Bank of Baroda (BoB) provides personal loans customized to address a range of financial requirements. The loans feature amounts up to Rs 20 lakh with interest rates beginning at 11.15% per annum, and repayment terms up to 7 years. In addition, BoB offers pension loans for pension account holders, starting from 12.15% per annum, with features including competitive rates, expedited processing, and reduced documentation.

Key Aspects of Bank of Baroda Personal Loans

• Interest Rate: 11.15%-18.75% annually
• Loan Amount: Up to Rs 20 lakh
• Tenure: Up to 7 years
• Processing Fee: Up to 2% of the loan (ranging from Rs 1,000 to Rs 10,000)

Reasons to Opt for Bank of Baroda Personal Loans

Minimal Documentation: The application process is efficient and requires fewer documents than other financial services.

Quick Processing: Loans are rapidly processed, so funds are accessible when needed most.

No Collateral Needed: These unsecured loans don’t require security to access them.

Flexible Repayment Options: Choose a suitable repayment schedule with terms up to 7 years.

Types of Bank of Baroda Personal Loans

Baroda Personal Loan: Tailored for salaried and self-employed individuals to cater to diverse personal needs, excluding speculation. Loan sizes from Rs 1 lakh to Rs 20 lakh, with terms up to 7 years.

Baroda Loan to Pensioners: Crafted for pensioners and family pensioners drawing pensions via Bank of Baroda. Loan amounts and tenures vary based on age.

Baroda Digital Pre-approved Personal Loan: For select existing customers, this loan is suited for personal purposes, excluding speculation. Loan amounts range from Rs 50,000 to Rs 5 lakh with tenures from 18 months to 3 years.

Interest Rates for Bank of Baroda Personal Loans

Floating Interest Rates: Ranging from 15.15%-18.75% for non-bank customers to 11.40%-11.90% for government employees.

Fixed Interest Rates: Rates vary from 14.90%-18.20% for non-bank customers to 11.15%-11.65% for government employees.

Fees and Charges

Processing Fees: Up to 2% for Baroda Personal Loans; Baroda Pensioners Loan has no fees.

EMI Calculator

The Bank of Baroda Personal Loan EMI Calculator helps potential applicants estimate monthly payments by entering the loan amount, tenure, and interest rate.

Eligibility Criteria

• Employees of Central/State Government, PSUs, Autonomous Bodies, public, or MNCs: At least 1 year of continuous service.
• Employees of Private Ltd Companies, Trusts, and LLPs: At least 1 year of continuous service.
• Insurance Agents: In business for a minimum of 2 years.
• Self-employed Businessmen and Professionals: At least 1 year of stable business.
• Age: 21 to 60 for salaried individuals, up to 65 for non-salaried individuals.
• Pensioners: Must receive pensions from Bank of Baroda.

Required Documents

• For All Applicants: Completed application, three passport-size photos, last 6 months' bank statements, and ID proof.
• For Salaried Applicants: Last 3 months' payslips, latest Form 16.
• For Self-employed Applicants: IT returns for the past year and business proof.
• For Pensioners: Pension Payment Order (PPO) number.

Customer Support

For inquiries on personal loans, contact Bank of Baroda's 24/7 support at Toll-Free Numbers: 1800 258 44 55/1800 102 44 55 or Email: cs.ho@bankofbaroda.com

Steps to Apply for a Personal Loan

1. Determine Eligibility: Ensure you meet the criteria.
2. Gather Required Documents: Collect needed documents before applying.
3. Select the Loan Type: Choose a suitable personal loan product.
4. Use the EMI Calculator: Understand your financial commitments.
5. Submit Application: Apply online or visit a BoB branch.

Conclusion: Bank of Baroda’s personal loans provide a versatile solution for financial needs. Whether funding a wedding or managing emergency expenses, BoB offers competitive interest, flexible tenures, and minimal documentation. By understanding the eligibility and document requirements, applicants can make informed choices and secure necessary funds efficiently.