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
Interest rates & charges
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.
- 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.
Baroda Personal Loan Eligibility
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. 15 lakhs
- Semi-urban and rural: Rs. 15 lakhs
- Metro and urban: Rs. 1 lakh
- Semi-urban and rural: Rs. 50,000
Penal interest @2% shall be levied on loan outstanding 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|
|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:
Baroda Personal Loan Interest rates & charges
|Product||Conditions||Repo Rate + Spread||Effective Rate of Interest|
|Baroda Personal Loan||
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%
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%
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%
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%
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%
Unified Processing Charges
- 2% of Loan amount + GST
- Minimum: Rs.1000 + GST
- Maximum: Rs.10,000 + GST
Baroda Personal Loan Documentation
- 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