Fulfil all your wishes, stress-free
with quick and easy Personal Loan
from Bank of Baroda.
Personal Loan EMI Calculator
Rate of Interest(%):5%18%
Equated Monthly Installment (EMI) will be₹49,209
Bank Of Baroda Personal Loan
Personal loans from Bank of Baroda offer a quick and easy solution to all your urgent financial needs and have many advantages over other forms of credit, such as credit cards and informal loans from friends, family members or untrustworthy financiers.
Interest rates & charges
Terms & Conditions
- To apply for a personal loan, applicants can be employees of government bodies or private companies with minimum continuous service of one year. Similarly, self-employed professionals or business persons who want to apply for personal loans need to have their business or practice for at least one year.
- Applicants need to be at least 21 years of age to be eligible for a personal loan, while co-applicants are not allowed. The maximum age to apply for personal loans is 60 years for salaried and 65 for non-salaried persons at the end of the repayment period.
- The personal loan amount varies by location. In metro and urban areas, the loan amounts can range from Rs. 1 lakh to Rs. 15 lakhs. In semi-urban and rural areas, the personal loan amount varies from Rs. 50,000 up to Rs. 15 lakhs.
- The processing charges for personal loans are calculated as 2% + GST of the loan amount, with a minimum of Rs. 1000 + GST up to Rs. 10,000 + GST.
For any purpose other than speculation.
- Employees of central/state Government/autonomous bodies/public/joint sector undertakings, public limited companies/MNCs & educational institutions with minimum continuous service for 1 year.
- Employees of proprietorship, partnership firms, private limited companies, trust - with minimum continuous service for 1 year.
- Insurance agents doing business for minimum of last 2 years.
- Self-employed professionals (doctors, engineers, architects, interior designers, tech. and management consultants, practicing company secretaries, etc.) with minimum 1 year stable business.
- Self-employed business persons with minimum 1 year stable business.
- Staff members and NRI/PIO are not eligible
Applications to be considered on individual basis only. Co-applicants not to be allowed.
- Minimum: 21 years
- For salaried persons: Age of borrower plus repayment period should not exceed retirement age or 60 years whichever is lower.
- For non-salaried persons: Age of borrower plus repayment period should not exceed 65 years.
Quantum of Finance
Limit is stipulated based on the classification of the financing branch.
- Metro and urban: Rs. 10 lakhs
- Semi-urban and rural: Rs. 5 lakhs
- Metro and urban: Rs. 1 lakh
- Semi-urban and rural: Rs. 50,000
Penal interest @2% shall be levied on overdue amount
2% of loan amount - Minimum: Rs. 1000, Maximum: Rs. 10,000 + Service Tax
Specific Guidelines for Loan Eligibility
|Parameter||Employees of Central/State Government, autonomous bodies, public/joint sector undertakings & educational institutions with minimum continuous service for 1 year and having salary account with our Bank||For Others|
|Income Multiplier||12 times of Gross Monthly Income (GMI)||GMI less than Rs. 75,000: 6 times of GMI GMI Rs. 75,000 and above: 8 times of GMI|
|Repayment Capacity (FOIR)||60% of GMI||GMI less than Rs. 75,000: 40% of GMI GMI Rs. 75,000 and above but less than Rs. 2,00,000: 50% of GMI GMI Rs. 2,00,000 and above: 60% of GMI|
|Repayment Period||Maximum 60 months||Maximum 48 months|
|Account Relationship||Salary account should be with our Bank. Last month salary has been credited in the account.||Loan amount up to Rs. 2 lakhs: Satisfactory account relationship with our Bank or any other bank for at least 6 months.
Loan amount above Rs. 2 lakhs:
Personal loans from Bank of Baroda offer a quick and easy solution to all your urgent financial needs.
Whether you need funds for a medical emergency in your family, your sibling’s wedding, or to renovate your home, a personal loan can finance all your requirements.
Personal loans have many advantages over other forms of credit, such as credit cards and informal loans from friends, family members or untrustworthy financiers.
Most salaried persons, self-employed and professionals can apply for personal loans. With attractive interest rates, minimal documentation and speedy processing, Bank of Baroda offers among the best personal loans today.
Unified Processing Charges
- 2% of Loan amount + GST
- Minimum: Rs.1000 + GST
- Maximum: Rs.10,000 + GST
Personal Loan Interest Rate
You don’t need to provide collateral if you are a personal loan borrower. This type of loan is intended to fund any financial contingency you may come across-business capital expansion, marriage, education or even foreign trips, though the end use of the capital really depends on the borrower, as long as it is for a legitimate financial purpose. But what is the rate of interest like on personal loans from a lender like Bank of Baroda?
Bank of Baroda Personal Loan Fees and Charges
|Interest Rates and Charges||For Existing Customers having account Relationship with our Bank for minimum -6- months||For applicants having account relationship with other Bank for minimum -6- months|
|Lowest interest rate on personal loan||10.50%||12.50%|
|Processing fee||2% (Rs.1000-10000)+GST||2% (Rs.1000-10,000)+GST|
|Penal interest||2% on overdue amount||2% on overdue amount|
|Pre-closure charges||Nil charges||Nil charges|
|Loan amount||Rs. 1 lakh to Rs. 10 lakh for Metro and Urban Centres & Rs.50,000 to Rs.5 lakh for Semi Urban & rural areas)||Rs. 1 lakh to Rs. 10 lakh for Metro and Urban Centres & Rs.50,000 to Rs.5 lakh for Semi Urban & rural areas)|
|Tenure||48 to 60 months||48 to 60 months.|
Rate of interest and tenure of personal loan
|For existing customers who have been with the bank for at least 6 months||For others|
|One year MCLR (8.15%)+Premium + 3.00% to One year MCLR (8.15%) + SP + 6.00% (As per Risk Rating of the applicant/s.)||One year MCLR (8.15% ) + Premium + 5.00% to One year MCLR(8.15%) + premium + 8.00% (As per Risk Rating of the applicant/s.)|
Foreclosure charges for Personal Loan
There are no foreclosure charges.
- Completely filled loan application along with 3 passport sized photographs along with Form 135 giving details of Assets and Liabilities of the applicant.
- Bank statement for the last six months and updated passbook.
- Proof of residence includes any of the following:
- Valid passport
- Voter id card
- Driving license
- Postpaid utility bill (gas bill and electricity bill)
- Updated passbook or bank account statement
- Registered rent agreement
- Proof of identity:
- PAN card
- Aadhar Card
- Valid Indian passport
- Voters ID card
- Driving license
- Employee ID card issued by relevant authorities like the Govt or Defence or reputed corporate
- Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI
- For salaried individuals
- Last 3 months' salary slips
- Statement of account for last -6- months of our Bank/other bank
- If the applicant is a self-employed individual
- Balance sheet and profit and loss account, computation of income for last 1 years
- Income Tax Returns – last 1 years for Applicants, 26 AS, Traces
- Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others
- IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR
Refer to Eligibility tab for more details
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