Note: The Bank of Baroda COVID 19 emergency loans discussed on this page have been discontinued as of 30th June 2020. The details on this page have been retained for archival information purposes only. Even though these loans are no longer available, you can still apply for a Bank of Baroda personal loan to meet various personal financial needs.
Individuals can avail the Bank of Baroda COVID 19 Personal Loan to meet any personal financial need (except speculation purposes) resulting from the COVID-19 crisis and resultant lockdown. This Bank of Baroda personal loan can be availed for amounts ranging from Rs. 25,000 to Rs. 5 lakh which can be repaid within a tenure ranging up to 60 months.
Table of Contents
Features of Bank of Baroda COVID-19 Personal Loan
- Loan Amount: Individuals can avail a loan amount starting from Rs. 25,000 up to Rs. 5 lakh under the Baroda Personal Loan COVID 19 scheme, provided they meet the bank’s eligibility criteria.
- Flexible End Use: The loan amount availed can be used for any personal purpose (except speculation) including a temporary liquidity mismatch resulting from the COVID-19 crisis and lockdown.
- Minimal Documentation: Since only existing customers of the bank can apply for this loan, minimal documentation is required to avail it.
- Quick Disbursal: Upon the successful approval of the loan, the loan amount is disbursed to your account within a few days.
Bank of Baroda COVID-19 Personal Loan Interest Rates
As per RBI guidelines, Bank of Baroda has introduced BRLLR (Baroda Repo Linked Lending Rate) for all lending products including personal loans.
Current BRLLR is 7.25% and S.P. (Strategic Premium) is 0.25%, as of December 2019.
Bank of Baroda COVID-19 Personal Loan interest rate is 10.25% p.a. (BRLLR + SP + 2.75% p.a.) irrespective of applicant’s credit score (minimum CIBIL Score of 650).
Eligibility Criteria
To avail Bank of Baroda COVID-19 Personal Loan, the following eligibility criteria need to be taken into consideration:
- Customers who have an existing home loan (all variants), auto loan or loan against property with Bank of Baroda are eligible
- They must also have a minimum 6 months’ relationship with the bank where:
- Loan should be fully disbursed and moratorium period is completed
- Minimum three installments of the existing loan must have already been paid
- Account should not have slipped into SMA-1 or 2 (Special Mention Account – 1 or 2) category till 29.02.2020
- Auto Loan customers should have a minimum 12 months’ relationship with the bank.
3. Minimum credit score of applicant should be 650
Documents Required for Bank of Baroda COVID-19 Personal Loan
While no specific documentation requirements have been mentioned, Bank of Baroda may specify documents that have to be submitted on a case by case basis at the time of loan application.
How to Apply for Bank of Baroda COVID-19 Personal Loan?
To apply for Baroda Personal Loan COVID 19, you need to get in touch with the bank. The contact details of the bank are as follows:
- Call: You can call Bank of Baroda on the toll-free numbers 1800-102-4455 and 1800-258-4455.
- Branch Visit: You can also visit the nearest Bank of Baroda branch to apply for the personal loan scheme in person.
Fees and other Charges
Given below are some of the key fees and charges associated with Bank of Baroda COVID-19 personal loan (excluding loan interest charges):
| Penal Interest | 2% on overdue amount/ non-compliance of terms and conditions |
| Foreclosure/ Prepayment Charges | Nil |
| Processing Fees | Rs. 500 |
Note: Applicable taxes at government approved rates are additional to the above charges.
How to Login on Bank of Baroda Portal
You can login to Bank of Baroda’s secured net banking portal, Baroda Connect, by following the steps given below:
1. Visit the official website of Bank of Baroda and click on ‘Login’.
2. Under ‘For Customers’ choose ‘Baroda Connect (Net Banking) India’
3. Click on ‘Retail User’ and login using your credentials.
Once logged in, you can access the various services on offer from the Bank of Baroda.
Bank of Baroda COVID-19 Personal Loan Statement
You can avail your Bank of Baroda COVID-19 Personal Loan Statement both online and offline.
- Online: You can login to Bank of Baroda’s online portal to view or download your personal loan statement.
- Offline: You can also visit the nearest BOB branch and request for a physical copy of your personal loan statement. However, there may be charges involved in case you wish to avail a physical copy of the statement.
Bank of Baroda COVID-19 Personal Loan EMI Calculation
Bank of Baroda COVID-19 Personal Loan interest rate is 10.25% p.a. The following table gives a sample of EMI calculations using varying loan amounts, interest rates and tenures:
| 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 | |
| 25,000 @ 10.25% p.a. | 2,201 | 1,157 | 810 | 637 | 534 |
| 1 lakh @ 10.25% p.a. | 8,803 | 4,626 | 3,238 | 2,548 | 2,137 |
| 5 lakh @ 10.25% p.a. | 44,016 | 23,130 | 16,192 | 12,741 | 10,685 |
Comparison of Bank of Baroda COVID-19 Personal Loan vs. Other Lenders
Following is a comparison of BoB COVID-19 personal loan to similar schemes provided by other lenders:
| Particulars | Bank of Baroda | Bank of Maharashtra | Indian Bank | Indian Overseas Bank | Punjab National Bank |
| Interest Rate | 10.25% | Starting from 8.45% | Starting from 8.75%
| Starting from 9.65%
| Starting from 9.05%
|
| Tenure | 12 to 60 months | Up to 36 months including moratorium/ holiday period of 6 months | Up to 36 months including moratorium period of 6 months | Up to 60 months including holiday period of 3 months
| Up to 60 months for new applicant/ Up to 36 months for other applicants |
| Loan amount | Up to Rs. 5 lakh | Up to Rs. 3 lakh | Up to Rs. 2 lakh | Up to Rs. 5 lakh | Up to Rs. 3 lakh |
| Processing Fee | Rs. 500 + GST | NIL | NIL | NIL | NIL |
Bank of Baroda Customer Care
You can contact the company’s customer care via any of the following means given below:
- By Phone: You can call Bank of Baroda toll-free on 1800-102-4455 and 1800-258-4455
- Branch Visit: You can also visit the nearest Bank of Baroda branch to get your queries regarding the Bank of Baroda COVID-19 personal loan resolved.
Important Aspects
Here are some things that potential borrowers must keep in mind when applying for a personal loan:
- Borrow only according to your need. Don’t borrow a higher amount simply because you are eligible to borrow more.
- Also, consider the complete cost of the loan. Interest is not the only cost that you need to pay. Consider charges such as processing fees, prepayment fee, late payment fee, etc. when choosing a particular personal loan.
- To avail the best deal, interest rates and charges on different personal loans should be compared online before actually applying for a personal loan.
- Avoid applying for a personal loan with multiple lenders at the same time. It may result in an increase in the number of hard inquiries for your credit report and may adversely affect your chances of loan approval.
FAQs
Q1. Who can avail a Bank of Baroda COVID-19 personal loan?
All customers who have an existing home loan (all variants), auto loan or loan against property from Bank of Baroda with minimum 6 months (12 months in case of auto loan) relationship with the bank are eligible to apply for Baroda Personal Loan COVID 19, provided they meet the bank’s eligibility criteria. Applicants must also have a minimum credit score of 650 to apply for the personal loan scheme.
Q2. What is the minimum and maximum loan amount available through Bank of Baroda COVID-19 personal loan?
Customers can avail personal loans ranging between Rs. 25,000 to Rs. 5 lakh under the Baroda Personal Loan COVID 19 Scheme.
Q3. What are the tenure options available under the scheme?
The repayment tenure is the same as that of the qualifying link loan or the loan comes with a maximum door to door maturity of upto 60 months.
Q4. Is personal guarantee required to secure the Bank of Baroda COVID-19 Personal Loan?
Yes, all the guarantors in the existing qualifying linked retail loan have to provide personal guarantee for the COVID-19 loan applied for.
Q5. Does the personal loan scheme come with a moratorium period?
Yes, customers can avail a moratorium of up to 3 months under the scheme, within the overall 60 months repayment period. However, interest needs to be serviced during the moratorium period.
Q6. How can I repay the COVID-19 personal loan?
You can repay your personal loan in EMIs (Equated Monthly Installments) within a tenure of 12 months to 60 months through ECS (Electronic Clearing Service), NACH (National Automated Clearing House) or PDC (post-dated cheque).
