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Bank of Baroda Personal Loan

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Bank of Baroda Personal Loans

Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. It has a network of 5538 branches and 10,441 ATMs. Bank of Baroda provides a wide range of banking products and financial services to corporate and retail customers.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Bank of Baroda Personal Loans

Bank of Baroda offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Bank of Baroda.

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Advantages of Bank of Baroda

  • Low interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum income requirement

Documentation Required for Bank of Baroda Personal Loans

Important documents to be submitted while applying for personal loans with Bank of Baroda is

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Bank of Baroda Personal Loans

Catering to the needs of various sections of people, tailor-made Bank of Baroda personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Features of Bank of Baroda Personal Loan

Key Highlights

Eligibility CriteriaSalaried/Self-Employed
AgeBetween 21 years
Loan TenureUp to 60 months
Loan AmountUp to 10 Lakhs
Interest RateMaximum of MCLR +SP+ 8.00%

Motive:

The aim of the Bank of Baroda personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

No Collateral Required:

As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Bank of Baroda personal loan. However, suitable third-party guarantee is acceptable.

Loan Amount:

You can get loan up to INR 5,00,000 in Semi Urban and Rural areas and INR 10,00,000 in Metro and Urban areas.

Loan Tenure:

Up to 5 years

Prepayment Charges:

No prepayment is permitted until completing 12 EMIs. Prepayment charges are applicable.

Convenient Borrowing:

You can apply online or visit nearby Bank of Baroda branches.

Eligibility Criteria

To avail the personal loans from Bank of Baroda, you need to have the following eligibility criteria.

  • You should be 21 years old or above
  • Steady income
  • Salary slip of last 3 months
  • Proper Address Proof and Identity proof
  • Employees of Central / State Govt. / Autonomous Bodies/ Public / Joint Sector Undertakings, Public Limited Co. / MNCs & Educational Institutions – with minimum continuous service for 1 year
  • Employees of Proprietorship, Partnership firms, Private Limited companies, Trust - with minimum continuous service for 1 year
  • Insurance Agents- doing business for minimum last -2- years
  • Self Employed Professionals (Doctor, Engineer, Architect, Interior Designers, Tech. and Management Consultants, Practicing Company secretaries etc) -- with minimum 1-year stable business.
  • Self Employed Business persons - with minimum 1-year stable business.

Interest Rate and Other Charges on Bank of Baroda Personal Loans

  • Interest rate for existing customers having account relationship of minimum -6- months One-year MCLR +SP+3.00% to One-year MCLR +SP+ 6.00% (As per Risk Rating of the applicant/s.)
  • Other cases: i.e. for applicants having account relationship with other Bank at least for -6- months One-year MCLR +SP+5.00% to One-year MCLR +SP+ 8.00% (As per Risk Rating of the applicant/s.)

EMI Payment Methods

Your Bank of Baroda personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Bank of Baroda, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of Baroda account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Bank of Baroda account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Kotak Mahindra Bank account at your nearest Kotak Mahindra Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

The processing fee for Bank of Baroda personal loan is 2.00% of the loan amount. Processing fees have to be paid upfront.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does Bank of Baroda Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

Bank of Baroda offers personal loans at the cheapest rates of interest, with no security or collateral

Bank of Baroda offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an Bank of Baroda personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the Bank of Baroda personal loan?

You can either apply online or visit the nearest Bank of Baroda loan centre for a personal loan.

10. Will there be any charges for prepayment towards my Bank of Baroda personal loan?

There are prepayment charges on Bank of Baroda personal loan. You can make the prepayment only after completing 12 EMIs.

Bank of Baroda Personal Loans Summary

Bank of Baroda provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Bank of Baroda personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Bank of Baroda personal loans do not impose much burden on the customers.

Customer Reviews

4 / 5 (76 Reviews)
13 Jul 2018

personal loan

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