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Bank of Baroda Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Bank of Baroda

Last Updated 25th Nov 2021

  • Bank of Baroda Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Bank of Baroda.
  • Avail top up from Bank of Baroda at the time of loan balance transfer to fulfil additional fund requirements.
  • Bank of Baroda offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Bank of Baroda Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 10.50% Check Best Offers
Processing Fee 2%, Min Rs. 250
Lowest EMI per lakh ₹ 2,149
Loan Tenure 5 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Bank of Baroda Personal Loan Balance Transfer

Bank of Baroda Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to Bank of Baroda to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing. The interest rates on Bank of Baroda balance transfer ranges from 10.50% to 16.15%, while the repayment tenure ranges between 12 Months to 60 Months.

Bank of Baroda Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to Bank of Baroda keeping in mind the interest rate of the current Bank and Bank of Baroda. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the Bank of Baroda balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Bank of Baroda Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates in comparison to current rates you are paying.

Benefits of Transferring Personal Loan to Bank of Baroda

The benefits of transferring the Personal loan to Bank of Baroda are as follow:

  • Bank of Baroda offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • Bank of Baroda Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your personal loans to the Bank of Baroda and avail better facilities.
  • Bank of Baroda offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

Bank of Baroda Eligibility Criteria and Documents Required

The eligibility criterion of the Bank of Baroda is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

  • Any salaried and self-employed professional above the age of 21 years.
  • Your Maximum age must not exceed 65 years.
  • You should have a personal loan in another bank.
  • Your minimum work experience must be of 2 years.
  • CIBIL score must be at least greater than 700.

Documents required are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Bank of Baroda Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare Bank of Baroda Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Bank of Baroda?

Steps for the balance transfer to Bank of Baroda are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Bank of Baroda personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the Bank of Baroda, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Bank of Baroda in favour of the earlier lender. (v) Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my Bank of Baroda personal loan balance?

You can check your personal loan balance of Bank of Baroda in below-mentioned ways: (i) By visiting the Bank of Baroda branch. (ii) By calling the customer care of the Bank of Baroda. (iii) By logging on to the Bank of Baroda mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Bank of Baroda loan application?

You can check the status of your Bank of Baroda loan application in two ways. (i) Net banking: You are required to login into Bank of Baroda net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the Bank of Baroda: You can also visit the Bank of Baroda branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Bank of Baroda Personal Loan News - Dec 2021
  • 2021-11-11 : Bank of Baroda Reports Profit in Q2
    Bank of Baroda has reported a 24% year-on-year rise in standalone profit for quarter two. As a result, the profit increased from ₹1,679 crore to ₹2,088 crores.
  • 2021-10-20 : Bank of Baroda Increases Personal Loan Rates
    Bank of Baroda has increased personal loan rates by 25 basis points. The new personal loan rates stand at 10.00%.
  • 2021-10-07 : Bank of Baroda Decreases Personal Loan Rates
    Bank of Baroda has decreased personal loan rates by 25 points to 9.75%. Earlier the personal loan started at 10.00%.
  • 2021-09-24 : Bank of Baroda Revises Personal Loan Rates
    The lowest personal loan rates of Bank of Baroda starts at 10.00%. Earlier, the bank was providing a personal loan at a minimum rate of 10.50%.
  • 2021-08-09 : Bank of Baroda posts Q1 profit of Rs 1,209 crore
    Bank of Baroda has clocked a standalone profit after tax of Rs 1,209 crore in the quarter ended in June 2021 on higher growth in net interest income (NII) and lower provisioning for bad loans. The bank reported a net loss of Rs 864 crore on a standalone basis in the corresponding quarter of the previous fiscal.
*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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