Personal Loan EMI Calculator
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Loan Amount:
₹500000 -
Rate of Interest (%)::
10.60 -
Loan Terms (monthly)::
60 -
Equated Monthly Installment (EMI) will be
Baroda Personal Loan
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Benefits
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Features
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Eligibility
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Interest rates & charges
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Documents Required
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Most Important Terms and Conditions (MITC)
Baroda Personal Loan : Benefits
Baroda Personal Loan : Features
- 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.
- Maximum Rs.20.00 lakhs (it is linked with borrower’s occupation and account relationship with Bank). Minimum Rs.1.00 lakh for Metro & Urban Branch Rs.0.50 lakh for Rural & Semi-Urban Branch
- The processing charges for personal loan are calculated as
For Govt. Employees who maintain salary account with Bank of Baroda: NIL
For others: it ranges from 1.00% of loan amount to 2.00% plus GST, subject to
Mini. Rs.1,000+GST
Max. Rs.10,000+GST
Baroda Personal Loan : Eligibility
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 Private limited Companies, Trust, Limited Liability Partnership - 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
Maximum
- Rs.20.00 lakhs (it is linked with borrower’s occupation and account relationship with Bank)
Minimum
- Rs.1.00 lakh for Metro & Urban Branch Rs.0.50 lakh for Rural & Semi-Urban Branch
Penal interest
Penal interest @2% shall be levied on loan outstanding amount
Processing Charges
For Govt. Employees who maintain salary account with Bank of Baroda: NIL
For others: it ranges from 1.00% of loan amount to 2.00% plus GST, subject to
Mini. Rs.1,000+GST
Max. Rs.10,000+GST
Specific Guidelines for Loan Eligibility
Employees of Central/State Government / PSUs / Autonomous bodies / listed Public limited with external rating A & above / joint sector undertakings & Educational Institutions with national repute (with minimum continuous service for 1 year and having salary account with our Bank)-
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Employees of Central / State Govt. / PSUs / Autonomous Bodies / Joint Sector Undertakings & Educational Institutions with national repute (with minimum continuous service for 1 year and having salary account with other Bank)-
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For others |
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Repayment Capacity (FOIR) |
75% of GMI
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70% of GMI |
40% of GMI to 70% of GMI depending upon the income of the applicant. |
Repayment Period |
84 Months |
72 Months |
48 to 60 Months |
Account Relationship |
For Govt Employees: Salary accounts with BOB or other Bank* |
Baroda Personal Loan : Interest rates & charges
Product | Conditions | Repo Rate + Spread | Effective Rate of Interest | |
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Baroda Personal Loan |
ConditionsGovt Employees / defence personnel maintaining salary account with our Bank under scheme code SB 182 & 186 |
Repo Rate + SpreadLinked with CIBIL Score of the individual BRLLR+SP+1.50% BRLLR+SP+2.00% |
Effective Rate of InterestFrom 8.65% to 9.15% |
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ConditionsGold: Same target customers as mentioned in Silver Category, however, salary account must be with our Bank. |
Repo Rate + SpreadLinked with CIBIL Score of the individual BRLLR+SP+2.00% BRLLR+SP+6.85% |
Effective Rate of InterestFrom 9.15% to 14.00% |
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ConditionsCategory C: Silver : Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank |
Repo Rate + SpreadLinked with CIBIL Score of the individual Ranges from BRLLR+SP+2.50% to BRLLR+SP+6.85% |
Effective Rate of InterestFrom 9.65% to 14.00% |
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ConditionsCategory B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with our Bank |
Repo Rate + SpreadLinked with CIBIL Score of the individual Ranges from BRLLR+SP+3.25% to BRLLR+SP+6.85% |
Effective Rate of InterestFrom 10.40% to 14.00% |
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ConditionsCategory A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank |
Repo Rate + SpreadLinked with CIBIL Score of the individual Ranges from BRLLR+SP+5.25% to BRLLR+SP+8.85% |
Effective Rate of InterestFrom 12.40% to 16.00% |
Baroda Personal Loan : Documents Required
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
Baroda Personal Loan : Most Important Terms and Conditions (MITC)
Refer to Eligibility tab for more details
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22 Feb 2022Bank of Baroda Personal Loans - Instant Zaroorat Aapki, Jhatpat Saath HamaraepaTB1k8eNg