Bank of Baroda Personal Loan

Please Note: Bank of Baroda is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.

Bank of Baroda Personal Loan Highlights – May 2022
Interest Rate	8.65%-16.00% p.a. 9.75% p.a. (for pensioners)
Loan Amount	Up to Rs 15 lakhs
Tenure	Up to 5 years
Processing Fee	2% (Rs 1,000-10,000)+GST

Bank of Baroda Personal Loan Interest Rates

Type of Employees	Interest rate (p.a.)
Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank	12.40% to 16.00%
Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with our Bank	10.40% to 14.00%
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	9.65% to 14.00%
Gold: Same target customers as mentioned in Silver Category, however, salary account must be with our Bank.	9.15% to 14.00%
Govt Employees / defence personnel maintaining salary account with our Bank under scheme code SB 182 & 186	8.65% to 9.15

Loan Product	Interest rate (p.a.)
Baroda Loan to Pensioners	9.75%

Comparison of Bank of Baroda Personal Loan vs. Other Lenders

Banks/NBFCs	Interest Rates (per annum)
Bank of Baroda	10.40%-16.00%
HDFC Bank	10.25% – 21%
SBI	9.60% – 13.85%
ICICI Bank	10.25% onwards
Axis Bank	10.25% onwards
Kotak Mahindra Bank	10.75% onwards
IndusInd Bank	10.49% onwards
IDFC First Bank	10.49% – 23%
Bajaj Finserv	13.00% onwards
Tata Capital	10.99% onwards

EMI Calculation

Types of Bank of Baroda Personal Loans

Baroda Personal Loan

• Purpose: Non speculative activities
• Loan Amount: Maximum: Up to Rs 15 lakh (metro and urban)

Rs 15 lakh (semi-urban and rural)

Minimum: Up to Rs 1 lakh (metro and urban)

Up to Rs 50,000 (semi-urban and rural)

• Tenure: 48-60 months

Baroda Personal Loan Covid-19

• Purpose: For any financial requirements including temporary liquidity mismatch caused by Covid-19 except for speculation
• Loan Amount: Minimum- Rs 25,000

Maximum- Rs 5 lakh

• Tenure: Up to 5 years (co-terminus with qualifying link loan/maximum door to door maturity)

Baroda Loan to Pensioners

Purpose: Can be availed by the pensioners to meet their personal requirements, except for speculations.

Pre-approved Personal Loan

• Purpose: To meet all the financial requirements including liquidity mismatch due to Covid-19, except for speculations
• Loan Amount: Up to 5 lakhs
• Tenure: Up to 5 years (maximum door to door maturity/co-terminus with qualifying link loan)

Eligibility for Bank of Baroda Personal Loan

• Minimum age – 21 years
• Maximum age- For salaried: 60 years

For non-salaried: 65 years

• Employees of government bodies/private companies with a service of at least 1 year
• Employees of private limited companies, proprietorship firms, trusts and partnership firms with a service of at least 1 year continuously
• NRI/PIO and the members of the staff are ineligible
• Insurance agents in business for at least last 2 years
• Self-employed businessmen with at least 1 year of stable business
• Self-employed professionals like doctors, engineers, company secretaries, architects, interior designers, etc with at least 1 year of stable business

Documents Required for Bank of Baroda Personal Loan

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

• Duly filled loan application form with passport size photographs
• Form 135 with details of liabilities and assets should be submitted along
• Last 6 months bank statement and updated passbook
• ID proof such as PAN card, aadhar card, voter ID, driving license, passport, employee ID issued by the organization, practice certificate and identity document issued by relevant professional bodies like ICFAI, ICAI, ICWA.
• Any other document required by the bank

For Salaried applicants:

• A/c statement for last 6 months of Bank of Baroda/any other bank Salary slips for last 3 months

For Self-employed applicants:

• Income tax returns for past 1 year
• Profit and loss statement, income computation and balance sheet for last 1 year
• Income tax challan/clearance certificate/IT assessment/TDS certificate (Form 16A)/Form 26 AS
• Business proofs: Registration certificate, Gomasta license, Service tax registration, etc

Bank of Baroda Personal Loan Fees and Charges

Processing Fee	2% (Rs 1,000-10,000)+GST
Penal Interest	2% on the outstanding loan amount
Foreclosure Charges	NIL
Preclosure Charges	NIL

Know All About Bank of Baroda Personal Loan Foreclosure Charges

Bank of Baroda Customer Care

Customers can contact the Bank of Baroda customer using any of the following means:

• Toll-Free Numbers: 1800-258-4455 / 1800-102-4455 
• Branch Visit: You can visit the nearby Bank of Baroda branch to get your queries answered

FAQs

Q. What is the turnaround time for Bank of Baroda Personal Loan?

A. Bank of Baroda has not stated the turnaround time for personal loans. Lenders usually disburse personal loans within 2-7 working days from the date of application. Bank of Baroda offers digital personal loans that might take less time for disbursal due to its end-to-end paperless process. It also offers pre-approved personal loans to select customers with instant disbursement of loan amount. Other lenders offering pre-approved instant personal loans include HDFC Bank, Axis Bank and ICICI Bank.

Q. Can I have a co-applicant while applying for Bank of Baroda Personal Loan?

A. Co-applicants are not allowed while applying for Bank of Baroda Personal Loan. Applications are considered on individual basis only.

Q. Does Bank of Baroda give instant personal loan?

A. Bank of Baroda offers pre-approved personal loans to select customers with instant disbursement of loan amount.

Q. What is the maximum credit score required to avail Bank of Baroda Personal Loan?

A. Bank of Baroda has not specified a cut-off credit score for its personal loan applicants. However, credit score of 750 and above is considered to increase the chances of availing personal loan at lower interest rates.