Bank of Baroda Personal Loan Status: Track Application & Check Active Loan Online

Bank of Baroda (BoB) has not yet released any information about the online and offline methods for tracking the status of Bank of Baroda Personal Loan applications. The applicants, however, may check the status of their personal loan application by calling at Bank of Baroda Personal Loan customer care number or visiting any of its nearest bank branches for such queries. However, in case of BoB Digital Personal Loans, the bank informs the digital personal loan applicants about the rejection or approval of their personal loan application through SMS/Email.

Some of the factors that lenders consider when assessing your personal loan application are:

Credit Score

An applicant’s credit score is probably one of the first factors that lenders look into when assessing an applicant’s personal loan application. Applicants having credit scores of 750 and above are considered more financially disciplined and thus, have higher chances of getting personal loan applications approved and at lower interest rates. Therefore, applicants should check their credit scores and obtain their credit reports at regular intervals. Moreover, if any errors are identified in their credit reports, they should be immediately reported to the respective credit bureaus for rectification. A rectified credit report should sport a higher credit score.

Monthly Income

Monthly income is an important consideration for most lenders when assessing their applicants’ EMI affordability. Usually, applicants whose total loan repayment obligations, including that of the new loan, are within 60% of their monthly income have higher chances of getting their loan applications approved.

Occupation

Bank of Baroda offers personal loans to salaried applicants with work experience of at least 1 year. Self-employed businessmen and professionals like doctors, engineers, company secretaries, architects, interior designers, etc. with at least 1 year of stable business are also eligible to apply for Bank of Baroda Personal Loan. Insurance agents are also eligible for this loan provided they are in business for at least last 2 years. Applicants unable to fulfil these eligibility conditions might face loan rejection from the bank.

Usually, lenders prefer offering personal loans to salaried individuals as compared to non-salaried individuals, due to the former’s higher income certainty. Among salaried individuals, applicants working for the government and PSUs have higher chances of getting their loan applications approved due to their high job security.

Applicants availing personal loans from banks/NBFCs where they have an existing lending or banking relationship have higher chances of getting their loan application approved. Moreover, most lenders offer personal loans at lower interest rates to their existing customers, including pre-approved personal loan offers and faster disbursal.

Age

Bank of Baroda offer personal loans to applicants who are at least 21 years old at the time of loan application. The bank also requires its personal loan applicants to pay off their loans before they attain the age of 60 (for salaried applicants) and 65 (for self-employed applicants). Thus, salaried applicants nearing the age of 60 years may have lower chances of Bank of Baroda Personal Loans approval. However, note that pensioners can avail pension loans from the banks with whom they are maintaining their pension accounts.