other banks
Private / Public / LLP / Self-Employed (Category B) 12.15 – 15.75 12.85 – 15.10 Account relationship with BOB
Private / Public / LLP / Self-Employed (Category A) 14.15 – 17.75 14.80 – 18.10 Same as B, but with other banks

Also Read: Compare Personal Loan Interest Rates

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Bank of Baroda Rs. 10 Lakh Personal Loan: Fees & Charges

Before applying for a loan, be sure to thoroughly review all the fees and charges levied on Bank of Baroda personal loans. The following are the fees levied on Bank of Baroda personal loan of Rs. 10 lakh.

Charges Details
Processing Charges 1% – 2% of the loan amount + GST
Penal Charges 2% on loan outstanding
Pre-Payment / Pre-Closure Charges (Floating ROI) NIL
Pre-Payment / Pre-Closure Charges (Fixed ROI) 3% + GST on prepaid amount after payment of one EMI.
No prepayment charges after 36 months.

How to Decide the Right Loan Tenure

Choosing the right repayment tenure is crucial as it impacts both your monthly EMI and overall interest outgo. Here’s what you should consider:

  • 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
  • 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.

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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FAQs

The Bank of Baroda Rs. 10 lakh personal loan interest rate starts at 10.40% p.a. and varies depending on your income, credit score, and repayment capacity.

You can repay a Bank of Baroda Rs. 10 lakh personal loan over a tenure ranging from 12 months to 84 months, depending on your repayment comfort.

A shorter tenure gives higher EMI but lower total interest, while a longer tenure offers smaller EMI but higher total interest outgo.

You need basic KYC documents, proof of income (salary slips, ITR, or bank statements), and proof of residence to apply for a Bank of Baroda Rs. 10 lakh loan.

Eligibility for a Bank of Baroda Rs. 10 lakh personal loan depends on your age (21–60 years for salaried, up to 65 for self-employed), income stability, and credit score (usually 750+).

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