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Bank of Baroda Personal Loan Eligibility Calculator

Bank of Baroda Personal Loan Eligibility 2021

Last Updated 16th Jul 2021

Eligibility CriteriaSalaried Self Employed Professionals
Profession that are eligible for Bank of Baroda Personal LoanSalaried people working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age21 - 60 years21 - 65 years
  • High credit score and better financial stability lead to high personal loan eligibility from Bank of Baroda.
  • Bank of Baroda requires you to meet certain eligibility factors related to age, number of years of work experience and type of residence you live in to be able to get a personal loan.
  • Bank of Baroda calculates the amount of personal loan you are eligible for using a formula that includes your net take home salary and your existing loans or EMIs you have to pay currently.
Personal Loan Eligibility Calculator
Bank of Baroda Personal Loan Eligibility

Bank of Baroda offers various personal loan schemes and offers, at affordable rates to eligible customers. Bank of Baroda Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Bank of Baroda, even if you are salaried or self-employed. The eligibility criteria, however may be slight different for self employed. A detail information on these factors is mentioned in the further sections.

Bank of Baroda Personal Loan Eligibility based on Age
  • Age: The minimum age requirement for availing a Bank of Baroda personal loan is 21 years and the maximum age is 60 years.If you are aged below 21 years, you are considered as ineligble borrower as you might not fulfil the income criteria for the loan.
Bank of Baroda Personal Loan Eligibility based on Salary
  • Net Income : Your eligibility is determined by your net monthly income to understand so that your loan EMI’s are not affecting your living standards. Bank of Baroda asks for a minimum net income of ₹ 20,000 per month to avail a personal loan.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that is used to determine 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. Use Bank of Baroda personal loan eligibility calculator to estimate your eligibility and apply online for the eligible loan amount hassle-free.

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 of Baroda will calculate his eligibility using the eligibility calculator. With a salary of ₹ 20,000, the maximum amount he is eligible for 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: When checking eligibility for a personal loan, Bank of Baroda will check the your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your the chances that your loan application from Bank of Baroda will get approved. However, a 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.

Bank of Baroda Personal Loan Eligibility based on Occupation

There are other factors related to you occupation which are responsible for the approval of the loan by Bank of Baroda, as listed below:

  • 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 your place of residence. Bank of Baroda has a pre-decided list of areas where the bank will lend the loan. The bank also has a negative list of 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 – Bank of Baroda considers 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,the bank will not give you the loan because the 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.

How can I Check my Bank of Baroda Personal Loan Eligibility?

To check Bank of Baroda personal loan eligibility you need to follow these steps:

  • Login to Bank of Baroda website
  • Go to Bank of Baroda personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

In Addition to this, you can also contact the bank at their customer care number, 1800-258-4455/ 1800-102-4455.

Bank of Baroda Personal Loan Eligibility for Self Employed

Bank of Baroda personal loan eligibility criteria for self employed is as follows:-

  • You must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be minimum of 21 years at the time of loan application.
  • You must have filed ITR for atleast 0 months to get a personal loan from Bank of Baroda.
  • You must have a gross annual reciept of more than ₹ 5,00,000.
  • Bank of Baroda checks your credit history to estimate your creditworthiness and your credit score must be above 650 to get a Bank of Baroda personal loan.

Other Loan Calculators

FAQs

What are the eligibility criteria to avail Bank of Baroda personal loan?

The minimum age of the applicant required to get a personal loan from Bank of Baroda is 21 year as the chances of meeting income eligibility criteria are very less below this age. The maximum age for salaried employees can go up to 60 years.

Is age an eligibility criteria to apply for a Bank of Baroda personal loan?

Yes, age is an eligibility criteria to apply for a Bank of Baroda personal loan. You should be of minimum 21 years to avail a loan from Bank of Baroda.

Am I eligible for Bank of Baroda personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Bank of Baroda personal loan if your CIBIL score is less than 300. If you have a credit score less than 300 then it is considered bad and to avail a personal loan from Bank of Baroda, you must have a credit score above 650.

How can I improve my eligibility for Bank of Baroda personal loan?

To improve your Bank of Baroda personal loan eligibility you can add a co-applicant, maintain a high credit score, pay EMI’s and credit card bills on time and reduce your existing debts. These steps will help improve Bank of Baroda personal loan eligibility.

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.However, the income criteria of Bank of Baroda may vary for metro cities, tier-1 or tier 2 locations.

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

To get a personal loan from Bank of Baroda, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 12 months for 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.However, the eligibility criteria for every borrower is different as it is based on various factors like age, employment etc.

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.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for a Bank of Baroda personal loan as it increases your repayment capacity. While availing loan from Bank of Baroda ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

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

Personal loan is an unsecured loan, so Bank of Baroda assure that the amount gets repaid on time. 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 .

Where can I get the company list which is eligible for Bank of Baroda personal loan?

Bank of Baroda does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Bank of Baroda or can use the personal loan eligibility calculator.


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Bank of Baroda Personal Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-05-19 : Bank of Baroda to hire digital marketing agencies to increase customer outreach
    Bank of Baroda is looking to hire three digital marketing agencies. The bank is aiming to visible digitally through means such as YouTube, influencer tie-ups, content syndications as well as new age media opportunities. The digital marketing firm will also be required to create content through campaigns, mobile-first based content, blog--articles, infographics, gifs and videos.
  • 2021-03-17 : BOB to focus on new digital platform to expand retail lending
    Bank of Baroda is planning to expand its retail loans portfolio which include home, personal, LAP, gold, two-wheeler and car loans through a self made digital lending platform. The digital platform assesses credit risk through varied public and private data points like bank account statements, tax statements and consumption trends.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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