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Pre approved Micro PL

The product offers to convert purchases made offline (POS) and online (e-commerce aggregators) up to Rs. 50,000 into easy Equated Monthly Instalment (EMI) of 3/6/9/12 & 18 months on, or get instant credit up to Rs. 50,000 through mobile banking application (M-Connect Plus). Under this program, customers are eligible for cashback (if any) from Brands subject to terms & conditions.

  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Documentation
  • Terms & Conditions
Do’s & Don’ts

Do’s

Read the terms and conditions

Read the terms and conditions of the loan carefully, like the rate of interest, before clicking on ‘I accept terms and conditions’ and proceeding.

Check the particulars

Carefully select the loan period and the amount you wish to avail.

Maintain sufficient balance

Maintain sufficient balance or schedule monthly reminders to ensure that you do not miss even a single payment. Your payment history is a major part of your credit score, missing payments can negatively impact your credit report and reduce your credit score.


Don’ts

Don’t disclose your credentials

Please do not share your passwords/do not store it in your mobile handset.

Don’t fall prey to phishing attacks

Never open any mails or click on links that may seem suspicious. Bank of Baroda does not make calls, asking for your mobile banking passwords. If any caller pretends to be from our Bank/Contact Centre, please do not entertain such requests as they are fraudulent entities.

Who is eligible under this program?

Individual saving bank account holders who are qualified through pre-defined internal rules of the Bank.


What is the minimum age of the customer to qualify under this scheme?

The minimum age of the customer to qualify under this scheme is 21 years.


How will I come to know my eligibility?

Eligible customers will be informed through SMS/email. Alternatively, customers can also check the eligibility and limit by typing "PAPL and send it to 8422009988 from the registered mobile number.


Rate of Interest applicable on all tenures is @16% p.a.

Not available

Pre-approved personal loan through online aggregators
  • I have been offered an option of one-time as well as EMI for this purchase and I have chosen the EMI option.
  • I have fully understood and accepted the terms and conditions of converting debit card/e-commerce transaction into EMIs with the applicable charges mentioned at the time of converting the purchase to EMI.
  • I understand that the transaction will be processed within 3 working days.
  • Bank has the sole right to decline or accept any EMI conversion request subject to the eligibility of the customer.
  • I hereby request and authorise the Bank to initiate/activate the auto debit facility in my operative account for due repayments of Equated Monthly Instalments arising under this EMI facility.
  • The availed EMI option transaction will be treated as the acceptance of all terms and conditions by entering OTP for online transaction.
  • Detailed terms and conditions are mentioned on Bank of Baroda’s website www.bankofbaroda.com and the same shall be binding on me.
  • I understand and concur that on failure of EMI payment dues or dishonour of auto-debit mandate registered in the operative account, the Bank can take legal action as per Section 25 of the Payment and Settlement Systems Act, 2007 or mark lien on my savings account to recover the outstanding due amount or set off amounts available in any other accounts with the Bank, either held singly in my name or jointly with any other individual/person.
  • Transactions attempted by non-eligible customers will be considered as a normal transaction and will not be converted into EMIs.
  • I hereby undertake and declare that the said amount sanctioned and utilised shall be deemed to be for my benefit and purpose, at my specific request.
  • The EMI facility is subject to applicable law and regulations and would be modified/discontinued based on the prevailing law/regulation at any point of time and neither party shall be under any liability or obligation or continue implementation of the said facility till such time the terms are modified by the parties as per the prevailing/amended law at that point of time. In the event, that the facility cannot be continued without total compliance of the prevailing law at any point of time, this facility shall be deemed to be terminated forthwith from the date when the amended law restricting/prohibiting the product comes into force.
  • No pre-payment/pre-closure penalty will be levied on customer.

Pre-approved personal loan through M-connect Plus application
  • Pre-approved Micro Personal Loan offers facility to easily avail personal loan which is pre-approved. 
  • Period of loan can be selected which is pre-defined as 3/6/9/12 and 18 months. 
  • Rate of interest, EMI amount, processing charges (if any) is accepted clearly at the time of making the application. 
  • The Bank has the sole right to decline or accept personal loan request subject to the eligibility of the customer. 
  • I hereby request and authorise the Bank to initiate/activate auto-debit facility in my operative account for due repayments of Equated Monthly Instalments arising under this Pre-approved Micro Personal Loan facility. 
  • I shall ensure availability of funds in the account on which such standing instructions have been drawn and that I will not at any time close this account and/or issue any notice instructing Bank of Baroda not to present any of such standing instructions towards the repayment of EMI payable by me to Bank of Baroda under these terms & conditions. 
  • I understand and concur that on failure of EMI payment dues or dishonour of auto-debit mandate registered in the operative account, the Bank can take legal action as per Section 25 of the Payment and Settlement Systems Act, 2007 or mark lien on my saving/operative account to recover the outstanding due amount or set-off amounts available in any other accounts with the Bank, either held singly in my name or jointly with any other individual/person. 
  • Bank can impose penal interest of 2% per annum on non-compliance with any of the terms and conditions set forth herein. 
  • Personal loan disbursal at the sole discretion of Bank.
  • I hereby undertake and declare that the said amount sanctioned and utilised shall be deemed to be for my benefit and purpose, at my specific request. 
  • The digital personal loan facility is subject to applicable law and regulations and would be modified/discontinued based on the prevailing law/regulation at any point of time and neither party shall be under any liability or obligation or continue implementation of the said facility till such time the terms are modified by the parties as per the prevailing/amended law at that point of time. In the event that the facility cannot be continued without total compliance of the prevailing law at any point of time, this facility shall be deemed to be terminated forthwith from the date when the amended law restricting/prohibiting the product comes into force. 
  • That Bank of Baroda shall have the right to make disclosure of any information relating to me including personal information, details in relation to loan, defaults, security, etc. to the Credit Information Bureau of India (CIBIL) and/or any other governmental/regulatory/statutory or private agency/entity, credit bureau, RBI, Bank of Baroda other branches/ subsidiaries/affiliates/rating agencies, service providers, other banks/financial institutions, any third parties, any assignees/potential assignees or transferees, who may need, process and publish the information in such manner and through such medium as it may be deemed necessary by the publisher/Company/RBI, including publishing the name as part of wilful defaulter's list from time to time, as also use for KYC information verification, credit risk analysis, or for other related purposes. Further Bank of Baroda may disclose all information, including personal information submitted by me to Bank of Baroda for appraisal. I waive the privilege of privacy and privity of contract. 
  • Shall advise Bank of Baroda in writing of any change in my residential or employment address. 
  • By checking the 'Submit' button below and entering mPIN of Bank of Baroda M-Connect Plus, I hereby agree and acknowledge that I am 18 years of age, can understand, read and write in the English language, have read and understood the terms and conditions contained below (“Terms”).  
  • I agree that my action of entering mPIN and clicking the Submit button, constitutes a valid acceptance by me of the terms contained herein and creates a binding and enforceable agreement between me and Bank of Baroda. 
  • Hereby confirm having read and understood the terms and conditions applicable to this loan and accept the same. 

Electronic signing
  • This agreement is being executed by the parties in electronic form by way of a click along with one-time password/mPIN method of authentication devised by the Bank. The borrower hereby agrees and undertakes that, 
  • notwithstanding the absence of physical signatures of the parties on this agreement or any of the notice/intimation/offer/acceptance in connection with this agreement, the agreement or any of the other documents executed by the Borrower in electronic form shall be legally valid, binding and enforceable against the Borrower; 
  • he/she shall not raise any objection or claims in relation to validity or enforceability of this agreement or any of the other documents solely on account of this agreement or any of the other documents having been executed in an electronic form by way of a click wrap agreement of any other electronic authentication methods devised by the Bank; and 
  • he/she shall not raise any objection or claim in relation to process, method, storage, or means of authentication of execution of this agreement or any of the documents in connection with the agreement. 
  • The borrower hereby also acknowledges the adequacy of data protection measures adopted by the Bank and shall not raise any objection or claim or disclaim any liability under or in relation to the process, method, storage, or means of authentication of a writing or an action. 

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