Overview
Bank of Baroda Personal Loan is a good choice for those individuals who want to become small businessmen or self-employed. The rate of interest is 11.60% – 16.60%. The loan term ranges between 12 months – 60 months. Loan Amount ranges between 1 Lac – Rs. 10 Lacs in Metro and Urban Areas.
And loan amount ranges between Rs. 50,000 – Rs. 5 Lacs in Semi-Urban Areas & Rural Areas. The time for Funding is 2 to 3 days thus the shortest period. Prepayment charges are zero to 4% of the outstanding amount.
The bank charges a processing fee of 2% up to a maximum of Rs.10,000 which is quite higher in comparison to its market peers.
Bank of Baroda is a good fit for you if?
If you want an urgent loan
Bank Of Baroda offers you a quick personal loan to your pocket with an online process and on-priority approvals. The instant emergency of funds can be matched by a personal loan from the Bank of Baroda.
If you want to avail Nil prepayment charges
Bank of Baroda does not charge for the preclosure of the loan if you prepay the loan after the first 6 EMIs. So If you are expecting some extra funds in near future then you can go for a personal loan with the bank and later close it without paying any charges for that.
Bank of Baroda Personal Loan at a glance
| Annual Interest Rate | 11.60% – 16.60% per annum |
| Loan Term | 12 Months – 60 Months |
| Loan Amount | Rs. 1 Lac – Rs. 10 Lacs (In Metro & Urban Areas) Rs. 50,000 – Rs. 5 Lacs (In Semi-Urban & Rural Areas) |
| Time of Funding | Within 2 to 3 days |
| Pre-Closure Charges | Zero to 4% of the outstanding amount |
The Bank of Baroda offers personal loans to salaried and non salaried individuals at the rate of 11.60%-16.60% per annum upto a maximum tenure ranging between 12-60 months. The maximum loan amount offered in the shape of personal loan is Rs.10 lacs in urban areas and 5 lacs in rural areas.
The bank waives off the processing charges after the payment of the first 6 EMIs.
Why Choose Bank Of Baroda?
Avail upto Rs. 10 Lacs
Avail funds as high as Rs. 10 Lakhs with Bank of Baroda in metro and urban areas and upto Rs. 5 Lacs in semi-urban and rural areas. While the peers in the industry like Canara bank allows a loan only upto Rs.3 lakhs.
Zero Prepayment Charges
Bank of Baroda offers zero prepayment charges if you’re closing your personal loan earlier than the predefined period, but after 6 months from the date of disbursement.
What to watch out for?
Maximum 48 Months Tenure for Non-Existing Customers
Tenure is limited to a maximum 48 months period for new customers. More precisely, new customers get 48 months of Tenure i.e. 2 years.
High Processing Charges
Processing Charges are equal to 2% of the loan amount and can go as high as up to Rs. 10,000 and has to be paid upfront.
Compare Bank Of Baroda Personal Loans to Other Banks
| Bank Name | Bank Of Baroda | Federal Bank | Canara Bank |
| APR | 11.60% – 16.60% | 11.49% – 14.49% | 10.90% – 13.90% |
| Loan Term | 12 Months – 60 Months | 12 Months – 48 Months | 12 Months – 72 Months |
| Maximum Lending Amount | Rs. 10 Lacs | Rs. 10 Lacs | Rs. 5 Lacs |
| Processing Fee | 2% of the loan amount Min Rs. 1,000 – Max Rs. 10,000. | 0.50% of the loan amount. Min Rs. 500 | Zero to up to Rs. 5,000 |
| Time to Funding | Within 2 to 3 days | Within 7 days | Within 7 days |
| Pre-Closure Fee | Zero to 4% of the outstanding amount | 2% of the outstanding amount | Nil |
The interest rate charged by the Bank of Baroda ranges between a minimum of 11.60% and maximum of 16.60%. The interest rate of Canara bank is a bit more comprehensive at 10.90%-13.90%. Although Bank of Baroda offers a maximum loan amount of Rs.10 lacs which is a lot higher than Canara bank and equal to the Federal Bank.
The processing fee charged for the processing of loan application is 2% of loan amount by Bank of Baroda upto a maximum of Rs.10,000, this is quite high in comparison of Federal bank who is charging 0.50% and Canara bank charging Rs.5,000 at maximum.
The time taken to get the account funded after submission of application is 2 to 3 days at Bank of Baroda while the other two banks take upto 7 days for the loan disbursal.
Bank of Baroda Personal Loan Eligibility Criteria
| Minimum Age | 21 Years |
| Maximum Age | 60 Years (for Salaried) 65 Years (for Self-Employed) |
| Current Job Experience | 1 Year |
| Minimum Work Experience | 2 Years |
- Minimum Age of the applicant should not be less than 21 years.
- In case of Salaried applicant, age of the applicant plus the repayment period should not exceed retirement age of the applicant or 60 years, whichever is lower.
- In case of Non-Salaried applicants, the age of the applicant plus the repayment period should not exceed 65 years.
- Minimum stability of 1 year in current job or profession is required for both salaried or non-salaried.
- Minimum work experience of 2 years is required in the current profession for Insurance Agents.
Bank of Baroda Personal Loans Schemes
Bank of Baroda Personal Loan for Non-Existing Customers
Bank of Baroda charges an interest rate of 13.6% to 16.6% per annum for personal loans to non-existing customers, for a loan repayment period of a minimum of 12 months to a maximum of 48 months.
An applicant with a minimum of Rs. 50,000 to up to 6 times of Gross Monthly Income, subject to maximum Rs. 2 Lacs, where Gross Monthly Income is less than Rs. 75,000 and customers have a bank account relationship with any other bank than Bank of Baroda.
An applicant with a minimum of Rs. 50,000 to up to 8 times of Gross Monthly Income, subject to maximum Rs. 2 Lacs, where Gross Monthly Income is above Rs. 75,000 and customers have a bank account relationship with any other bank than Bank of Baroda.
As for the prepayment charges, the Bank of Baroda levies a prepayment fee of 2% of the loan amount, subject to a minimum of Rs. 1,000 to maximum Rs. 10,000.
Documents for Salaried
- Copy of Passport or PAN Card for Signature Proof
- Last 3 months’ salary slip along with Form-16 for 1 year.
- KYC Documents along with a passport size photograph.
Documents for Self-Employed
- Copy of Passport or PAN Card for Signature Proof
- Last 2 years ITR along with Balance Sheet and P&L account details
- KYC Documents along with a passport size photograph.
Bank of Baroda Personal Loan for Existing Customers
Bank of Baroda charges an interest rate of 11.6% to 14.6% per annum for personal loans to non-existing customers, for a loan repayment period of a minimum of 12 months to a maximum of 60 months.
An applicant with a minimum of Rs. 50,000 to up to 12 times of Gross Monthly Income in case the applicant is an employee of Central/State Govt., Autonomous Bodies, Public/Joint Sector Undertakings and Educational Institutions having minimum 1-year continuous service experience with the current organization and drawing salary through Bank of Baroda Salary Account for at least 6 months.
An applicant with a minimum of Rs. 50,000 to up to 6 times of Gross Monthly Income, where Gross Monthly Income is less than Rs. 75,000 and applicant is an employee of Proprietorship / Partnership firms / Private Limited companies / Trust or an Insurance Agent and drawing salary or commission through Bank of Baroda Salary Account for at least 6 months.
An applicant with a minimum of Rs. 50,000 to up to 8 times of Gross Monthly Income, where Gross Monthly Income is above Rs. 75,000 and applicant is an employee of Proprietorship / Partnership firms / Private Limited companies / Trust or an Insurance Agent and drawing salary or commission through Bank of Baroda Salary Account for at least 6 months.
As for the prepayment charges, the Bank of Baroda levies a prepayment fee of 2% of the loan amount, subject to a minimum of Rs. 1,000 to maximum Rs. 10,000.
Documents for Salaried
- Copy of Passport or PAN Card for Signature Proof
- Last 3 months’ salary slip along with Form-16 for 1 year.
- KYC Documents along with a passport size photograph.
Documents for Self-Employed
- Copy of Passport or PAN Card for Signature Proof
- Last 2 years ITR along with Balance Sheet and P&L account details
- KYC Documents along with a passport size photograph.
Bank of Baroda Personal Loan Interest Rates
| Personal Loan | Applicable Interest Rate |
| Bank of Baroda Personal Loan for Non-Existing Customers | 13.6% – 16.6% per annum |
| Bank of Baroda Personal Loan for Existing Customers | 11.6% – 14.6% per annum |
The applicable interest rate charged by the Bank of Baroda for Personal loans ranges from 11.6% to up to 16.60% per annum which is slightly higher as compared to its peers as Canara Bank charges interest rates ranging from 10.90% to up to 13.90% per annum while Federal Bank Charges 11.49% to up to maximum of 14.49% per annum.
Bank of Baroda Personal Loans Fees & Charges
| Type of Charges | Applicable Charge |
| Processing Charges | 2% of the loan amount Min Rs. 1,000 – Max Rs. 10,000. |
| Prepayment Charges | Nil After 6 months from the disbursement. 4% of the outstanding amount Within 6 months of disbursement |
| Part-payment | Not Allowed |
| Penal Interest | 2% per month on the outstanding loan amount |
The Bank Of Baroda charges 2% of the loan amount up to a maximum of Rs.10,000 as processing charges which is a bit higher in market comparison. Although the bank makes foreclosure charges Nil If the first 6 installments have been paid. The penal charges for the non-payment of EMI are 2% per month for unpaid amounts.
After I Applied?
Check loan status offline:
- Dial 1800-258-4455 from your registered number.
- Dial 1 for English, 2 for Hindi, 3 for Marathi.
- Now dial for 3 for the product queries.
- Now dial 9 to talk to the representative and wait as the IVR connects you to the executive, provide him the details of your loan application and he will fetch you the status of your loan application.
FAQs
Who can avail of Bank of Baroda Personal Loan?
An eligible person for the Bank of Baroda Personal Loan would be
- Applicants can be an employee of Central / State Govt. / Autonomous Bodies / Public / Joint Sector Undertaking, Public Limited Co. / MNCs or any Educational Institution, having minimum 1 year service experience in the organisation.
- Applicant can be an employee of Proprietorship, Partnership firm, Private Limited Company or Trust, having minimum 1 year service experience in the organisation.
- Applicants can be a person working as an Insurance Agent and have been in the business for a minimum 2 years.
- Applicants can either be a Self Employed Professionals such as Doctor, Chartered Accountant, Engineer, Architect, Interior Designer, Technical Consultant, Management Consultant, or a personal Practicing Company secretaries etc, having an experience of minimum 1 year in the business.
- Applicants can also be a Self Employed Businessman who has been running the business for a minimum 1 year.
A person who is a current employee of Bank of Baroda cannot apply for a Bank of Baroda Personal Loan.
Do I have to pay any charges if my monthly EMI gets late? How much do I have to pay for the late payment of the loan?
In case you were unable to pay your Monthly EMI until the payment due date, Bank of Baroda would charge you a 2% fee per month on the overdue amount in addition to the existing interest rates chargeable to you.
How much EMI would I have to pay on availing Bank of Baroda Personal Loan?
The maximum monthly EMI depends upon the gross monthly income of the applicant. Total deductions including proposed EMI should not exceed as follows, 40% for GMI less than Rs. 75,000, 50% for GMI Rs. 75,000 to less than Rs.2 Lacs, and 60% for GMI Rs. 2 Lacs and above.