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Bank of Baroda Personal Loan Closure

Bank of Baroda Foreclosure Charges

Last Updated 25th Nov 2021

  • Bank of Baroda Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Bank of Baroda Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Bank of Baroda branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed After 1 Month at
Foreclosure Fee Allowed After 1 Month at Nil
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Bank of Baroda Personal Loan Pre-Closure

You can avail foreclosure of Bank of Baroda personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Bank of Baroda allows part payment of personal loan after 1 Month at Nil

Steps of Bank of Baroda personal loan preclosure are as follow:

  • Visit the Bank of Baroda branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Bank of Baroda.
  • Pay the outstanding loan amount as well as the Bank of Baroda foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Bank of Baroda Personal Loan Part-Payment

Apart from foreclosing Bank of Baroda Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Bank of Baroda allows part payment after 1 Month at

Fees and Charges of Bank of Baroda Personal Loan Closure

Fees and charges associated with preclosure of Bank of Baroda Personal Loan are listed as follows:

  • Part payment is Allowed at after 1 Month
  • Foreclosure is Allowed at Nil after 1 Month

Bank of Baroda Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing Bank of Baroda Personal loan are as follow:

  • Pay the last instalment of the Bank of Baroda loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Bank of Baroda branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Bank of Baroda Personal loan part payment. To reduce the interest burden, you can opt for Bank of Baroda foreclosure or part payment of the loan.

Required Documents for Bank of Baroda Personal Loan Closure

The documents required for Personal loan foreclosure from Bank of Baroda are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from Bank of Baroda.

Check Prepayment Charges of Other Banks

FAQs

What is the Bank of Baroda pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. Bank of Baroda allows part payment of personal loan after 1 Month at .

Can we close personal loans online for Bank of Baroda?

No, you cannot close the personal loans online for Bank of Baroda. Individuals are required to visit the Bank of Baroda Branch to close the personal loan. Below are the steps to close the Bank of Baroda personal loan:

  • Visit the nearest Bank of Baroda branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Bank of Baroda will give the acknowledgement letter and NOC.

Does foreclosure of Bank of Baroda personal loan affect CIBIL?

Foreclosure of Bank of Baroda personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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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.
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