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Bank of Baroda Personal Loan

Online Bank of Baroda Personal Loans

Last Updated 16th Jul 2021

Bank of Baroda Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of Bank of Baroda Personal Loan are:

  • Bank of Baroda Personal Loan interest rate starts from 10.50%.
  • The processing fee charged on Bank of Baroda personal loan is 2%, Min Rs. 250.
  • Bank of Baroda also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Bank of Baroda personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Bank of Baroda has special schemes for different income and occupation groups.
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Bank of Baroda Personal Loan Details

  • Interest Rate on Bank of Baroda personal loan ranges from 10.50% to 12.50%.
  • Lowest EMI per lakh works out to be ₹ 2,149 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Bank of Baroda are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 60 years.
  • Loan amount can range from ₹ 50,000 to ₹ 5 Lakh
  • Bank of Baroda Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by Bank of Baroda on personal loan is 2%, Min Rs. 250%
  • Bank of Baroda allows personal loan foreclosure and part prepayment after 1 months with charges of Nil.
  • Schemes of Bank of Baroda as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on Bank of Baroda Personal Loan?

There are various factors that impact your chances to get the best offers on Bank of Baroda Personal Loan, as listed follows:

  • Loan Amount - Bank of Baroda offers loans between ₹ 50,000 and ₹ 5 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Bank of Baroda offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Bank of Baroda has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Bank of Baroda personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Bank of Baroda offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 10.50%
  • Credit Score - Bank of Baroda checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Bank of Baroda Personal Loan Documents

You require the following documents to avail personal loan from Bank of Baroda

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of Bank of Baroda Personal Loan Schemes

Bank of Baroda offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Baroda Personal Loan for Pensioners
  • Bank of Baroda offers specialized personal loans for a pensioner, that includes the retired staff from Bank of Baroda.
  • Bank of Baroda offers loan for personal expenses such as medical emergency, wedding, or home renovation. The loan can be availed from Rs 1 lakhs to Rs 10 lakhs in metro and urban areas. However, in rural areas, the loan amount can range from Rs 50,000 to Rs 5 lakhs.

How to Apply for Bank of Baroda Personal Loan?

The step-by-step procedure to get a personal loan online from Bank of Baroda is mentioned below:

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

You can also apply for Bank of Baroda personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Bank of Baroda branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Bank of Baroda representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • 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 Bank of Baroda Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Bank of Baroda
Maximum Annual Percentage Rate (APR) 10.9% to 12.9%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • Bank of Baroda Personal Loan Interest Rate: 10.50% to 12.50%
  • Processing Fee payable to: Upto ₹ 2,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.50% (lowest rate, longest time period) to ₹ 8,908 for 12 Months ₹ 1,00,000 loan at 12.50% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.9% to 12.9%
  • Total cost payable over loan tenure: ₹ 1,07,778 for 12 Months loan to ₹ 1,30,963 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Bank of Baroda take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from Bank of Baroda ?

Below-mentioned is the reason why you must avail a personal loan from Bank of Baroda.

  • Zero prepayment charges on personal loan
  • Flexible repayment tenure
  • Quick approval of loan

How much interest is charged by Bank of Baroda on personal loan?

Personal loan interest rates in Bank of Baroda are 10.50% to 12.50%. Bank of Baroda personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from Bank of Baroda ?

If you apply for loan from Bank of Baroda, your lowest Personal Loan EMI per lakh will be ₹ 2,149 which corresponds to lowest interest rate of 10.50% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in Bank of Baroda?

Bank of Baroda personal loan has a minimum tenure of12 months to maximum 60 months.

How much personal loan amount I can borrow from Bank of Baroda?

Bank of Baroda offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 5 Lakh

Can I add my spouse's income while applying for personal loan from Bank of Baroda?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Bank of Baroda . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Bank of Baroda personal loan?

You can get a personal loan from Bank of Barodaby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Bank of Baroda’s application process.

How can I check my Bank of Baroda personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Bank of Baroda, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Bank of Baroda's website. In case you are unable to track your application online, you can get Bank of Baroda loan assistance at Bank of Baroda loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Bank of Baroda personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Bank of Baroda. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Bank of Baroda?

No, Bank of Baroda does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Bank of Baroda personal loan after 1 year?

You can close your personal loan from Bank of Baroda after 1 months by paying charges: Nil

Can I negotiate with Bank of Baroda on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your Bank of Baroda personal loan EMI?

You can pay your Bank of Baroda personal loan EMI by using ECS facility or through Standing Instruction.Bank of Baroda also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


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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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