Apply Bank of Baroda Personal Loans At Lowest Interest Rates

Bank of Baroda is one among the most prominent Indian banks owned by the state. It was founded on 20th July 1908, and currently has its headquarters in Vadodara, India. It offers personalized banking products to suit the banking needs of customers. It has a worldwide presence with a total of 5,326 bank-branches and more than 8,000 ATMs spread across the country and other major countries such as Australia, Singapore, Belgium, Hong Kong, UAE, UK, Mauritius, New Zealand, and the USA.

Bank of Baroda Personal Loans

Bank of Baroda provides personal loans for various financial needs at attractive rates of interest, and a suit of other benefits such as feasible repayment options and instant loan approvals. mymoneykarma gives you all the information you need on Bank of Baroda personal loans.

Benefits of Bank of Baroda Personal Loans

Bank of Baroda personal loans are loaded with many benefits and features. Here are a few highlights of Bank of Baroda personal loans.

1. Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.

2. Long loan tenures ranging from a minimum of 6 months and a maximum period of 60 months.

3. Affordable interest rates ranging between 11.05% - 11.6% per annum.

4. Loans available for salaried individuals, public and private company employees, and government employees.

5. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

6. Simplified loan application and approval process with minimal documentation.

7. Dedicated 24/7 customer service desk for query resolution.

Here is a summary of all the information regarding Bank of Baroda personal loans.

Interest Rate	11.05% - 11.6%
Minimum Loan Amount	Rs 50,000
Maximum Loan Amount	Rs 10 lakhs
Minimum Repayment Tenure	12 months
Maximum Repayment Tenure	60 months

Learn : How to ATM Charges and Transaction Charges - Bank of Baroda

Types of Bank of Baroda Personal Loans

Bank of Baroda offers only one type of personal loan. This loan is suitable for a large pool of customers.

Eligibility Criteria for Bank of Baroda Personal Loans   

Applicants must meet the following criteria to get a personal loan from Bank of Baroda.

1. Minimum income of Rs 1 lakh per annum for salaried customers.

2. Maximum income of Rs 2 lakhs per annum for self-employed customers.

3. Must be an account holder of Bank of Baroda.

4. Sound repayment capability and a good credit score.

5. Minimum age of 21 years.

6. Maximum age of 65 years.

7. Minimum work experience of 1 year.

Best Personal Loan Interest Rates 2022

The interest rates of personal loans from other banks are also given below.

Banks	Interest rates
Axis Bank	11.25% - 24%
HDFC Bank	10.99% - 20.00%
SBI	12.50% – 16.60%
Kotak Mahindra Bank	11.00% - 24.00%
Bajaj Finserv	2.00% - 16.00%
Standard Chartered	10.99% - 16%
Fullerton India	12% - 25%
IndusInd Bank	10%-30.50%
CitiBank	10.99% - 18%
IDBI	12.45% - 13.50%
IDFC Bank	11.69% - 15.00%
PNB	11.65% - 12%
ICICI Bank	10.75% - 16.99%
Andhra Bank	11.55% - 14%
RBL Bank	14.5% - 23%
Canara Bank	11% - 14.15%
Tata Capital	11.75% - 19.00%
YES Bank	11.50% - 16.75%

Documents Required for Bank of Baroda Personal Loans

Applicants need to submit the following documents while applying for Bank of Baroda personal loan.

1. Filled loan application form with necessary details such as income, occupational details, and personal information.

2. Copies of the applicant's PAN card and Aadhaar card.

3. Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.

4. Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

5. Two copies of recent passport sized photographs

Learn : How to Change Your Address, Email ID & Mobile Number in Your BOB Account

How to Apply for Bank of Baroda Personal Loans Online

Applicants can directly apply for Bank of Baroda personal loans online by visiting the Bank of Baroda website, going to the personal loan section, downloading the loan application form, submitting the filled form and uploading the required documentation on the website. The applicant profiles are then evaluated, and the loan is approved on meeting all the eligibility criteria.

How to Apply for Bank of Baroda Personal Loans Offline

To apply for Bank of Baroda personal loans, applicants can also visit any personal loan center of Bank of Baroda along with the required documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within 3-5 working days.

Frequently Asked Questions

1: What is the duration for Bank of Baroda personal loan application approval?

Answer: Bank of Baroda notifies the applicants of the loan approval within a maximum of 3-5 working days from the date of the application. With mymoneykarma, get your loan approved within 24 hours.

2: What is the loan amount of Bank of Baroda personal loans?

Answer: Bank of Baroda provides personal loans with a minimum loan amount of Rs 1 lakh and a maximum amount of Rs 10 lakhs.

3: What is the rate of interest on Bank of Baroda personal loans?

Answer: Bank of Baroda offers reasonable interest rates ranging between 11.05% - 11.6% per annum.

4: Is prepayment of loan allowed with Bank of Baroda personal loans?

Answer: Yes, Bank of Baroda personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure only after the payment of 6 EMIs.

5: Does the Bank of Baroda personal loan have any pre-closure charges?

Answer: No, Bank of Baroda personal loans doesn’t charge any fee for loan pre-closure.

6: What are the other fees associated with Bank of Baroda personal loans?

Answer: Bank of Baroda charges the following fees on its personal loans

Loan Processing Charges	2% of the loan amount + GST
Foreclosure Charges	nil
Pre-payment or Part-payment charges	nil
Legal/incidental charges	As actuals
Charges for late payment of Loan amount	nil
Stamp Duty & other Statutory Charges	As applicable by state laws
Re-Issuance of photocopy of loan agreement/documents	nil
Duplicate NOC	Rs 50 + GST
Cheque swapping charges	nil
Loan cancellation charges	nil