Bank Of Baroda Personal Loan Interest Rate

Bank of Baroda personal loan interest rate

The interest rates applicable for customers is as mentioned below –

• Rate of Interest for existing customers having account relationship of minimum -6- months: One-year MCLR +SP+3.00% to One-year MCLR +SP+ 6.00%
• Other cases: For applicants having account relationship with other Bank at least for -6- months: One-year MCLR +SP+5.00% to One-year MCLR +SP+ 8.00%

Factors that impact Bank of Baroda personal loan interest rates

While many factors could have an impact on the quantum of loan extended to the applicant and the interest rate at which it is extended. Below are the key aspects which have the most impact on the quantum of loan and the interest rate provided to the applicant.

• Credit score – The credit score is the first-hand information of the credibility of the applicant. Typically, the bank looks for 750 and above as credit score for extending any type of loan. Personal loan is extended to individuals with good credit score. Any individual whose score is not good enough, can improve it by making regular payments of EMI, closing outstanding loans.
• Stability of income – Income stability has to be established for personal loan accessibility. If the applicant has a very stable source of income, then it is likely that the loan will be approved without hassle and the interest rate will be lower.
• Reputed employer – If the applicant is an employee with a reputed organization, then it is likely that they will get the approval in a faster manner.
• Relationship with bank – If the applicant is an existing customer and the customer has maintained the right balance throughout the tenure of the relationship with the bank, then the personal loan would be approved seamlessly.

Other Charges applicable on personal loan extended from Bank of Baroda

The personal loan extended by banks are subject to processing charges, these charges are a percent of the loan amount extended, with a cap on the maximum amount extended.

• 2% of Loan amount
• Minimum: Rs.1000/-
• Maximum: Rs.10,000/-

Features of personal loan offered by Bank of Baroda

The key features of personal loan offered by Bank of Baroda is as mentioned below –

• To apply for a personal loan, applicants can be employees of government bodies or private companies with minimum continuous service of one year. Similarly, self-employed professionals or business persons who want to apply for personal loans need to have their business or practice for at least one year.
• Applicants need to be at least 21 years of age to be eligible for a personal loan, while co-applicants are not allowed. The maximum age to apply for personal loans is 60 years for salaried and 65 for non-salaried persons at the end of the repayment period.
• The personal loan amount varies by location. In metro and urban areas, the loan amounts can range from Rs.1 lakh to Rs.10 lakhs. In semi-urban and rural areas, the personal loan amount varies from Rs.50,000 up to Rs.5 lakhs.
• The processing charges for personal loans is calculated as 2% of the loan amount, with a minimum of Rs.1000 up to Rs.10,000.

Bank Of Baroda Personal Loan Interest Rate FAQs