Bank of Baroda Personal Loan Interest Rates for Various Categories of Personal Loan Applicants and Loan Types
|Type of Employees
|Floating Interest rates (p.a.)
|Category A: (Employee of private / public, trust, LLP, insurance agent, self-employed professional and business persons) having account relationship with other bank
|15.15% – 18.75%
|Category B: (Employee of private / public, trust, LLP, insurance agent, self-employed professional and business persons) having account relationship with Bank of Baroda
|13.15% – 16.75%
|Category C: Silver : 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 other bank
|12.40% – 16.75%
|Gold: same target customers as mentioned in silver category, however, salary account must be with Bank of Baroda
|11.90% – 16.75%
|Govt. employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186
|11.40% – 11.90%
|Interest rate (p.a.)
|Baroda Loan to Pensioners
|Baroda Digital Pre-approved Personal Loan
|Baroda Digital Personal Loan
Note: Interest rates as on 7th February 2024
The interest rates for Bank of Baroda Personal Loan start from 11.40% p.a. The lender has not specified differentiated Bank of Baroda Personal Loan interest rates for their personal loan schemes based on factors like the loan applicant’s monthly income, credit score, EMI/NMI ratio, employer’s profile, work experience or business continuity, etc. However, most lenders consider these factors while deciding the interest rates for their personal loan schemes.
Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs
Banks/NBFCs Interest Rates(p.a.) Axis Bank 10.49% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.99% onwards Apply Now
HDFC Bank 10.50% onwards Apply Now
ICICI Bank 10.65% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
Tata Capital 10.99% onwards Apply Now
Bajaj Finserv 11.00% onwards Apply Now
Federal Bank 11.49% onwards Apply Now
DMI Finance 12.00% - 40.00% Apply Now
L&T Finance 12.00% onwards Apply Now
Kreditbee 12.25% - 30.00% Apply Now
MoneyTap 13.00% onwards Apply Now
Piramal Finance 12.99% onwards Apply Now
Aditya Birla 13.00% onwards Apply Now
Moneyview 15.96% onwards Apply Now
Cashe 27.00% onwards Apply Now
Factors affecting Bank of Baroda Personal Loan Interest Rates
Bank of Baroda Personal Loan interest rates offered to various categories of personal loan applicants have been linked with the CIBIL score of its loan applicants. Thus, personal loan applicants having higher credit scores could be offered lower interest rates for their personal loans. However, the lender has not disclosed its personal loan interest rate matrix based on the loan applicants’ CIBIL/credit scores.
Bank of Baroda Personal Loan applicants can follow healthy credit practices like payment of EMIs/credit card bills on time, avoiding multiple loan or credit card applications within a short duration, maintaining a healthy credit mix, etc. to maintain or improve their credit scores. Loan applicants who implement these steps can increase their credit scores and thereby improve their eligibility for availing personal loans. Personal loan applicants should regularly review their credit report to identify mistakes and draw the attention of their lender or credit bureaus towards the same. Any error present in the credit reports can decrease the credit scores of loan applicants and negatively impact their personal loan eligibility along with reducing their chances of availing lower Bank of Baroda Personal Loan interest rates.
Although the bank has not specified providing preferential Bank of Baroda Personal Loan Interest Rates for personal loan applicants based on their income, many lenders provide lower interest rates for personal loans to applicants having higher monthly incomes. This is because higher income usually leads to higher loan repayment capacity for personal loan borrowers, thus, which in turn reduces credit risk for the lenders. Lenders can pass this benefit to borrowers by providing them personal loans at lower interest rates.
Bank of Baroda Personal Loan interest rates are based on the employer’s profile with the lender providing differential interest rates for employees based on whether they are self-employed or salaries and further, on the basis of their employer’s profile (in case of salaried employees). Note that many banks/NBFCs provide lower interest rates on personal loans for salaried applicants as compared to personal loans for self-employed individuals. Within salaried applicants, employees working for government/PSUs are offered personal loans at lower rates of interest as they have higher income/job security versus other salaried applicants. Lenders also provide lower interest rates to individuals working in MNCs or well-known private sector companies as they can weather adverse economic conditions much better than other private sector organisations.
Existing Relationship with Bank of Baroda
The Bank of Baroda Personal Loan interest rates are lower for existing customers having a lending/banking relationship with the bank. Hence, existing customers of Bank of Baroda, especially those maintaining their salary account with the lender, should first contact it for personal loans, as they have higher chances of availing favourable Bank of Baroda personal loan interest rates.
Tips to Avail Personal Loan at Low Interest Rates
- Maintain credit scores of 750 or above.
- Check pre-approved personal loans offers from multiple lenders.
- Keep track of the personal loan interest rates offered by top banks/NBFC, especially during the festive season.
- If you have a lending or deposit account with one or more banks/NBFCs, enquire with them if they can offer you a personal loan at reduced interest rates.
- Visit online financial marketplaces to compare Bank of Baroda personal loan interest rates with the interest rates offered by other lenders.