Bank of Baroda Personal Loan Highlights | |
Interest Rate | 10.50% p.a. onwards |
Loan Amount | Up to Rs. 10 lakh |
Loan Tenure | Up to 60 months |
Processing Fee | 2% of loan amount + GST |
Eligibility Age | ● Salaried Individuals: 21-60 Years ● Self-Employed Individuals: 21-65 Years |
Part Prepayment Charges | Nil |
Foreclosure Charges | Nil |
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. A Bank of Baroda personal loan can be availed for amounts up to Rs. 10 lakh and is offered to both salaried professionals as well as self- employed individuals.
Table of Contents
Features of Bank of Baroda Personal Loan
- Loan amount: You can avail a personal loan up to Rs. 10 lakh from Bank of Baroda to meet various personal financial requirements. However, the loan amount offered to an individual depends upon where he lives (rural or urban area). People residing in urban areas and metros can avail a loan ranging between Rs. 1 lakh to Rs. 10 lakh. For rural and semi-urban areas the loan amount can starts at Rs. 50,000 and can go up to Rs. 5 lakh
- Flexible tenure: You can repay your Bank of Baroda personal loan within a flexible repayment tenure ranging up to 60 months
- Online processing: You can apply for Bank of Baroda Personal Loan online from the comfort of your home or office and thus save a significant amount 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, Bank of Baroda has introduced BRLLR (Baroda Repo Linked Lending Rate) for all lending products including personal loans. The following are the BoB personal loan interest rates for different categories of borrowers:
Type of Personal Loan | Interest Rate (p.a.) |
Bank of Baroda Personal Loan for Salary account holders | Starting at 10.50% 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 12.10% p.a. |
Know More About Bank of Baroda Personal Loan Interest Rate

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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 other salaried applicants, FOIR requirements are as follows:
- 40% of GMI: If GMI less than Rs. 75,000
- 50% of GMI: If GMI Rs. 75,000 and above but less than Rs.2,00,000
- 60% of GMI: If GMI Rs. 2,00,000 and above
- 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/ 2 years in case of insurance agents
- 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 Income Tax Return for at least the past 2 years
- Proof of business registration and business continuity of at least 1 year

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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:
- Visit Paisabazaar.com and fill out the online personal loan application form to know available offers.
- You will get offers from various banks listed as per your chances of approval.
- Select a prospective lender from the list or contact Paisabazaar for assistance.
- 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:
- Bank of Baroda Internet Banking
- Contacting Bank of Baroda Customer Care
- In-Person visit to a nearby BoB branch.
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 Interest | 2% on overdue amount |
Processing Fees | 2% of loan amount |
Prepayment/Foreclosure Charges | Nil |
Cheque/ECS bounce charges | Rs. 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:
- 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.
3. 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.

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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 tenure | 2-year loan tenure | 3-year loan tenure | 4-year loan tenure | 5-year loan tenure | |
2 lakh @ 11.4% p.a. | Rs. 17,714 | Rs. 9,359 | Rs. 6,586 | Rs. 5,208 | Rs. 4,388 |
5 lakh @ 14% p.a. | Rs. 44,894 | Rs. 24,006 | Rs. 17,089 | Rs. 13,663 | Rs. 11,634 |
10 lakh @ 16% p.a. | Rs. 90,731 | Rs. 48,963 | Rs. 35,157 | Rs. 28,340 | Rs. 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:
Particulars | Bank of Baroda | ICICI Bank | Citi Bank | Axis Bank | HDFC Bank | Bajaj Finserv |
Interest Rate | Starting from 10.50% | Starting from 11.25% | Starting from 9.99% | 12% to 24% | 10.75% to 21.30% | Starting from 12.99% |
Tenure | Up to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
Loan amount | Up to 10 lakh | Up to Rs. 20 lakh | Up to Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Up to Rs. 15 lakh | Up to Rs. 37 lakh |
Processing Fee | 2% of Loan amount plus GST | Up to 2.25% of loan amount plus GST | Up to 3% of the loan amount | Up to 2% of loan amount plus GST | Up to 2.50% of the loan amount | Up to 4.13% of the loan amount |
Bank of Baroda Customer Care
Customers can contact the Bank of Baroda customer using any of the following means:
- By Phone: You can call Bank of Baroda on 1800-258-4455 and 1800-102-4455 (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 a semi-urban area and am self-employed. Can I avail a personal loan from Bank of Baroda?
Yes, you can avail a personal loan of up to Rs. 5 lakh as long as you meet the applicable eligibility criteria specified by Bank of Baroda.
Q2. When should I start repaying my personal loan?
You must start loan repayment to Bank of Baroda from the month subsequent to the month of loan disbursement.
Q3. What is the interest rate charged by Bank of Baroda on its personal loans?
At present, the bank offers personal loans at an interest rate starting at 10.50% p.a. However, the exact interest rate offered to an applicant by Bank of Baroda may vary based on the applicant’s credit score, repayment history, loan amount, tenure desired, etc.
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 Bank of Baroda, it is usually disbursed within 48 hours. However, this turnaround time may vary depending on the loan amount and other criteria.
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 personal loan ranging from Rs. 1 lakh to Rs. 10 lakh from the bank. However, the loan amount can range between Rs. 50,000 to Rs. 5 lakh for applicants residing in rural and semi-urban areas.
Q6. What are the tenure options available for personal loans offered by Bank of Baroda(BoB)?
The tenure for personal loans sanctioned by BoB 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 personal loan from Bank of Baroda with a co-applicant?
No, you cannot apply to Bank of Baroda for a personal loan with a co-applicant. Each loan 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.
Q10. How can I utilise the funding availed through a personal loan from Bank of Baroda?
Personal loans offered by Bank of Baroda feature flexible end usage and thus can be used to meet any personal financial need such as wedding expenses, home renovation, debt consolidation, etc.