Bank of Baroda Personal Loan Interest Rate Calculator - Jan 2017

Bank of Baroda Personal Loan Interest Rates

Last Updated 18th Jan 2017
Salaried Self Employed
Interest Rate 14.10% - 14.10% 14.10% - 14.10%
Lowest EMI Rs. 3,423 per lakh Rs. 3,423 per lakh
Loan Tenure From 12 months to 36 months From 12 months to 36 months
Loan Amount Min Rs. 20,000 and Max Rs. 200,000 Min Rs. 20,000 and Max Rs. 200,000
Processing Fee 2%, Min Rs. 250
Age Min 21 years and Max 60 years Min 21 years and Max 60 years
Prepayment Charges Allowed after 1 EMI's, Allowed after 1 EMI's,
Foreclosure Charges Allowed after 1 EMI's, Nil prepayment charges Allowed after 1 EMI's, Nil prepayment charges
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Bank of Baroda Personal Loan

Bank of Baroda gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from Bank of Baroda:
  • Zero prepayment charges
  • Flexible repayment tenure
  • Quick approval of loan
    • Bank of Baroda has been rated 0/5.0 by customers for its service quality on MyLoanCare
    • Bank of Baroda has over 5,373 branches in India where you can avail service
    • Bank of Baroda offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in Bank of Baroda depends upon
    • Loan amount: Personal loan rate in Bank of Baroda depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: Bank of Baroda has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. Bank of Baroda interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • Baroda Personal Loan for Pensioners
    • Loan for Personal Expenses
    • Loan for Earnest Money Deposit for Buyers of Home, Flats and Plots

    Bank of Baroda Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. Bank of Baroda offers personal loan to salaried individuals who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity. Self employed individuals with age of atleast 21 years and maximum 60 years at the time of loan maturity can apply for personal loan from Bank of Baroda
    • Income: Bank of Baroda Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Bank of Baroda asks for net monthly income of minimum Rs. 20,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Bank of Baroda. In case you are salaried, you must be in a full time job for at least 36 months of which not less 12 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 5 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your Bank of Baroda eligibility. If you are working with a reputed company, probability of getting personal loan from Bank of Baroda increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: Bank of Baroda gives you personal loan depending upon your income. Bank of Baroda gives you an amount ranging from Rs. 20,000 to Rs. 200,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    Bank of Baroda Personal Loan EMI

    Personal Loan EMI of Bank of Baroda is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by Bank of Baroda is Rs. 3,423 per lakh loan amount at lowest personal loan interest rate of 14.10%. Personal Loan EMI of Bank of Baroda depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for Bank of Baroda Personal Loan

    Personal loan Bank of Baroda documents for Salaried employees

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 0 months payslip, 1 years Form 16, 0 months bank statement showing salary credit and any EMI debit

    Personal loan Bank of Baroda documents for Self-Employed

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 2 years audited financials, 6 months bank statement
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof

    Fee and Charges on Personal Loan Bank of Baroda

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Baroda allows prepayment of personal loan after paying 1 EMI’s with Nil prepayment charges
    Processing Fee- Bank of Baroda asks for a processing fee of 2%, Min Rs. 250 of loan amount with applicable service tax

    Bank of Baroda Personal Loan Top up, Transfer

    • Bank of Baroda offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Bank of Baroda
    • You can avail additional top-up personal loan from Bank of Baroda, subject to your eligibility
    Illustration on Personal Loan Bank of Baroda
    Maximum Annual Percentage Rate (APR) 14.7666666667% to 14.7666666667%
    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: Rs. 100,000
    • Time period: 12 months to 36 months
    • Bank of Baroda Personal Loan Interest Rate: 14.10% to 14.10%
    • Processing Fee payable to Bank of Baroda: Upto Rs. 2,000. Current offer for processing fee is 2%, Min Rs. 250
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 3,423 for a 36 months Rs. 100,000 loan at 14.10% (lowest rate, longest time period) to Rs. 8,983 for a 12 months Rs. 100,000 loan at 14.10% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 14.7666666667% to 14.7666666667%
    • Total cost payable over loan tenure: Rs. 9,801 for 12 months loan to Rs. 25,214 for 36 months loan
    Bank of Baroda’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Bank of Baroda.

    Compare Personal Loan Interest Rates of Bank of Baroda with other banks

    Frequently Asked Questions on Bank of Baroda Personal Loan

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

    Bank of Baroda offers an interest of 14.10% to 14.10% on personal loan.

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

    If you apply for a personal loan from Bank of Baroda, your lowest EMI per lakh will be Rs. 3,423.

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

    You can repay your personal loan from Bank of Baroda in a flexible period of minimum 12 months to maximum 36 months.

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

    Bank of Baroda offers you personal loan if you need a minimum amount of Rs. 20,000 to a maximum amount of Rs. 200,000.

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

    Bank of Baroda charge a processing fee of 2%, Min Rs. 250 with applicable service tax.

    Is age an eligibility factor to get personal loan from Bank of Baroda?

    Yes, age is an important eligibility factor to get Bank of Baroda personal loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

    Are there any prepayment charges on Bank of Baroda personal loan?

    You can take personal loan from Bank of Baroda with Nil prepayment charges.

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

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Bank of Baroda Personal Loan News - Jan 2017
07th Jan 17 Bank of Baroda cuts MCLR by up to 70 basis points
Bank of Baroda has reduced its overnight and six months marginal cost of lending rate to 8.10 and 8.30 percent as compared to 8.80 and 9 percent respectively. The revised one year and three year MCLR is now 8.35 and 8.50 percent. Similarly, the bank has reduced its three year MCLR by 60 basis points to 8.65 percent. The rates are effective from 7th January, 2017.
07th Dec 16 Bank of Baroda cuts MCLR by 20 basis points
Bank of Baroda has reduced its overnight and three months marginal cost of lending rate to 8.80 and 8.95 percent from 9 and 9.15 percent respectively. The bank has also reduced its one and five year lending rates by 20 basis points to 9.05 and 9.25 percent from 9.25 and 9.45 percent earlier. Revised rates are effective from 7th December, 2016.
19th Nov 16 Bank of Baroda net profit in second quarter jumps four folds, bad loans decline
Bank of Baroda reported an increase in its net profit at Rs. 552 crores in July to September quarter as compared to Rs. 124 crores during same period last year. Provision for NPAs during the period reduced to Rs. 1,630 crores from Rs. 1,844 crores in same period of last year.
07th Nov 16 Bank of Baroda reduces its MCLR to 9.25 percent from 7th November, 2016
Bank of Baroda has reduced its marginal cost of lending rate by 0.10 percent at 9.25 percent for one year and three year periods. The overnight and six month lending rates are reduced to 9 percent and 9.20 percent respectively. The five year lending rate is reduced to 9.45 percent. The new rates will be effective from 7th November, 2016.
25th Aug 16 Bank of Baroda total business takes Rs 90,000-cr hit in FY16
Bank of Baroda total business has reduced by Rs. 90,000 crore in FY16 due to shrinking loan portfolio and deposit base. Bank has seen a drop of 10.3 percent in credit growth and 7 percent in deposits. Total business of the bank declined to Rs 957,808 crore at the end of March 2016 against Rs. 1,045,625 crore a year ago. Total deposits of the bank reduced to Rs 574,038 crore in FY16 from Rs 617,560 crore in the previous fiscal while advances slipped to Rs 383,770 crore in FY16 against Rs. 428,065 crore a year ago.
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