Bank of Baroda Personal Loan Eligibility

• The bank offers personal loans at an interest rate of 11.35% to 14.35%.
• A customer can avail a loan of more than Rs.2 lakh if he has a relationship with the bank.
• The maximum loan amount that can be availed is Rs. 10 lakh, but this amount is subject to terms and conditions.
• The maximum tenure for the loan amount is 7 years.
• Prepayment charges for closing an account within a 6-month period is 4% on the outstanding balance. Prepayments made after 6 months will not be subject to any charges.
• The maximum loan that can be availed is Rs. 10 lakh in metro and urban areas and Rs. 5 lakh in semi-urban and rural areas. The minimum amount that can be borrowed is Rs. 1 lakh in metro and urban areas and Rs. 50,000 in semi-urban and rural areas.
• A fine of 2% is charged on an overdue EMI amount.

• The bank offers personal loans at low interest rates.
• Customers can repay the EMIs within the loan tenure.
• There are no prepayment charges for the Bank of Baroda personal loan after the initial 6-month period.
• You can get your personal loan approved in a short period of time.

The personal loan applications are checked to see if the applicant meets the Bank of Baroda personal loan eligibility criteria. Once the applicant is found to be eligible, the loan amount is disbursed into his account.

The Bank of Baroda personal loan eligibility criteria is briefly discussed here:

• The applicant should be a resident of India.
• The applicant must be in the age bracket of 21-65 years.
• Self-employed businessmen and salaried professionals with a work experience of at least 1 year can apply for the Bank of Baroda personal loan.
• The bank loan can be taken for different purposes including higher education, wedding, vacation, medical bills, home repair, etc.

• Income: Usually, banks have a minimum income criterion and the applicant should have a monthly income above the set limit. Applicants who earn a monthly salary below that amount are rejected.
• Age: Applicants who are close to the minimum and maximum age specified for the personal loan are not considered ideal. The bank usually likes to make sure that the applicant has a regular source of income and can repay the loan comfortably and therefore age becomes a crucial factor.
• Credit Score: Applicants who have a good credit score are more likely to get a Bank of Baroda personal loan. Credit rating tells the bank about the repayment history as well as the repayment capacity of the applicant when it comes to loans and credit cards.
• Job Stability: Bank of Baroda asks whether the applicant is employed in his/her profession for at least a year. Applicants with a stable job and income are most likely to get a loan.
• Listed Companies: Many banks have tie-ups with companies and the employees of these companies can easily get loans from the bank. They must have been working at the company for at least one year.

• Timely Payments: The applicant should make sure that they make timely payments on their loans and credit cards. This will help in boosting their credit rating.
• Fewer Loans: It is important that the applicant goes for few loans at a time (only one is advisable according to experts). Availing too many loans can make the bank question the repayment capacity of the borrower.
• Long Tenure: The loan should be taken for a long period of time. This gives the applicant a lot of space to pay back the loan. Banks prefer to approve loans for eligible applicants who apply for a long tenure personal loan.
• Prepayment: Prepayments on a loan gives the impression that the applicant is serious about repaying the loan. This can increase the applicant’s chances of getting a loan.
• Loan Amount: It is advised that the applicant goes for a loan amount that he/she would be able to pay back comfortably. Asking for a big loan amount makes the loan application a risky proposition.