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
Interest Rate	10.20%-17.55% p.a. 11.30% 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 03rd October 2022

Bank of Baroda Personal Loan Interest Rates

Bank of Baroda personal loan interest rates start from 10.20% p.a. depending on the job profile and employer’s profile.

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	13.95%-17.55%
Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda	13.95%-17.55%
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	11.20%-15.55%
Gold: Same target customers as mentioned in Silver Category, however, salary account must be with Bank of Baroda	10.70%-15.55%
Govt Employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186	10.20%-10.70%

Loan Product	Interest rate (p.a.)
Baroda Loan to Pensioners	11.30%
Pre-approved Personal Loan	11.20%

Note: Additional concession up to 0.50% on Personal Loan if applied through Digital Mode.

Comparison of Personal Loan Interest Rates offered by Top banks/NBFCs

Banks/NBFCs	Interest Rates(p.a.)
HDFC Bank	11.00% onwards	Apply Now
SBI	10.30%-15.10%
ICICI Bank	10.75% onwards	Apply Now
Axis Bank	10.25% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
IndusInd Bank	10.49% onwards	Apply Now
IDFC First Bank	10.75% onwards	Apply Now
Bajaj Finserv	13.00% onwards	Apply Now
Tata Capital	10.99% onwards	Apply Now

Check which bank/NBFC is best for personal loan

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 Calculation

Types of Bank of Baroda Personal Loans

Baroda Personal Loan

Purpose: Regular personal loan scheme for all the personal purposes other than speculation

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 Loan to Pensioners

Purpose: Pension loan for meeting the personal requirements of pensioners, except for speculations

Pre-approved Personal Loan

Purpose: Collateral-free loans for meeting 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
• 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

Documents Required for 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

Know more about the documents required for Personal loan for salaried

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

Also read the documents required for Personal Loan for self-employed

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

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.