Bank of Baroda Personal Loan
Bank of Baroda offers personal loans up to Rs. 20 Lakhs. You can choose from Baroda personal loan, BOB digital personal loan, and pre-approved personal loan options. The interest rate for BOB personal loan ranges from 10.90% to 18.30% p.a., and the tenure varies between 48 to 84 months. A nominal processing fee of 1% to 2% of the loan amount + GST will also be applied.
Apply for Bank of Baroda Personal Loan @ 10.90% Interest Rates
BOB Personal Loan Details
The following are the key details of the Bank of Baroda personal loan:
| Loan Amount | Rs. 50,000 to Rs. 20 Lakhs |
| Tenure | 48 to 94 months |
| Rate of Interest | 10.90% to 18.30% p.a. |
| Processing Fees | 1% to 2% of the loan amount + GST |
| Penal Interest | 2% on the loan outstanding amount |
| Eligible Professions | Salaried, self-employed professionals and business persons |
| Age | 21 to 60 years |
For your loan enquiry, visit the BOB Personal Loan Customer Care service.
BOB Personal Loan Features
- Instant application: If you want an instant BOB personal loan apply online through different methods.
- Loan amount: Minimum Rs. 1 Lakh for metro & urban branch and Rs. 50,000 for Rural & semi-urban branch; Maximum Rs. 20 Lakhs.
- Repayment period: 48 to 84 months, depending on the type of applicant and their requirement.
- Interest rate: Bank of Baroda personal loan interest rate ranges from 10.90% to 18.30% p.a.
- Processing fees: Nil for government employees maintaining a salary account with the Bank of Baroda. 1% to 2% of the loan amount (minimum Rs. 1,000 & maximum Rs. 10,000) + GST for others.
- Types of Bank of Baroda personal loans: Baroda personal loan, Bank of Baroda pre-approved personal loan, and Bank of Baroda digital personal loan.
Bank of Baroda Personal Loan Interest Rates
The following are the BOB personal loan interest rates for different schemes:
A. Baroda Personal Loan Interest Rate
| Conditions | Repo Rate Linked Interest Rate | MCLR Linked Interest Rate |
|---|---|---|
| Government employees/ defence personnel maintaining salary accounts with BOB under scheme codes SB 182 & 186 | 10.90% to 11.40% | From 11.25% to 11.75% |
| Gold: Employees of the central/ state government/ PSUs/ autonomous bodies/ listed public limited company having external rating "A" & above/ joint sector undertakings, & educational institutions of national repute, having salary accounts with BOB | 11.40% to 16.25% | 11.50% to 14.35% |
| Category C (Silver): Employees of the central/ state government/ PSUs/ autonomous bodies/ listed public limited company having external rating "A" & above/ joint sector undertakings, & educational institutions of national repute, having salary accounts with other banks | 11.90% to 16.25% | 12.00% to 14.35% |
| Category B: Employees of private/ public, trust, LLP, insurance agents, self-employed professionals & business persons, having an account relationship with BOB | 12.65% to 16.25% | 13.05% to 15.30% |
| Category A: Employees of private/ public, trust, LLP, insurance agents, self-employed professionals & business persons, having an account relationship with other banks | 14.65% to 18.25% | 15% to 18.30% |
B. Other Bank of Baroda Personal Loans
| Types | Rate of Interest |
|---|---|
| Pre-approved Personal Loan | 12.90% to 16.40% p.a. |
| Digital Personal Loan | 12.90% to 18.25% p.a. |
BOB Personal Loan Eligibility
- Minimum age: 21 years
- Maximum age: Retirement age or 60 years (whichever is lower) for salaried persons and 65 years for non-salaried persons.
- Eligible Borrowers:
- Employees of central/ state government/ autonomous bodies/ public/ joint sector undertakings, public limited companies/ MNCs, and educational institutions with minimum continuous service for 1 year.
- Employees of private limited companies, trusts, and limited liability partnerships, with a minimum continuous service of 1 year.
- Insurance agents doing business for a minimum of the last 2 years.
- Self-employed professionals (doctors/ engineers/ architects/ interior designers/ technology and management consultants, practising company secretaries, etc.) with at least 1 year of stable business.
- Self-employed business persons with at least 1 year of stable business.
- Staff members and NRI/PIO are not eligible.
- Co-applicants:
- Co-applicants are not allowed.
- Applications to be considered on an individual basis only.
- Repayment capacity (FOIR):
- For salaried employees of government & private companies with an external rating of A & above/ joint sector undertakings & educational institutions with national repute (with minimum continuous service for 1 year & having a salary account with Bank of Baroda): 75% of GMI.
- For government employees/ autonomous bodies/ joint sector undertakings & educational institutions with national repute (with minimum continuous service for 1 year and having a salary account with another bank): 70% of GMI
- For others: 40% of GMI to 70% of GMI, depending on the income of the applicant.
- Account relationship: Salary accounts with BOB/another bank for the government employees, and a satisfactory account relationship of at least 6 months with BOB or another bank.
Documents Required for Bank of Baroda Personal Loan
If you meet the above eligibility criteria for Bank of Baroda personal loan apply easily with the following documents:
- Filled personal loan application with 3 passport-sized photographs and Form 135, mentioning details of assets and liabilities of the applicant.
- Bank statement for the last 6 months and an updated passbook.
- Residence proof (any one): Valid passport/ voter ID card/ driving license/ postpaid utility bill/ updated passbook or bank account statement/ registered rent agreement.
- Identity proof (any one): PAN card/ aadhar card/ valid Indian passport/ voter ID card/ driving license/ employee ID card issued by relevant authorities/ identity document or certificate of practice with photo issued by professional bodies.
- Income documents for salaried individuals: Last 3 months' salary slips, statement of account for the last 6 months of BOB/ other bank.
- Income documents for self-employed individual: Business proof, balance sheet and profit & loss account, computation of income for last 1 year, ITR of last 1 year for applicants, 26 AS, traces, IT assessment/ clearance certificate, income tax challans/ TDS certificate (Form 16A)/ Form 26 AS for income declared in ITR.
How to Apply for BOB Personal Loan Online
If you want BOB personal loan apply online. Here is the step-by-step process to apply for a Bank of Baroda personal loan online:
- Visit the official website of the mobile application of the bank
- Select the ‘Personal Loan’ section.
- Fill out the application form by providing accurate details such as your name, contact number, and city.
- Upload the necessary documents
- Review and submit your application.
FAQs
If you want a Bank of Baroda loan, apply through any of the following ways:
- Apply online through MyMoneyMantra.
- Apply online through the Bank of Baroda website or the Bank of Baroda loan app.
- Visit your nearby Bank of Baroda branch.
- Call the Bank of Baroda Personal Loan contact number.
Through the Digital Lending Platform of the Bank of Baroda, you can get ‘In-principle sanction’ for personal loan BOB within just 30 minutes from anywhere at any time. After in-principle sanction, the time consumed in loan disbursement depends on the information as well as documentation provided by you on the platform and documents required by the bank for further processing of your loan application. If your data is accurate, you will get disbursal soon.
The following are the modes of repayment of the Bank of Baroda personal loan EMI:
- Standing Instruction (SI) for automatic debit of the EMI amount at the end of the monthly cycle from your Bank of Baroda account.
- Electronic Clearing Service (ECS) if you have a non-Bank of Baroda account and wish your EMIs to be debited automatically at the end of each monthly cycle from this account.
- Post-Dated Cheques (PDCs): You can also pay your instalments via post-dated cheques in the lender's name.
Yes. You can make part-prepayment for your Bank of Baroda instant loan at zero charges.
No. You just need to pay the EMI for your Bank of Baroda Personal Loan repayment which consists of the principal and interest components.
Yes. The Bank of Baroda pre approved personal loan facility is available to select customers. The interest rate for pre approved micro personal loan bank of baroda starts from 10.70% p.a.
Personal loan interest rate in Bank of Baroda starts from 10.90% p.a. For a regular personal loan.
You can track your Bank of Baroda personal loan through the online banking (Baroda Connect), BOB mobile app (Baroda M Connect+), contacting the bank's customer service or by simply visiting a BOB branch.
The limit of BOB digital personal loan ranges from Rs. 50,000 to Rs. 10 Lakhs, and the limit for BOB pre approved personal loan is Rs. 50,000 to Rs. 20 Lakhs.
The processing fee of Bank of Baroda's personal loan ranges from 1% to 2% of the loan amount + GST.