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Bank of Baroda Personal Loan Interest Rate

Current Bank of Baroda Personal Loan Interest Rate

Last Updated 11th Jun 2021

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Interest Rate 10.50% - 12.50%
Tenure Upto 60 months
Processing Fee 2%, Min Rs. 250
Loan Amount ₹ 50,000 to ₹ 5 Lakh
Minimum Income ₹ 20,000
Eligible Age 21 to 60 years
Part Prepayment Charges Allowed after paying 1 EMIs with charges ranging from, of the outstanding loan amount.
Foreclosure Charges Allowed after 1 months with charges ranging from, Nil of the outstanding loan amount.
  • Today’s Bank of Baroda personal loan interest rate starts at 10.50%.
  • Bank of Baroda offers the lowest personal loan rate of 10.50% to borrowers who are existing customers of the bank or are working with top corporations.
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Bank of Baroda Personal Loan Rates and Charges

  • Bank of Baroda offers personal loans to salaried individuals at a minimum rate of 10.50%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Bank of Baroda personal loan rates and charges. As listed below:
Bank of Baroda Personal Loan Rates and Charges
Interest Rate 10.50% to 12.50%
Part Prepayment Charges Allowed after paying 1 with charges ranging from, of the outstanding loan amount.
Foreclosure Charges Allowed after paying 1 months with charges ranging from, Nil of the outstanding loan amount.
Processing Fees 2%, Min Rs. 250

Interest rates on Bank of Baroda Personal Loans Schemes

As on today, Bank of BarodaPersonal loan interest rates are in the range of 10.50% to 12.50%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on Bank of Baroda personal loan remains unchanged at 10.50% as on 25 May, 2021. The last revision on Bank of Baroda Personal Loan was announced on 25 May, 2021 when the rate was 10.50%. Bank of Baroda also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Bank of Baroda Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 10.50% 2%, Min Rs. 250
Self-Employed Professional Starting from 11.05% Upto 2%, Min Rs. 1,000 and Max Rs. 10,000

Bank of Baroda Personal Loan Rate Comparison with Other Banks

Here is a comparison of Bank of Baroda Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Bank of Baroda HDFC Bank SBI
Rate of Interest Starting from 10.50% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee 2%, Min Rs. 250 Upto 2.50% Min Rs. 999 1.00%
Maximum Loan Amount ₹ 5 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 1 EMI's, Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 1 EMI's, Nil Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Bank of Baroda Personal Loan Balance Transfer Interest Rates

Bank of Baroda personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with Bank of Baroda at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Bank of Baroda offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Bank of Baroda Personal Loan?

You can get the lowest Bank of Baroda personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Bank of Baroda personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Bank of Baroda as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, Bank of Baroda may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Bank of Baroda offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Bank of Baroda personal Loan interest rate?

Today, the lowest interest rate on Bank of Baroda Personal Loan is 10.50%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in Bank of Baroda personal loan?

You can reduce the interest to be paid on Bank of Baroda personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Bank of Baroda provides discounted personal loan offers

Is Bank of Baroda personal a floating rate loan or fixed-rate loan?

Bank of Barodais offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Bank of Baroda personal loan rate drop in 2021?

Presently, Bank of Baroda offers personal loans at an interest rate starting at 10.50%. There has been no change in personal loan rates of Bank of Baroda for a long time and continue to stand at 10.50%.

How do I check my eligibility to get a personal loan at a low rate from Bank of Baroda?

The lowest rate on Bank of Baroda is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Bank of Baroda official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Bank of Baroda?

The lowest personal rate offered by Bank of Baroda on a personal loan is 10.50%.

What is the interest rate 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.

Can I ask for a reduction in the Bank of Baroda personal loan interest rate?

You can ask for a reduction in your Bank of Baroda personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Bank of Baroda?

No, there is no need for any collateral or security while availing a personal loan from Bank of Baroda. Bank of Baroda personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Bank of Baroda early?

If you want to prepay your entire personal loan from Bank of Baroda, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Bank of Baroda personal loan scheme availed by you, before making any decision.

How does Bank of Baroda calculate the interest on a personal loan?

The interest for Bank of Baroda personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, Bank of Baroda personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Bank of Baroda personal loan interest calculation.
  • Reducing rate method:  As per the Bank of Baroda personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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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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