With attractive interest rates, easy documentation procedures and flexible repayment options, Bank of Baroda personal loans are great options for your immediate financial needs. Interest rates starting from 10.50% and tenures extending up to 5 years.
Bank of Baroda Personal Loan Details
|Interest Rate||10.50% p.a. – 12.50% p.a.|
|Processing Fees||Rs.1,000 to Rs.10,000|
|Loan Tenure||5 years for government employee4 years for others|
BOB Interest Rates and Charges
For existing customers with an account relationship of at least 6 months: BRLLR + SP + 3.25% TO BRLLR + SP + 6.85%
For applicants who have an account with any other bank for at least 6 months: BRLLR + SP + 5.25% TO BRLLR + SP + 8.85%
For Central/ State government employees/ Autonomous bodies/ joint sector undertakings having one year service and salary account with BOB: FROM BRLLR + SP + 3.25% TO BRLLR + SP + 6.85%
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Why choose a personal loan from Bank of Baroda?
- Zero prepayment charges: Prepayment charges are not applicable at all in case the customer wants to pay off the loan earlier than the stipulated loan tenure.
- Personal loan special schemes: Bank of Baroda offers personal loans to pensioners and ex-defence personnel too. The bank also has personal loan offerings for Earnest Money Deposits which are for buyers of home/plot/flat.
- Premium personal loan option for existing customers: Bank of Baroda offers Premium Personal Loan to its existing customers. To be eligible for this loan, a user should have a smooth, running bank account with Bank of Baroda for at least 6 months. The account should be approved for good conduct by the branch head.
Bank of Baroda personal loan eligibility
|Segment||Salaried employees of MNCsPublic Limited Company or Large Private Limited Company employeesEmployees of the State Government or Central GovernmentEmployees at Public Sector Undertakings (PSUs) and Joint Sector UndertakingsSalaried individuals at educational institutions and autonomous bodiesEmployees of partnership or proprietorship firmProfessionals who are self-employed like doctors, practising company secretaries, engineers, interior designers, management consultants, architects, or management consultantsInsurance agents|
|Age||Applicant should be at least 21 years old|
|Minimum employment/business tenure required||Salaried employees should have a job and worked with the current employer for at least 1 year.Self-employed persons must have had a stable business for a minimum of 1 year.Insurance agents must have been in business for at least 2 years.|
|Minimum loan amount||Metro and urban areas: Rs.1 lakh Semi-urban and rural areas: Rs.50,000|
|Maximum loan amount||Metro and urban areas: Rs.10 lakh Semi-urban and rural areas: Rs.5 lakh|
|Tenure||Up to 60 months|
Special Criteria for Bank of Baroda Personal Loan
There are a number of other factors that play a key role in determining the maximum amount of personal loan that an individual can avail. Furthermore, if you are a salaried professional who holds a salary account with Bank of Baroda, you might be eligible for some added benefits in terms of eligibility. See the table mentioned below to learn about these criteria and how they impact the terms and eligibility of a borrower opting for a personal loan at the bank:
|Parameters||Salaried employees of Central/State Government, Autonomous bodies, PSUs, Joint sector undertakings, or Educational institutions with salary accounts at the bank||Other eligible applicants|
|Repayment capacity||60% of Gross Monthly Income (GMI)||If GMI is less than Rs.75,000, maximum loan will be up to 40% of GMIIf GMI is above Rs.75,000 but less than Rs.2 lakh, maximum loan will be up to 50% of GMIIf GMI is Rs.2 lakh and above maximum loan will be 60% of GMI|
|Repayment period||Up to 60 months||Up to 48 months|
|Account relationship||Salary of the last month should be credited in the salary account at Bank of Baroda||Applicant should have satisfactory account relationship with Bank of Baroda for at least 6 months.For employees of private limited companies, trusts, proprietorship/partnership firms – Borrower must have maintained salary account at Bank of Baroda for the last 6 months.For insurance agents – The commission earned by the borrower for the last 6 months should have been credited to the account at Bank of Baroda.|
How to calculate EMIs for Bank of Baroda Personal Loans
You can compute EMIs for your Bank of Baroda personal loan through any online EMI calculator. BankBazaar.com has a convenient personal loan calculator which can be used simply by dragging a slider. It makes your loan application easier. You can plan your loan expenses and manage your overall finances efficiently with the help of this calculator. To make use of it, you will need to input certain details regarding your loan. These details include loan amount, loan tenure, processing fee, prepayment fee, and interest rate.
You can pay your EMIs promptly to clear your loan on time. During the first few months of your loan tenure, you will be paying a higher interest. Towards the end of your loan tenure, you will be paying a higher principal compared to your interest.
- To use the BankBazaar EMI calculator for your Bank of Baroda Personal Loan, you will have to first go to the main menu of the website and then go to ‘Finance Tools’. Here, you can choose EMI calculator.
- Once you click on the calculator, you will first have to select your loan amount by dragging the slider.
- Next, you need to choose your loan tenure with the help of the slider.
- You will now have to enter the interest rate charged by Bank of Baroda for your personal loan. This will need to be given in percentage.
- Further, you have to enter the processing fee which will be a percentage of your personal loan amount.
- You will now have to decide if you wish to go for a prepayment or not. You can do this by clicking the ‘Yes’ or ‘No’ option. Next, you can click ‘Calculate’.
You may also view the pie chart below the result which will show your loan amount, interest due, and the total processing fee that you need to pay for your loan.
You can also view your amortisation details by checking out the bar diagram which can be found below the pie chart. This will show the interest, unsettled loan amount, and principal.
Let us now look at an example to understand how this EMI calculator works. The interest rate is 10.50% p.a. and that the loan applicant is not interested in making any pre-payment. Each row in the table shows the EMIs for different loan tenures and loan amounts.
|Loan amount (Rs.)||Interest rate (%) (p.a.)||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)|
FAQs on Bank of Baroda Personal Loan
- What is the minimum loan tenure for Bank of Baroda personal loans? The minimum loan tenure is 12 months.
- What will the lowest EMI be for BOB personal loan worth Rs.1 lakh? If you go for a BOB personal loan worth Rs.1 lakh, your lowest EMI will be Rs.2,149.
- What is the maximum loan tenure for Bank of Baroda personal loans? The maximum loan tenure is 60 months for employees working in government sector. For others it is 48 months.
- Am I allowed to include my spouse’s income when I want to apply for a Bank of Baroda personal loan? Yes, you can include your spouse’s income when you have to improve your loan eligibility in order to apply for a BOB personal loan.
- What is the processing fee that I will have to pay for my Bank of Baroda personal loan? The processing fee for your BOB personal loan will be 2% of loan amount along with the service tax.
- What is the minimum loan quantum for applicants in metro and urban areas? The minimum loan quantum is Rs.1 lakh.
- What is the maximum loan quantum for applicants in metro and urban areas? The maximum loan quantum is Rs.10 lakh.
- What is the minimum loan quantum for applicants in semi-urban and rural areas? The minimum loan quantum is Rs.50,000.
- What is the maximum loan quantum for applicants in semi-urban and rural areas? The maximum loan quantum is Rs.5 lakh.
- Can I get the assistance of a co-applicant to apply for a BOB personal loan? No, Bank of Baroda accepts personal loan applications only from a single individual. The bank does not allow co-applicants to apply for a personal loan.
- What is the minimum age requirement for a BOB personal loan? You will have to be at least 21 years to apply for BOB personal loan.
- How will the loan quantum be decided for a BOB personal loan? The loan quantum limit will be fixed according to the classification of the financing branch of the bank.
- If I am an insurance agent, can I apply for a BOB personal loan? Yes, you can apply for the loan if you are an insurance agent if you have been doing business for at least 2 years.
- If I am a staff member of Bank of Baroda, can I apply for a BOB personal loan? No, the bank does not allow staff members to apply for this loan product.
- What is the maximum repayment period if I am working with the central or state government or public and joint sector undertakings? The maximum repayment period is 60 months.
- What is the maximum repayment period if I am working with any other organisation? The maximum repayment period is 48 months.
- How to check Bank of Baroda personal loan status? You can check Bank of Baroda personal loan application status either online or offline. All you need to have in order to check the status is the reference number, unique tracking number and the registered mobile number.
- How to contact Bank of Baroda personal loan customer care? You can contact Bank of Baroda personal loan customer care executives at the following toll-free numbers – 1800 258 44 55/1800 102 44 55. NRIs can call on 079 – 49044100/7923604000.