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Bank of Baroda Personal Loan Foreclosure Charges

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ICICI BankICICI Bank
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2.5%
Max. Loan Amount₹2 Crore
HDFC BankHDFC Bank
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹4999+GST
Max. Loan Amount₹50 Lakh
Axis BankAxis Bank
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹40 Lakh
Kotak BankKotak Bank
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹12999+GST
Max. Loan Amount₹50 Lakh
Bajaj FinservBajaj Finserv
Processing Time1 - 2 Days
Interest Rate10% onwards
Processing FeesUpto 1.2%
Max. Loan Amount₹75 Lakh
IDFC First BankIDFC First Bank
Processing Time1 - 2 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹1 Crore
CholamandalamCholamandalam
Processing Time3 - 5 Days
Interest Rate17% onwards
Processing FeesUpto 4%
Max. Loan Amount₹50 Lakh

Benefits of Foreclosing Bank of Baroda Personal Loans

Savings on Interest Cost

Existing borrowers of Bank of Baroda Personal Loan can easily save on their interest costs by prepaying the outstanding loan amount. For example, if an individual avails a personal loan of Rs 20 lakh at 8% p.a. for tenures of up to 5 years, the EMI would be Rs 40,553 and the total interest cost would be Rs 4.33 lakh. If the borrower decides to opt for foreclosure after a year of availing the personal loan, his savings on interest cost would be Rs 2.85 lakh.

If the same individual avails a personal loan of Rs 10 lakh with the same loan tenure and personal loan interest rate, his EMI will be Rs. 20,276 and the total interest cost would be Rs. 2.16 lakh. If he later decides to opt for Bank of Baroda Personal Loan foreclosure after a year of availing the personal loan, his total interest cost savings will be Rs. 1.42 lakh.

Lower Proportion of Unsecured Loan Credit Mix

Credit mix is the ratio between the total outstanding secured and unsecured loan/credit facilities for an individual. Credit bureaus consider this ratio while calculating an individual’s credit score. As Bank of Baroda Personal Loans are unsecured in nature, personal loan foreclosure reduces the proportion of unsecured loans in the credit mix. Any increase in the proportion of secured loans improves the credit score for borrowers along with enhancing their eligibility for availing personal loans in future.

Improved Eligibility for Availing Additional Loans

Lenders usually prefer approving loan applications of individuals whose total EMI/NMI ratio (including their existing EMIs and EMIs of the proposed personal loan) is within the 50% to 60% of their total monthly income. Prospective loan borrowers who exceed this limit have lower chances of availing personal loans. Such loan applicants can improve their personal loan eligibility by foreclosing their existing personal loans and thereby, lowering their EMI/NMI ratio to within the desirable levels.

Nil Pre-closure Charges

Bank of Baroda charges zero personal loan foreclosure charges on the outstanding loan amount as the bank offers personal loans at floating interest rates.

Disadvantage of Foreclosing Bank of Baroda Personal Loans

Negative Impact on Liquidity

Many personal loan borrowers use their existing investments for making prepayments/foreclosing their loans. Some of them also end up using their emergency funds to prepay their personal loans. Doing so reduces their ability to deal with emergency situations like medical emergencies, loss of income due to job loss/illness, other financial exigencies etc. Similarly, using existing investments to prepay or foreclose Bank of Baroda Personal Loans might adversely impact the achievement of their crucial financial goals. Thus, using emergency funds or existing investments for Bank of Baroda Personal Loan foreclosure or prepayments might force one to avail loans at higher interest rates to deal with financial exigencies or achieve his crucial financial goals later. Therefore, existing personal loan borrowers of Bank of Baroda Personal Loan should make prepayments or foreclosure only if they have adequate emergency funds. They should also avoid prepayment by redeeming their existing investments earmarked for crucial financial goals.

Instead, borrowers wishing to reduce their repayment burden and interest cost can opt for personal loan balance transfer facility wherein they can transfer their existing personal loans to other lenders offering lower personal loan rate of interest.

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I would like to give a huge shoutout to Munni Nayak from Paisabazaar for her incredible support in helping me get my personal loan disbursed within just a few days. She was extremely cooperative throughout the entire process and demonstrated great knowledge by explaining every step in detail with patience and clarity. I truly appreciate her dedication, professionalism, and the smooth experience she provided. Thank you so much, Munni, for all your help and support!

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Preeti BhattMay 16, 2026

Smooth & hassle-free loan approval experience

I want to express my gratitude for your exceptional support & guidance throughout my loan application process to Aman (EW17239). Your professionalism & clear communication made the journey smooth and manageable. I appreciate how you helped during loan approval & fast-tracked the documentation. It is rare to find someone so committed to their clients. I truly value the effort you put into ensuring a successful outcome. Thanks again for your invaluable help.

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Sanjay Kumar GuptaMar 30, 2026

Exceptional guidance throughout the process

I’d like to express my sincere appreciation for Mr. Aman Kumar (EW32023) for the excellent assistance provided. His professionalism & willingness to help made the experience smooth & pleasant. Aman Kumar demonstrated patience & clarity while addressing queries and ensured that everything was handled efficiently. Such dedication & customer-focused service truly deserve recognition. Please convey my thanks and appreciation to him for his outstanding support.

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Jyotirmoy SinghaMar 23, 2026

Very helpful and easy to reach

I really wants to appreciate Mohankumar Dhandapani for closing my loan requirement in such a short time and nice manner. He is very much approachable helped me based on my requirements. He explained me all the options in very short time even one option failed immediately helped me to get other options worked. Excellent job done by Mohankumar Dhandapani all the best keep you same way approachable you will get more customers. Thanks to Paisabazar too.

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Kirubagaran GanesanFeb 24, 2026

Reliable help when i needed it most

I am writing this email to express my sincere thanks for your excellent support and guidance on Paisabazaar. My experience was very smooth and satisfying because of your help. You explained everything clearly and made the whole process easy and comfortable for me. I truly appreciate your professionalism, patience, and quick response. I am very happy with the service and would definitely recommend to others because of the great support I received from you. Thank you once again

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DharmeshFeb 22, 2026

Committed support that made everything easy

I’d like to appreciate the Paisabazar team for the excellent loan service. I especially want to recognize one of your agents, Mr. Prince Kumar, for his outstanding support. For more than a month, he continuously followed up with me and assisted me. His commitment & professionalism made the experience smooth & hassle-free. I appreciate his efforts and dedication. Kindly acknowledge his performance and consider rewarding such a sincere employee.

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BhupendraFeb 18, 2026

My Trust in Paisabazaar has Increased

I would like to take a moment to share my sincere feedback regarding the support I received from your team. The executive who assisted me was extremely professional, polite, and knowledgeable. They patiently understood my concern, explained the process clearly, and guided me step by step toward the right solution. I truly appreciate the transparency, timely responses, and genuine effort shown to help me.

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Lalit MaviFeb 12, 2026

Best Place for Taking Loans

I contacted customer care with a few queries, and I am very satisfied with the support I received. The representative was polite, patient, and explained everything clearly. My questions were resolved properly, and the overall experience was smooth and helpful. Thank you for the excellent customer service

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Kokil BarnwalFeb 12, 2026

Easy loan approval with good guidance

Thank you for the support provided for getting personal loan approval. During this process I worked with Mr. Aman Bajpai (EW17239) who was co-ordinator for this entire process of Personal loan, I was incredibly impressed by his efficiency and problem-solving skills. He went out of their way to ensure all my questions were answered and that the disbursement timeline stayed on track. His coordination was really appreciable.

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Riyaj AtarFeb 9, 2026

Apne higher education ke liye loan liya tha

Muhje higher education ke liye loan chahiye tha. Paisabazaar pe apply kiya. Got it at the right time. Quite helpful.

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Puja DanuJan 22, 2026
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Anubhuti Agrawal profile
Written ByLinkedIn icon
Anubhuti Agrawal
Shamik Ghosh profile
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Shamik Ghosh

Paisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.

The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.

The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.

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