Thursday, December 8, 2022

Bank of Baroda Personal loan Interest Rate @10.70%, EMI Calculator

Bank of Baroda Personal Loan: “Bank of Baroda Personal Loan” is available to you with an attractive interest rate and long tenure. If you have a personal loan requirement, you can take a loan from the Bank of Baroda online and offline means. Bank of Baroda gives you a pre-approved personal loan of up to Rs 5 lakh at an interest rate of 10.70% to 14.20% per annum with a flexible tenure of 3 years.

BOB gives you a Digital Personal Loan of up to Rs 10 Lakhs at an interest rate of 10.70% per annum with a flexible tenure of 5 years. A personal loan from the Bank of Baroda offers a quick and easy solution to all your urgent financial needs. Here we will walk you through the features, benefits, and charges of a Bank of Baroda personal loan and also offer you the link button to apply for the loan so that you do not face any problems in availing of the loan.

Bank of Baroda Personal Loan Details

Bank of Baroda Personal Loan Interest Rate10.70% to 14.20% p.a.
Digital Personal Loan AmountUp to Rs 10 lakhs
Tenure TimeUp to 5 years
BOB Pre-approved Personal LoanUp to Rs 5 Lakhs
Processing feeUp to 1.50% + GST (Maximum Rs 10,000)
Age Limit21 to 65 years
Pre-closure ChargesNil
Part-payment feesNil
Bank of Baroda Personal Loan Customer Care Number1800-258-4455 1800-102-4455
ExampleLoan Amount: Rs 50,000
Tenure: 12 Months
Interest Rate: 10.70% (on Reducing Principal Balance Interest Calculation)
EMI Amount: Rs 4.408
Total Interest Payable: Rs 2,903
Processing Fees (incl. GST): Rs 1,500
Disbursed Amount: Rs 50,000 – 1,500 = 48,500 Total Amount Payable: 52,903

Bank of Baroda Personal Loan Interest Rate

Bank of Baroda is a public sector Bank in India owned by the Government of India, which provides personal loans to people under various schemes. Bank of Baroda offers personal loans up to Rs 15 lakh to customers at the lowest interest rate of 10.70% per annum. Customers can apply online as well as offline mode. Applicants having a BOB savings account can apply for a personal loan through personal net banking. Bank of Baroda decides the interest rate based on customer profile, income structure, credit score, etc., which may differ from customer to customer.

Loan ProductInterest Rate (p.a.)
Baroda Loan to Pensioners11.35%
Pre-approved Personal Loan10.70% to 14.20%
Digital Personal Loan10.70%

Factor affecting Bank of Baroda personal loan interest rates

Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.

CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.

Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.

Residential Location: The interest rate decided by the Bank of Baroda can also be based on whether the applicant lives in an urban or semi-urban area. People living in city areas can get a personal loan at a low-interest rate.

Features of Bank of Baroda Personal Loan

BOB provides a personal loan to meet our financial needs. We can use this personal loan for home renovation, medical emergencies, family marriage, urgent household expenses, etc. We can also apply for Small Instant Personal Loan from the Bank of Baroda.

Loan amount: BOB offers loans ranging from Rs 5,000 to Rs 15 lakh as personal loans to customers, which proves to be very beneficial to meet our financial needs. Bank of Baroda provides loan amounts under different schemes on a single platform. The minimum loan amount available for an overdraft loan is Five thousand, and the maximum loan limit is 15 lakhs.

Repayment Tenure: You get a flexible tenure of 5 years to repay the amount taken as a personal loan, which proves very beneficial for all the customers.

Interest Rate: BOB provides personal loans to its customers at an interest rate of at least 10.70% per annum. Bank of Baroda fixes the interest rate based on customer profile, income structure, credit score, etc., which may vary from customer to customer.

Low Processing Fee: You are charged a low processing fee on the loan amount get by you. A processing fee of 1.5% + GST of the sanctioned loan amount will be applicable.

Customer Care Support: Immediately after you submit the BOB Personal Loan form, the Bank of Baroda Personal Loan team gets in touch with you and gives you complete details about the loan.

Without Security Loan: You do not need to deposit security while taking a loan from BOB Personal Loan. Here you get loans up to 15 Lakhs without a collector.

Digitally Process: You don’t need to submit any documents manually if you apply for a loan here. Here the entire loan process is 100% online.

All Your Loan in One Place: Bank of Baroda works relentlessly to bring all personal loan options on the same platform. Get multipurpose instant loans without any guarantee & collateral security for all your needs. BOB Personal loan makes it possible with a quick & easy online process.

Bank of Baroda Personal Loan fees

Processing FeeUp to 2% (Rs 1000-10000) +GST
For Government employees maintaining salary accounts with Bank of Baroda – Nil
Penal Interest2% on the outstanding loan amount
Foreclosure ChargesNil
Pre-closure ChargesNil

Eligibility for Bank of Baroda Personal Loan

  • Minimum age – 21 years
  • Maximum age – 60 years
  • Non–salaried person maximum age – 65 years
  • Employees of government bodies/private companies with a service of at least 1 year
  • Employees of private limited companies, proprietorship firms, trust, 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 the business for at least 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 a 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 loan eligibility.

Bank of Baroda Personal Loan Documents Required

Filled loan application along with 3 passport-sized photographs along with form 135 giving details of Assets and Liabilities of the applicant.

Bank Statement for the last six months and updated passbook.

Proof of residence includes any of the following:

  • Valid passport
  • Voter id card
  • Driving license
  • Postpaid utility bill (gas bill and electricity bill)
  • Updated passbook or bank statement
  • Registered rent agreement

Proof of identity:

  • PAN card
  • Aadhar Card
  • Valid Indian passport
  • Voters ID card
  • Driving license
  • Employee ID cards issued by relevant authorities like the Govt or Defence or reputed corporate
  • Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI

For Salaried individuals

  • Last 3 months’ salary slips
  • Statement of account for last Six months of Bank

For Self-employed individual

  • Balance sheet and profit and loss account, computation of income for last 1 year
  • Income Tax Return – last 1 year for applicants, 26 AS, Traces
  • Business proof: Gomasta License, Registration Certificate, Service Tax Registration, etc.
  • IT Assessment Certificate, Income Tax Certificate (Form 16A)

How to apply for a Bank of Baroda Personal Loan?

  • Visit the official website of the Bank of Baroda or contact your nearest BOB branch.
  • Now, fill in the personal, professional, and financial details as required by the lender and submit the form.
  • Once you submit the application form, the Bank of Baroda will check your eligibility and provide you with information about the eligible amount that you can avail of.
  • If you agree to process the application form, you will submit the required documents, which can also be uploaded online.
  • Finally, your documents will be processed by the Bank of Baroda, and on successful approval of the loan, the funds will be disbursed instantly into your Bank of Baroda account.

You can also apply for a Bank of Baroda personal loan by visiting their branch or calling their customer care center. Offline mode is mentioned below:

  • Visit the nearest branch and fill out the application form with the required loan amount, personal details, business information, and your contact number.
  • The representative of the Bank of Baroda will explain loan eligibility, loan rates, terms, processing fees, prepayment, and foreclosure terms.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your loan application.
  • On successful verification, the loan can be disbursed immediately after loan approval and agreement signing.

Bank of Baroda Personal Loan Customer Care Number

By Phone: You can call on the company’s customer care number 1800-258-4455

Equipment Finance: You can call on the company’s customer care number 1800-102-4455.

Email: You can also contact customer care via email. The email address for specific queries is below:

Bank of Baroda Personal Loan FAQ:

How to apply for a Bank of Baroda personal loan?

One can apply for a personal loan through any of the below-mentioned modes:
Through branch. Find our nearest branch locator. Online application. Visit the website to apply for an instant personal loan online. By calling us on the toll-free numbers: 18002584455/18001024455. Through the bob World app, if you are a bank’s existing customer.

What is the minimum salary for a personal loan in the Bank of Baroda?

To avail Bank of Baroda personal loan, you need to have a minimum net income of ₹ 20,000 per month.

Is the Bank of Baroda giving loans?

You can get a personal loan from the Bank of Baroda depending on various factors such as income, age, account relationship, and occupation. A personal loan for a salaried individual varies by location. In metro and urban areas, the loan amounts can range from Rs. 1 lakh to Rs. 15 lakhs.

What is Personal Loan?

Personal loans help you to borrow money for a price of a personal nature – be it for some other requirement such as an emergency, education, family marriage, or home renovation. With the Bank of Baroda Personal Loan, with various loans ranging from 5k to 15 Lakh, you can enjoy an interest rate of 10.70% to 14.20% p.a. with flexible functions ranging from 24 to 60 Months.

What is an EMI?

EMI Stands for Equated Monthly Installment. Which is the fixed amount paid for the repayment of your loan. It includes both the principal component and the interest amount. It gives you the convenience and benefit of repaying the personal loan amount in small and easy installments.

What are the different types of Banks of Baroda personal loans to employees of corporates?

Employees of corporates can apply for Baroda Pension Loan, BOB pre-approved loan, or digital personal loan, provided they fulfill the eligibility criteria. You must have a salary account with the lender to apply for the Baroda personal loan.

What is the minimum loan amount for the Bank of Baroda Personal Loan for Central and State Government Pensioners?

The BOB minimum loan amount for central and state Government pensioners is Rs 5,000.

Can you tell me the typical loan tenure for Bank of Baroda personal loans?

Most Bank of Baroda personal loans offer a tenure of up to 60 months. However, depending on the scheme, the repayment tenure can go up to 84 months.

What is the interest for 2 lakhs in the Bank of Baroda personal loan?

If the applicant’s savings account is managed by the Bank of Baroda, the interest rates for a personal loan of Rs 2 lakh usually start at 10.70% per annum. For account holders of other banks, the interest rate is usually 11.25% per annum.

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