Bank of Baroda personal loan offers a quick and hassle-free solution to all your urgent financial needs. They offer personal loans depending upon the occupation of the salaried individuals, self-employed, and other professionals at attractive interest rates starting at 10.25% p.a. onwards.
Further concession up to 0.50% on personal loans if applied through Digital Mode.
Bank of Baroda Personal Loan Crucial Points
- Borrower can avail of Bank of Baroda personal loan up to Rs.20 Lakhs.
- Bank of Baroda’s interest rate ranges between 10.25%p.a. to 17.55% per annum.
- The repayment tenure of the Bank of Baroda personal loan is 1 year to 84 months.
- Processing fees range from 1% to 2% of the loan amount plus GST. No processing fees are charged for government employees having salary account in the Bank of Baroda.
- 2% late payment penalty shall be levied on the outstanding loan amount.
- You can visit the official website of BOB and check EMI payable by using a personal loan EMI calculator.
Bank of Baroda Personal Loan Eligibility Criteria Requirement
Following are the eligibility criteria for the Bank of Baroda personal loan
Applicant’s Age Limit
- Minimum age limit of the borrower is 21 years.
- Maximum age limit for salaried individuals- The age of the borrower plus the repayment period should not exceed 60 years.
- For non-salaried professionals maximum age limit is the borrower’s age plus the repayment period should not exceed 65 years.
Applicant’s Occupation
- Government employees or big private limited companies (central & state government/autonomous bodies/public/joint sector undertakings/public limited companies/MNCs/educational institutions).
- Employees of the proprietorship/partnership firms/private limited companies, or trusts.
- Insurance agents are eligible.
- Self-employed professional workers can avail of personal loans such as doctors/engineers/architects/interior designers/technology/management consultants/practicing company secretaries, etc.
- Self-employed businessman is also eligible.
Minimum Work Experience Required
- Salaried employees (government and private companies) minimum continuous service for at least 1 year is required.
- Continuous service for 1 year is required of proprietorship/partnership firms/private limited companies or trusts employees.
- Self-employed professionals and business persons must have a minimum of 1 year of a stable business.
- Insurance agents must have been in this business for the previous 2 years.
Other Eligibility Criteria
- This personal loan amount must be used for purposes other than speculation.
- Co-applicants are not allowed for availing of a personal loan.
Bank of Baroda Personal Loan Eligibility- Additional Guidelines
There are multiple factors that play a key role in determining the maximum loan amount and eligibility criteria. If you are a salaried person and hold a salary account with the Bank of Baroda, individual may be eligible for some extra benefits.
Check the below table to know the additional benefits of a Bank of baroda personal loan.
| Eligibility Criteria Parameters | Salaried employees-Central & State Government, PSUs, Autonomous bodies, listed PSUs, joint sector undertakings, and educational Institutions. Must have a salary account with Bank of Baroda | Salaried employees-central & State Government, PSUs, Autonomous bodies, listed PSUs, joint sector undertakings, or educational Institutions. Having salary account with other Banks. | Others who do not cover both categories. |
| Repayment capacity | 75% (of Gross Monthly Income) | 70% (of Gross Monthly Income) | 40% to 70% (of Gross Monthly Income) depending upon the applicant’s income. |
| Repayment Period | 84 months | 72 months | 48 to 60 months |
| Account Relationship with the bank | For salaried employees- the salary of the last months should be credited to the salary account at the BOB. | Employees of private and public companies, trusts, LLP, Insurance agents, self Employed, and professionals like Doctors / Engineers / Architects.
· Loan amount up to Rs.2,00,000 when borrowers must have a satisfactory account relationship with another bank for minimum of 6 months. · Loan above Rs.2 lakhs when borrowers must have a satisfactory account relationship with Bank of Baroda for minimum of 6 months. |
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