How to Get Bank of Baroda Personal Loan Apply, Interest Rate, EMI Calculator, Minimum Salary, Civil Score and more details we read in this article please keep till last.
In this article, we will provide you complete information about Bank of Baroda Personal Loan. If you are interested in taking personal loan from Bank of Baroda then this article is for you.
Like other banks ALL Personal Loan Bank List, Bank of Baroda also provides personal loan facility to the customers. Personal loan comes under the category of an unsecured loan. This loan completely depends on the credit history of the customer.
In this article, we will know what is Bank of Baroda Personal Loan? What is the interest rate on this loan, what are the documents and eligibility for the loan, how can I apply for the loan, etc. To know all these things, read this article till the end.
Bank of Baroda Personal Loan
The loan taken for your personal work is called personal loan. Personal loan is a loan taken for your personal expenses such as for marriage, for education, for repairing the house or for buying a house, etc. A special feature of personal loan is that you do not have to tell the bank where you are going to use the loan amount. You can use the loan amount wherever you want.
To take Bank of Baroda Personal Loan, you do not have to give any kind of security nor do you have to mortgage anything. This loan is given to you on the basis of your eligibility and CIBIL score. The higher your CIBIL score, the higher your chances of getting a loan. Both salaried person (salaried person) and self employed (self-employed) can apply for personal loan from Bank of Baroda. Such people whose account is in Bank of Baroda and such people whose account is not in Bank of Baroda, both can take Bank of Baroda personal loan.
All professional people are eligible for Bank of Baroda Personal Loan. You can get this loan with minimal documents and fast processing. If you need money urgently then you can opt for Bank of Baroda personal loan option. If you want to apply for Bank of Baroda Home Loan, then you can apply for Home Loan by clicking on this link Bank of Baroda Home Loan.
Bank of Baroda Personal Loan Key Features
- Loan Name: Bank Of Baroda Personal Loan
- Bank Name : Bank Of Baroda
- Loan amount: For people living in metro and urban areas – 1 lakh to 10 lakh rupees
- For people living in semi-urban and rural areas: Rs 50,000 to 5 lakh
- Interest Rate : For existing customers with Bank of Baroda – Starting from 7.95%%
- For Separate – Starting from 12.50%
- Processing Fee : 2% of the total amount + GST (Rs 1000 to 10,000)
- Penal interest : 2% of the overdue amount
- Foreclosure Charges : Nil
- Time to repay the loan: 48 to 60 months
Bank Of Baroda Personal Loan Amount
Now let’s talk about how much maximum and minimum loan you can take as a personal loan from Bank of Baroda. Bank of Baroda provides you loan based on your area. If you are living in metro and urban area then you can get loan from Rs 1 lakh to Rs 10 lakh. And if you are living in semi-urban and rural areas, then you can take a loan of Rs 50,000 to Rs 5 lakh.
Bank of Baroda Personal Loan interest Rate
If you are an existing Bank of Baroda customer and your account is with Bank of Baroda for the last 6 months, then the interest rate for your personal loan starts from 10.50% per annul. And if your account is in Bank of Baroda but if you have not joined the bank for even 6 months or if your account is in any other bank then this interest rate for you starts from 7.95% per annul or you can calculate interest rate and EMI here.
Before taking a loan, we need to know that how much interest rate we will have to pay on that loan.
Bank of baroda personal loan charges
If you take a personal loan from Bank of Baroda, then you have to pay some charges which are as follows:
- Processing fee: To take a personal loan from this bank, you have to pay 2% of the total amount + GST processing fee, with a minimum limit of Rs 1000 and a maximum of Rs 10,000.
- Penal interest: You have to pay 2% of the overdue amount. That is, if you do not pay the EMI of any month, then for the number of days you do not pay that EMI amount, you have to pay 2% penal interest on whatever EMI amount is there for that day.
- Foreclosure charges: Foreclosure charges are zero on this bank’s personal loan. Now this question must have come in your mind that what are the foreclosure charges, then I will tell you. Suppose you have taken a personal loan from the bank for 1 year and you want to repay the entire amount of that loan on the completion of 4 or 5 months, then in that case no charge will be taken from you from the bank. This is what is called foreclosure charges.
- Foreclosure charges are charged on personal loan in some banks.
Bank Of Baroda Personal Loan Tenure (repayment period)
If you are taking a personal loan from any bank, then before taking the loan you need to know that how much time that bank is giving you to repay the loan. So far, we have received a lot of information about Bank of Baroda Personal Loan, now we are going to talk about how much repayment period the bank gives you on this loan.
If you are a salaried person and your salary account is with Bank of Baroda, then you are given maximum time of 60 months to repay the loan and maximum 48 months for others.
Features of Bank of Baroda Personal Loan
Now we will get information about the main features of Bank of Baroda personal loan:
- Whether you are a salaried person or self employed, you can take a personal loan from this bank.
- If you are from metro or urban area then you can take a maximum loan of up to Rs 10 lakh.
- If you are from semi-urban or rural area, then you can take a personal loan up to a maximum of Rs 5 lakh.
- If you are an existing customer of BOB, then you have to pay interest on personal loan at 10.50% per annum, for others it is 12.50% per annum.
- Personal loans are very beneficial for those people who are in need of instant money.
- It is recommended to opt for a personal loan using a credit card more often.
- You can use your personal loan amount to make payments to anyone through cheque, bank transfer or cash.
- If you do not pay the EMI on time then you may have to pay 2% charge of the overdue amount.
- You can take Bank of baroda personal loan to pay for your various types of work such as home renovation, higher education, travel, wedding and medical expenses.
- If you are a salaried person and you are working in any government or private company, then you must be an employee of at least 1 year in that field.
- Any person who is at least 21 years of age can apply for Bank of Baroda personal loan.
- This bank does not allow co-applicants for personal loan.
Bank of baroda personal loan eligibility
Not everyone can apply for Bank of Baroda personal loan. For this you must have some eligibility which is as follows:
- Both salaried person and self employed (self-employed) are eligible.
- Central / State Government employees in salaried person. Can be an employee of / Autonomous Body / Public / Joint Sector Undertaking, Public Limited Company / MNC and Educational Institution.
- Employees of Proprietorship, Partnership Firm, Private Limited Companies, Trust are eligible.
- Self Employed Professionals (Doctors, Engineers, Architects, Interior Designers, Tech and Management Consultants, Practicing Company Secretaries etc.) can apply for Bank of Baroda personal loan.
- Insurance agent who is doing business for at least 2 years is eligible for this loan.
- If you are a salaried person and you are working in any government or private company, then you must be an employee of at least 1 year in that field.
- If you are self employed then you should have at least 1 year experience in the business.
- Co-applicants are not allowed.
- Salaried person’s minimum age should be 21 years and maximum 60 years.
- Minimum age of non-salaried person should be 21 years and maximum 65 years.
- Someone with a CIBIL score of 701 and above
Bank of Baroda Personal Loan Documents Required
So far, we have got a lot of information about Bank of Baroda Personal Loan, friends. Now we will talk about the documents required to apply for this loan. The documents are different for both (salaried person and self employed) but first we know about some common documents which are to be given by every person who is eligible for this loan:
- Passport size photo
- Form 135
- Bank statement and updated passbook for the last six months
- Residence Proof (Passport/Voter I Card/Driving License/Gas Bill/Electricity Bill/Updated Passbook or Bank Account Statement/Registered Rent Agreement)
- Identity proof (PAN card/Passport/Voter ID card/Driving license/Employee ID card issued by concerned authorities like Government or Defense or reputed corporate/Identity document with photograph issued by professional bodies like ICAI, ICWA, ICFAI or of practice certificate)
For Salaried Individuals:
- Salary slip of last 3 months
- Form 16 or Income Tax Return
For Self Employed Individuals:
- Balance Sheet and Profit and Loss Account, Computation of Income for the last 2 years
- Proof of business (Gomasta License, Registration Certificate, Service Tax Registration etc.)
- Income Tax Return (For applicants last 2 years, 26 AS, Trace)
- IT Assessment / Clearance Certificate, Income Tax Challan / TDS Certificate (Form 16A) / Form 26AS for income declared in ITR
How to apply for Bank of Baroda Personal Loan?
So far friends, we have got a lot of information about Bank of Baroda Personal Loan. Now we will talk about how we can apply for personal loan.
You can apply for Bank of Baroda Personal Loan in two ways. One you can apply online and second you can apply offline. Information about both the procedures is given below:
Bank of Baroda Personal Loan Online Apply
- If you want to apply online then you have to first go to the official website of Bank of Baroda.
- After visiting the website, you will see the option of personal loan in the option of loan, click on it.
- On the next page you will see the option of apply now, click on it. On clicking on the given link, you will directly come to that form page.
- In this form you have to give some information and create your account. After that you can easily register for personal loan in few steps.
How to apply offline?
- To apply offline, you have to first go to your nearest Bank of Baroda branch.
- By going there you have to tell the concerned employee that you want to apply for personal loan.
- That bank employee will provide you all the information regarding personal loan.
- After that you will be given a form. You have to fill that form correctly, attach your documents with it and submit it there.
- Your CIBIL score will be checked by the bank employee on the basis of your documents. After that you will be told how much loan amount you can apply for.
- After that, if you proceed with this process and your loan is approved, then the loan amount is transferred to your account.
Bank of baroda personal loan EMI calculator
It is important for you to know how much EMI you will have to pay per month for a personal loan. You can easily understand the EMI calculation from the table given below:
| Loan Amount | Interest Rate (P/y) | Loan Tenure | Monthly EMI Payment |
|---|---|---|---|
| 1 lakh rupees | 11.4% | for 1 year for 2 years for 3 years for 4 years for 5 years | ₹ 8857 ₹ 4679 ₹ 3293 ₹ 2604 ₹ 2194 |
| 5 lakh rupees | 13% | for 1 year for 2 years for 3 years for 4 years for 5 years | ₹ 44659 ₹ 23771 ₹ 16847 ₹ 13414 ₹ 11377 |
| 10 lakh rupees | 15.5% | for 1 year for 2 years for 3 years for 4 years for 5 years | ₹ 90494 ₹ 48725 ₹ 34911 ₹ 28085 ₹ 24053 |
Bank of baroda personal loan customer care number
If you are facing any kind of problem in taking personal loan then you can talk to Bank of Baroda personal loan customer care number and get more information about personal loan. Here you are given Bank of Baroda personal loan customer care numbers:
Toll -Free Number 1800 258 44 55/1800 102 44 55
Bank Of Baroda Personal Loan Comparison with Personal Loan from Other Banks
| banks’ name | Rate of interest | loan amount | Period | processing fee |
|---|---|---|---|---|
| Bank Of Baroda | Starting from 10.50% | Up to ₹ 10 Lakh | up to 60 months | 2% of loan amount +GST |
| City Bank | Starting from 10.50% | ₹ 30 lakh | 12 to 60 months | Up to 3% of the loan amount |
| ICICI Bank | 11.25% to 22.00% | ₹ 20 lakh | 12 to 60 months | GST up to 2.25% of the loan amount |
| axis Bank | 11.49% to 17.49% | ₹ 50,000 to ₹ 15 lakh | 12 to 60 months | 2% of loan amount + GST |
| Bajaj Finserv | Starting from 12.99% | Up to ₹ 25 Lakh | 12 to 60 months | Up to 4.13% of the loan amount |
| HDFC Bank | 10.75% to 21.30% | Up to ₹ 40 Lakh | 12 to 60 months | Up to 2.50% of the loan amount |
How to check Bank of baroda personal loan status?
You can check the status of your loan through the following methods:
- By Talking To Bank Of Baroda Personal Loan Customer Care
- BOB internet banking
- By visiting your nearest BOB branch
How to Login to Bank of Baroda Portal?
- First of all you have to visit the official website of BOB.
- Login option will appear on the home page of the website, click on it.
- Select your option in the For Customers section.
- After that you can login by entering user id and password.
Conclusion
Friends, in this article, I have given you How to Get Bank of Baroda Personal Loan. have tried to give you complete information about Hope you find this article informative. If you want to get more information about Bank of Baroda personal loan then you can talk to Bank of Baroda personal loan customer care number.
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FAQs on BOB Personal Loan
Up to what amount can I get a personal loan from Bank of Baroda?
Maximum up to Rs.10 lakh.
How to apply for Bank of Baroda personal loan?
Complete information about applying for this personal loan is given in this article. You can easily apply for this loan by reading this article.
What is the Bank of Baroda personal loan interest rate?
Starting from 10.50% p.a