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Who can apply for a Personal Loan from Bank of Baroda?

Bank Of Baroda Personal Loan Eligibility

The eligibility criteria for Bank of Baroda personal loans is very wide to ensure that a maximum number of applicants can avail the benefit of these loans irrespective of the purpose of loan or class or category of persons.

The personal loans of Bank of Baroda can be availed by salaried persons as well as self-employed persons or professionals. The Bank requires the applicants to meet certain basic criteria to be eligible for the personal loans of the Bank. These basic criteria are the age of the applicant, employment status of the applicant, income of the applicant as well as relationship with the Bank. These criteria are discussed in this section.

Age 

The bank has set specific age limits to determine the eligibility for personal loans. While the maximum age of eligibility is different in case of salaried and non-salaried persons, the age minimum age of eligibility is constant in each case. The details of the same are tabled below.

Category of Applicant

Minimum Age

Maximum Age

Salaried Persons

21 years 

21 years

Non-Salaried Persons

60 years

65 years

Repayment Capacity

Another criterion is the repayment capacity to be eligible for the personal loan. Eligibility, in this case, depends on the category of the applicant and the ratio of the gross monthly income required for being eligible. The details of the same are tabled below.

Category of Applicant

Repayment Capacity

Employees of Central of State Government, Autonomous Bodies, PSUs, Joint Sector undertakings, Educational Institutions

60 % of Gross Monthly Income (GMI)

For Others

  • GMI Less than Rs. 75,000-40% of GMI
  • GMI Rs. 75,000 to Rs. 2,00,000-50% of GMI
  • GMI RS. 2,00,000 and Above-60% of GMI

Employment status

The bank also requires the applicant to be in minimum period of continuous service to apply for the personal loan of Bank of Baroda. This employment period is different on the basis of the category of the applicant as per the guidelines of the Bank.

The details of the same are mentioned below,

  • Employees of Central of State Government, Autonomous Bodies, PSUs, Joint Sector undertakings, Educational Institutions, Public Limited Companies, MNCs – minimum continuous service of 1 year
  • Employees of Proprietorship, Partnership firms, Private Limited companies, Trust – with minimum continuous service for 1 year
  • Self Employed Professionals – with a minimum of 1-year stable business
  • Insurance Agents – doing business for minimum last 2 years
  • Self Employed Business persons – minimum 1-year stable business

Relationship with the Bank

Finally, the bank also requires the applicant to have a minimum period of a healthy relationship with the bank to be eligible for the personal loans. This ensures the bank of the viability of the loan and protects it from NPAs. The parameters for this category depend on the type of applicant and the loan amount required by the applicant. The details for the same are mentioned below,

  • Employees of Central of State Government, Autonomous Bodies, PSUs, Joint Sector undertakings, Educational Institutions, Public Limited Companies, MNCs – the eligibility requirement is having the salary account the Bank and the last drawn salary has to be credited to the in such salary account held with the bank.
  • Others –

For loan amount up to Rs. 2,00,000

An account with Bank of Baroda or any other Bank for a minimum period of 6 months

For loan amount above Rs. 2,00,000

  • An account with Bank of Baroda or any other Bank for a minimum period of 6 months
  • Salary accounts of employees of Partnership Firm, Proprietorship, Private Limited Companies, Trust to be maintained with Bank of Abroad for a minimum period of 6 months
  • Commission earned by Insurance Agents to be credited in their account held with Bank of Baroda for a minimum period of 6 months

Personal Loans from Bank of Baroda

A personal loan is a form of unsecured short-term loan. This type of loan can be availed by a person for a variety of personal reasons. Such reasons may include marriage, medical emergency, travel, home repairs or renovations, etc. Bank of Baroda provides easy and affordable personal loans to eligible borrowers. The repayment tenure for such loans is also comfortable with flexible repayment options. These loans are disbursed quickly as compared to other loan product

What is a personal loan eligibility calculator?

Personal Loans are among the easiest and the quickest loans that can be disbursed by a Bank. These loans as mentioned above are for any personal use for a short period of time.

Bank of Baroda provides Personal Loans for a maximum period of 60 months or 5 years. The maximum loan amount that can be availed by borrowers is Rs. 10,00,000 if the applicant is from Metro or Urban Areas and Rs. 5,00,000 if the applicant is from Semi-Urban or Rural areas.

Like most banks, Bank of Baroda provides the borrowers with the benefit of determining the amount of loan that can be sanctioned to them by the bank depending on their eligibility. This feature of the bank is known as a Personal Loan Eligibility Calculator.

This feature is available on the website of the bank and can also function as an EMI Calculator providing the applicant with an estimate of the EMI expense to be borne for repayment of loan taken.

Applicants have to provide some basic information to calculate the Person loan eligibility. This information is in relation to the personal details of the applicant along with their income, liabilities, etc.

The information to be provided by the applicant to determine the personal loan eligibility is mentioned below,

  • Age of the applicant or date of birth
  • Location of the Applicant
  • Monthly Income
  • Current monthly expenses/ liability

The information provided as above will help the applicant to get an estimate of the amount of personal loan that can be sanctioned by the bank.

Features of Personal Loan of Bank of Baroda

The personal Loan of Bank of Baroda is available at competitive interest rates and carries many other attractive features that make it a favoured product in this segment. Some of the features of Bank of Baroda Personal Loans are mentioned below,

Quantum of Loan

Bank of Baroda personal loans can be availed for a maximum amount of Rs. 10,00,000. The amount of loan to be sanctioned depends on many factors among which the location of the applicant is an important parameter. The maximum amount of loan that can be sanctioned to borrowers is tabled below,

Location of Applicant

Minimum Loan Available

Maximum Loan Available

Metro and Urban Areas

Rs. 1,00,000

Rs. 10,00,000

Semi-Urban and Rural Areas

Rs. 50,000

Rs. 5,00,000

Rate of Interest

Rate of interest charged on personal loans is dependent on many factors like the credit profile of the applicant, past relationship with the bank, amount of loan required, tenure, etc. The current rate of interest charged for Bank of Baroda personal loans is different for customers having an account with the bank for a minimum period of 6 months and for customers having an account with any other bank for the minimum period of past 6 months. The current rates of interest are tabled below,

Particulars

Rate of Interest

Customers having an account with BOB for the past 6 months

10.50%

Customers having an account with any other Bank for the past 6 months

12.50%

Tenure

The tenure of the loan is the period for which the loan is sanctioned and has to be repaid by the borrower in equal monthly instalments known as EMI. The tenure of personal loans of BOB is between 48 months or 4 years to 60 months or 5 years.

Other charges

  • The bank charges a nominal amount for processing the loan and is charged as a percentage of the loan amount sanctioned. These processing charges are 2% of the loan amount subject to a minimum of Rs. 1,000 and maximum Rs, 10,000 (excluding taxes)
  • Bank of Baroda also charges penalty charges at the rate of 2% of the overdue amount in case of delay or default in repaying the loan
  • Apart from these charges, the bank does not levy any charge on prepayment or pre-closure of the loan.

Overview of Bank of Baroda

Bank of Baroda is a popular name in the banking sector of the country. It has become the third-largest bank in India post its merger with Vijaya Bank and Dena Bank. Bank of Baroda offers a plethora of products and services that are specific to the needs of retail customers, corporate customers, NRI customers, etc. Personal loans are among the most popular loan products of the bank and are available easily for the benefit of the borrowers.

FAQs – Personal Loan Eligibility – Bank of Baroda

1. Who is not eligible for the BOB Personal Loan?

A. BOB specifically prohibits any person to be eligible for the loan if the purpose of the loan is speculation.

2. Can I apply for the personal loan of the bank jointly along with a co-applicant?

A. No. Joint application for a personal loan is not allowed as per the guidelines of the bank. However, the bank may consider the joint application for a personal loan as per its discretion.

3. Is a person with a low credit score eligible for BOB personal Loan?

A. Yes. A person with a low credit score can apply for the personal loan from the Bank but the rate of interest may be higher. Also, sanction of the loan will be at the discretion of the Bank.

4. Can a professional or self-employed person be eligible for a personal loan of BOB?

A. Yes. A self-employed person or a professional can be eligible for the personal loan of BOB provided they have a stable business or practice for a minimum period of 1 year.

5. Can a person having an account with another bank apply for a personal loan from BOB?

A. Yes. A person having an account with another bank is eligible for a personal loan of BOB provided the loan amount is up to Rs. 2,00,000.

6. Are Insurance agents eligible to apply for a personal loan of BOB?

A. Insurance Agents can apply for the personal loan of the Bank provided the commission earned by them is credited in an account held with BOB for a minimum period of 6 months.

7. Can a private employee get a BOB personal Loan?

A. Yes. Employees of private organizations can get a personal loan from Bank of Baroda provided they are in continuous employment of such organization for a minimum period of 1 year.

8. Are staff members eligible for BOB personal loan?

A. No. Staff members are not eligible for BOB personal loans as per the guidelines of the Bank.

9. What are the factors influencing eligibility for a personal loan of BOB?

A. There are many factors that influence the eligibility of an applicant for the personal loan of BOB. Some of such factors are,

  • Age of the applicant
  • The credit score of the applicant
  • Repayment capacity of the applicant
  • Employment status
  • Residential status
  • Work experience
  • Past relationship with the Bank

10. Is a borrower eligible for pre-payment or part payment of the personal loan of BOB?

A. Yes, Borrowers are eligible for part payment or prepayment of the personal loan of BOB without any extra charges.

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