Personal loans up to Rs 20 lakh are available from Bank of Baroda at rates starting at 10.20% p.a. for terms up to 7 years. Additionally, it provides 11.30% p.a. pension loans to those who own pension accounts. Personal loans from Bank of Baroda (BoB) are available with reasonable interest rates, rapid processing, and minimal paperwork. To learn more about Bank of Baroda personal loans, continue reading.
| Bank of Baroda Personal Loan Highlights | |
| Interest Rate | 10.20%-17.55% p.a. 11.30% p.a. (for pensioners) |
| Loan Amount | Up to Rs 20 lakh |
| Tenure | Up to 7 years |
| Processing Fee | Up to 2% (Rs 1,000-10,000)+GSTFor Government employees maintaining salary account with Bank of Baroda- NIL |
Note: Rates as of 10th November 2022
Bank of Baroda Personal Loan Interest Rates
Depending on the applicant’s job profile and employer profile, Bank of Baroda’s personal loan interest rates start at 10.20% p.a.
| Type of Employees | Interest rate (p.a.) |
| Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank | 13.95%-17.55% |
| Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda | 11.95%-15.55% |
| Category C: Silver : Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank | 11.20%-15.55% |
| Gold: Same target customers as mentioned in Silver Category, however, salary account must be with Bank of Baroda | 10.70%-15.55% |
| Govt Employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 | 10.20%-10.70% |
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| Loan Product | Interest rate (p.a.) |
| Baroda Loan to Pensioners | 11.30% |
| Pre-approved Personal Loan | 11.45% |
Bank of Baroda Personal Loan Fees and Charges
| Processing Fee | Up to 2% (Rs 1,000-10,000)+GSTFor Government employees maintaining salary account with Bank of Baroda- NIL |
| Penal Interest | 2% on the outstanding loan amount |
| Foreclosure Charges | NIL |
| Preclosure Charges | NIL |
Types of Bank of Baroda Personal Loans
Baroda Personal Loan
Purpose: Regular personal lending program for all non-speculative personal uses.
Loan Quantity:
- The most is Rs. 15 lakh (metro and urban)
- Rs 15,000,000 (semi-urban and rural)
- No less than Rs. 1 lakh (metro and urban)
- Maximum Rs. 50,000 (semi-urban and rural)
- Duration: 48–60 months
- Loan from Baroda to Pensioners
- Loans from pension funds are intended to be used for personal expenses of retirees, excluding speculation.
- Personal Loan With Pre-Approval
- Loans without collateral are given in order to meet all financial obligations, including any liquidity issues brought on by COVID-19, with the exception of speculation.
- Maximum loan amount: 5 lakhs
- The maximum door-to-door maturity period and co-terminus with the qualifying link loan is five years.
- Qualifications for a Personal Loan from Bank of Baroda
- Minimum age – 21 years
- Maximum age- For salaried: 60 years
For non-salaried: 65 years
- Employees of government bodies/private companies with a service of at least 1 year
- Employees of private limited companies, proprietorship firms, trusts and partnership firms with a service of at least 1 year continuously
- NRI/PIO and the members of the staff are ineligible
- Insurance agents in business for at least last 2 years
- Self-employed businessmen with at least 1 year of stable business
- Self-employed professionals like doctors, engineers, company secretaries, architects, interior designers, etc with at least 1 year of stable business
- Bank of Baroda may also check the credit score and monthly income of its applicants, just like other lenders do while evaluating their personal loan eligibility
Documents Required for Bank of Baroda Personal Loan
- Duly filled loan application form with passport size photographs
- Form 135 with details of liabilities and assets should be submitted along
- Last 6 months bank statement and updated passbook
- ID proof such as PAN card, aadhar card, voter ID, driving license, passport, employee ID issued by the organization, practice certificate and identity document issued by relevant professional bodies like ICFAI, ICAI, ICWA.
- Any other document required by the bank
For Salaried applicants:
- A/c statement for last 6 months of Bank of Baroda/any other bank Salary slips for last 3 months
Know more about the documents required for Personal loan for salaried
For Self-employed applicants:
- Income tax returns for past 1 year
- Profit and loss statement, income computation and balance sheet for last 1 year
- Income tax challan/clearance certificate/IT assessment/TDS certificate (Form 16A)/Form 26 AS
- Business proofs: Registration certificate, Gomasta license, Service tax registration, etc
