हिंदी में पढ़े
Please Note: Bank of Baroda is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
| Bank of Baroda Personal Loan Highlights | |
| Interest Rate | 10.90%-18.25% p.a. 11.65% p.a. (for pensioners) |
| Loan Amount | Up to Rs 20 lakh |
| Tenure | Up to 7 years |
| Processing Fee | Up to 2% (Rs 1,000-10,000)+GST
For Government employees maintaining salary account with Bank of Baroda- NIL |
Note: Rates as of 28th September 2023
Apply for Personal Loan with Quick Disbursal Click Here
Table of Contents
Bank of Baroda Personal Loan Interest Rates
Bank of Baroda personal loan interest rates start from 10.90% p.a. depending on the job profile and employer’s profile of its personal loan applicants.
| 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 | 14.65%-18.25% |
| Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda | 12.65%-16.25% |
| 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 | 11.90%-16.25% |
| Gold: Same target customers as mentioned in Silver Category, however, salary account must be with Bank of Baroda | 11.40%-16.25% |
| Govt Employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 | 10.90%-11.40% |
| Loan Product | Interest rate (p.a.) |
| Baroda Loan to Pensioners | 11.65% |
| Baroda Digital Pre-approved Personal Loan | 12.40%-15.90% |
Apply for Personal Loan with Quick Disbursal Click Here
Comparison of Personal Loan Interest Rates offered by Top 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 | 10.49% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.50% 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 | 12.96% 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 |
Check which bank/NBFC is best for personal loan
Apply for Personal Loan with Quick Disbursal Click Here
Bank of Baroda Personal Loan Fees and Charges
| Processing Fee | Up to 2% (Rs 1,000-10,000)+GST
For Government employees maintaining salary account with Bank of Baroda- NIL |
| Penal Interest | 2% on the outstanding loan amount |
| Foreclosure Charges | NIL |
| Preclosure Charges | NIL |
Also Read: Processing Fee for Personal Loan charged by other lenders
EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply for Personal Loan with Quick Disbursal Click Here
Types of Bank of Baroda Personal Loans
Baroda Personal Loan
Purpose: Bank of Baroda offers regular personal loan to salaried and self-employed individuals for all personal purposes, other than speculation.
Loan Amount: Rs 1 lakh to Rs 15 lakh
- Minimum Loan Amount: Rs 1 lakh for metro and urban branch and Rs 50,000 for rural and semi-urban branch
- Maximum Loan Amount: Rs 20 lakh (based on the borrower’s occupation and account relationship with the bank)
Tenure: Up to 7 years
Baroda Loan to Pensioners
Purpose: Pensioners and family pensioners drawing pension from Bank of Baroda can avail Baroda Loan to Pensioners to raise funds for fulfilling their personal requirements, except for speculative purposes. Pensioners should be drawing pension from Bank of Baroda for at least last 3 months and there should have been no return of cheques for financial reasons.
Loan Amount:
For Regular Pensioners:
- For age up to 70 years- Up to Rs 8 lakh
- For age above 70 years- Up to Rs 5 lakh
For Family Pensioners:
- For age up to 70 years- Up to Rs 3 lakh
- For age above 70 years- Up to Rs 1.50 lakh
Tenure:
- For age up to 70 years- Up to 5 years
- For age above 70 years- Up to 3 years
Baroda Digital Pre-approved Personal Loan
Purpose: Bank of Baroda offers Baroda Digital Pre-approved Personal Loan, previously known as Bank of Baroda Pre-approved Personal Loan (BoB PAPL), to select existing customers to fulfil their personal requirements, other than speculative purposes.
Loan Amount: Rs 50,000 to Rs 5 lakhs
Tenure: 18 months to 3 years
Apply for Personal Loan with Quick Disbursal Click Here
Eligibility for Bank of Baroda Personal Loan
- Employees of Central Government/State Government/autonomous bodies/Public Sector Undertakings/Public Limited Companies/MNCs/educational institutions with a service history of at least 1 year
- Employees of Private Limited Companies, Trust, Limited Liability Partnership with a continuous service history of at least 1 year
- Insurance agents in business for the 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
- Applicants can apply for Baroda Personal Loans only individually. Co-applicants are not allowed.
- Minimum age at the time of loan application- 21 years
- Maximum age at the time of loan maturity- for salaried: 60 years; for non-salaried: 65 years
For Baroda Loan to Pensioners
- Pensioners and family pensioners drawing pension from Bank of Baroda
- Pensioners getting their pension disbursed through Treasury/Defence Pension Disbursing Office directly to the credit of their savings account with Bank of Baroda
Bank of Baroda may also check the credit score and monthly income of its applicants, just like other lenders do while evaluating their personal loan eligibility
Apply for Personal Loan with Quick Disbursal Click Here
Documents Required for Bank of Baroda Personal Loan
- Duly filled loan application form with 3 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- 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.
- Address Proof such as Passport, Voter ID, Driving License, Postpaid Utility Bill (gas and electricity bill), updated passbook or bank account statement, Registered rent agreement
Additional Documents for Salaried Applicants
- A/c statement for last 6 months of Bank of Baroda/any other bank
- Salary slips for last 3 months
Know more about the documents required for Personal loan for salaried
Additional Documents 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.
Additional Documents for Bank of Baroda Personal Loan
- Pension/PPO no.
Additional Documents for Baroda Digital Pre-approved Personal Loan
- Valid mobile number (linked with Bank of Baroda account number)
- Aadhar number for procurement of OTP for e-stamping and e-signature
Also read the documents required for Personal Loan for self-employed
Apply for Personal Loan with Quick Disbursal Click Here
Bank of Baroda Personal Loan Customer Care
Personal Banking (24X7)
Toll Free Number
1800 258 44 55
1800 102 44 55
Email ID: cs.ho@bankofbaroda.com
Also know about Bank of Baroda Personal Loan customer care numbers and grievance redressal in detail.
FAQs
1. What is the turnaround time for Bank of Baroda Personal Loan?
Ans. 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.
2. Can I have a co-applicant while applying for Bank of Baroda Personal Loan?
Ans. Co-applicants are not allowed while applying for Bank of Baroda Personal Loan. Applications are considered on individual basis only.
3. Does Bank of Baroda give instant personal loan?
Ans. Bank of Baroda offers pre-approved personal loans to select customers with instant disbursement of loan amount.
4. What is the maximum credit score required to avail Bank of Baroda Personal Loan?
Ans. 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.