Bank of Baroda Personal Loan: Eligibility, Interest Rate and Apply Online

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  • Loan Amount: Upto Rs. 10 lakh
  • Processing Fees: Upto Rs. 10,000

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हिंदी में पढ़े
Updated: 04-03-2020 06:49:35 AM

Bank of Baroda offers personal loans to individuals to deal with various expenses like home renovation, wedding, vacation, higher education, medical emergency, purchase of consumer durables like washing machine, television, refrigerator, etc. Bank of Baroda personal loan can be availed up to Rs. 10 lakh and is offered to both salaried professionals as well as self- employed individuals.

 

Features of Bank of Baroda Personal Loan

  • Loan amount: The loan amount offered by Bank of Baroda goes upto Rs. 10 lakh and is offered to an individual depending upon where he lives (rural or urban area). People residing in urban areas and metros can obtain a loan ranging from Rs. 1 lakh to Rs. 10 lakh. For rural and semi-urban areas the loan amount can range between Rs. 50,000 to Rs. 5 lakh.
  • Flexible tenure: The tenure to repay Bank of Baroda Personal Loan is flexible and goes up to 60 months for hassle-free repayment
  • Online processing: You can apply for Bank of Baroda Personal Loan online from the comfort of your home or office and can save a lot of time and effort
  • Quick disbursal: Once the loan is approved, the amount is disbursed to your account within a few days

Bank of Baroda Personal Loan Interest Rates

As per guidelines issued by RBI, the bank has introduced BRLLR (Baroda Repo Linked Lending Rate) for all lending products including personal loans.

As of December 2019 BRLLR is 8.15% and S.P. (Strategic Premium) is 0.25%. The following are the interest rates for different categories of borrowers:

Type of Personal LoanInterest Rate (p.a.)
Bank of Baroda Personal Loan for Salary account holdersStarting at 11.4% p.a.
Bank of Baroda Personal Loan for other account holders
Bank of Baroda Personal Loan for other applicants (no prior BoB relationship)Starting at 13.4% p.a.

Know More About Bank of Baroda Personal Loan Interest Rate

Eligibility Criteria

To avail Bank of Baroda personal loan, the following eligibility criteria need to be considered:

  • Minimum 6 months’ banking relationship with BoB or other bank if personal loan amount is up to Rs. 2 lakh
  • Fixed Obligation to Income Ratio (Repayment Capacity) – Max 40% of GMI for those with GMI less than Rs. 75,000. For GMI Rs. 75,000 and above but less than Rs.2 lakh, FOIR equal to 50% of GMI allowed. FOIR equal to 60% of GMI allowed if GMI greater than Rs. 2 lakh.

For Salaried Applicant:

  • Age between 21 years and 60
  • Minimum 1 year of continuous service
  • Fixed Obligation to Income Ratio (FOIR) – Max. 60% of Gross Monthly Income (GMI) payable towards FOIR for employees of Central/State Government, Autonomous Bodies, Public/Joint Sector Undertakings & Educational Institutions- with minimum continuous service for 1 year and having salary account with the Bank
  • For government employees and salaried applicants working with public/joint sectors, autonomous bodies, etc. with BoB salary account, previous month’s salary must have been credited in salary account
  • For other salaried applicant having salary account with Bank of Baroda and applying for Bank of Baroda personal loan over Rs. 2 lakh, salary account must have been maintained for past 6 months

For Self Employed Applicant:

  • Age between 21 years to 65 years
  • Minimum 1 year of continuous business existence
  • For those applying for a personal loan over Rs. 2 lakh with Bank of Baroda, minimum tenure of prior relationship with the bank is 6 months
  • In case of insurance agent applicant, agent commissions for at least the past 6 months needs to have been credited to a Bank of Baroda account

Documents required for loan application

The following are common documents needed to avail Bank of Baroda Personal Loan:

  • Photo Identity Proof: A copy of your Passport / Voter ID / Aadhaar Card/ Driving License, etc. (Any one)
  • Address Proof: A copy of your Electricity Bill / Ration Card / Passport
  • Salary slips for last 3 months
  • Income Proof: Latest 3 months’ bank statement of salary account
  • Employment Certificate: A certificate stating one year of continuous employment
  • 2 passport size photographs

Specific Documents Required for Salaried:

  • Salary slips for last 3 months
  • Latest 3 months’ bank statement of salary account
  • Employment Certificate stating one year of continuous employment

 Specific Documents Required for Self-Employed:

  • Certified P&L for past 2 years
  • Acknowledged ITR for at least the past 2 years
  • Proof of business registration and business continuity of at least 1 year

How to Apply for Bank of Baroda Personal Loan with Paisabazaar?

How to Apply for Bank of Baroda Personal Loan with Paisabazaar

The following steps are involved in the application process for Bank of Baroda Personal Loan with Paisabazaar:

  1. Visit Paisabazaar.com and fill out the online application form to know available personal loan offers.
  2. You will get offers from various banks listed as per your chances of approval.
  3. Select a prospective lender from the list or contact Paisabazaar for assistance.
  4. Complete and submit your loan application online.

Personal Loan Verification Process

The following are key steps of the personal loan verification process after your personal loan application has been submitted online on Paisabazaar:

Step1. Paisabazaar will forward your loan application to the chosen lender. After this you will receive a call from the lender’s representative typically within 48 hours of submitting your online application.

Step2. The prospective lender will schedule pickup of your KYC, income, etc. documents or provide an option to upload them online. These documents will be used to verify your application.

Step3. Once the lender’s verification is completed and your loan is approved, you will receive another call to verify the loan offer and ask for your consent to the loan terms and conditions for disbursal.

Step4. After successful verification and loan approval, the loan is usually disbursed within 48 hours of approval by the lender.

Note: Depending on the Bank of Baroda’s internal requirements as well as other criteria, the above stated turnaround time for personal loan verification/disbursal may vary.

Check Bank of Baroda Personal Loan Application Status

While Bank of Baroda does not provide a separate platform for checking the status of your personal loan application, you can use the following methods to perform this task:

Fees and other Charges

Various charges are applicable to a Bank of Baroda personal loan in addition to the interest payable. Some of the charges in this respect are as follows*:

Penal Interest2% on overdue amount
Processing Charges2% of loan amount
Prepayment/Foreclosure ChargesNil
Cheque/ECS bounce chargesRs. 100 each time for savings account  cheque or ECS / Rs. 200 each time for current account cheque or ECS

*GST will be additional to the above mentioned fees and charges.

Know All About Bank of Baroda Personal Loan Foreclosure Charges

How to Login on Bank of Baroda Portal

The login process for Bank of Baroda Connect, the secured e-banking platform of Bank of Baroda is as follows:

  1. Visit the official website of Bank of Baroda and click on login

Visit the official website of Bank of Baroda and click on login

2. Under ‘For Customers’ choose the relevant option and login using your credentials.

Under ‘For Customers’ choose the relevant option and login using your credentials.

3. Use your customer ID and password to log into Baroda Connect – the e-banking platform of BoB.

Use your customer ID and password to log into Baroda Connect – the e-banking platform of BoB.

Bank of Baroda Personal Loan Statement

You can easily use either the online/offline route to check your BoB Personal Loan statement.

  • If you have a prior banking relationship with Bank of Baroda, you can view and download your personal loan statement by logging into the Bank of Baroda online portal.
  • Alternately, you can visit your nearest BoB branch in person and request a physical copy of your personal loan statement. Do note there may be charges involved in case you opt for a physical copy.

EMI Calculation

When availing a personal loan, it is necessary to know how much EMI you would be paying each month to repay the personal loan. The table below shows a sample of EMIs payable against different loan amounts, tenures and interest rates.

Loan Amount (Rs.) and Interest Rate

Monthly EMI Payout (Rs.)

1-year loan tenure2-year loan tenure3-year loan tenure4-year loan tenure5-year loan tenure
2 lakh @ 11.4% p.a.Rs. 17,714Rs. 9,359Rs. 6,586Rs. 5,208Rs. 4,388
5 lakh @ 14% p.a.Rs. 44,894Rs. 24,006Rs. 17,089Rs. 13,663Rs. 11,634
10 lakh @ 16% p.a.Rs. 90,731Rs. 48,963Rs. 35,157Rs. 28,340Rs. 24,318

Know More How to calculate BOB Personal Loan EMI

Comparison of Bank of Baroda PL vs. Other Lenders

The following table provides a comparison of the personal loan offering from Bank of Baroda against various other personal loan providers against some key criteria:

ParticularsBank of BarodaICICI BankCiti BankAxis BankHDFC BankBajaj Finserv
Interest Rate11.4% to 16.4%11.25% to 22.00%Starting from 10.50%11.49% to 17.49%10.75% to 21.30%Starting from 12.99%
TenureUp to 60 months12 to 60 months12 to 60 months12 to 60 months12 to 60 months12 to 60 months
Loan amountUp to 10 lakhsUp to Rs. 20 lakhUp to Rs. 30 lakhRs. 50,000 to Rs. 15 lakhUp to Rs. 40 lakhUp to Rs. 25 lakh
Processing Fee2% of Loan amountUp to  2.25% of loan amount plus GSTUp to 3% of the loan amount2% of loan amount plus GSTUp to 2.50% of the loan amountUp to 4.13% of the loan amount

Bank of Baroda Customer Care

Customers can contact the company’s customer can via any of the following means:

  • By Phone: You can call Bank of Baroda on 1800 258 44 55 and 1800 102 44 55 (toll-free)
  • Branch Visit: You can visit the nearby Bank of Baroda branch to get your queries answered

Benefits of Applying for Personal Loan at Paisabazaar

The various advantages of applying for a personal loan at Paisabazaar.com are given below:

  • The completely online platform eliminates the need to physically visit the branch office or website of multiple prospective lenders.
  • By providing you the option to compare important personal loan features like interest rate, processing fees, foreclosure charges of various personal loan providers, etc. on a single platform, Paisabazaar.com helps you to make the correct choice regarding your personal loan
  • Applicants can access the Paisabazaar website anytime and anywhere at their own convenience and at no cost whatsoever
  • The loan status of a personal loan that is applied through the company’s website can be tracked by customers using the application number provided

Important Aspects

  • Before actually applying for a personal loan, different interest rates and charges should be compared online to avail the best deal
  • Evaluate the complete cost of the loan. Interest is not the only cost that you need to pay. Other charges like processing fee, late payment fee, prepayment fee, etc. might also be considered while deciding upon a particular personal loan
  • Avoid applying for a personal loan with multiple lenders simultaneously. It may lead to an increase in the number of hard inquiries for your credit report and may negatively affect the chances of your loan approval
  • Check your credit score before applying for a loan. It is one of the first things that lenders consider before lending money to a person. Low credit score might lead to the rejection of your loan application or an increase in the interest rate charged by the bank
  • Borrow according to your need and repayment ability. Don’t borrow simply because you are eligible to borrow a higher amount

FAQs

Q1. I live in semi – urban area and I am self – employed. Can I avail a personal loan from Bank of Baroda?

Yes, you can avail a loan amount of up to Rs. 5 lakh if you meet the other eligibility criteria for a Bank of Baroda personal loan.

Q2. When should I start repaying my personal loan?

You must start repaying your personal loan from the month subsequent to the month of loan disbursement.

Q3. How do I get in touch with Paisabazaar if I have any query regarding my personal loan eligibility?

You can call Paisabazaar at 1800-208-8877 (9am – 9pm) or can send an email at care@paisabazaar.com.

Q4. How long does it take for a Bank of Baroda personal loan to get disbursed?

Once all the documents are verified and the loan is approved by your chosen lender, the loan is usually disbursed within 48 hours. However, depending upon the lender’s internal requirements and other criteria the above stated turnaround time for personal loan disbursal may vary.

Q5. What is the minimum and maximum loan amount available on Bank of Baroda Personal Loans?

Bank of Baroda offers personal loans up to Rs. 10 lakh. Besides other factors, the loan amount offered to an individual also depends upon where he lives (rural or urban area). People living in the metros and urban areas can avail a loan ranging from Rs. 1 lakh to Rs. 10 lakh. However, the loan amount can range between Rs. 50,000 to Rs. 5 lakh for people residing in rural and semi-urban areas.

Q6. What are the tenure options available on Bank of Baroda personal loans?

The loan tenure can range between 12 months to 60 months.

Q7. Are only Bank of Baroda customers eligible for a personal loan from the bank?

Though Bank of Baroda customers might have an advantage while negotiating the Personal Loan terms, anyone can apply for a personal loan from Bank of Baroda provided that they meet the personal loan eligibility criteria.

Q8. Can I apply for a Bank of Baroda personal loan with a co-applicant?

No, you cannot apply for Bank of Baroda’s personal loan with a co-applicant. Each application is considered only on an individual basis.

Q9. Is there a processing fee charged by the bank on personal loans?

Yes, Bank of Baroda levies a 2% processing fee on the personal loan amount disbursed plus applicable taxes. The minimum processing fee charged by Bank of Baroda for a personal loan is Rs. 1,000 and the maximum is Rs. 10,000.

Bank of Baroda Personal Loan: Eligibility, Interest Rate and Apply Online
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Jul 16 , 2019
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Paisabazaar got my approval

Paisabazaar got my approval for the loan done in just few hours. They are great.

Jul 16 , 2019
4/5
BoB got me this loan

Glad that BoB got me this loan at an interest rate of only 10%.

Jul 16 , 2019
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Loan scheme

I pay a 8% interest on this loan scheme from Bank of Baroda.

Jul 16 , 2019
5/5
Thank you so much Paisabazaar

Thank you so much Paisabazaar, I am glad I could get my choice of loan with an EMI of just 7000.

Jul 16 , 2019
4/5
Fab association

Paisabazaar has given me a fab association and I am proud of them.

Jul 16 , 2019
4/5
Great association

It is indeed a great association and all the credit for it goes to Paisabazaar.

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