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Bank of Baroda 5 Lakh Personal Loan

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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
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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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. 5 Lakh Personal Loan:

You can explore the various loan schemes offered by Bank of Baroda for a personal loan of Rs. 5 lakh. The features of these schemes are listed below:

Personal Loan Features:

  • 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

Pre-approved Personal Loan Features

  • Interest Rate: Ranges from 12.90% to 16.40%
  • Repayment Tenure: From 18 months to 36 months
  • Processing Charges: 2% of the loan amount + GST
  • APR: Ranges from 15.23% to 19.95%

Digital Personal Loan Features

  • Interest Rate: Ranges from 12.90% to 18.25%
  • Repayment Tenure: From 12 months to 60 months
  • Processing Charges: 2% of the loan amount + GST
  • APR: Ranges from 14.38% to 23.39%

Eligibility for Bank of Baroda Rs. 5 Lakh Personal Loan:

Personal Loan Eligibility:

  • Age:
    • Minimum: 21 years for both salaried and non-salaried
    • Maximum: Not more than 60 years for salaried & not more than 65 years for non-salaried
  • Self-employed professionals and self-employed business persons with a minimum of 1 year of stable business experience.

Digital Personal Loan Eligibility:

  • Age:
    • Min: 21 years
    • Maximum: 58 years for salaried & 65 years for self-employed
  • Employment Type: Both salaried and self-employed can apply
  • NRIs/SHG are not eligible
  • Co-Applicant not allowed

Bank of Baroda Personal Loan of Rs. 5 Lakh: Interest Rate

Personal Loan Interest Rate:

 

Category

 Floating Rate Fixed Rate
Government Employees (Salary A/c with BOB under scheme code SB 182 & 186) 10.40% – 10.90% 11.05% – 11.55%
Gold: Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating "A" & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with Bank of Baroda 10.90% – 15.75% 11.30% – 14.15%
Category C: Silver (Same as Gold, Salary A/c with other Bank) 11.40% – 15.75% 11.80% – 14.15%
Category B: Private/Public/LLP/Self-Employed with account relationship with BoB 12.15% – 15.75% 12.85% – 15.10%
Category A: (Same as B, with other Bank) 14.15% – 17.75% 14.80% – 18.10%
  • Pre-Approved Interest Rate: Ranges from 12.90% to 16.40%
  • Digital Personal Loan Interest Rate: Ranges from 12.90% to 18.25%

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Bank of Baroda Rs. 5 Lakh Personal Loan: Documents Required

To take a personal loan of Rs. 5 lakh from Bank of Baroda, you will need to submit the following documents:

Personal Loan: Documents Required

Category Documents
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 certificate of practice with photograph from professional bodies (ICAI, ICWA, ICFAI, etc.)
For Salaried Individuals - Last 3 months’ salary slips
- Bank account statement (last 6 months, from Bank of Baroda or other banks)
For Self-Employed Individuals - Balance sheet, profit & loss account, and income computation for the last 1 year
- Income Tax Returns (last 1 year), Form 26AS, Traces
- Business proof (e.g., Gomasta License, Registration Certificate, Service Tax Registration, etc.)
- IT Assessment/Clearance Certificate, IT Challans, TDS Certificate (Form 16A), or Form 26AS supporting declared income

Pre-approved Documents Required:

  • Valid Mobile number (Linked with Bank of Baroda Account Number)
  • Aadhar number for procurement of OTP for E-Stamping & E-Sign

Digital Personal Loan Documents Required

Requirement Details
Mobile & PAN Valid mobile number and PAN card details
Aadhaar Aadhaar number (for OTP-based e-Stamping and e-Sign)
Bank Statement Net Banking credentials or digital bank statement for the last 6 completed months (must be in the applicant’s individual name)
Income Proof (Self-Employed) ITR e-filing credentials or digital ITR returns for the last 2 years
GST Records (Self-Employed, Optional) GST portal credentials or digital GST returns for the last 1 year

Note:

Digitally generated bank statements: Statements received via email or downloaded through Net Banking.

Acceptable ITR: ITR-3 or ITR-4, downloaded directly from the Income Tax website in PDF format.

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Fees and Charges of Bank of Baroda Rs. 5 Lakh Personal Loan

Personal Loan:

  • Processing Charges: 1 to 2% of the loan amount + GST
  • Penal Charges: 2% on loan outstanding
  • Pre-Payment/Pre-Closure Charges
    • Floating ROI: NIL
    • Fixed ROI: 3% + GST on prepaid amount after paying off one EMI. No prepayment charges after 36 months.

Digital Personal Loan:

  • Processing Charges: 2% of the loan amount + GST
  • Pre-Payment/Pre-Closure Charges
    • Floating ROI: NIL
    • Fixed ROI: 3% + GST on prepaid amount after paying off one EMI. No prepayment charges after 36 months.

Pre-approved Loan:

  • Processing Charges: 2% of the loan amount + GST

Why Should One Opt for BOB Personal Loan

Opting for a Bank of Baroda personal loan of Rs. 5 lakh can benefit you in many ways. Listed below are a few benefits:

  • Floating and fixed interest rates available
  • Extended Timelines for repayment
  • Flexible usage of funds
  • Attractive interest rates
  • Minimal documentation
  • Speedy processing

To apply for a personal loan online, you can head to Paisabazaar, compare offers and choose the best-suited option for you.

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 interest rate for a Bank of Baroda Rs. 5 lakh personal loan starts from 10.40% p.a. for salaried individuals and may go up depending on your profile, loan type, and category. For digital personal loans, the rate ranges from 12.90% to 18.25% per annum.

Eligibility for a Bank of Baroda Rs. 5 lakh personal loan includes a minimum age of 21 years and a maximum of 60 years (salaried) or 65 years (self-employed), with at least 1 year of stable employment or business.

The documents required for a Bank of Baroda Rs. 5 lakh personal loan include a loan application form, 3 passport-sized photographs, Form 135, 6-month bank statement, address proof (Aadhaar, Passport, Voter ID), identity proof (PAN, Aadhaar, Passport, Driving License), salary slips for salaried applicants, and ITR/business proof for self-employed.

The processing fee for a Bank of Baroda personal loan is 1% to 2% of the loan amount + GST. For government employees, processing charges may be nil.

The main benefits of a Bank of Baroda personal loan are competitive interest rates, floating or fixed options, minimal documentation, flexible tenure, quick approval, and no restriction on the end-use of funds.

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