Baroda Personal Loan

• 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.

Purpose

For any purpose other than speculation.

Eligibility Borrowers

• 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

Co-Applicant

Applications to be considered on individual basis only. Co-applicants not to be allowed.

Age

• Minimum: 21 years
• Maximum:
• 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.

Maximum

• Metro and urban: Rs. 15 lakhs
• Semi-urban and rural: Rs. 15 lakhs

Minimum

• Metro and urban: Rs. 1 lakh
• Semi-urban and rural: Rs. 50,000

Penal interest

Penal interest @2% shall be levied on loan outstanding amount

Processing Charges

2% of loan amount - Minimum: Rs. 1000,  Maximum: Rs. 10,000 + Service Tax

Specific Guidelines for Loan Eligibility

Unified Processing Charges

• 2% of Loan amount + GST
• Minimum: Rs.1000 + GST
• Maximum: Rs.10,000 + GST

• 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