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Bank Of Baroda Personal Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Baroda Personal Loan One year MCLR +SP+3.00% to One year MCLR +SP+ 6.00% (As per Risk Rating of the applicant/s.) Rs 1,000 - Rs 10,000, One time fee 2,00,000 5 years
Details
Documents Required

  • Duly Filled in Loan application form
  • PAN Card
  • Recent Passport size photographs (2 copies)
  • Identity Card of Employer
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
Benefits

  • Bank of Baroda Personal Loans provides more flexibility as one can secure loans for renovating the home, for higher education purpose, travelling, medical expenses, wedding and so on. 
  • No Hidden Charges 
  • Low Processing Fees 
  • Low-Interest rates 
  • Administrative charges are Nil
Eligibility

  • The minimum age of the applicant should be 21 years 
  • The maximum age of the applicant should be 60 years for salaried individuals and 65 years in case of non-salaried individuals.
  • Employees who are working in Central or State Government or Public or Joint Sector Undertakings or Autonomous Bodies or Public Limited
  • Companies or MNCs and educational institutions who have a minimum continuous service of one year.
  • Insurance Agents who are doing business for a minimum of 2 years
  • Employees of partnership firms, proprietorship, trust, private limited companies with a minimum continuous service of 1 year
  • Self-employed business persons with a minimum 1-year stable business
  • Self-employed professionals like interior designers, engineers, doctors, technicians, management consultants, practising company
  • secretaries, architects who have a minimum one year of stable business.
Other Details

  • Charges on the loan are 2% of the loan amount.
  • The minimum amount of processing fee is Rs 1,000
  • The maximum amount of processing fee is Rs 10,000
  • The semi-urban areas individuals can avail a personal loan of Rs 50,000 – Rs 5 lakhs.
  • The applicants who reside in metros and urban areas can avail a personal loan between Rs 1 lakhs – Rs 10 lakhs (based on the requirements).

FAQs

Q: What are the features of Bank of Baroda personal loan?

A: The following are the features of Bank of Baroda's Personal Loan:

  • Bank of Baroda offers a personal at an attractive interest rate between 11.35% to 14.35%.
  • If the borrower is having a relationship with the bank, then a customer can avail the loan of more than Rs 2 lakhs quickly.
  • The maximum loan amount depends on the applicant's status the borrower can get up to 10 lakhs.
  • The maximum tenure for repayment of the loan amount is 7 years.
  • Late penalty charges for overdue EMI is 2% of the loan amount.

Q: What is the minimum loan tenure repayment for BOB personal loan?

A: The minimum personal loan repayment tenure in Bank of Baroda is 12 months.

Q: Can I get the assistance of a co-applicant to apply for a personal loan in BOB?

A: No, Bank of Baroda does not accept co-applicant.

The bank accepts personal loan applications only from a single individual.

Q: What are the documents required to apply for a personal loan in BOB?

A: The following documents are required to avail the personal loan in BOB:

  • Identity proof
  • Residential proof
  • Age proof
  • Last six months bank statement
  • For salaried applicants: last 3 months salary payslips and form 16
  • For self -employed applicants: Business proof and IT returns form last 3 years

Q: If I am a staff member of BOB, can I apply for a BOB personal loan?

A: No, Bank of Baroda does not allow its staff members to apply for a personal loan.

Latest Articles

Bank of Baroda Cuts MCLR By 10 Basis Points Making Loans Cheaper

The Bank of Baroda has cut the MCLR by up to 10 basis points (bps) on various tenors and the same will come into effect starting from Sunday (July 7, 2019).

In its regulatory filing, the bank stated that it has revised the marginal cost of funds – based lending rate.

Accordingly, the benchmark for one – year MCLR has been trimmed down by 10 bps to 8.60 percent from its earlier record of 8.70 percent. This one year MCLR is the rate which is linked to most of the loans including home loan, personal loan and car loan.

6 July 2019

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