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Bank of Baroda provides personal loans with minimum income requirement and long repayment periods. Get loans ranging from Rs. 5,00,00 to Rs. 10,00,000. Personal loan covers medical expenses, travel expenses and medical emergencies. Apply now!
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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.
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.
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.
Important documents to be submitted while applying for personal loans with Bank of Baroda is
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.
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.
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.
Up to 5 years
No prepayment is permitted until completing 12 EMIs. Prepayment charges are applicable.
You can apply online or visit nearby Bank of Baroda branches.
To avail the personal loans from Bank of Baroda, you need to have the following eligibility criteria.
Interest Rate and Other Charges on Bank of Baroda Personal Loans
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.
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.
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 Introduced a New digital platform for co-lending MSME, retail, and other loans in partnership with NBFCs10 May 2022
The public lender Bank of Baroda has introduced a digital platform for co-lending loans in collaboration with the Non-banking financial companies(NBFCs). Currently, the BOB has a co-lending partnership with leading NBFCs including housing finance com...
The public lender Bank of Baroda has introduced a digital platform for co-lending loans in collaboration with the Non-banking financial companies(NBFCs). Currently, the BOB has a co-lending partnership with leading NBFCs including housing finance companies Edelweiss Housing, UGRO Capital, Paisalo, and the centrum housing finance, etc. The digital platform utilizes rule-based algorithms for underwriting, allows retail, MSME, and Agri co-lending product offerings, and improves the process efficiency, BOB said. The BOB is planning to join 10 NBFCs on the platform and for the next two years, it targets a Rs 10,000 crore loan book in co-lending. This project aims to reduce the end rate of interest for borrowers, which have been borrowing at 18-24%. said Akhil Handa, Chief Digital Officer, BOB.
Bank Of Baroda has Increased the MCLR On Loans12 Apr 2022
On April 11, the leading lender Bank of Baroda said that it has increased the marginal cost of funds-based lending interest rate on loans by 0.05 percent. This decision may result in expensive home loans, auto loans, and other loans. The overnight, o...
On April 11, the leading lender Bank of Baroda said that it has increased the marginal cost of funds-based lending interest rate on loans by 0.05 percent. This decision may result in expensive home loans, auto loans, and other loans. The overnight, one-month, three-month, and six-month marginal cost of funds-based lending rates (MCLR) has been increased by 0.05 percent to 6.50 percent, 6.95 percent, 7.10 percent, and 7.20 percent, respectively. According to the Bank of Baroda’s official statement, the MCLR for a tenor of 1 year stands at 7.35 percent. The revised MCLR rate will be covered in the EMIs of the existing borrowers after resetting the dates of their home loans.
Take Paperless Online Personal Loans against Fixed Deposits at Bank of Baroda7 Jan 2021
Are you facing a cash crunch? Now, take instant digital loans with your fixed deposits as collateral at Bank of Baroda (BoB). BoB has recently launched an online digital lending platform that helps Fixed Deposit customers of the bank avail easy onlin...
Are you facing a cash crunch? Now, take instant digital loans with your fixed deposits as collateral at Bank of Baroda (BoB). BoB has recently launched an online digital lending platform that helps Fixed Deposit customers of the bank avail easy online loans against their FDs. This loan can be availed via mobile banking, net banking or the website of the bank. These digital loans are completely paperless and are offered instantly without any human intervention.
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