A personal loan provides excellent choices for your urgent financial requirements. At Bank of Baroda, the personal loan interest rates start at just 10.50%p.a., and you can select repayment periods of up to 5 years. Now experience quick access to funds at lower interest rates, a simplified documentation process, and flexible repayment options.
BOB Personal Loan Details
Get instant access to funds at your fingertips with Bank of Baroda personal loan online. Following which is the details of the BOB criteria for applying for a personal loan.
| Interest rate | 10.90% p.a. -18.25% p.a. |
| Loan amount | Max up to ₹20 lakhs |
| Tenure | Up to 5 years |
Bank of Baroda Personal Loan Interest Rates
The interest rates vary based on the job profile and employer’s profile of the applicants applying for the personal loan. Here is the table showing BOB Personal Loan interest rates for different categories of employees.
BOB Interest Rates Based on Employment Type:
| Type of Employment / Category | Interest Rates (p.a.) |
|---|---|
| Government employees and defense personnel who maintain a salary account with Bank of Baroda under scheme codes SB 182 and 186. | 10.90%-11.40% |
| Gold: Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute having a salary account with Bank of Baroda. | 11.40%-16.25% |
| Category C: Silver: Same target customers as mentioned in Gold Category, however, having a salary account with other Bank | 11.90%-16.25% |
| Category B: Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional, and business persons having account relationship with Bank of Baroda | 12.65%-16.25% |
| Category A: Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional, and business persons having account relationships with other Bank | 14.65%-18.25% |
Note: The current rates may vary marginally and are inclusive of other charges.
Scheme-Wise BOB Interest Rates:
| BOB Personal Loan Product | Interest Rates (p.a.) |
|---|---|
| Baroda Loan to Pensioners | 11.65% |
| Pre-approved Personal Loan | 12.40%-16.00% |
Note: The current rates may vary marginally and are inclusive of other charges.
Bank of Baroda Personal Loan Fees and Charges
The fees and charges for a personal loan vary from lender to lender. What makes BOB unique is that it offers zero processing fees for specific categories of applicants. Here is a breakdown of the fees and charges for BOB personal loan.
| Processing Fee | For Govt. Employees having a salary account with Bank of Baroda: NIL For others: Up to 2% (₹1,000-10,000) + GST |
|---|---|
| Penal Interest | 2% on the outstanding loan amount |
| Foreclosure Charges | As per the terms and conditions set by Bank of Baroda |
| Preclosure Charges | As per the terms and conditions set by Bank of Baroda |
| Overdue EMI Interest | 2% of the due amount |
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Types of Bank of Baroda Personal Loan
Bank of Baroda offers a range of personal loan options to cater to different needs and preferences. From regular personal loans to specialized loans for pensioners and pre-approved loans, Bank of Baroda has diverse options to meet individual requirements. Here are the highlights of different types of BOB Personal Loans:
Baroda Personal Loan
This personal loan scheme offers individuals the opportunity to secure funds for personal expenses such as education, travel, home renovation, or debt consolidation. With attractive interest rates and convenient repayment terms, Baroda Personal Loan is designed to meet the diverse financial needs of borrowers and help them achieve their goals.
- Loan Amount: Min. ₹50,000 to Max.₹10Lakhs
- Loan Amount: Min. ₹50,000 to Max.₹10Lakhs
- Interest Rate: Starting at 11.75% p.a.
- Tenure: 12 to 60 months
Baroda Loan to Pensioners
This specialized loan is designed to cater to the financial needs of pensioners, providing them with access to funds for various purposes. With competitive interest rates and flexible repayment options, Baroda Loan to Pensioners aims to support retired individuals in fulfilling their personal and financial goals.
- Loan Amount: Up to ₹8Lakhs
- Interest Rate: Starting at 11.65% p.a.
- Tenure: Up to 60 months
Pre-approved Personal Loan
This loan is available to select customers who meet certain eligibility criteria without the need for a formal application process. With quick disbursal and minimal documentation, this pre-approved personal loan provides a hassle-free borrowing experience for customers in need of immediate funds. It also includes liquidity shortfalls caused by Covid-19.
- Loan Amount: Min ₹5,000 up to ₹5 lakhs
- Interest Rate: Starting at 11.75%
- Tenure: 9 to 36 months
Bank of Baroda Personal Loan EMI Calculation
In order to efficiently handle your finances, it’s crucial to have a transparent comprehension of the Equated Monthly Installment (EMI) required for your Baroda personal loan.
By utilizing the BOB Personal Loan EMI Calculator, you can determine your EMI in advance. This calculator enables you to make well-informed decisions prior to applying for a personal loan from Bank of Baroda. Simply enter the loan amount, interest rate, and loan tenure to calculate the EMI accurately.
Your Amortization Schedule (Yearly/Monthly)
Comparison of Bank of Baroda Personal Loan vs Other Lenders
When considering a personal loan, it’s essential to assess your options. Here is a comprehensive comparison between Bank of Baroda Personal Loans and personal loans from top banks/NBFCs. This will help you make an informed decision based on interest rates, loan features, and customer benefits.
| Top Banks/NBFCs | Interest Rates (p.a) |
|---|---|
| Bank of Baroda | 10.90% onwards |
| HDFC | 10.50% onwards |
| SBI | 11.00% onwards |
| ICICI Bank | 10.50% onwards |
| Axis | 10.49% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% onwards |
| Bajaj Finserv | 11.00% onwards |
| Tata Capital | 10.99% onwards |
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Bank of Baroda Personal Loan Eligibility
Determining the eligibility for a personal loan is an important step before applying. Here is an overview of BOB personal loan eligibility criteria, including age requirements, employment types, and other factors considered by the bank to assess your loan eligibility.
Age:
- Minimum: 21 years
- Maximum: For salaried individuals: 60 years, for non-salaried individuals: 65 years
Eligible applicants:
- Employees of government bodies/private companies with a minimum of 1 year of service
- Employees of private limited companies, proprietorship firms, trusts, and partnership firms with a minimum of 1 year of continuous service
- Insurance agents in the business for at least the past 2 years
- Self-employed businessmen with at least 1 year of stable business
- Self-employed professionals such as doctors, engineers, company secretaries, architects, interior designers, etc., with at least 1 year of stable business
Other factors: Bank of Baroda may assess your credit score and your monthly income, to determine your personal loan eligibility.
Not sure of your credit score? Check now for free!
Bank of Baroda Personal Loan Documents Required
When applying for a BOB Personal Loan, certain documents need to be submitted to complete the application process. Here are the necessary documents required for BOB Personal Loan when applying.
- Duly filled loan application form with passport-size photographs
- Form 135 detailing liabilities and assets
- Last 6 months’ bank statement and updated passbook
- ID proof: PAN card, Aadhaar card, voter ID, driving license, passport, employee ID issued by the organization, and identity document issued by professional bodies like ICFAI, ICAI, ICWA
- Additional documents as requested by the bank
For salaried applicants:
- Bank account statement for the last 6 months from Bank of Baroda or any other bank
- Salary slips for the past 3 months
For self-employed applicants:
- Income tax returns for the previous year
- Profit and loss statement, income computation, and balance sheet for the last year
- Income tax challan, clearance certificate, IT assessment, TDS certificate (Form 16A)/ Form 26 AS
- Business proofs such as registration certificate, service tax registration, etc.
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Features & Benefits of BOB Personal Loan
Apply for a BOB personal loan today and enjoy maximum benefits designed to cater to your financial needs.
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4 Easy Steps to Apply For BOB Personal Loan with Buddy Loan
Here’s the step-by-step process that you can follow to apply for Bank of Baroda personal loan online on Buddy Loan:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Ready to take the next step? Apply for a Personal loan now!
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BOB Personal Loan Pre-payment & Pre-Closure
Bank of Baroda offers the flexibility of pre-payment and pre-closure options for personal loans. What sets it apart is that existing borrowers who have availed loans at floating interest rates can enjoy the advantage of no foreclosure charges. This borrower-friendly policy allows customers to fully repay their loans ahead of schedule without any additional financial burden.
With the ability to make early repayments and reduce the outstanding amount, borrowers have the opportunity to save on interest costs and achieve financial freedom.
Frequently Asked Questions
Find answers to common questions about this topic