® 
Bank of Baroda Personal Loan
Max Tenure
nil*
Best Rate
11.60%
Processing Fee
nil*
Currently not available! for similar products
Key Features of Bank of Baroda Personal Loan
| Interest rates | 11.15% p.a. to 18.75% p.a. |
| Tenure | Up to 7 years |
| Loan Amount | Up to 20 lakhs Minimum – Rs. 1.00 lakhs for individuals belonging to metro and urban branches Maximum – Rs. 0.50 lakhs for rural and semi urban branch. |
| Processing charges | Ranges from 1.00% of the loan amount - 2.00% including GST. The minimum processing charge is Rs.1000 plus GST and the maximum processing charge is Rs. 10,000 plus GST. |
Bank of Baroda Personal Loan – Features and benefits
- Bank of Baroda personal loans have both fixed and floating rate options
- They come with a high threshold for borrowing amount
- There is no end usage restriction for funds. Thus, it provides for flexible usage of the money.
- Extended timelines may be given for repayment of the loan based on your financial situation
- Will be useful in creating an emergency fund
- These come with zero prepayment charges in case customers want to prepay the loan amount earlier.
- Bank of Baroda has high-end personal loan options for existing customers. To qualify for these loan options, an user must have an existing account and a good relationship with the bank.
- The personal loan does not have any strict credit limits and has a sure advantage over credit cards.
How to Apply for Bank of Baroda Personal Loan
Bank of Baroda Personal Loan Interest Rate
Bank of Baroda offers varying interest rates across its different personal loan schemes. Below is a list of interest rates based on specific loan schemes.
1. Baroda Personal Loan: Festive offer interest rates
| Feature | Details |
| Attractive Interest Rate | Starting from 10.85%* |
| Special Rate for Women | Starting from 10.60%* |
| Processing Charges | Nil* |
| Interest Rate Options | Fixed & Floating Rate available |
| Approval Process | Digital approval for faster processing |
| Repayment Tenure | Flexible repayment period up to 84 months |
| Baroda Personal Loan | Effective Floating Interest Rate | Effective Fixed Interest Rate |
| Government employees/defense personnel with salary accounts under codes SB 182 & 186 | 11.40% to 11.90% | 11.15% to 11.65% |
| Gold: Central/State Govt. employees, PSUs, autonomous bodies, A-rated companies, and reputed educational institutions with Bank of Baroda salary account | 11.90% to 16.75% | 11.40% to 14.25% |
| Category C: SilverSame as Gold, but with salary accounts in other banks | 12.40% to 16.75% | 11.90% to 14.25% |
| Category B: Employees of private/public sectors, trusts, LLPs, insurance agents, self-employed, and business persons with a Bank of Baroda account | 13.15% to 16.75% | 12.95% to 15.20% |
| Category A: Private/public sector employees, trusts, LLPs, insurance | 15.15% to 18.75% | 14.90% to 18.20% |
| agents, self-employed, and business persons with accounts at other banks |
2. Baroda Digital Personal Loan: Interest Rate Options
Fixed Rate of Interest
| Product | Conditions | Effective Rate of Interest |
| Baroda Digital Personal Loan | Based on CIBIL Score and internal score | From 13.00% to 18.35% |
Floating Rate of Interest
| Product | Conditions | Effective Rate of Interest |
| Baroda Digital Personal Loan | Based on CIBIL Score and internal score | From 12.90% to 18.25% |
3. Baroda Digital Pre-Approved Personal Loan Interest Rates
Fixed Rate of Interest
| Product | Conditions | Effective Rate of Interest |
| Baroda Digital Pre-Approved Personal Loan | Based on CIBIL Score and internal score | From 13.00% to 16.50% |
Floating Rate of Interest
| Product | Conditions | Effective Rate of Interest |
| Baroda Digital Pre-Approved Personal Loan | Based on CIBIL Score and internal score | From 12.90% to 16.40% |
4. Baroda Loan to Pensioners: Rate of Interest
| Product | Conditions | Effective Rate of Interest |
| Baroda Loan to Pensioners (Digital) | Digital application Non-digital application For Retired Bank of Baroda/Family Pensioners | 12.15% 12.65% 10.00% |
Eligibility Criteria for Bank of Baroda Personal Loan
Occupation:
- Employees of central, state, government, or autonomous bodies, public or joint sector undertakings, public limited companies or MNCs and educational institutions with at least 1 year of continuous service.
- Insurance agents: Insurance agents who have been doing business for a minimum of 2 years.
- Self-employed professionals like engineers, architects, doctors, interior designers, practicing company secretaries, tech and management consultants, etc.
- Self-employed business people with at least 1 year of stable business.
- Staff members and NRI/PIO are not eligible.
- Applications will be considered on an individual basis only. Co-applicants will not be allowed.
- Age: The minimum age should be 21 years. The maximum age for salaried borrowers must not be more than the retirement age or 60 years, whichever is lower. For the non-salaried, the age of the borrower plus the repayment tenure must not be more than 65 years.
List of Essential Documents for Bank of Baroda Personal Loan
- A completely filled loan application
- 3 passport sized photographs
- Form 135 giving information about the applicant’s liabilities and assets.
- The bank statements and the updated passbook for the last 6 months.
Any of the ensuing residence proofs specified below can be submitted
Proof of residence:
- Voter ID card
- Valid passport
- Driving license
- Registered rent agreement
- Utility bills which are postpaid like gas and electricity bills.
- Updated passbook or bank account statement
- Registered rent agreement
Proof of identity:
- PAN card
- Aadhaar card
- Valid Indian passport
- Voter’s ID card
- Driving license
- Employee ID cards issued by the government, defence or well-known corporates.
- Identity document or practice certificate with photo given by professional organizations like the ICAI, ICWA, or ICFAI.
Additional Documents for Salaried Individuals
1. The salary slips for the recent 3 months
2. The account statements for the last 6 months are required to be submitted
Additional Documents for Self-employed Individuals
Documents required for self-employed individuals
- Balance sheet and profit and loss account – Income computation for the last 1 year
- Income tax returns – Last 1 year for applicants, 26AS, traces
- Business proof documents: Gomasta License, Registration Certificate, Service Tax registration, amongst others.
- IT Assessment or clearance certificate
- Income tax challans
- TDS certificate (Form 16A)
- Form 26 AS for income declared in ITR has to be submitted.
Types of Bank of Baroda Personal Loans
1. Baroda Loan to Pensioners
Bank of Baroda offers personal loans to pensioners to provide the much-needed financial assistance during emergencies or financial crunch.
Pensioner Loan Limits Based on Age and Type
The loan amount available to pensioners varies based on their age and pension type.
- Regular Pensioners:
- Up to 70 years of age: Rs. 8.00 Lakh
- Above 70 years of age: Rs. 5.00 Lakh
- Family Pensioners:
- Up to 70 years of age: Rs. 3.00 Lakh
- Above 70 years of age: Rs. 1.50 Lakh
Eligibility
- Pensioners or family pensioners getting pension via the branches of Bank of Baroda. (A family pensioner signifies the spouse authorized to receive pension after the death of the pensioner).
- Pensioners who are receiving their pension by credit from DPDO (Defence Pension disbursing office).
- Pensioners/ family pensioners of the Bank of Baroda.
- The pensioner should be drawing pension through the branch for at least 3 months, and he/she must have a good record of financial discipline.
- Co-applicants will not be considered.
- Age: 21 to 75 years.
- Repayment capacity parameter: The sum of monthly deductions including proposed EMI and EMIs of current loans (If any) must not be more than 60% of the monthly pension.
- Repayment duration for regular pensioners or family pensioners:
- For age up to 70 years: 60 months
- For age above 70 years: 36 months
Interest Rates
| Parameter | Repo rate + Spread | Effective rate of interest |
| Digital | BRLLR + SP + 2.75% | 12.15% |
| Non digital | BRLLR + SP + 3.25% | 12.65% |
| Bank of Baroda employees who are retired and their family pensioners | BRLLR + SP + 0.60% | 10.00% |
Processing Charges
- Nil for pensioners or family pensioners of Bank of Baroda
- For others: Rs. 1000 + GST
2. Baroda Digital Personal Loan
This personal loan has affordable interest rates, swift disbursal, and flexible repayment terms.
Baroda Digital Personal Loan: Key Features
- Loan Purpose: Available for any purpose except speculation.
- Minimum Loan Amount: Rs. 50,000
- Maximum Loan Amount:
- Rs. 10 Lakhs for Existing Bank (ETB) customers
- Rs. 5 Lakhs for New Bank (NTB) customers
- Rs. 5 Lakhs for New to Credit (NTC) customers
- Repayment Tenure: 12 to 60 months
Age Requirements:
- Minimum age: 21 years
- Maximum age at loan maturity:
- 58 years for salaried individuals
- 65 years for self-employed individuals
Eligibility
- The loan is given to both salaried and self-employed individuals
- Self-employed individuals include doctors, engineers, architects, interior designers, tech management consultants, practicing company secretaries, insurance agents, and business people.
- NRIS/SHGs are not eligible.
- Co-applicants are not allowed.
Interest Rates
| Parameter | Applicable rate of interest | Effective rate of interest |
| Fixed interest rate based on CIBILTM Score and internal score | Minimum: 1 year MCLR + SP + 3.80 Maximum: 1 year MCLR + SP + 9.15 | From 12.95% to 18.30% |
| Floating interest rate based on CIBILTM and internal score | Minimum: BRLLR+SP+3.50 Maximum: BRLLR + SP + 8.85 | From 12.90% to 18.25% |
Processing Charges
- Processing charge @2% of loan amount + Applicable GST
- Minimum of Rs. 1,000 plus GST
- Maximum: Rs. 10,000 plus GST
3. Baroda Digital Pre-approved personal loans
These digital pre-approved personal loans come with a hassle-free process and paperless process. documentation. You can apply for an online pre-approved personal loan in an easy and simple manner digitally by filling out an application. You can also go to one of the nearest branches of Bank of Baroda and apply for the loan.
Baroda Digital Pre-Approved Personal Loan: Key Details
Pre-approved loan can be used for any purpose except speculation.
- Loan Amount Range: Rs. 50,000 to Rs. 5,00,000
- Repayment Tenure: 18 to 36 months
- Eligibility by Age:
- Minimum Age: 21 years
- Maximum Age: Must be under 57 years at the time of loan maturity
Eligibility Criteria
- The loan is provided to both salaried and self-employed individuals
- NRIs and SHGs are not eligible.
For verifying the pre-approved loan offer, type PAPL <Space> followed by last 4 digits of your debit card. Then, send an SMS to 8422009988 from your registered mobile number.
Interest Rates
| Parameter | Applicable rate of interest | Effective rate of interest |
| Fixed rate of interest based on CIBILTM score and internal score | Minimum: 1 year MCLR + SP + 3.80 Maximum: 1 year MCLR + SP + 7.30 | From 12.95% to 16.45% |
| Floating rate of interest based on CIBILTM score and internal score | Minimum: BRLLR + SP + 3.50 Maximum: BRLLR + SP + 7.00 | From 12.90% to 16.40% |
Processing charges
Processing charge @2% of loan amount + Applicable GST
Baroda Digital Pre-Approved Personal Loan: Required Documents
- Registered Mobile Number: Must be linked to your Bank of Baroda account.
- Aadhaar Number: Required to receive OTP for E-Stamping and E-Sign processes.
Quick Links To Handle Your Personal Loan
Bank of Baroda Personal Loan Customer Care
Bank of Baroda personal loan applicants can enquire about their personal loan application and other related queries by contacting the below mentioned customer care numbers.
Personal Banking Toll-Free Numbers:
- 1800 258 44 55
- 1800 102 44 55
Personal Banking Email ID:
Email Id: cs.ho@bankofbaroda.com
Frequently Asked Questions
1. What is the rate of interest on a personal loan in Bank of Baroda?
The interest rate on a personal loan from Bank of Baroda ranges from 11.15% to 18.75% per annum, depending on the applicant's profile and loan terms.
2. What are the foreclosure charges imposed on Bank of Baroda personal loans?
Bank of Baroda does not levy any foreclosure charges on floating rate personal loans. However, for fixed rate personal loans, the lender will charge 3% on the prepaid amount during the first 3 years of the loan tenure.
3. Who is eligible for a personal loan in Bank of Baroda?
To be eligible for a personal loan from Bank of Baroda, applicants must be between 21 and 60 years of age for salaried employees, and up to 65 years for self-employed individuals. A steady income is required, with a minimum net monthly income of Rs. 20,000 for salaried individuals, while self-employed applicants should have a profitable business. A good credit score (usually 701 or higher) is preferred. Salaried employees need at least 1 year of work experience with their current employer, and self-employed individuals must have been in business for at least 3 years. Meeting these criteria ensures eligibility for a personal loan from Bank of Baroda.
4. Can pre-approved offers be rejected?
Yes, preapproved offers can be rejected if the customer does not fulfill the criteria set by the bank.
Bank Of Baroda Personal Loan - Customer Reviews
Nilesh salunkhe
personal loan
