Enjoy Banking on the Go.
Download Mobile Banking App


Personal Loan Interest Rate

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.


Are there any part-prepayment charges on personal loans from Bank of Baroda?

You can make part-prepayment at no charge

What is the lowest EMI on personal loan from BOB?

At 10.50% rate of interest, the lowest EMI would be about Rs.2,560, for a loan amount of Rs.1.00lakh for 48 months though this amount may vary based on the profile of the borrower.

Can there be a co-applicant in applying for a personal loan?

Yes, there can be a co-applicant. It can also help boost your eligibility for personal loan. Do note that only a family member can be a co-applicant.

What is a personal loan eligibility calculator?

The personal loan eligibility calculator is designed to give you an estimate of the personal loan amount you can get. All you need to do is key in or select your city, age, monthly income and monthly expenses and voila! You will get an estimate of your personal loan amount.

The purpose of the personal loan eligibility calculator is to help you pick the best personal loans available to you and plan your finances accordingly. Bank of Baroda offers personal loans at competitive rates of interests that you can avail.

Am I eligible for a personal loan?

Bank of Baroda lists the following types of employees/self-employed individuals who are eligible for personal loans.

  • Employees of Central / State Govt. / Autonomous Bodies/ Public / Joint Sector Undertakings, Public Limited Co. / 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 last -2- years
  • Self Employed Professionals (Doctor, Engineer, Architect, 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.
  • Someone with a CIBIL score of 701 and above

Last Visited Page

Back to Top