Bank of Baroda provides personal loans at 10% p.a. onwards for up to Rs 15 lakh for repayment tenure of up to five years. Also, it provides pension loans to their pension account holders at 9.35 percent p.a. This caters to all personal financial requirements of applicants, may it be a medical exigency, a home renovation or a wedding. Bank of Baroda provides personal loans at an attractive rate with instant processing and minimal documentation. Here is a highlight of the Bank of Baroda personal loan.
| Bank of Baroda Personal Loan Highlights – 2022 | |
| Rate of Interest | 10 percent p.a. onwards9.35 percent p.a. (for pension loan) |
| Loan amount | Up to Rs 15 lakh |
| Repayment tenure | 48 to 60 months |
| Processing charges | 2 percent (Rs 1,000 to 10,000) plus GST |
Bank of Baroda personal loan rate of interest
| Customer type | Rate of interest |
| Existing consumers have accounts in the bank for at least six months | 10 percent – 13.60 percent p.a. |
| Applicants with the bank account with other banking institutions for at least six months | 12 percent – 15.60 percent p.a. |
| For the employees of central/state/public/joint sector undertakings/educational institutions/autonomous with one year service and accounts with banks. | 9.35 percent p.a. |
| COVID 19 personal loan | 9.50 percent p.a. |
| Pre-approved personal loan | 9.50 percent p.a. |
Note: The above-listed rate of interest, fees & charges might change & depend on the sole discretion of the Bank of Baroda. Rate of interest updated as of January 2022.
Comparison of BOB or Bank of Baroda personal loan vs other lenders
| Banks/NBFCs | Rate of interest (PA) |
| Bank of Baroda | 9.50 percent – 15.60 percent p.a. |
| HDFC Bank personal loan | 10.20 percent – 21.00 percent p.a. |
| State Bank of India | 9.60 percent – 13.85 percent p.a. |
| Punjab National Bank | 7.90 percent – 14.50 percent p.a. |
| ICICI Bank | 10.50 percent – 19 percent p.a. |
| Axis Bank | 10.25 percent p.a. onwards |
| Tata Capital | 10.99 percent p.a. |
| Bajaj Finserv | 13 percent p.a. |
| IDFC First Bank | 10.49 percent – 23 percent p.a. |
| IndusInd Bank | 11.00 percent p.a. onwards |
| Kotak Mahindra Bank | 10.25 percent p.a. onwards |
Kinds of Bank of Baroda Personal loan
Baroda personal loan
Purpose: Zero speculative activities
Loan amounts: Minimum is up to Rs 1 lakh (urban and metro), and the maximum is up to Rs 15 lakh (urban and metro) and up to Rs 50,000 (rural and semi-urban).
Repayment tenure: 48 to 60 months
Bank of Baroda personal loan COVID 19
∙ Purpose: In case of any financial needs, including temporary cash mismatch caused by the COVID except for any speculation.
∙ Loan amount: Maximum amount is Rs 5 lakh, and the minimum amount is Rs 25,000.
∙ Repayment tenure: Up to Rs 5 years (co-terminus with the qualifying loan and maximum maturity)
Bank of Baroda to the pensioners
It can easily be availed by pensioners to mitigate their personal needs except for any speculative purpose.
∙ Purpose: To mitigate all financial needs, including liquidity shortfalls owing to COVID except for any speculative purpose.
∙ Loan repayment tenure: Up to 5 years
∙ Loan amount: Up to Rs 5 lakh.
Bank of Baroda eligibility for a personal loan
∙ Maximum age: For salaried, it is 60 years
∙ Minimum age: 21 years
∙ For non-salaried, the age is 65 years.
∙ Employees of the private companies/government bodies with services of minimum 1 year.
∙ Employees of proprietorship firms, private limited companies, partnerships, and trust firms with service of a minimum of one year continuously.
∙ PIO/NRI and members of staff are not eligible.
∙ Self-employed businessmen with a minimum of one year of a stable company.
∙ Insurance agents in the business for a minimum of two years.
∙ Self-employed experts like engineers, doctors, architects, company secretaries, interior designers etc., with a minimum of one year of a stable company.
Documents that you need for the Bank of Baroda personal loan
The below listed are common documents required to avail the Bank of Baroda personal loan:
∙ Duly filled up the personal loan application form with the passport size photo.
∙ Form 135 with the assets and liabilities details must be submitted along.
∙ Past six months updated passbook and bank statement
∙ Identity proof like PAN card, voter ID, Aadhaar card, driving license, voter ID, passport, employee identity issued by the company, identity document and practice certificate by the relevant expert bodies like ICAI, ICFAI, ICWA.
For the salaried seeker
∙ Account statement for past six months of Bank of Baroda and other bank salary slips for the past three months.
For self-employed seeker
∙ Income tax returns (ITR) for the last year.
∙ Income tax challan, IT assessment, clearance certificate, TDS certificate (form 16 A)/ form 26 AS.
∙ Business proofs: Gomasta license, registration certificate, service tax registration etc.
Bank of Baroda customer care
Customers can simply contact the Bank of Baroda directly in the listed ways:
Branch visit: You must visit your nearby Bank of Baroda’s branch to get all your queries answered.
Toll-free numbers: 1800-258-4455 or 1800-102-4455
FAQs
Question 1: Suppose I am residing in a semi-urban region and I am self-employed. Am I allowed to take up a personal loan from the Bank of Baroda?
Yes, you can easily avail of a personal loan of up to Rs 15 lakh if you mitigate the applicable eligibility criteria mentioned by the Bank of Baroda.
Question 2: When can I begin repaying my Bank of Baroda personal loan?
You should begin with your repayment for Bank of Baroda from the month after loan disbursement month.
Question 3: How long can it take for a personal loan from the Bank of Baroda to be disbursed?
Once all documents are completely verified, and the loan is approved by the Bank of Baroda, the loan gets processed within 2 days. However, the turnaround time might differ based on the loan amount and various other criteria.
Question 4: Can I apply for a personal loan from the Bank of Baroda with a co-applicant?
In the case of Bank of Baroda (BOB), for the personal loan, you cannot add in a co-applicant. Every loan application is offered just on an individual basis.
