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Bank of Baroda Personal Loan Eligibility

Bank of Baroda Personal Loan Eligibility Calculator India

Last Updated 12th Feb 2021

Eligibility CriteriaSalaried Self Employed Professionals
ProfessionSalaried persons working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age21 - 60 years21 - 65 years
Minimum Eligible Income ₹ 20,000 per month ₹ 5 Lakh gross annual receipts
Maximum Eligible Loan15x of monthly income  -
Maximum Loan Amount Eligibility ₹ 5 Lakh ₹ 10 Lakh
Minimum Work Experience36 months 12 months
Interest Rate 10.50% - 16.15% 11.05% - 14.10%
Personal Loan Eligibility Calculator
*Insurance Details
Bank of Baroda Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 21 years and maximum age is 60 years. Bank of Baroda offers personal loans for a maximum period of 60 months.
Bank of Baroda Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 20,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that Bank of Baroda uses to find out your Bank of Baroda personal loan eligibility. Bank of Baroda takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Bank of Baroda is 0.45. Calculate and compare your eligibility with Bank of Baroda personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Illustration- Mr. A who is 25 years old has a net income of ₹ 20,000. He wants to take a personal loan of ₹ 1 Lakh for 60 months. Bank of Baroda allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 20,000, the maximum amount for which he is eligible is ₹ 4.19 Lakh. The interest he has to pay for this amount for 60 months is 10.50%.

Bank of Baroda Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, Bank of Baroda will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from Bank of Baroda will get approved. However, low CIBIL score decreases your eligibility to get a personal loan. Bank of Baroda requires a minimum credit score of 650 to be eligible for a personal loan.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from Bank of Baroda.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Bank of Baroda, improve your credit worthiness to get a good score and your loan application to get approved.

Bank of Baroda Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by Bank of Baroda. Check to understand the importance of the following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Bank of Baroda. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Bank of Baroda looks for a minimum total experience of 36 months and also looks for applicants who have been employed in the current job for a minimum of 12 months.
  • Residence place and stability – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. Bank of Baroda has a pre decided list of area where the bank will lend the loan. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Bank of Baroda also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Bank of Baroda. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Bank of Baroda has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you the loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Bank of Baroda if you apply for a personal loan.

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FAQs

What are the eligibility criteria to avail Bank of Barodaloan?

The minimum age of the applicant required to get a personal loan from Bank of Baroda is 21 years. The maximum age for salaried employees can go up to 60 years.

What should be my income to secure a personal loan from Bank of Baroda?

The minimum income for a salaried employee should be at least ₹ 20,000 per month to secure a personal loan from Bank of Baroda.

How much work experience is required for personal loan from Bank of Baroda?

The applicant must have at least work experience of 12 months in avail the benefit of Bank of Baroda personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Bank of Baroda is up to ₹ 5 Lakh.

Will CIBIL Score affect my personal loan from Bank of Baroda?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Do I need to have a guarantor to apply for Personal Loan from Bank of Baroda?

Personal loan is an unsecured loan, so a bank may ask for a guarantor. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Bank of Baroda .

What is the minimum loan amount from Bank of Baroda for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from Bank of Baroda.


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Bank of Baroda Personal Loan News - Feb 2021
  • 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
    Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier.
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
  • 2020-09-21 : BOB replicates ‘cluster model’ tractor financing
    With an aim to help the farmers, Bank of Baroda has is planning to extend its cluster model tractor. This model will ensure a focused approach at all levels with dedicated officers being assigned specific roles to provide a qualitative and compliance-oriented growth of the segment apart from reducing the turnaround time (TAT).
  • 2020-08-11 : Bank of Baroda reported a net loss of ₹864 cr in Q1
    Bank of Baroda posted a net loss of ₹864 crores for the three months to June, owing to higher provisions for loans. Net interest income backed by retail loans like home, personal, gold, car, two-wheeler and gold loans along with business and mudra loans increased 5% y-o-y to ₹6,816 crores in Q1 FY21. Further, The total advances grew 8.6% y-o-y to Rs. 7.36 trillion.
  • 2020-06-15 : Bank of Baroda to completely digitise lending
    Bank of Baroda is planning to completely digitise its lending operations including home, agricultural, MSME, personal and auto loans. The move is likely to ease the lending process.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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