Bank of Baroda Personal Loan: Personal loans up to Rs 20 lakh from Bank of Baroda are offered online through the bank’s website. It provides at an interest rate of 10.80% per year for up to 7 years. Additionally, the bank provides 11.65% p.a. interest-rate pension loans to people with pension accounts.
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The following types of personal loans are available from Bank of Baroda:
- Baroda Personal Loan: For loans between Rs 1 lakh and Rs 20 lakhs, the loan offers attractive interest rates, minimum documentation, and quick processing.
- Baroda Digital Personal Loan: The loan, with amounts ranging from Rs 50,000 to Rs 5 lakhs, may be obtained digitally with little paperwork and without going to the bank in person.
- Baroda Digital Pre-Approved Personal Loan: The pre-approved loan can be accessed for sums between Rs 50,000 and Rs 10 lakhs and is accessible online or at branches across India.
Based on loan type, credit score, income, and ability to repay, different personal loans may have different eligibility requirements.
Bank of Baroda personal loan processing time
The processing period for a personal loan from Bank of Baroda is normally one week, with existing customers receiving a 48-hour processing time. The timetable could be impacted by other things.
Bank of Baroda personal loan interest rate
Based on variables like income, age, credit score, type of employment, and work experience, Bank of Baroda offers personal loans with an interest rate of 10.90% p.a. for up to 5 years.
The Bank of Baroda Personal Loan can be applied for online with little paperwork and speedy disbursal. It has a flexible 84-month term for up to 20 lakhs with a 2% processing fee, subject to a minimum of Rs. 1,000 and a maximum of Rs. 10,000.
Bank of Baroda personal loan eligibility criteria
You must fulfill certain requirements in order to be eligible for a personal loan from Bank of Baroda.
- The applicant must be an employee, a professional self-employed or a self-employed non-professional.
- The loan maturity age is 60 years for salaried people and 65 years for self-employed people.
- Financial stability requires a reliable source of income and a high CIBIL score.
- Candidates must have a minimum net monthly salary of Rs 20,000 and have worked for at least one year in a multinational corporation, educational institution, government organization, PSU, public or private limited company, sole proprietorship firm, or partnership.
- Self-employed candidates must be professionals with a stable income for at least one year without job gaps, such as doctors, engineers, accountants, architects, consultants, or freelancers.
Maximum personal loan amount
With maximum loan amounts ranging depending on occupation and account relationship, Bank of Baroda offers personal loans with a minimum of Rs. 1 lakh for metro and urban branches and Rs. 50,000 for rural and semi-urban branches.
Personal loans can be applied for online through the Bank of Baroda website or at their nearest branches throughout India. The maximum loan amount may vary depending on area.
Apply for loan in Bank of Baroda
Personal loans are available from Bank of Baroda with competitive interest rates, little paperwork, and quick processing. Loan sizes range from 50,000 to 20 lakhs of rupees. In India, applications can be submitted online or at the local branch. You can apply for pre-approved loans online or in person at one of their branches.
Loans from Bank of Baroda include home and auto loans, and customer service may be reached at 1800 5700 with any questions or additional assistance.
Apply for loan in Bank of Baroda step by step
The following are the processes to apply for a home loan at Bank of Baroda:
Application for home loan
Visit www.bankofbaroda.in using your active mobile number and email address to submit an online loan application. Choose the chosen product, figure out your eligibility and EMI in advance, and gather the required paperwork for the application.
Home loan documents list
Both salaried and self-employed applicants must submit the home loan application form, IT details, 6-month bank statement, ID proof, address proof, and age evidence, with distinct paperwork available on the bank of baroda.in website.
Document Processing & Verification
Prior to loan sanction, document verification, a critical phase in the home loan process, verifies the validity of provided papers and conducts legal and technical checks.
Home loan sanction
The approval of a house loan by a lender is determined by the borrower’s profile, the property’s condition, and individualized document verification. A sanction letter is sent to the borrower whenever the lender is satisfied.
Secure Fee Payment
Whether it’s a bank or an NBFC lender, the processing fee for a house loan is a one-time upfront payment made by the borrower and is not subtracted from the loan amount. It is collected by the lender upon approval of the loan application.
Apply for personal loan in Bank of Baroda step by step
A step-by-step procedure for applying for a personal loan at Bank of Baroda is provided in the guide.
- The main source of information about Bank of Baroda is their website.
- Go to the “Loans & Borrowings” section and choose “Personal Loan” to obtain personal loans.
- Users can use the “Personal Loan Eligibility Calculator” to see whether they are qualified for a personal loan.
- If you are qualified, please submit your application by completing the online form with your personal information.
- Email and SMS notifications about the status of your application will be sent.
- Please call Bank of Baroda customer care at 1800 102 4455 or 1800 258 4455 if you have any additional questions or need help with the application process.
Bank of Baroda personal loan required documents
You must submit the following paperwork to Bank of Baroda in order to apply for a personal loan:
For Salaried Employees
The document lists the requirements for numerous documents, such as evidence of income, identification, address, job, home ownership, investment, and a passport-size photograph. Bank account statements, salary certificates, and pay stubs are examples of evidence of income. PAN, Aadhar, voter identification, a driver’s license, utility bills, bank statements, and Aadhar cards are examples of identity proof. Driving licenses, utility bills, bank statements, and Aadhar cards are examples of address proof. Letters of employment, contracts, business correspondence, and formal identification cards are examples of employment proof.
For Self Employed
The applicant is required to submit evidence of their income, name, address, office address, office ownership, business existence, and a current passport-size photo. These records include tax returns, audited financial statements, bank statements, PAN cards, passports, voter identification cards, utility bills, incorporation papers, registration certificates, MSME/GST papers, shop & establishment act papers, property papers, electricity bills, company registration licenses, and tax returns. Additionally, the applicant must offer evidence of their company’s legitimacy.
For Pensioners
Pension statements or bank account statements can be used as evidence of income, whilst an Aadhar card, PAN card, voter ID card, passport, or driver’s license can serve as identification.
For Senior Citizens
You must present evidence of your income, identity, and address in order to apply for a loan. Pension records, bank account statements, PPOs, Aadhar cards, PAN cards, voter ID cards, passports, and driving licenses are examples of these papers. You must also submit a loan application form with two passport-sized photos and Form 135 detailing your assets and debts.
Bank of Baroda personal loan repayment
Equated Monthly Installments (EMIs), which are based on the borrowed principle amount, bank interest rate, and payback time, are available as a personal loan repayment option from Bank of Baroda over an 84-month period. To rapidly determine the value, utilize the EMI calculator tool.
Make an additional annual EMI payment to speed up the repayment process and minimize the amount of principal and interest owed on your personal loan. This will provide yo help you to get rid of your debt faster.
Using your mobile number and login PIN, you can use the bob World app to pay your Bank of Baroda loan EMIs online. On your mobile device, go to the Fund transfer page and choose “Within Bank in Self Link Account.”
Bank of Baroda personal loan reviews
The average rating for personal loans from Bank of Baroda on BankBazaar is 4.5 out of 5, which indicates competitive interest rates and excellent customer service. However, some clients have complained about lengthy loan processing times.
The personal loan program offered by Bank of Baroda has a number of advantages and disadvantages.
Pros
The range of loan amounts is Rs. 50,000 to Rs. 20 lakhs, with interest rates of 10.20% to 17.55% p.a., no requirement for security, flexible payback terms, and speedy processing.
Cons
There are high processing costs, prepayment fees, and late payment fees that must be paid..
The reviews are arbitrary and might not represent the experiences of all customers. Before making a choice, it is recommended to carry out independent research and evaluate your loan possibilities.
Bank of Baroda personal loan penalty
According to the website of Bank of Baroda, lenders may charge a pre-payment penalty ranging from 2% to 5% of the loan amount, dependent on the outstanding loan balance or the lender’s loss from a pre-closure.
Is Bank of Baroda personal loan legit?
Reputable Indian public sector bank Bank of Baroda provides personal loans for a range of needs, including home improvement, weddings, travel, and unexpected medical expenses. Customers have praised the bank for its prompt service and competitive interest rates. It is advised to carefully study the loan agreement before committing, nevertheless. You can check your eligibility on the Bank of Baroda website.