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Baroda Salary Classic Account - Everything You Need To Know
There are many different types of bank accounts that you can open today. Salaried people can open a special salary account that can help them save while also empowering them with several benefits. One such account is offered by Bank of Baroda. Let’s understand what a salary account is and look at the Bank of Baroda Salary Classic Account benefits.

JanSamarth Portal by PM Modi - A Complete Guide
Over the years, the Government of India has rolled out numerous welfare schemes. For instance, there is the Central Sector Interest Subsidy Scheme by the Ministry of Education or the MUDRA Loan scheme under the Department of Financial Service. Users can access these schemes on the respective Ministry's websites. However, tracking applications on various websites can be cumbersome. Keeping this in mind, the government has unveiled the JanSamarth portal, enabling applicants to avail of up to 13 credit-linked government schemes under one roof. Read on to know more about the schemes, its objectives, the registration process and more.

What is a Term Deposits - A Complete Guide
A bank account is the most crucial instrument that allows you to save money. You can easily deposit and withdraw funds at your convenience and grow your savings steadily. While banks offer interest on your savings account deposits, they also offer a host of investment facilities that allow you to earn better interest rates and grow your corpus significantly. One such facility is known as a term deposit. Let us understand what term deposits are and how to assess their salient features, exceptional benefits, and various types. Read on.

6 Best Ways To Earn Returns Through Your Savings Account
The very first bank account opened by most people is a Savings Account. Now, do you know that your savings account can help you earn interest on the money that you deposit in it? The rate of interest that you earn on your savings differs from one bank to the other. There are also several other ways to earn savings account returns. However, not many people are able to utilize the maximum potential of a savings account as they do not possess the right information. To help you make the most out of your savings account, here are 6 Savings Account tips:

What is a Home Loan Balance Transfer & How does it work?
Having a home of your own is a huge life milestone and achievement for most people. Since purchasing a home is an expensive affair that requires financial planning, you can rely on financial aid in the form of home loans. However, often when you opt for a home loan offered by a bank or financial institution, you might find yourself unhappy with the terms attached. Rather than stick it out with terms that are not favourable to your situation, you can later choose to opt for a home loan balance transfer. Let’s look at the benefits of home loan balance transfer and show you how the process works.

How Does Home Loan Verification Process Works in India?
A home loan provides easy and affordable financing for you to purchase or construct the home of your dreams. The good news is that home loan interest rates are currently at an all-time low. Thus, if you are planning to apply for a home loan, now might be the right time to do so. However, do remember that your application process does not end after you submit the documents required for home loan financing. The lender must also verify your loan request before sanctioning the requested amount. To help you gain a better understanding, here is everything you need to know about the home loan verification process.

Personal Loan Vs Car Loan - Which Is Better?
Owing a car is a dream for many. A vehicle offers you the convivence of travelling when you want to and saves you from the rush of local commute. Having your own car also helps in times of emergency. With the outbreak of novel coronavirus, using local commute or public transportation can be daunting. Your own vehicle ensures your safety in such trying times.

Why should you choose a Floating rate Home Loan?
Taking a home loan is one of the most common ways to finance the purchase of your dream home. The home loan provider can either charge you a floating or fixed rate of interest on your debt. While a fixed interest rate can help you get a sense of security, a floating interest rate can potentially help you generate savings. For this reason and a few more, many people prefer to procure a floating rate home loan.

Know Why Your Home Loan Application May Get Rejected?
Home loans are usually of a high value and have a tenure of around 20 to 30 years. Thus, lenders follow a well-defined and stringent process to approve and sanction such loans. This ensures that the lenders do not build any NPAs (Non-Performing Assets). Consequently, procuring a home loan is a rigorous process, and if your application gets rejected, you have to start this process all over again. Hence, it can be pretty disheartening to have your home loan application rejected.

How to get an Education Loan in India – A Complete Guide
An education loan is a loan borrowed for funding higher education and higher-education related expenses. These loans cover the cost of tuition, books accommodation and other expense required to complete the course.

Get Education Loan for Studying MBA in Abroad
Higher education helps extra edge to boost your career. It offers you an opportunity to explore your chosen field in great depth and helps you mould yourself into a knowledgeable professional. One of the most popular postgraduate degrees that students opt for these days is an MBA (Master of Business Administration).

Benefits Of Early Education Loan Repayment
When taking an education loan, you need to carefully plan loan repayment even before your EMIs are due. This way, you can save yourself from falling into a financial crisis in the first few years of your career. Now, you may wonder - should I pay off my student loans before the tenure of the loan is complete?

Government Subsidy on Electric Vehicle Purchases in India 2022: Here's How to Save Lakhs
A cleaner and greener planet is the need of the hour. While changing the environment in a day’s time is implausible, we can certainly take small steps that will show results over time. One such measure is shifting to fossil-fuel-free Electric Vehicles (EV). Did you know that India had electric vehicles back in the late 1990s? However, due to insufficient technology, these vehicles saw a rapid decline. However, with today’s advanced technology and alternative commuting options, now is the best time to adopt greener modes of transportation. Moreover, the Government of India offers subsidies on electric vehicles, leading to savings in Lakhs. Here’s what you need to know about the Electric Vehicle Subsidy in India.

Know How to Check Your CIBIL Score for Car Loan?
The Credit Information Bureau (India) Limited (CIBIL), now TransUnion CIBIL, is one of the 4 credit information companies. It is licensed by the Reserve Bank of India to collect and maintain the credit information of borrowers. Banks pass on your debt information to TransUnion CIBIL, which then collates the data to form an indicator to measure your credit, i.e., the CIBIL score.

Advantages of Bank of Baroda Two-Wheeler Loan
Motorcycles are the primary means of transportation in a vast majority of Indian households. Two wheelers also make it easier to manoeuver India’s busy streets very quickly. Hence, India is among the top 4 largest motorcycles markets across the world

Types of Mortgage Loans: Which Is Best for You
Emergencies are unpredictable, especially financial ones. Sometimes these expenses can be too high to seek financial aid from friends and family. In such times, you can make your idle assets work for you. If you own assets like properties, you can get a loan against them. You can mortgage them as collateral with your lender and avail loan. Read on to understand what a mortgage loan is and the various types of Mortgage Loans.

Getting A Car Loan Soon? Make Sure To Avoid These 7 Mistakes!
These days, cars have become more of a necessity for us than a luxury. As a result, there are about 1.4 billion cars on the road in the world today! A car is more than just a means of transport for many.

What Is Loan Against Securities – A Complete Guide
When you need cash, especially a lump sum amount urgently, a loan is one of the best facilities at your disposal. The loan allows you to attend to your expenses, while you can return the funds borrowed from the bank in pocket-friendly instalments over a stipulated tenure. Today, you can mortgage more than your home or any property you may have to procure a loan; you can take out a loan against securities. Let us attempt to understand the meaning, features, benefits and application process for a LAS loan.

What's the Difference Between a Gold Loan and a Loan Against Property?
Loans are one of the best ways to access funds in an emergency or to pursue your goals. There are broadly two types of loans that you can procure - a secured loan and an unsecured loan. If you offer collateral to the lender in exchange for the loan, you
are said to have taken a secured loan. Many people prefer to take a secured loan as it helps them receive funds on suitable loan terms and conditions such as lower interest rates and higher loan amounts. When offering a secured loan, lenders usually
accept gold, securities, property, and other similar assets as collateral. Out of all these types, a loan against gold and a loan against property are the two most common types of secured loans.

7 Amazing Benefits Of Taking A Gold Loan
Almost no auspicious occasion or family function is complete without gold jewellery. In fact, gold is also one of the most precious gifts to pass on to your descendants. But the value of gold doesn’t simply end there; did you know that you can also get a loan against gold jewellery/Ornaments? In fact,

6 Benefits of A Digital MSME Loan for Business Owners
MSMEs, or Micro, Small, and Medium Enterprises, contribute about 29% of the country's GDP in India. These small to medium scale enterprises often require financial aid to continue their business operations. This is where an MSME loan can prove to be quite

Everything you need to know about Loan Against Securities
Loans can be broadly classified into two forms, secured debt and unsecured debt. Home loans, car/bike loans, and secured lines of credit are all examples of a secured form of debt. This means that to procure such loans, you need to pledge collateral to the lender. Collateral, in simple words, is a valuable item of a certain value that the lender can sell to cover your loan if you fail to make payments. Banks and financial institutions usually accept real estate, gold, and other such assets as forms of collateral. Now, did you know that you can also get a loan against securities?

Features and Benefits of Digital e-Mudra Loan
Setting up a business requires a lot of capital both for the initial investment and for operational costs. While a few people save their way to starting a business, many others take a business loan to meet these capital requirements. To boost entrepreneurship and help small businesses pursue their goals, Bank of Baroda offers a digital e-Mudra loan. This is a credit facility made available by Bank of Baroda for MSMEs that operate in the manufacturing, trading, and services sectors of the economy. One of the best features of the <a href="https://www.bankofbaroda.in/business-banking/msme-banking/loans-and-advances/digital-mudra-loan">Bank of Baroda digital Mudra loan</a> is that it is an unsecured form of debt. This means that you do not need to provide any collateral to procure funding. This is one of the best ways to finance the operations of your business. Read on to know more about this loan.

What is Tenure in a Personal Loan and How to Choose the Loan Tenure Smartly?
A personal loan is an unsecured type of a loan which means that you can borrow the funds without handing over any collateral. The borrowed money can be used for various purposes such as tackling an emergency, financing your business, or pursuing your
educational goals. However, since you do not need to provide collateral to procure a personal loan, the interest rate charged on these loans is relatively higher when compared to other types of loans, such as home loans or student loans. Due to this,

5 Key Factors That Affect Your Personal Loan Interest Rate This Year
Do you need money to pay the security deposit on your rented flat? Or perhaps you are facing a medical emergency that goes beyond the coverage of your health insurance plan. A personal loan is a type of unsecured loan that helps you get access to quick
cash in such situations of need. Features of personal loans include collateral-free applications, speedy approvals and disbursals, attractive interest rates, and no end-use restrictions, to name a few. Now, let us look at the factors affecting personal

5 Smart Tips to Reduce EMI Of Your Existing Personal Loan
Personal loans offer a great way of meeting your financial requirements without compromising your assets.

6 Easy Ways to Choose the Best Personal Loan in 2022
There are multiple personal loan providers present in the market today; thus, you get a plethora of personal loans options to choose from. However, it is important to ensure that you get the best personal loan for yourself by choosing the right creditor.
This will ensure that you can clear off your debt easily without taking on any unnecessary stress.

Give Your Home a Festive Makeover with an Instant Personal Loan
The festive season is the time for celebration, indulging in good food, and exchanging gifts. Festivals are also considered auspicious for making big purchases such as a new vehicle, jewellery, and gadgets. Many people also opt to renovate their homes just before the festive season to add some sparkle and glamour to the celebrations. Now, renovating your home can be quite a costly affair. Fortunately, lenders offer attractive interest rates and even help you get an instant personal loan online during the festive season.

How to Get a Personal Loan Without a Salary Slip in India?
Personal loans can prove helpful in consolidating your existing debts and helping you meet financial emergencies. You can even procure a personal loan to finance special occasions such as a marriage ceremony or an anniversary holiday. It is one of the
most popular types of loans available in the market today.

How to Pay Off Your Personal Loan Quickly?
A personal loan can prove to be a boon in helping you meet planned and unplanned expenses. Many borrowers often prefer personal loans over other types of loans as these loans are apt for all purposes. Whether you need to fund your home renovation or take that long-overdue family vacation, a personal loan can help fund a variety of expenses.

Gold Loan vs Personal Loan - Which is Better & Why?
A home not only provides a roof over your head, but also doubles up as an investment. Your property can be sold for money at some point in the future. It can also function as collateral for a loan. Home loan is one of the best ways to finance the purchase of your dream flat or house. A home loan helps you safeguard your savings and gives you all the required flexibility to repay the cost of your property with comfort and ease by the way of EMI.
Now, there are so many options of home loans available out there. Choosing just one among all these can be quite confusing. To help you get the best option, here are a few home loan tips that can prove helpful.
1. Check your CIBIL score
Home loans are typically of high amounts and long tenures; thus, they can only be given to individuals who have a good credit history. The minimum home loan credit score required by most of the banks in India is ranges between 650-750. Furthermore, your CIBIL score is directly proportional to the loan amount you are eligible for. This means that having a higher CIBIL score helps you procure loans of higher amount. Generally, having a CIBIL score of 750 and above is considered ideal for procuring a good and substantial value of a home loan. If you check your CIBIL score and find it to be below 650 or just at par with 650, it is better to work on increasing your score before applying for a home loan. Having a good CIBIL score can also help you procure a loan at a relatively lower interest rate.
It is recommended to check your CIBIL score every 3 to 6 months. This will help you keep track of your creditworthiness and devise a strategy to increase your score.
2. Start saving for a down payment
It is important to plan your finances and save up for the down payment before initiating your application for a home loan. This is, perhaps, the best home loan advice that anyone can give you. Lenders typically require you to pay 10% to 30% of the total purchase value of the house or property as down payment depending on your loan amount.
With increasing expenses, it can be quite difficult to save for your home loan down payment. However, making small changes in your monthly budget can ensure that a portion of your income is put aside in a savings account/Investment account etc. to build a corpus for the down payment.
3. Get your financial documents in order
When you take a home loan, you will be required to provide your lender with certain documents such as your recent salary slips, ITRs, and bank account statements, among other paperwork. It helps to keep these documents ready in advance so that you do not have to rush at the eleventh hour to find what you need.
The list of documents required for a home loan can vary between lenders. The documents required can change slightly depending on whether you are salaried or self-employed. Hence, it is better to check with the lender about the records that are required by them. You can easily get a list of required documents by visiting the lender’s website or by calling them up directly.
4. Use a home loan EMI calculator
Understanding your EMI payments is one of the most important home loan repayment tips to keep in mind. Calculating your monthly EMI payments before applying for a home loan can help you avoid taking on debt that you cannot afford to repay.
EMI calculations are dependent upon the interest rate charged and tenure of the loan among many other factors; hence, EMIs are not that easy to calculate manually. Fortunately, you can use the lender’s home loan EMI calculators online to get an idea of the loan amount that you can afford to borrow.
5. Select the right type of home loan
There are many different types of home loans offered by every lender. Bank of Baroda offers its customers different types of home loans including top up loan, home improvement loan, and a home loan takeover scheme, among others. Each type of home loan offers different benefits to borrowers. Hence, it is better to compare bank loans and choose the right home loan that best suits your needs.
When taking a home loan, you can also choose between a fixed interest rate home loan or a floating interest rate home loan. While a fixed interest rate loan will have a constant interest rate throughout the loan tenure, the floating interest rate will see the interest rate change as per the market.
6. Compare the different home loan offers
The cost of procuring a home loan varies between lenders too. When selecting a home loan, you should consider the interest rate charged, home loan processing fees, application fees, technical valuation charges and other such expenses before starting your application process.
To get the best home loan in 2022, do make sure to compare the different loan offers and the other ancillary costs that are associated with borrowing. This research will help you make a smart choice. Remember that a home loan is debt that you take for a long term – generally between 20 to 30 years. So, you would want to pick the best loan provider who fulfils your financial needs for peace of mind.
7. Stay connected with your lender
After you submit your loan application, the lender may require some additional information from you before processing it ahead. Giving quick responses to the lender will help you get the loan amount disbursed swiftly.
It is also imperative to stay in touch with your lender throughout the loan tenure. This will help you build trust with the lender and get the timely help if needed.
8. Keep your credit score maintained during the loan processing period
Lenders typically check your credit score before accepting your loan application. However, they can also pull up your scores again before sanctioning the loan. This helps them ensure that you are a creditworthy individual and are consistent in repaying your debts. Hence, do not get lax on your payments after the lender has accepted your home loan application. Rather, pay more attention to your credit card bills and ensure that they are paid on time. It is also better to avoid applying for new loans until your home loan is sanctioned. This will help you maintain your credit score.
9. Read all the loan related documents carefully
It is particularly important to understand the different terms and conditions of the home loan before signing the documents. Ensure that you go through the documents and get comprehensive knowledge of what you are signing up for. You can contact your lender and ask them for any help you need in understanding the fine print.

9 Best Home Loan Tips 2022
A home not only provides a roof over your head, but also doubles up as an investment. Your property can be sold for money at some point in the future. It can also function as collateral for a loan. Home loan is one of the best ways to finance the purchase of your dream flat or house. A home loan helps you safeguard your savings and gives you all the required flexibility to repay the cost of your property with comfort and ease by the way of EMI.
Now, there are so many options of home loans available out there. Choosing just one among all these can be quite confusing. To help you get the best option, here are a few home loan tips that can prove helpful.
1. Check your CIBIL score
Home loans are typically of high amounts and long tenures; thus, they can only be given to individuals who have a good credit history. The minimum home loan credit score required by most of the banks in India is ranges between 650-750. Furthermore, your CIBIL score is directly proportional to the loan amount you are eligible for. This means that having a higher CIBIL score helps you procure loans of higher amount. Generally, having a CIBIL score of 750 and above is considered ideal for procuring a good and substantial value of a home loan. If you check your CIBIL score and find it to be below 650 or just at par with 650, it is better to work on increasing your score before applying for a home loan. Having a good CIBIL score can also help you procure a loan at a relatively lower interest rate.
It is recommended to check your CIBIL score every 3 to 6 months. This will help you keep track of your creditworthiness and devise a strategy to increase your score.
2. Start saving for a down payment
It is important to plan your finances and save up for the down payment before initiating your application for a home loan. This is, perhaps, the best home loan advice that anyone can give you. Lenders typically require you to pay 10% to 30% of the total purchase value of the house or property as down payment depending on your loan amount.
With increasing expenses, it can be quite difficult to save for your home loan down payment. However, making small changes in your monthly budget can ensure that a portion of your income is put aside in a savings account/Investment account etc. to build a corpus for the down payment.
3. Get your financial documents in order
When you take a home loan, you will be required to provide your lender with certain documents such as your recent salary slips, ITRs, and bank account statements, among other paperwork. It helps to keep these documents ready in advance so that you do not have to rush at the eleventh hour to find what you need.
The list of documents required for a home loan can vary between lenders. The documents required can change slightly depending on whether you are salaried or self-employed. Hence, it is better to check with the lender about the records that are required by them. You can easily get a list of required documents by visiting the lender’s website or by calling them up directly.
4. Use a home loan EMI calculator
Understanding your EMI payments is one of the most important home loan repayment tips to keep in mind. Calculating your monthly EMI payments before applying for a home loan can help you avoid taking on debt that you cannot afford to repay.
EMI calculations are dependent upon the interest rate charged and tenure of the loan among many other factors; hence, EMIs are not that easy to calculate manually. Fortunately, you can use the lender’s home loan EMI calculators online to get an idea of the loan amount that you can afford to borrow.
5. Select the right type of home loan
There are many different types of home loans offered by every lender. Bank of Baroda offers its customers different types of home loans including top up loan, home improvement loan, and a home loan takeover scheme, among others. Each type of home loan offers different benefits to borrowers. Hence, it is better to compare bank loans and choose the right home loan that best suits your needs.
When taking a home loan, you can also choose between a fixed interest rate home loan or a floating interest rate home loan. While a fixed interest rate loan will have a constant interest rate throughout the loan tenure, the floating interest rate will see the interest rate change as per the market.
6. Compare the different home loan offers
The cost of procuring a home loan varies between lenders too. When selecting a home loan, you should consider the interest rate charged, home loan processing fees, application fees, technical valuation charges and other such expenses before starting your application process.
To get the best home loan in 2022, do make sure to compare the different loan offers and the other ancillary costs that are associated with borrowing. This research will help you make a smart choice. Remember that a home loan is debt that you take for a long term – generally between 20 to 30 years. So, you would want to pick the best loan provider who fulfils your financial needs for peace of mind.
7. Stay connected with your lender
After you submit your loan application, the lender may require some additional information from you before processing it ahead. Giving quick responses to the lender will help you get the loan amount disbursed swiftly.
It is also imperative to stay in touch with your lender throughout the loan tenure. This will help you build trust with the lender and get the timely help if needed.
8. Keep your credit score maintained during the loan processing period
Lenders typically check your credit score before accepting your loan application. However, they can also pull up your scores again before sanctioning the loan. This helps them ensure that you are a creditworthy individual and are consistent in repaying your debts. Hence, do not get lax on your payments after the lender has accepted your home loan application. Rather, pay more attention to your credit card bills and ensure that they are paid on time. It is also better to avoid applying for new loans until your home loan is sanctioned. This will help you maintain your credit score.
9. Read all the loan related documents carefully
It is particularly important to understand the different terms and conditions of the home loan before signing the documents. Ensure that you go through the documents and get comprehensive knowledge of what you are signing up for. You can contact your lender and ask them for any help you need in understanding the fine print.

The Importance of Good CIBIL Score for Home Loan
Are you looking for information on CIBIL score for home loans? Have you been wondering what is the minimum CIBIL score for home loans and how you can bring your credit score within that range? If so, then you’ve landed on the right page! Continue reading the article to know all there is about CIBIL score for housing loan application.
Established in 2000, the Credit Information Bureau Limited (CIBIL) is a credit information company that maintains records of individuals and organisations. A lending agency/company/bank gives out loans on the basis of the CIBIL score generated.
What is the relevance of CIBIL Score for home loan?
The CIBIL score is basically a three-digit number that ranges between 300 and 900. The higher the score, the greater are your chances of getting a home loan easily. Lenders mandatorily check your credit score to know your creditworthiness when you apply for a home loan.
Here is a quick look at how the CIBIL score impacts your home loan application:
● The CIBIL score is essentially the first impression that your lender gets of you as a borrower
● Borrowers applying for home loans with low CIBIL scores might face a harder time in getting their applications approved
● Having a good or high CIBIL score allows you to get the better interest rate
Can a good CIBIL score help you get a home loan at a lower EMI?
Having a good CIBIL score when you apply for a home loan not only makes you eligible to get one but also helps you get funding at a lower interest rate. Lower EMIs will help bring down the overall cost of your housing loan. As we all know, a home loan is long term debt that runs into decades. So, even a small reduction in interest can see you potentially save lakhs of rupees.
Thus, having a higher CIBIL score can prove to be immensely helpful for a housing loan.
What is considered to be a good CIBIL score for home loan applicants?
Generally higher CIBIL score is considered good. It increases chances of getting easy approvals and better rates of interest. Bank of Baroda requires a minimum credit score of 701 for a customer to be eligible for a home loan.
Want to know how to increase your home loan eligibility?
Here are a few tips that can enhance your chances of getting a home loan:
● Paying off existing loans:
This is the major tip which will help you increase your chances of getting your home loan sanctioned. Ensure that you are paying your existing EMIs on time regularly and there is no default. If you have a habit of using your credit card, make sure you pay off your entire card debt on a regular basis so that you don’t have to pay any interest on those expenses. In short, pay the whole balance and not just the minimum due.
● Record your variable pay:
Another way to increase your eligibility is by giving the bank proof of your variable pay apart from submitting your income documents.
● Opt for a joint home loan:
You can add your close relatives as co-applicant, while reviewing an application for a joint home loan, the lender considers the income of both the parties. Hence, a combined monthly income will appear higher and increase your chances of getting the loan value you need.
Quick tip: You can use an online tool called the Home Loan EMI Calculator to understand what your monthly payments will look like for a certain loan amount. Knowing what kind of EMIs you can expect will help you plan your finances better. This will save you from defaulting on your payments and help you keep your credit score in good standing throughout the tenure of your home loan.
Steps to check your CIBIL score online
These days, we have become accustomed to the new normal of doing as many things as possible online, from transferring money to someone to applying for cards and opening bank accounts too. In the same way you also check your CIBIL score digitally!
Simply follow these quick steps to easily check your credit score online:
Step 1 - Go to the official CIBIL website, log in and select “Know Your Score”
Step 2 - Fill up the digital form that appears and enter relevant details such as your name, date of birth, past loan history, ID proof etc.
Step 3 - After the form has been properly filled, a payment page will appear. You can choose your preferred form of payment method like debit/credit cards or net banking.
Step 4 - After successful payment you will have to answer five questions CIBIL asks about your credit history, out of which three need to be correct, in order to get your identity authenticated from CIBIL.
On approval, you will get your credit report mailed to you in the next 24 hours, and you can check your CIBIL score, also existing BOB customer can check their CIBIL score through bob World mobile banking app.
Conclusion
Now you can be the proud owner of your very own dream home with the easy home loan options given by Bank of Baroda. Our home loans have low interest rates, affordable processing fees, and longer tenures too. At Bank of Baroda, you can also enjoy many other benefits such as a free credit card when you apply for a home loan. Choose from our wide range of home loans including pre-approved home loan, home improvement loan, and loan takeover scheme, among others. You can check your home loan eligibility online on our website and even apply for your home loan online too. It’s that convenient!
Get in touch with us today to know more.

Ways to Repay Mortgage Loan Quickly
Are you looking for information on CIBIL score for home loans? Have you been wondering what is the minimum CIBIL score for home loans and how you can bring your credit score within that range? If so, then you’ve landed on the right page! Continue reading the article to know all there is about CIBIL score for housing loan application.
Established in 2000, the Credit Information Bureau Limited (CIBIL) is a credit information company that maintains records of individuals and organisations. A lending agency/company/bank gives out loans on the basis of the CIBIL score generated.
What is the relevance of CIBIL Score for home loan?
The CIBIL score is basically a three-digit number that ranges between 300 and 900. The higher the score, the greater are your chances of getting a home loan easily. Lenders mandatorily check your credit score to know your creditworthiness when you apply for a home loan.
Here is a quick look at how the CIBIL score impacts your home loan application:
● The CIBIL score is essentially the first impression that your lender gets of you as a borrower
● Borrowers applying for home loans with low CIBIL scores might face a harder time in getting their applications approved
● Having a good or high CIBIL score allows you to get the better interest rate
Can a good CIBIL score help you get a home loan at a lower EMI?
Having a good CIBIL score when you apply for a home loan not only makes you eligible to get one but also helps you get funding at a lower interest rate. Lower EMIs will help bring down the overall cost of your housing loan. As we all know, a home loan is long term debt that runs into decades. So, even a small reduction in interest can see you potentially save lakhs of rupees.
Thus, having a higher CIBIL score can prove to be immensely helpful for a housing loan.
What is considered to be a good CIBIL score for home loan applicants?
Generally higher CIBIL score is considered good. It increases chances of getting easy approvals and better rates of interest. Bank of Baroda requires a minimum credit score of 701 for a customer to be eligible for a home loan.
Want to know how to increase your home loan eligibility?
Here are a few tips that can enhance your chances of getting a home loan:
● Paying off existing loans:
This is the major tip which will help you increase your chances of getting your home loan sanctioned. Ensure that you are paying your existing EMIs on time regularly and there is no default. If you have a habit of using your credit card, make sure you pay off your entire card debt on a regular basis so that you don’t have to pay any interest on those expenses. In short, pay the whole balance and not just the minimum due.
● Record your variable pay:
Another way to increase your eligibility is by giving the bank proof of your variable pay apart from submitting your income documents.
● Opt for a joint home loan:
You can add your close relatives as co-applicant, while reviewing an application for a joint home loan, the lender considers the income of both the parties. Hence, a combined monthly income will appear higher and increase your chances of getting the loan value you need.
Quick tip: You can use an online tool called the Home Loan EMI Calculator to understand what your monthly payments will look like for a certain loan amount. Knowing what kind of EMIs you can expect will help you plan your finances better. This will save you from defaulting on your payments and help you keep your credit score in good standing throughout the tenure of your home loan.
Steps to check your CIBIL score online
These days, we have become accustomed to the new normal of doing as many things as possible online, from transferring money to someone to applying for cards and opening bank accounts too. In the same way you also check your CIBIL score digitally!
Simply follow these quick steps to easily check your credit score online:
Step 1 - Go to the official CIBIL website, log in and select “Know Your Score”
Step 2 - Fill up the digital form that appears and enter relevant details such as your name, date of birth, past loan history, ID proof etc.
Step 3 - After the form has been properly filled, a payment page will appear. You can choose your preferred form of payment method like debit/credit cards or net banking.
Step 4 - After successful payment you will have to answer five questions CIBIL asks about your credit history, out of which three need to be correct, in order to get your identity authenticated from CIBIL.
On approval, you will get your credit report mailed to you in the next 24 hours, and you can check your CIBIL score, also existing BOB customer can check their CIBIL score through bob World mobile banking app.
Conclusion
Now you can be the proud owner of your very own dream home with the easy home loan options given by Bank of Baroda. Our home loans have low interest rates, affordable processing fees, and longer tenures too. At Bank of Baroda, you can also enjoy many other benefits such as a free credit card when you apply for a home loan. Choose from our wide range of home loans including pre-approved home loan, home improvement loan, and loan takeover scheme, among others. You can check your home loan eligibility online on our website and even apply for your home loan online too. It’s that convenient!
Get in touch with us today to know more.

Why Choose Bank of Baroda Housing Loan?
There is no feeling like home. Buying a house brings unmatched joy and happiness in our lives. An owned home gives us a sense of security and a feeling of achievement. Long back, people had to spend numerous years saving up a corpus to finance their dream of buying a house. But today, you do not need to do so. You can simply take a home loan.
Opting for a home loan is an excellent way to finance the purchase of your dream house. This loan allows you to pay the property amount in a systematic and periodic manner. Bank of Baroda offers home loans at attractive interest rates on easy repayment terms. The maximum tenure of repayment is 30 years, and you can apply for a top-up for five times during this entire tenure.
Benefits of taking a home loan from Bank of Baroda
At Bank of Baroda, we truly believe in simplifying the process of getting finance for your home. As such, we offer a range of loans designed to meet your various requirements. From our pre-approved home loans to home improvement loans and home loan takeover scheme, there is something for everyone. Here are a few more benefits of getting your home loan from Bank of Baroda:
• Low interest rates and processing charges
• Higher loan amounts
• Free credit card
Let’s take a closer look at why you should consider opting for a Bank of Baroda home loan to buy your next or first flat or house. We will show you how to apply for home loan by discussing home loan eligibility, fees and charges, and documentation required in detail.
Bank of Baroda housing loan eligibility criteria
To help more people finance their dream home, we have put together an easy to meet eligibility criteria.
Conclusion
Signing up for a home loan is a long-term commitment. And we, at Bank of Baroda, promise to be there for you every step of the way. From helping you sail through the documentation process with ease to offering expert advice on planning your loan repayment, we have it all covered for you.
In fact, you can now apply for a housing loan with Bank of Baroda online with a matter of a few clicks. We hope this was a great read for you today.

Difference Between Secured and Unsecured Loans
A loan is one of the best ways to finance your dreams or meet sudden expenses. There are several types of loans available in the market today that serve various purposes. For example, a car loan is designed to finance the purchase of your dream vehicle

Documents Required for Loan Against Property - A Complete Checklist
Meeting significant expenses like the cost of an overseas education, a wedding, home renovation, or medical expenses can be challenging. Your credit card may not be sufficient for meeting these costs.

Should you opt for a Home Loan Balance Transfer?
Your home loan is probably one of your biggest financial responsibilities. Now, you may have heard of the concept of a balance transfer to ease out your payments. In this article, we will look at what a home loan balance transfer is and examine whether

6 Best Tips to Repay Your Student Loan Early
An education loan is truly a boon for students who want to pursue higher studies but cannot afford to do so on their own. Many people end up selling family assets - such as gold – in order to pursue their higher studies. With the help of an education

7 Best Car Loan Tips to Follow in 2022
With the increasing need to travel short and long distances in comfort and safety, buying a car has become a necessity in recent times. Now, cars are expensive, and you may need a bit of help with financing the vehicle of your dreams.

Bank of Baroda Lowers Home Loan Interest Rate
On the other hand, if you had applied for a loan with the same loan amount and tenure at the old rates, you would have had to pay a minimum interest rate of 6.85% p.a. Your EMI payment, in this case, would have been Rs.32,763.

Buying A Car This Festive Season? Here Is What You Must Consider Before Taking A Car Loan
Owning your own vehicle has become more important now than ever before. The Covid-19 pandemic has completely altered social behaviour, forcing us to become highly cautious before using shared transport. And what better time to go car shopping than when

The Benefits of Buying Your Dream Bike During the Festive Season
Given the increasing traffic on the roads, buying a bike can be quite beneficial as this vehicle can help you save a lot of time on your daily commutes. Two-wheelers are also economical as they require less fuel and are able to give a good mileage

What are the consequences of missing a home loan EMI? (And how to get back on track?
A home loan can help you finance the purchase of your dream house. These loans are usually of a high value and, therefore, longer in tenure as well. Lenders typically sanction only 75% to 90% of the cost, and you are required to save enough to make

Lost your job due to Covid 19? Here's how to pay your home loan EMIs
Home loans are typically of high value and result in fixed obligations for long period of time in the form of EMI payments. For many individuals, a significant chunk of the monthly salary goes towards

How to buy a mobile phone on EMI using a Debit Card?
Did you know that it is possible to buy a mobile phone on EMI? Yes. It’s possible. All you need is a pre-approved customer to avail ‘On The Fly Debit Card EMI’ by Bank of Baroda, and the smartphone of your choice can be yours.
Buying a phone can be a costly affair these days. Some smartphones are expensive and we often have to end up saving to make the purchase or delay our purchase until we have sufficient funds. But now, with EMI offers on debit card, buying electronic goods and gadgets is easier than ever.
So, what are you waiting for? Go ahead and buy the smartphone on EMI using your Bank of Baroda debit card.
How does this process work?
Buying a smartphone on EMI using a debit card is simple and hassle-free process. Here’s how you can go about it
Debit Card EMI is live on 2 lakh+ POS devices of Pine Labs on reputed merchant outlet to buy the smartphone of your choice.
Choose your smartphone and proceed to make the payment using Bank Of Baroda debit card.
Select the EMI tenure between 3 months to 18 months.
Proceed to complete the payment.
The bank will process the conversion of your payment into regular EMIs
Your transaction is complete.
Features & Advantages
Buying your dream smartphone using Debit Card EMI is now easy, convenient and comes with a host of features. Check the list below to know more
Easy, accessible and convenient to use
Zero processing fees
No paperwork
Transactions up to Rs. 50,000 can be converted into easy EMIs
Users have access to over 100 brands, across 2 Lakh merchant outlets
Cashback Upto 16% is available on Brand EMI transactions
Rate of interest applicable is 16% p.a.
EMI by debit cards is an easy, convenient and affordable solution for buying high-value products, especially when you’re on a budget.
As more people make use of this facility to pay for smartphones and other electronic gadgets, EMI on debit card is rapidly evolving for affordability solution.

6 Effective ways by which your CIBIL Scores can Improve
One of the most important prerequisites for taking on any kind of loan today, is your CIBIL score. Whether it is a home loan, a vehicle loan, a personal loan or any other kind of loan
Applicant, banks always check one’s CIBIL scores. Also known as credit score; this is a document containing information about the borrower’s credit behaviour. Banks use potential borrowers’ credit scores to check whether or not they have been repaying their loans on time. Through the CIBIL scores they can check if a borrower has defaulted on any loan payments, missed paying any EMI and even get an idea regarding one’s financial conditions. If your credit scores are below 750 most lenders reject loan applications. So it is imperative to have good credit scores. Find out how to improve CIBIL score here.
Repay your debts on time
Whether it is your credit card bills or your loan EMIs, it is imperative that you repay your debts well in time. Missing out on repaying any outstanding debt can impact your credit rating. You especially need to be careful when it comes to paying loan EMIs because failure to do so, not only attracts penalties, but also affects your credit scores negatively. One easy way to pay your debt on time is to set reminders so that you don’t forget the loan repayment dates and never miss out on making timely payments. You can also set up automatic payments so that the loan amount is directly debited from your savings account every month.
Don’t take on multiple loans
A great way to improve CIBIL score is to ensure you do not take on multiple loans at the same time. Ensure that you’ve paid off your current loan before taking on another one. This prevents your credit scores from reducing. When you take on several loans at the same time, it shows your lender that you may not have sufficient funds to repay all of them. If you have only one loan to repay, the lender can feel confident in giving you the loan and your credit scores also remain unaffected.
Try to maintain a healthy mix of credit
Most people have to take on a variety of loans to fund the various life necessities. But when you take the loan, it is better to ensure that there is a healthy mix of secured and unsecured loans. While the home loan and car loan count for a secured loan, your credit card debt or personal loans are regarded as unsecured loans. It is necessary to maintain a balance since taking any loan in access can affect your credit rating.
Don’t utilize your entire credit limit
Another important point that pops up when we talk about how to improve credit score is credit limit utilization. One of the quickest and the easiest ways to improve credit scores is not utilizing your credit card to the extreme limit provided by lenders. Try to spend only 30% of the credit limit provided on your card per month. For instance, if you have a credit limit of ₹200,000 per month, you should try to restrict your monthly credit spends to only ₹60,000. When you exceed the 30% limit, your potential lender may get the idea that your spending habits are impulsive, which can also reduce your credit scores.
Increase the credit limit
If you demonstrate good credit repayment behaviour, your bank can reach out to you to increase the credit limit on your credit card. It is better not to turn down this increased credit limit. Increasing the credit limit doesn’t necessarily mean that you are going to increase your credit card spends. The idea is to have a higher credit limit but limiting your credit utilisation, and thereby improve CIBIL score. Doing this leaves a positive impact on your credit scores.
Ensure that your credit report is error free
While you may believe that your credit report is free of errors, there may be several unknown errors that may be reducing your credit score. For instance, you may have paid off your personal loan in full, but you may see that it is still unpaid owing to administrative errors. It is therefore important to check your credit score and ensure it is error-free before you apply for a loan so that your loan request is not rejected, thus further impacting your credit scores.

7 Step-guide to applying for a Home Loan
All of us dream of becoming homeowners. It is a way of ensuring lifelong financial security; the kind that does not come from living in a rented home. But buying a home is a complicated process. Whether it is years of savings to be given as down payment, or finding the right locality to invest in; the process of buying a home is elaborate. And since property investments take a huge chunk of savings, most of us rely on home loans. Yes, you can take out a home loan and pay it off in easy equated monthly instalments (EMIs) for tenures lasting up-to 30 years. Let’s understand the home loan procedure.
Step 1: Fill the application form
The process of taking a home loan begins with the borrower filling an application form. The application form is the most basic document in which you have to provide personal information about yourself like your name, address, phone number occupation, monthly and annual income and education details. You must also provide details about the property you wish to purchase, the estimated cost of that property and the down payment you can afford. Note that you have to furnish your ID proof, address proof, income certificates, ITR of the last three years, bank statements etc., with your application form.
Step 2: Verification of documents
After you submit your documents, the bank verifies the documents provided by you. This is an important aspect of the home loan process and banks may take up to 2 days to verify your documents. During this time, you may also be asked to visit the bank and appear for a face-to-face interview. This is the banks way of confirming that you are capable of repaying your loan within the stipulated tenure.
Step 3: Background check
Apart from verifying your documents, the bank also conducts an independent background check of the borrower’s credentials. To this effect, the bank may conduct an investigation basis the information supplied by you in the application form including your previous and current residential addresses, your place of employment, credentials of your employer, office contact details etc.
Step 4: Processing free payment
After the bank is convinced about your repayment capacity, it begins the housing loan process. As such, you must pay a processing fee which is an amount the bank collects to process your loan application. Banks typically charge anywhere between 0.25% and 0.50% of the principal loan amount +applicable GST as processing fees. The bank charges a processing fee because of the investigations conducted to check your eligibility and your Proposed Property’s Valuation and Search. This does not necessarily mean that your loan is approved
Step 5: The loan approval process
By far, the most crucial stage in the entire home loan process; the bank now decides whether to approve or reject your loan. To ensure that your loan is not rejected you must furnish all the listed documents truthfully. This is also the stage in which the borrower can find out the maximum loan amount as approved by the bank, as well as the interest rate charged according to various tenures. The bank communicates these details by sending you an official sanction letter confirming that your loan is approved.
Step 6: Processing the property documents
After you receive the official sanction letter approving your loan, you are required to submit the original property documents to the lending bank, which remain in the bank’s custody until the loan is repaid in full. The original property documents typically include the complete chain of ownership acquisition and transfers of ownership in sequence till your Sale Agreement execution, applicable NOCs from related authorities along with the seller’s name, ID and address proof, etc. The bank verifies the property documents before approving the loan. Bank also sends it’s representative twice to physically visit the property site, once before approval of loan and then after sanction of loan.
Step 7: Loan disbursal
The final step in the entire housing loan procedure is the loan disbursal stage. This includes the registration of the loan deal i.e. acceptance of Terms and conditions of Sanction by the borrower/s, the signing of the loan agreement/documents and the disbursement of loan as per terms stated in the Sale Agreement, including down-payment by the lender.

Advantages of personal loans to raise funds
There are times in everyone’s life when there is a sudden need for money. The immediate choice is generally to use a credit card or to borrow money from friends or family members.
With net-banking now in place and more lenders chasing fewer borrowers, raising money through other sources is now possible at a faster pace.
Gold loans are normally a preferred and cheaper source of the loan, where banks and gold loan companies process the papers fast to give the borrowers the money he or she needs. However, personal loan are now being offered at a faster speed too. There are lenders who advertise that they will disburse the loan within a day.
Under such circumstances, it is always better to go in for a personal loan rather than using your credit card to meet any emergency need. Firstly, because the personal loan is far cheaper than any credit card loan and secondly because the personal loan can be of a bigger size than what the credit card can offer.
But before one takes a personal loan it is important to have a good CIBIL score. With a CIBIL score of over 750, a person can be choosey in picking up the personal loan with the lowest interest rates. A person with a lower score may still get a personal loan but the interest rates may be higher.
The biggest advantage of a personal loan from the point of view of the borrower is that it is an unsecured loan. The borrower need not pledge or mortgage any of his assets to raise funds.
For an entrepreneur, a personal loan can act as a stop-gap arrangement till he is able to raise money from other sources to meet his urgent business requirements.
Like any loans, personal loans need to be repaid periodically in equated monthly installments (EMI). These loans can run from a short tenure of one year to a four-years loan. These days there are lenders who offer personal loans for a period of seven years also.
While taking a personal loan is easy, it should be taken only in case of emergency. Personal loans, being unsecured are costly. It would be foolish to buy an asset with a personal loan, especially when there are financial products available these days to buy a mobile or any other household equipment.
One should avoid using personal loans to repay loans that are cheaper in cost. But they can be used to repay higher cost loans like credit card bills or something similar.
If one is using personal loan to meet the operating expenses of the house then he or she is falling in a debt trap. One loan will lead to another and before the person understands it, he would have fallen in a debt trap. Rather than using the personal loan as a saviour to come out of the debt trap the person would have fallen in it using personal loans. Personal loans should be used only for intermittent emergencies.

Applying for an education loan – the procedure you need to follow
We have all heard the age old saying that the path to a great career and successful life is paved through a quality education. Holding a higher education degree opens up many career avenues and helps you secure your financial future. But with the ever-rising cost of college and university fees, students and parents have no choice but to take on an education loan to fund higher studies. Education loans cover a host of expenses related to higher education such as the tuition and examination fees, hostel fees (if applicable) cost of books and apparatus, conveyance charges and so on. Here’s the education loan procedure you need to follow.
Do your research and choose the lender
Before you begin with the loan application procedure, you need to get the admission offer letter from the school you wish to attend, finalise the lender and then visit them online or in person. Let’s say you choose bank of Baroda as your preferred lender.
Fill the loan application form
If you apply for the loan online, you can find the loan application form on the lender’s website. As per the instructions of the Department of Financial Services, Ministry of Finance, Government of India, all education loan applications (including applications received by Bank in physical format) are to be applied through Vidya Lakshmi portal, i.e. https://www.vidyalakshmi.co.in/Students
Appear for the interview round
The procedure to take education loan continues with the interview round. Whether you apply for the loan offline or online, the bank may call you to appear for a personal discussion. The student wishing to study further is considered as the principal loan applicant, which is why he/she must be present for this discussion. The bank generally asks student applicants some basic questions regarding their overall academic performance, the degree they wish to pursue and the school they wish to attend and so on. They also ask questions regarding the possible income that can be generated from their chosen field. Based on the information provided by the applicant, the bank decides whether or not to proceed with the loan.
Provide the documents
The bank also asks you to provide some documents as part of the Bank’s education loan procedure. You need to submit the admission offer letter provided by your chosen university. The bank will also do its due diligence and verify your enrolment.
The bank approves the loan
After verifying your credentials, your student loan may be approved. The student’s one of the parents/guardians are listed as co-borrower or guarantors and the bank also checks the guarantor’s /co-borrower’s credit scores before approving the loan. Additionally, the applicant must also sign a promissory note and other prescribed loan documents, assuring the bank that the loan will be repaid within the stipulated tenure.
Loan disbursal
The last step in the education loan procedure is loan disbursal. After all formalities are completed, the bank disburses the loan amount directly into the bank account of the university the student wishes to attend. Disbursement can be done partially (–semester wise) or fully, at one go.
Keywords used
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Computing Your Car Loan EMI Made Easy
Every individual’s journey to buy a car is unique. It begins with where the individual is in his/her career, and the choice of vehicle they want, which is mainly based on why they want the car. During the process, they also focus on how they can get a car loan that suits their requirement.
When you, as an individual are considering a car loan, you are likely to do your due homework in checking for affordability and the loan tenure among other factors. While it is essential to go for a car loan from a lender who has banking expertise in the sector of car or auto loans, so you get the best rate and comfortable repayment options, you can also use the EMI calculator like the Bank of Baroda’s Car Loan EMI calculator that will help you make a well-informed choice in picking your car loan.
In using a car loan EMI calculator, you need to key in three basic variables- the loan amount you are likely to need, the tenure or the repayment period that suits your finances and the rate of interest. Now, the rate of interest is what you get from the bank, while the other two are the ones you can play around with on the calculator. Here is why using a car loan EMI calculator works.
If EMI is more:
You can pick a longer loan term or
You can make the loan amount smaller
If you find the EMI is coming out to be lower, then you can plan for a larger loan value or a shorter loan term.
You can also use the PMT formula on Microsoft Excel to calculate the EMI (Equated Monthly Instalments), where PMT is your EMI, Rate is the rate of interest, Nper or number of periods is the total number of payments for the loan and Pv is the loan value or the principal. The formula is PMT (Rate, Nper, Pv).
You can keep trying the formula for various combinations and then choose the one with the lowest EMI, though this is a roundabout approach prone to human error.
Bank of Baroda offers car loans and has a wide range of benefits, irrespective of your loan amount or type of vehicle.
With a BoB car loans, you can ride home your dream car in a short period of time. Our loans are designed for those who may be unable to purchase a private vehicle due to paucity of funds.
You can benefit from quick processing, minimal documentation and speedy fund disbursal. Additionally, our loan borrowers are not required to pay foreclosure charges or pre-payment penalty, nor do they need to pay advance EMIs.
With higher limits on the car loan amount, you can avail loans for new cars based on your eligibility. So, if you have always had your eye on a luxury car, our loan can take you one step closer to your dream.
Also, say goodbye to down payment worries, as you can get up to 90% financing on the car’s on-road price with Bank of Baroda’s auto loan.
Bank of Baroda offer attractive interest rates on loans to all our customers based on their credit scores. Additionally, existing home loan borrowers with a good credit history enjoy a concession on their car loan interest rate.

How does an EMI on debit card work?
With the exponential growth and increase in online shopping and the number of products available, the modes of payment for these purchases have also evolved. It is no longer necessary to pay upfront in cash. One very popular option that people use is to convert purchases into installments on their credit card. This system has become one of the preferred ways to buy consumer durables. However, for those people who do not have credit cards or who do not have a high limit on credit cards, there is another option; EMI on a Debit Card.
A debit card is like carrying your savings or current account with you. It is directly linked to the account and every purchase made debits the account directly. This means a debit card does not have any limit as such. The amount available to be spent in the bank account is the amount available to be spent for purchase.
With an increasing number of debit card holders, merchants and banks have come up with an option to convert high value purchases into an EMI on the debit card. If you’re wondering how to get EMI on debit card, this is the guide for you.
How EMI on debit card works?
The EMI process is extremely simple. Each bank has a certain minimum amount of purchase that has to be made. Once the total purchase amount at a merchant exceeds this defined amount, the cardholder gets an option on merchant’s Platform to make payment through Debit Card EMI.
After you select your EMI option, you need to enter your card details and validate them with an OTP. After the OTP is entered, your purchase will be made through an EMI.
Then the customer is given an offer based on Pre- approved Limit showing the approved loan amount, Rate of Interest , down Payment by the customer and Tenure. This offer needs to be accepted along with giving consent for Standing instructions for loan EMI recovery from Debit card linked savings account. The merchant charges some convenience fee to the customer and once this convenience fee and down payment is made by the customer to the merchant, the purchase will be completed.
One important point to note about EMI on Debit Card is that the bank charges interest for this facility. The rate of interest on EMI will differ from bank to bank. It also depends on the balance in your account and your relationship with the bank.
If you’re wondering how to avail EMI on debit card, then you should know that banks auto approve customers for this facility. Flipkart customers can send a message on a number which checks if you are eligible for this feature or not. If you’re eligible for this feature, it will appear as a mode of payment at the checkout page. It is pertinent to note that you must use the same email ID and mobile number with the e-commerce portal as you do with the bank for them to verify and make that option available to you on checkout.
The interest on EMI is not the only charge associated with this account. Some Banks also charge a processing fee for this. Some banks may charge a foreclosure fee as well. This schedule of charges varies from Bank to bank. It is best to inquire with the bank about these charges before converting your purchases into EMIs.
All major e-commerce portals offer you the option to convert your purchases into EMI. But before you avail this facility, check if there is a no interest or low interest EMI option. If you’re ready to pay interest on these purchases, you can opt for this facility.

How Mortgage loans work?
Home loan or Mortgage loans is without a doubt the longest loan a person takes in his lifetime. Most other loans like personal, education and automobile loans are of shorter duration but a home loan can last for as high as 30 years. It is thus very important to understand all aspects of this loan.
Whenever one buys a home, the lender will use the home as collateral against a possible default in the future. The term Mortgage means passing the Charge on the property to the lender as a security.
Home is one of the few assets whose price does not fluctuate as much as of other financial assets. In fact, in a growing economy, the price of the home moves higher gradually every year. Hence, in this case, banks are relatively assured of recovering their money in case of a default. In most cases, banks do not ask for any other security when they disburse Mortgage loans.
There are various components of a Mortgage loan. First, the maximum amount of loan that a lender disburses is restricted by regulators. Some lenders consider the taxes, statutory charges, and insurance under the total value on which loan can be available. A borrower will thus have to clarify with the lender on the total amount that will be considered for calculating the loan value.
The amount that the bank will disburse will be the amount on which it will be charging interest. The consumer will have to repay the loan amount plus the interest that is charged over the years.
The interest that is charged on the loan is floating. This interest is normally calculated on a reducing balance basis. In the initial years, the lender would take more as interest and less of capital from the equated monthly installments (EMI) as the loan amount outstanding is almost full in the initial years of loan.
Consider a person has taken a loan of Rs 50 lakh from a bank for a period of 25 years. His EMI would work out to be Rs 41,000. When this Rs 41,000 is deducted from the borrower on a monthly basis, in the initial years less than 10 percent of the amount is deducted from the –Principal of Rs 50 lakh. A major chunk of the interest that a borrower pays on his loan is deducted in the first half of the tenure.
It is thus advisable to repay part of the mortgage loan or foreclose it in the first half of the loan tenure if one can afford the same.
Every month the interest is charged on the reduced Principal that is left over from the previous month. In banking terms, the remaining Principal is called the outstanding loan amount.
In India, there are no charges applicable for foreclosing a home loan. In other loans pre-closing a loan carries a charge.
At the time of availing the loan lenders generally give an amortization sheet which clearly mentions the interest and principal that will be deducted every month for the entire tenure of the loan.

How much home loan can I get as a salaried employee?
Real estate rates are rising with every passing day. It is no longer feasible for one to purchase a home simply with the help of their savings. You need to approach a bank to take out a home loan. But lenders need to be sure that you have the capacity to repay the loan, before passing your loan. To ensure you have the repayment capacity, they take a few important factors into consideration such as your net monthly income, credit scores, and credit repayment behaviour. If you are a salaried employee thinking how much home loan I can get on my salary, you need to read this article.
The role of your net salary
The key prerequisite for a bank to sanction your loan is your salary. Banks need to be convinced that you earn enough to be able to afford the monthly EMIs. This is why your gross monthly income is the most important factor for lenders sanctioning loans. Your net (in hand) income helps the lender assess the equated monthly instalment you can afford. Let’s look at it with the help of an example.
Let’s say your age is 30 years and monthly salary is ₹60,000 but you receive a net income of ₹55,000 post deductions. In this case, the ₹55,000 becomes your net monthly income and you would be sanctioned your loan based on this amount.
Now to answer the question how much home loan can I get, let’s build on the above example. Let’s say you approach Bank of Baroda to finance your home loan. On a net monthly remuneration of ₹50,000 and above, total deductions, including proposed EMI not to exceed 65% of the Gross Monthly income as per Bank of Baroda norms for Housing Loan,i.e Total monthly deduction of Rs.39000/- is allowed in your case and since there is already a monthly deduction of Rs.5000/-, you are left with Rs.34000/-for the proposed Home Loan EMI. The Bank may find you eligible for a Housing Loan of Rs.44,00,000(rate of Interest taken at 8.40%(otherwise applicable as per CIBIL score of applicant), present BRLLR of bank and loan Tenure is taken as 30 years maximum Tenure offered by Bank of Baroda) if you wish to purchase a flat/plot anywhere in India. , As you can see, Bank of Baroda would base your loan approval amount on following main factors: i.e. your age, your monthly income, your CIBIL score and the actual value of the property.
The role of your repayment capacity
Your net salary may answer the question how much home loan can I get on my salary, but is in not the only determining factor. A high monthly income does not prove to the lender that you have the capacity to repay the loan. To this end, they conduct their own assessment of your repayment capacity by looking at your bank statements. They prefer to check your typical monthly expenses, your credit card debt, your credit history and other EMIs you are paying and so on, to ensure that you are eligible for the home loan. Your monthly expense report helps lenders understand the amount of income you are left with every month after mandatory expenses and your income to debt ratio. They typically require you to have anywhere between 50%-75%income available for total deductions including your existing deductions plus EMI of proposed Home loan depending upon your Income slab to calculate your eligibility for the proposed Home loan. You have an option to add co-borrower who can be any of your earning close relative to enhance your loan eligibility. It is suggestible to have the co borrower as co-owner of the proposed property as well to avail Income Tax benefits available for Home Loan borrowers.
The role of your credit scores
The answer to the question how much home loan can I get and at what price (Rate of Interest) is incomplete without a mention of your credit scores. Also known as CIBIL score, your credit scores allow lenders to assess your credit repayment behaviour. It helps them check if you have defaulted on paying EMIs, how frequently you are using your credit card and whether you are paying your credit card bills on time, without defaulting. You typically require a credit score of 725 points or higher for your home loan to be considered.

How the Pradhan Mantri Awas Yojana Scheme is a futuristic, beneficial scheme?
We all dream of owning a home. Whether it is a small 1BHK or a bungalow, a home is the ultimate financial security one can have. It can provide you and your family a safe heaven, it can take care of the financial future of your children and it can also be used as collateral against various types of loans whenever you need money urgently. But with the sky-rocketing real estate prices, there are some sections of the society who cannot even dream of owning a house. In the words of Prime Minister Narendra Modi, the “Pradhan Mantri Awas Yojana is a significant step in making the dreams of the poor come true”. Let’s look at the many benefits of Pradhan Mantri Awas Yojana – Housing for all scheme.
It aims at Slum rehabilitation
The PMAY scheme is a well thought out scheme that ultimately benefits the nation and the economy. The main objective of the scheme is to eradicate the slum houses and replace them with ‘pucca’ or concrete homes, especially from the urban cities of India that greatly contribute to the GDP. With the help of this ‘in-situ’ slum rehabilitation scheme, the government is hoping to encourage slum dwellers to opt for formal urban settlements as opposed to slum dwelling and leverage the land that is losing value due to slum settlements.
It provides housing for all
One of the greatest advantages of Pradhan Mantri Awas Yojana is that it aims at providing permanent housing for all. Under this scheme, the government is seeking to construct as many as 2 crore affordable 1 BHK flats in some of India’s prominent urban areas. House construction has already begun in the States of Maharashtra, Tamil Nadu, West Bengal etc. The Government of India aims to uplift the general standard of living of the Indian population and eradicate poverty through these houses.
It promotes affordable housing for all sections of society
The PMAY scheme aims to provide affordable housing to all sections of society. These benefits are extended to applicants who do not own any home and fall within specific income groups and sections of society. Applicants are divided into various groups such as economically weaker sections of society (EWS), lower income groups (LIG) and middle income groups (MIG). The Middle Income Group is further categorised as MIG 1 and MIG 2 based on income levels. Additionally, it also encompasses minorities such as members of scheduled castes, scheduled tribes, other backward classes as well as women and senior citizen applicants, widows and members of transgender communities.
Homes are provided at subsidized interest rates
The most important benefit of PMAY scheme is the credit linked subsidy scheme. With a view to increase the flow of institutional credit, the government has launched a credit linked subsidy component to PMAY scheme. This enables the eligible urban poor (members from EWS, LIG, MIG 1 and MIG 2) to receive home loans for acquisition or construction at effectively much lower interest rates. Such borrowers can receive a substantial decrease in interest repayment. For instance, if a member of the above mentioned income group opts for a home loan he/she would be charged an interest rate of 8.40% p.a. For loan amount up to ₹600,000 ,he will receive an interest subsidy as per his eligibility. Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions resulting in reduced effective housing loan and Equated Monthly Instalment (EMI). If one opts for a home loan over the amount of ₹600,000, they have to pay the regular interest rate on the amount exceeding ₹600,000.
It secures the financial future of women
Another great advantage of PMAY is that it encourages women to apply for loans and become home-owners. As per the scheme clause, if a married man is applying for the loan, he has to mandatorily register his wife as the co-applicant of the loan, even if she has no role in financing to purchase the property. This is done to secure the financial future of women, especially when they are older and widowed.
The benefit of eco-friendly housing
Developers and builders in charge of building houses under the Pradhan Mantri Awas Yojana Scheme, have been instructed to construct the houses with eco-friendly construction material and technology. The aim behind this is to ensure minimum damage on the environment around the construction site, including damage causes due to air and sound pollution. Homes are being built with sustainable, good quality material to eliminate the need for remodelling or renovation for as long as possible.
As you can see, there are many benefits of PMAY. Walk into a Bank of Baroda branch today to get more details about this scheme.
Keywords used
benefits of PMAY, advantage of PMAY, advantages of Pradhan Mantri Awas Yojana, benefits of Pradhan Mantri Awas Yojana, Credit Linked subsidy

How to apply for an education loan – a step by step guide
The cost of seeking a quality education is rising every day. Schools and universities charge fees to the tune of several lakhs of rupees, making it impossible for parents to fully fund their child’s education. High costs of education are especially a burden on parents whose children aspire to attend private institutions in India or prestigious universities abroad. In such a situation, the only respite is offered by banks which provide education loans. Such loans cover everything, from tuition fees and cost of books, apparatus etc., to lodging charges, dormitory fees, travel allowance and so on. Let us find out the step-by-step procedure to take education loan.
Step 1 – Filling the application form
Just like with any other loan, the first step is to fill an application form. The application form is a simple form in which you must provide your personal contact details as well as your academic details. Ensure that you provide accurate and truthful information in this form. As per the instructions of the Department of Financial Services, Ministry of Finance, Government of India, all education loan applications (including applications received by Bank in physical format) are to be applied through Vidya Lakshmi portal, i.e. https://www.vidyalakshmi.co.in/Students
Step 2 – Interview
The next step in the education loan procedure is the interview round. After considering your application, your bank typically calls you for a personal discussion or an interview. Note that the loan is offered to the student and co-obligation of parents/ guardian and the student is considered as the main loan applicant. You may be asked several questions pertaining to your academic performance, the institute you wish to attend, the course selected by you, future scope of your chosen course and so on. You must be honest and should be able to convince the bank that you are choosing a stream that has the potential to generate good income, thus enabling you to repay the loan.
Step 3 – Documentation
Before the loan is processed you need to prove to the bank that your chosen university has extended an offer of admission. This is the primary document that all banks ask for, even before one begins the actual loan application process. The bank can get in touch with the university to verify your enrolment. If your education loan amount exceeds ₹4,00,000, you would be required to provide some sort of collateral in the form of third party Guarantee if the required loan amount is upto Rs.7,50,000, and if it exceeds 7,50,000 you are required to provide collateral security equivalent to 100 % of the loan amount along with assignment of future income of the student for payment of instalments.
Assignment of future income of the student for payment of instalments is applicable to all Education Loans irrespective of Loan amount.
Step 4 – Loan approval
As per the education loan repayment procedure, banks offer the loan to the student applicant, and since the student cannot repay the loan until the course is completed, the bank considers parents/guardians as co-borrower of the loan. The Bank also verifies the credit history of the Co-borrower/guarantor before sanctioning the loan. Bank offers moratorium period equivalent to the course period plus one year and it is optional for the borrowers to serve the Interest on Education Loan during this moratorium period. Once the loan is approved, the borrowers will receive a Sanction letter from the Bank. Once the Borrowers accept the terms and conditions of sanction, Bank calls them for execution of loan documents and hand over of collateral security papers in original to the Bank if it is required as per terms of Sanction.
Step 5 – Loan disbursal
The final step in the education bank loan procedure is loan disbursal. Banks typically directly disburse the loan to your chosen university by way of Banker’s cheque, Demand draft or SWIFT message as per the location of the chosen University/Institution along with your margin if stipulated in Sanction.

How to buy a house in India? All you need to know.
Buying a house is a dream for a many people in India. However, the process to buy a house is not as simple as looking it up and buying it instantly. There are a lot of factors to consider and a fair bit of due diligence is required on the part of the buyer before the house is bought.
The process of buying a house can be condensed into these steps:
Figure out how much you can afford:
The first step on how to buy a house in India is to decide how much you can afford. Housing loans are extremely popular and easily available which means you can also factor in a loan value while deciding how much you can pay for buying a house. It is also important to take a look at your household budget while deciding this. You need to have enough funds left over for making investments and meeting household expenses since banks auto debit the EMI from your savings account.
Decide the location:
The price of the flat depends a lot on its location and the proximity to major roadways or an airport. Upcoming suburbs outside a major metropolitan city will be cheaper than buying a flat within city limits. However, you must factor in the time taken to commute from your place of work to your residence.
Check the resale values:
Checking the resale value of the flat is extremely important. This depends on a few things such as the builder’s reputation, the locality etc. It is easy to find resale values on different property portals. This especially helps in case you want to move in a few years or are investing for the purpose of investment.
Check your loan eligibility:
Real estate is extremely expensive in India and not many buyers can afford to buy it outright with their savings. This is where a home loan comes in. Most lenders have a home loan eligibility calculator on their website where you can check for your loan eligibility. The loan eligibility does not translate into the final loan amount since that depends on the actual property itself. However, these calculators are a good indicator of how much loan you can expect to get if you apply for it.
Registration and stamp duty:
Registration and stamp duty are costs that are paid over and above the purchase price of the house. These costs differ from state to state in India and each state has a formula for calculating them. It is important to factor these costs since this adds to the expense.
Agent:
You must decide whether to buy a house through an agent or directly. Agents prove to be helpful while finding buyers and sellers for flats, especially resale flats. However, they also charge a commission from both parties for the sale.
Property type:
You can either buy a flat in a new construction or buy a resale property. New constructions also have a risk of permissions attached to them. However, new constructions also come with more amenities.
Rental value of property:
If you’re looking to rent out the property, you need to calculate the amount charged as rentals from similar flats in the area. This will help you estimate your monthly earnings. It is better to buy a flat in an area that is conveniently located since such places will always have a demand for rentals.
Once you factor in all these points, you can then add up the total value of the house. How much money to buy a house in India depends majorly on the location of the flat and the city or town, but after considering these points, you can get a fair idea.

How to Get a Car Loan?
Now that you have zeroed in on your dream car after test driving a few of them, you probably cannot wait any longer to buy it. Now the next obvious question is, what are your financial options for buying the dream car? For many of us, a car loans seems like a comfortable financial option to consider, given that it leaves cash liquidity intact and you can get a car loans in easy EMI options at affordable interest rates, so it does not pinch your pocket much. Here’s a guide on what to do next!
First things first. Check if you are eligible for a car loans. Once you know you meet the eligibility criteria, it speeds up the process of getting a loan approved.
Am I eligible for a car loan?
Each bank has its own criteria for car loans. It could be minimum annual income or minimum years of employment among others.
For example, Bank of Baroda provides up to 90% financing for the said category of borrowers-
Salaried Employees
Businessmen, professionals and farmers
Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
Corporates (Partnership, private Limited, Public limited and Trust)
NRIs/PIOs
What are the documents required for a car loan?
Though documents required may vary from bank to bank, but most commonly, banks ask for the documents mentioned below along with the loan application form-
For Proof of identity, one of these documents van be produced:
Passport
Driving license
Latest three months old credit card statement.
Salary slip
Income tax assessment order
Utilities like electricity bill, landline bills-not older than 6 months.
Bank statement
Letter from employer/public authority (should be validated by bank)
iVoter ID card
Retired government employees can produce pension payment orders
Registered leave and license agreement or sale deed or lease agreement.
Please note, every time there is a change of address or change in any other detail furnished to the bank, the applicant will need to immediately notify it to the bank along with updated document proofs.
Proof of income:
Bank statement of the last three to six months
Salary slip and form 16 (for salaried persons)
Income tax returns (for self-employed persons)
Margin
Lenders require you to pay a portion of the price of the car, also called the margin, as the lender pays the rest, which becomes your loan value. In case of Bank of Baroda, the margin is 10% on the ‘on the road’ price of the car.

How to get a personal loan with a bad CIBIL score
With a number of lenders proliferating across the country borrowing money is no longer difficult. The number of phone calls we get on a daily basis selling personal loans is an indication of how the lenders are now chasing people to borrow.
However, it may be easy to borrow money as far as you are able to repay it. The moment you start defaulting on the loans, trouble starts. Even a delay in payment would mean trouble for the borrower.
A delay or default in repaying a loan affects what is called a bad credit score measured in India as CIBIL score. This score is very important for a personal loans as compared to any other form of a loan.
A personal loan is an unsecured loan which means the lender is taking a higher risk based on certain financial track record of the borrower.
The CIBIL score measures your credit worth. The range of the score is usually between 300 and 900. The closer the score is to 900 the better it is for the borrower while a score closer to 300 would mean that getting money from the official route will be difficult. Lenders are generally comfortable lending money to people with a CIBIL score of over 725.
Your CIBIL score depends on various factors concerning your borrowing track record. It does not depend on your salary. How you have financially behaved after taking a loan is the main -basis of CIBIL score. Defaults and delay, - can bring your CIBIL score down. More than any other loan CIBIL score is paramount in personal loans.
So does it mean that a person with a low CIBIL score has no option of getting a loan?
This may not always be the case. However, chronic defaulters would have trouble raising money from the official channel. But occasional delays or defaults can be managed.
Here are some of the ways in which one can raise money through personal loans despite a low CIBIL score.
Improve your income stream
In order to get incremental personal loans, the lender has to be satisfied that you have the ability to repay the loan. A new source of funds or a salary increment will go a long way in convincing the lender that there is enough cash flow to support a new loan repayment. One will have to convince the lender that the new income stream is a regular one and not a one-time income. Any documentary proof like a contract with the vendor from where the borrower is getting money will help in building up the case.
Even if the lender may see merit in the story they may agree to lend on a higher interest rate than the market rate along with some additional charges.
Go in for a smaller loan
Asking for a bigger loan after having a low CIBIL score will scare away any lender. A smaller loan with an adequate income stream may convince him to risk a small amount. Taking a small loan and repaying it regularly will not only convince the lender but also help improve your CIBIL score.
Collateral loans
While personal loans may be difficult, but not impossible despite a low CIBIL score, one can go in for a Collateral loan.
Loan against shares, gold loans, - Term deposits is easier to get despite a lower CIBIL score. The lender is comfortable that they have collateral as a guarantee against any defaults. In such cases, the CIBIL score does not matter. On the other hand, a regular payment on these loans can help in improving your CIBIL score.

How to remove car loan hypothecation after car loan repayment?
A secured loan is a loan in which an asset is hypothecated to the lender. Since the lender finances the purchase of the asset, the original purchase papers of the asset are with the lender. When it comes to purchase of a home, the asset’s ownership shifts to the borrower once he has completely repaid the loan. In gold loans, the gold is left under lock and key with the lender. Once the loan is repaid, this gold is given back to the borrower. However, it is not the same when it comes to a car loan.
In a car loan, the car purchased is hypothecated to the lender. The lender pays the funds to purchase the car. However, a car also has to be registered with the Regional Transport Office (RTO) before it can be driven on the road. In such a case, the name of the lender appears on the registration certificate (RC) of the vehicle/ in the records of Regional Transport Office. This means you need to take a few additional steps once the car loan is repaid for car loan hypothecation removal. Once the car loan hypothecation is removed and the car’s ownership is completely in your name, then you will have a clear title and ownership to your car. This is especially important while getting insurance. In case anything happens to the car, the Insurance claim will go to the owner of the car, which in case of hypothecation, will be in favor of the lender.
This is why car loan hypothecation removal is important.
How to remove hypothecation from RC after car loan repayment/termination:
Step 1: Repayment of car loan
In the hypothecation agreement of car loan, the name of the lender appears as the owner for the car. To start the procedure for removal of the lender’s name, you need to repay the car loan completely. The loan must be paid off and a nil balance must appear in the lender’s books.
If you are planning to prepay your car loan, it is better to inquire with the lender about their prepayment charges and conditions. Sometimes lenders have prepayment charges on these loans and this can go up to 2%.
Once you’ve completely paid off the loan, you need a no dues certificate from the lender. This certificate will state that you have completely discharged the dues to the lender.
Step 2: Collection of documents from the lender
Once the loan is repaid, the lender will give you the no dues certificate. Along with this, you need to collect:
No objection certificate:
This certificate states that the lender does not have any objection with car loan hypothecation removal. One important point to remember is that you must take multiple copies of the No Objection certificate. This No Objection certificate will need to be submitted to the RTO and to the Insurance company. You will also need one copy for your own records. Usually, the no objection certificate is valid for 3 months. So, you must approach the RTO immediately after you get the no objection certificate.
Form 35
This form is a notice of termination of hypothecation. This form also has to be made in triplicate or in 3 copies. Each state usually has its own format for this form which can easily be found online or at the RTO.
Step 2: Submission of documents to the RTO
Once you have the documents from the lender, you need to visit the Regional Transport Office or the RTO with a set of documents that includes:
Original form 35 signed and stamped by the borrower and bank
Original Bank No Objection Certificate
Attested copy of PAN
Attested copy of insurance policy of car
Original Registration Certificate
Address proof
Copy of Pollution Under Control (PUC) certificate
These documents will have to be submitted to the RTO. If your address does not match the address in the registration certificate, you will need to submit Form 33 which is for change of address.
Once you submit these documents to the concerned officer at the RTO, they will get them verified. You need to pay the respective fees to get the process completed. The officer will give you a time and date on which you can collect your updated Registration Certificate (RC)
Step 3: Collect your updated Registration Certificate
The date and time for the visit will be specified when the documents are submitted. When you visit the RTO on the specified date, you will get the updated RC. If there are any mistakes in the details, you can get them corrected and collect the RC on a future date. Once you collect your updated RC, you will have completed all car loan hypothecation removal formalities.