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.
• 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

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

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

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:
1. Valid passport
2. Voter id card
3. Driving license
4. Postpaid utility bill (gas bill and electricity bill)
5. Updated passbook or bank account statement
6. Registered rent agreement

• Proof of identity:

1. PAN card
2. Aadhar Card
3. Valid Indian passport
4. Voters ID card
5. Driving license
6. Employee ID card issued by relevant authorities like the Govt or Defence or reputed corporate
7. Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI

• For salaried individuals

1. Last 3 months' salary slips
2. Statement of account for last -6- months of our Bank/other bank

• If the applicant is a self-employed individual

1. Balance sheet and profit and loss account, computation of income for last 1 years
2. Income Tax Returns – last 1 years for Applicants, 26 AS, Traces
3. Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others
4. 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