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Personal Loan Balance transfer to Bank of Baroda

Refinance Bank of Baroda Personal Loan

Last Updated 11th Jun 2021

Interest Rate 10.50%
Processing Fee 2%, Min Rs. 250
Lowest EMI per lakh ₹ 2,149
Loan Tenure 5 years
  • 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.
  • Now apply for Bank of Baroda personal loan balance transfer at 10.50%.
  • 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..
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 an individual transfers outstanding principal of personal loan from one account 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

The decision to transfer the personal loan to Bank of Baroda must be taken 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. Individuals should proceed with the Bank of Baroda balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Bank of Baroda Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers 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 compared to your existing personal loan rates.

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 the borrower to reduce the interest burden.
  • Bank of Baroda Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their 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 dynamics.

Bank of Baroda Eligibility Criteria and Documents required

Eligibility criterion of the Bank of Baroda is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Bank of Baroda Personal loan balance transfer are mentioned below:

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

Documents required for Bank of Baroda Personal loan balance transfer 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 personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil 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 personal loan balance transfer to Bank of Baroda are mentioned below:

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

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Bank of Baroda charges lowest interest rate on personal loan balance transfer.

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

You can check your personal loan balance of Bank of Baroda by below mentioned ways:

  • By visiting the Bank of Baroda branch.
  • By calling the customer care of the Bank of Baroda.
  • By logging on into the Bank of Baroda mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Bank of Baroda loan application?

You can get update about Bank of Baroda loan application via the ways mentioned below:

  • 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.
  • 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 - Jun 2021
  • 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.
  • 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.
*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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