Bank of Baroda Personal Loan

Disclaimer: Bank of Baroda is not a Paisabazaar partner for personal loans and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Bank of Baroda for personal loans. No offers/services from Bank of Baroda are being provided by Paisabazaar for personal loans. For further information about Bank of Baroda for personal loans, users are required to reach out directly to Bank of Baroda.

Bank of Baroda Personal Loan Highlights
Interest Rate	10.80%-18.30% p.a.
Loan Amount	Up to Rs 20 lakh
Tenure	Up to 7 years
Processing Fee	Up to 2% (Maximum Rs 10,000)

Note: Rates as of 18 April 2025

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*Applicable for selected customers

Bank of Baroda Personal Loan Interest Rates

Bank of Baroda personal loan interest rates start from 10.80% p.a. depending on the job profile and employer’s profile of its personal loan applicants. This includes a 0.10% concession in interest rate (both fixed and floating) to those borrowers who opt for group credit life insurance.

Floating Interest Rates

Type of Employees	Interest Rates (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 the Silver Category, however, the salary account must be with the Bank of Baroda	11.40%-16.25%
Govt Employees/defence personnel maintaining salary accounts with Bank of Baroda under scheme code SB 182 & 186	10.90%-11.40%

Loan Product	Interest Rates (p.a.)
Baroda Loan to Pensioners	11.65% (digital) 12.15% (non-digital)
Baroda Digital Pre-approved Personal Loan	12.40%-15.90%
Baroda Digital Personal Loan	12.40%- 17.75%

Fixed Interest Rates

Type of Employees	Interest Rates (p.a.)
Category A: (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank	15.00%-18.30%
Category B: (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda	13.05%-15.30%
Category C: Silver: Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Companies having external rating “A” & above/Joint Sector Undertakings, & Educational Institutions of National Repute, having a salary account with other Bank	12.00%-14.35%
Gold: Same target customers as mentioned in the Silver Category, however, the salary account must be with the Bank of Baroda	11.50%-14.35%
Govt Employees/defence personnel maintaining salary accounts with Bank of Baroda under scheme code SB 182 & 186	11.25%-11.75%

Bank of Baroda Personal Loan Fees and Charges

Processing Fees

Below-mentioned are the personal loan processing charges levied by Bank of Baroda:

Baroda Personal Loan	Up to 2% (Minimum: Rs 1000; Maximum: Rs 10,000)
Baroda Pensioners Loan	Rs 1,000

Also Read: Processing Fee for Personal Loan charged by other lenders

Penal Charges

Stated below are the penal charges levied on delayed payments of principal and interest:

Sanction loan amount	Penal charges
Up to Rs 10,000	NIL
Above Rs 10,000	2% p.a. on the amount of default

EMI Calculator

Prospective personal loan applicants can use Bank of Baroda Personal Loan EMI Calculator to calculate the total interest cost and the EMIs payable throughout the loan tenure. Applicants need to enter the loan amount, loan tenure and interest rate in the Personal Loan EMI Calculator given below and get instant results.

Types of Bank of Baroda Personal Loans

Bank of Baroda offers the following types of personal loan schemes to its applicants:

Baroda Personal Loan

Purpose: Bank of Baroda offers regular personal loans to salaried and self-employed individuals for all personal purposes, other than speculation.

Loan Amount: Rs 1 lakh to Rs 20 lakh

• Minimum Loan Amount: Rs 1 lakh for metro and urban branches and Rs 50,000 for rural and semi-urban branches.
• 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 pensions from the 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 the Bank of Baroda for at least the 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 Personal Loan

Purpose: The bank offers Baroda Digital Personal Loans to fulfil short-term financial requirements other than speculative purposes.

Loan Amount: Rs 50,000 to Rs 10 lakhs

• Minimum Loan Amount: Rs 50,000
• Maximum Loan Amount:
  • For Existing To Bank (ETB) customers – Rs 10 lakh
  • For New To Bank (NTB) customers – Rs 5 lakh
  • For New to Credit (NTC) customers – Rs 5 lakh

Tenure: 1 year to 5 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

Eligibility for Bank of Baroda Personal Loan

Given below are the personal loan eligibility criteria set by Bank of Baroda for its applicants.

• 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 get their pension disbursed through the Treasury/Defence Pension Disbursing Office directly to the credit of their savings account with the Bank of Baroda.

For Baroda Digital Personal Loan

• Age Criteria: Minimum: 21 years; Maximum – 58 years (for salaried); 65 years (for self-employed).
• Salaried individuals and Self-employed Individuals include self-employed professionals (doctors, engineer,  designers and tech. management consultants, architect, interior, practicing Company Secretaries, etc.), self-employed business persons and insurance agents.
• NRIs and co-applicants are not eligible for Baroda Digital Personal Loan.

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

Below-mentioned is the detailed list of documents required by Bank of Baroda during personal loan application:-

• 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 and 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 the last 6 months of Bank of Baroda/any other bank.
• Salary slips for the last 3 months.

Know more about the documents required for Personal loans for Salaried

Additional Documents for Self-employed Applicants

• Income tax returns for the 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 a Personal Loan for Self-Employed

Bank of Baroda Personal Loan Customer Care   

Bank of Baroda Personal Loan applicants can enquire about their personal loan application and other related queries by contacting the below-mentioned customer care numbers.

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 on BOB Personal Loan

How can I avail personal loan from Bank of Baroda?

Applicants can avail Bank of Baroda Personal Loan by applying through the official website of the bank or by visiting its branches. Additionally, they should also visit online financial marketplaces to compare the interest rates and other features provided by the various lenders based on their credit profile and then, apply accordingly.

Who is eligible for Bank of Baroda personal loan?

Bank of Baroda Personal Loans is offered to employees of the Central/State government, autonomous bodies, public or joint sector undertakings, public limited companies, MNCs, educational institutions with a minimum service of 1 year, employees of private limited companies, trusts, limited liability partnership, insurance agents doing business for atleast 2 years, self-employed professionals, such as doctors, architects, engineers, interior designers, technology and management consultants.

What is the personal loan interest rate offered by the Bank of Baroda?

Bank of Baroda offers personal loans at both fixed and floating interest rates. The floating interest rates for Bank of Baroda Personal Loan range from 10.80% to 18.25% p.a. whereas the fixed interest rates range from 11.25% to 18.30% p.a. depending on the credit profile of its applicants.

How can I check Bank of Baroda Pre-approved Personal Loan offers?

Bank of Baroda offers pre-approved personal loan to its select existing customers. Existing customers of Bank of Baroda can check for pre-approved personal loan offers from the official website of Bank of Baroda. They can type PAPL<space> last 4 digits of their debit card and send an SMS to 8422009988 from their registered mobile number and check for pre-approved personal loan offers with Bank of Baroda. Additionally, you should also visit online financial marketplaces like Paisabazaar.com to check the pre-approved offers, if eligible, from other lenders.

What is the processing fee levied by Bank of Baroda on Personal Loans?

Bank of Baroda charges a processing fee of 2% of the personal loan amount with the minimum fee being Rs 1,000 and the maximum fee being capped at Rs 10,000.

What are the foreclosure charges levied on Bank of Baroda Personal Loan?

Bank of Baroda does not charge any foreclosure charges on floating-rate personal loans. However, in the case of fixed-rate personal loans, the lender charges 3% on the prepaid amount during the first 3 years of the loan period.

How can I close the Bank of Baroda Personal Loan?

You can close your Bank of Baroda Personal Loan in three ways- regular closure, wherein the borrower repays the EMIs as per the repayment schedule; by making part-prepayments of the outstanding loan amount and by foreclosure of the personal loan before the due date.

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

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 amounts.

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

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

Does the Bank of Baroda give instant personal loans?

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

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

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