Salaried as well as self-employed individuals and professionals can avail a personal loan ranging between Rs. 50,000 to Rs. 10 lakh from Bank of Baroda to meet various financial exigencies. These loans come with flexible repayment tenure, are disbursed quickly and require minimal documentation. The list of Bank of Baroda personal loan documents required varies based on the type of applicant and the following is the detailed list:
Bank of Baroda Personal Loan Documents Required
Given below is a list of common documents required to avail the personal loan from Bank of Baroda irrespective of applicant type:
- Duly filled loan application form along with 3 passport sized photographs and Form 135 stating details of Assets and Liabilities of the applicant.
- Bank statement of the last 6 months and updated passbook.
- Proof of Residence: Valid Passport/ Driving License/ Voter id card/ Postpaid utility bill (electricity bill and gas bill)/ Registered Rent Agreement/ Bank Account Statement or Updated Passbook
- Proof of Identity: PAN card/ Voters ID Card/ Valid Indian passport/ Driving license/ Employee ID card issued by relevant authorities like the Govt, reputed corporate or Defence/ Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI
The following are specific documents required for different types of applicants:
Specific Documents for Salaried Individuals
- Salary Slips of the last 3 months
- Acknowledged Income Tax Returns for past 2 years or Form 16
Specific Documents for Self-Employed Individuals
- Profit and Loss Account and Balance sheet, computation of income for last 2 years.
- Business proof: Gomasta License, Service Tax Registration, Registration Certificate, among others
- Income Tax Returns – last 2 years for Applicants, 26 AS, Traces
- Clearance Certificate/ IT Assessment, Income Tax Challans / TDS Certificate (Form 16A) / Form 26 AS for income declared in ITR.
Given below are some key tips that could help you increase your chances of Bank of Baroda personal loan approval:
- A Good Credit Score: Maintaining a good credit score (closer to 900) is one of the most important things that could help to increase your chances of getting a personal loan. Credit Score is the 3 digit numeric summary between 300 to 900 that sums up your credit history and helps lenders assess a person’s credit worthiness and repayment abilities.
- Knowledge of the Eligibility Criteria: Have a fair idea of the lender’s eligibility criteria and make sure that you meet it as well.
- Debt-to-Income Ratio: It is the ratio of your current credit card dues and EMIs to your income. Try and maintain a low debt-to-income ratio as it helps increase the chances of approval of your personal loan.
- Avoid Multiple Simultaneous Loan Enquiries/Applications: Avoid making multiple loan enquiries/applications with several lenders simultaneously. It may result in an increase in the number of hard enquiries for your credit report, which may adversely affect your credit score and thus, decrease the chances of approval of your personal loan.
Q1. What is Bank of Baroda personal loan interest rate?
Bank of Baroda personal loan interest rate starts at 10.50% p.a. However, specific interest rate applicable to an applicant varies with the person’s individual applicant profile, existing relationship with the bank, etc.
Q2. Who can avail a personal loan from Bank of Baroda?
All salaried as well as self-employed individuals can avail a personal loan from Bank of Baroda, provided they meet the bank’s eligibility criteria.
Q3. What is the tenure option available on Bank of Baroda personal loans?
Bank of Baroda personal loans come with a repayment tenure ranging between 12 to 60 months.
Q4. What is the minimum and maximum loan amount that I can secure through a personal loan from Bank of Baroda?
Applicants residing in urban areas and metros can avail a personal loan from Bank of Baroda ranging between Rs. 1 lakh to Rs. 10 lakh. Those residing in semi-urban and rural areas can avail a loan ranging between Rs. 50,000 to Rs. 5 lakh.
Q5. How long till my loan application is approved?
Once you have submitted your loan application and if all documents are in order, Bank of Baroda typically approves applications within 5 working days. However, application processing may take longer in certain cases based on the applicant’s profile and other factors.