Bank of Baroda Personal Loan

Bank of Baroda Personal Loan Key Features Apr 20 2024

Eligibility Criteria	Details
Age	21 – 60 Years
CIBIL score Criteria	Minimum 750 or above
Bank of Baroda Personal Loan Interest Rate	10.50%
Lowest EMI per lakh	Rs. 2149
Tenure	48 to 60 months
Bank of Baroda Personal Loan Processing Fee	2% (Rs.1000-10000)+GST
Prepayment Charges	NIL
Part Payment Charges	NIL
Minimum Loan Amount	Rs. 50,000
Maximum Loan Amount	Rs. 10 Lakh

Bank of Baroda Personal Loan Rate of Interest

Today, Bank of Baroda Personal loan interest rate is 10.50%p.a, with the lowest rates offered to existing customers of the bank with a strong CIBIL Score and those working with reputed corporate with a stable employment history. Bank of Baroda also runs special schemes for defence, armed forces, and government employees. The personal loan interest rate for government employees and defence personnel is different from private salaried employees.

Bank of Baroda Personal Loan Status 

Now stay updated with the status of your loan. Simply just enter the required details and keep track of it at any stage. Just by entering the Applicant Name, Proposal Number, or mobile number, you will simply stay updated with your loan status.

Bank of Baroda Personal Loan Eligibility Criteria

Eligibility criteria for a personal loan:

CIBIL score	750 and Above
Age	21-60 years
Min Income	Rs. 25000/month
Occupation	Salaried/Self-employed

Bank of Baroda Personal Loan Fees and Other Charges

Bank of Baroda Personal Loan Interest Rate	10.50%
Bank of Baroda Processing Personal Loan Charges	1% of the Loan Amount
Prepayment Charges	NIL
Stamp Duty	As per state laws
Cheque Bounce Charges	As per bank terms
Penal Interest	2% of the outstanding amount
Floating Rate of Interest	Not Applicable

Bank of Baroda Personal Loan Documents Required

Form	Duly filled application form
Proof of Identity	Copy of:  Passport  Driving License  Aadhar Card  Voter ID Card
Proof of Address	Rent Agreement (Min. 1 year of stay) Utility Bills Passport (Proof of permanent residence) Ration card
Proof of Income	ITR: Last two Assessment years  Salary Slip: Last 6 months  Bank Statement: Last 3 months

Bank of Baroda Personal Loan EMI Calculator

Bank of Baroda Personal Loan Compared to Other Banks

Bank	Interest Rate	Tenure	Loan Amount & Proc Fee
Bank of Baroda	10.50%	12 to 48 months	Up to Rs. 10 lakh / Up to 2% of the loan amount
Bank of Baroda	10.50% to 21.50%	12 to 60 months	Up to Rs. 40 lakh / Up to 2.50% of the loan amount
Bajaj Finserv	Starting from 12.99%	12 to 60 months	Up to Rs. 25 lakh / Up to 3.99% of the loan amount
Axis Bank	7.35% to 24%	12 to 60 months	Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount
Citibank	Starting from 10.99%	12 to 60 months	Up to Rs. 30 lakh / Up to 3% of the loan amount
Private Bank	10.50% to 19.25%	12 to 60 months	Upto Rs. 20 lakh / Up to 2.25% of the loan amount

Other Loan Products from Bank of Baroda

Bank of Baroda Gold Loan	Bank of Baroda Car Loan	Bank of Baroda Home Loan	Bank of Baroda Business Loan
Bank of Baroda TWL	Bank of Baroda LAP	Bank of Baroda Credit Card	Bank of Baroda Education Loan

Why shall you apply for a Bank of Baroda Personal Loan with Dialabank?

Dialabank is India’s first financial helpline that helps you find products as per your financial needs. With us, you can compare rates and offers from different banks and NBFCs and choose the product that is suitable for you. We provide convenient and trustworthy services.

How to Calculate EMIs for your Bank of Baroda Personal Loan

Use the following parameters to calculate your EMIs

1. Amount of the Loan
2. Rate of Interest
3. Tenure

Enter the values in the calculator below and find your monthly EMIs

Bank of Baroda Personal Loan Processing Time

Personal Loan application in Bank of Baroda is processed within a week, but, if you are one of the account holders and existing customers of the bank, your loan application will be processed within 48 hours.

Bank of Baroda Personal Loan Preclosure Charges

If you feel the need to close your loan before the end of its tenure, you can do so at absolutely no extra charges. Bank of Baroda charges zero prepayment and foreclosure fees from its borrowers.

Documents Required for Preclosure of Personal Loan 

Generally, the following documents are required to foreclose your Bank of Baroda  personal loan:

• A valid photo identity proof
• Loan Account Statement
• Cheque/ demand draft/ cash to make the payment

Bank of Baroda Personal Loan Foreclosure Benefits 

Given below are a few key benefits of foreclosing your Bank of Baroda personal loan:

Foreclosure / Full Prepayment

• Helps you save on the overall interest payout.
• Frees you from the burden of regular loan repayments.

Partial Prepayment

• It enables you to save on the interest component.
• You also have the advantage of either paying a reduced EMI amount or having a shorter loan tenure.

Bank of Baroda Prepayment Facility

Bank of Baroda also offers a prepayment facility to help the customers pay off the entire outstanding or a part of it. If you have a surplus amount of money in hand and meeting the below criteria then you can pay a part of your principal outstanding amount to reduce the same. This will also help in saving interest accrued on the principal amount. Know more about this facility below.

• Prepayment will be allowed subject to the successful payment of the first 12 EMIs
• Prepayment will be allowed a maximum of twice during the entire tenure of the loan
• Prepayment is allowed only once a year
• At any point in time, the prepayment will not exceed 25% of Principal Outstanding

Charges to be paid on Prepayment

• 13-24 Months – 4% of the outstanding loan balance
• 25-36 Months – 3% of the outstanding loan balance
• More than 36 Months – 2% of the outstanding loan balance

Different Personal Loan offers by Bank of Baroda

Bank of Baroda Marriage Loan

Bank of Baroda offers Personal Loan for Marriage to solve people who are facing a shortage of funds for their or their close one’s marriage. There is no restriction on using this loan amount and can be used for anything from wedding banquets to makeup or stylists, etc. You get these amounts quickly within seconds if you are a pre-approved customer with the bank or as quickly as 4 hours in some cases. The bank charges an attractive interest rate and gives you the option of choosing the loan tenure.

Personal Loan for Government Employees

Individuals working in the public sector and defence get added benefits and lower rates of interest for their personal loan needs. Bank of Baroda has different offers for all the government employees.

Bank of Baroda Personal Loan Offers for Government Employees:

Offers By Government	Number of Companies	Processing Fee(% of the Loan Amount	IRR
Miniratna, Navratna, and Maharasthra	55	1.50%	13.49% 11.49% 10.99%
Pensioner	All	1.50%	14.75%
Employees from the Railway Department	All	1.50%	16.50% 15.00% 14.25%
CISF, CRPF, ITBP, SSB and BSF	All	1.50%	14.75%

State and Central Government Officers:

Section	Salary	Processing charge	IRR
Government Officer Division A (GA) and Division B (GB)	NTH>24k	2%	16.75%
	NTH>35k	2%	15%
	NTH>50k	1.75%	14.75%

Personal Loan for Doctors

Doctors (at least 4 years of professional practice) can apply for a personal loan and get offers and rates specially tailored for their personal and professional needs.

Personal Loan for Pensioners

Elderly citizens who draw their pensions from Bank of Baroda account can apply for personal loans to meet their financial needs at interest rates and tenure that are easy on the pocket.

Bank of Baroda Personal Loan Balance Transfer

When you want to switch your existing lender to the one with lower rates of interest or better terms, you shall apply for a personal loan balance transfer. Your new lender will pay your loan to the old lender and provide you with better terms and rates.

Bank of Baroda Personal Loan Top Up

You can apply for a personal loan top up if you feel the need for additional money. It is a better and convenient option rather than having to apply for a fresh loan.

Bank of Baroda Overdraft Scheme 

For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at Bank of Baroda is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the Bank of Baroda online banking portal and from there you can fill out a simple form and get an overdraft under your name.

Bank of Baroda Home Renovation Loan

Bank of Baroda offers an attractive deal on a Home Renovation Loan that covers every aspect of refurbishment from repainting to new instalments in your house. The most efficient loan to get any sort of renovation done at your place that offers a favourable interest rate on the loan advance. The key features of this loan advance are as given below:

• The loan is free from any end-use restriction.
• The suitable interest rate that ranges from 8.00% per annum to 9.25% p.a.
• Repayment tenure offered is up to 36 months.

Bank of Baroda Holiday Loan

Who doesn’t like an exotic holiday with the loved one’s, Bank of Baroda understands all your needs from travelling to lodging the holiday loan covers it all. Now you don’t have to hinder your desire to roam around the places without worrying about finances. Given below are the key features of the Bank of Baroda Holiday Loan:

• The loan gets instantly approved within a few minutes of registration.
• The disbursement process is concise and quick.
• The repayment tenures are flexible.
• The credit application is available online and is easy to track.

Bank of Baroda Fresher Funding

In the competition sustained world everybody needs a breakthrough to set foot into their career. Bank of Baroda offers a special credit for graduate candidates who are on the brink of realizing their dream careers. With the help of Fresher Funding, one can easily take funds for establishing a career in the new city. Given below are the key highlights of the Fresher Funding:

• The credit provided to the candidate is in accordance with their requirement.
• The minimum age of the applicant must be 21 years for such an individual loan.
• Interest rates payable on such individual loans vary based on the Applicant’s profile.

Bank of Baroda NRI Personal Loan

Bank of Baroda considers the needs of all customers whether Resident Indian or NRI, among various reasons for NRIs to migrate education, job, etc. top the priority list. Thus, NRIs often struggle with the funds when they move this individual advance got you covered wherever you move the funds are made available for you under certain conditions. The below are the mentioned features of Bank of Baroda NRI Personal Loan:

• The interest is highly preferential based on the amount and tenure.
• There is no requirement of any collateral and the process is not at all complex.
•  The documented evidence of the Primary borrower that is resident along with the proof of co-applicant that is NRI requires to be submitted.

Pre-closure of Bank of Baroda Personal Loan

Bank of Baroda allows the borrowers to pre-pay their personal loan after the completion of a specific time period at some additional foreclosure charges. However, there are a few Yes personal loan preclosure criteria that you need to meet to close the account.

• Preclosure of your Bank of Baroda personal loan will be allowed any time during the entire loan tenure after at least 1 instalment is paid by the borrower.
• For pre-paying or pre-closing your Bank of Baroda personal loan, you will have to repay the total outstanding amount along with all other applicable charges
• You have to pay 5% of the loan amount that is outstanding after the payment of the EMIs along with taxes before closing your personal loan as preclosure charges.

Bank of Baroda Personal Loan Process Steps

Step 1: Determine your requirement.
Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home. And you may need just Rs. 1 lac or Rs. 10 lac.

Step 2: Check loan eligibility
Once you know how much you need, you should check whether you are eligible. You can visit the Bank of Baroda Personal Loan Eligibility Criteria online, to find out how much you can borrow as a Personal Loan. Bank of Baroda offers loans up to Rs. 40 lac.

Step 3: Calculate monthly instalments –
Use an online EMI tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income, like on the Bank of Baroda Personal Loan EMI Calculator. Bank of Baroda offers pocket-friendly EMIs on all its Personal Loans starting at Rs. 2149 per lac * (T&C).

Step 4: Approach the bank –
You can apply for a Personal Loan with the Bank of Baroda in various ways: Via Net Baning, online on the Bank of Baroda website, at an ATM, or by visiting a branch.

Step 5: Submit documents -.
Next, find out what documents are required for a Personal Loan. You will usually need income proof (bank statements, salary slips or IT returns), address proof, and ID proof. Hand over copies of your Personal Loan documents at the bank.

Wait for funds to be remitted to your account. Bank of Baroda disburses funds for pre-approved loans to customers in 10 seconds*, and for non- Bank of Baroda customers in 4 hours*.

That’s how to get a Personal Loan in 5 easy steps!

Bank of Baroda Personal Loan Prepayment Charges 

If you are a salaried applicant, you can pre-pay your  Bank of Baroda Personal Loan only after paying 12 equated monthly instalments completely.

The pre-payment charges for salaried applicants are as follows:

• 4% of the outstanding principal amount for 13 to 24 months.
• 5% of the outstanding principal amount for 25 to 36 months.
• 2% of the outstanding principal amount for more than 36 months.

How to Apply for Bank of Baroda Personal Loan?

At Dialabank, we ensure to provide you with the best financial services at feasible interest rates on Personal Loans. To apply for a Bank of Baroda Personal Loan, there is a list of steps that you should follow to facilitate your loan approval process.

 

1. Visit Dialabank.
2. Compare and choose the right loan for yourselves.
3. Fill an online form with your personal and employment specifications for the Bank of Baroda Personal Loan
4. After filling the form, you can check the eligibility criteria and interest rates online.
5. Once you’re done with the submission, our customer relationship managers will connect with you for assistance.
6. Make sure that you’re eligible for the loan.
7. Ultimately, your loan gets approved within no time.
8. For more knowledge, you can visit your nearest Dialabank branch or call 9878981166.

Personal Loan Verification Process

Below are the mentioned Verification steps that the Personal Loan Application goes through after applying for a Personal Loan at Dialabank:

• Step 1: Dialabank directs the Personal Loan application form to the selected finance institute for verification process after which the borrower receives a call from the lender typically within 48 hours.
• Step 2: The imminent loan lender then determines the pick up of basic documents for verification such as KYC, income, etc. or you will be provided with the option to upload the documents online. Which later goes past further verification.
• Step 3: As soon as the substantiation is done another alert for loan amount confirmation is done and thus, consensual disbursal of the advance takes place.
• Step 4: Once the verification and confirmation are affirmed the loan advance is disbursed within 48 hours.

Bank of Baroda Personal Loan Status

The Bank of Baroda in a very selective manner provides you with the option to navigate through your loan application and stay updated on its tracking. Given below are the options to check the application status for a Personal Loan:

• This process can be completed using Bank of Baroda net banking.
• Visit the official website of Bank of Baroda and with access to your details log in and check the status.
• You can also stay updated through telephonic updates by the Bank of Baroda Customer Care.
• Visit the Bank Branch in person.

How to Login to Bank of Baroda Portal

The Bank of Baroda possess a secured e-platform for banking and other services, the process to log in to the portal is as follows:

• Visit the Official website of Bank of Baroda and select login.
• Under the “for customers ” will display a drop-down list and fill the login details with appropriate credentials.
• Now using your customer ID and passcode just log in and get access to the BoB e-banking.

Bank of Baroda Personal Loan Statement

The borrowers get access to both offline and online ways to stay updated on Personal Loan Statement:

1. In case you have easy access to the Bank of Baroda e-banking portal then you just have to download the statement online and Keep for the future purpose.
2. If the borrower wishes then the physical copy of the statement can easily be extracted from the Bank Branch itself. Although the copy might charge some amount from the borrower.

Bank of Baroda Personal Loan Restructuring (COVID-19)

The pandemic situation had put all the finance and banking institutes in a state of conundrum. To tackle the unforeseen situation the RBI had mandated a moratorium of 3 months as per the guidelines, the Bank of Baroda declared loan deferment for the Loan Borrowers of Bank of Baroda starting from date 1 March 2020.

The second moratorium was announced from 1 June 2020 till August 31, 2020, to ease the tensions of borrowers already hostile in such a catastrophic situation. This moratorium sets the borrowers free from the obligation to make the EMI repayment up to date. The EMI schedules were determined to retrieve after the moratorium period is over.

However, the deferment on outstanding loans had certain consequences to deal with. The mechanism was termed Restructured Loan that had a specific remark on the Credit Score of the underlying borrower.

Bank of Baroda Customer Care

The Bank of Baroda borrowers can get in touch with the bank in the following ways:

• On-call: You can get in touch with the customer relationship manager on call at 1800 102 4455
   
• Branch Visit: You can visit the Bank Branch in your city in case you are seeking any assistance.

Benefits of applying for Bank of Baroda Personal Loan on Dialabank

• The entire process is online which therefore stamps out the need to physically visit the bank for any information or assistance.
• The concierge services are available 24*7 for customers. Loan processing can be done anytime and anywhere without any hindrance.
• The Dialabank online service lets you compare different banks and lenders based on the loan amount, interest rates, processing fees, foreclosure charges, etc.
• The online application is trackable hence, the applicant stays updated on every detailed application.

How to get the best offer on a Bank of Baroda Personal Loan?

Important Aspects

• Before you jump into the approval of a Personal Loan you must first go through the interest rates and other services charges offered by different financial institutions.
• A complete evaluation of the loan is very necessary. That covers every aspect related to the loan i.e. Interest rates, Processing Fees, Foreclosure Charges, late payment charges, etc. that impact the decision made on the particular loan approval.
• Avoid applying for different loans in different banks altogether. This adversely impacts your credit score as hard inquires are reported against your profile that in turn impacts the existing credit score.
• A sneak peeks into your Credit Score before loan registration would turn out helpful as in case of a faulty credit score the loan application suffers consequent rejection.

FAQs About Bank of Baroda Personal Loan 

✅ What is a Bank of Baroda personal loan?

Use your Bank of Baroda personal loan to finance all your requirements. Be it a wedding, a medical emergency, renovation of your home, or any other personal need. You can get a Bank of Baroda personal loan of up to Rs. 10 lakhs at attractive interest rates.

✅ How does Bank of Baroda’s personal loan work?

Personal is an unsecured loan that does not require you to submit any security with the bank. Bank of Baroda’s personal loan is full of features and benefits to cater to all your needs. You simply have to submit your documents along with an application form to the bank, upon verification and approval the loan is transferred to your account. You can then use this loan amount to cover all your personal expenses.

✅ What is the personal loan rate of interest in the Bank of Baroda?

The personal loan rate of interest in the Bank of Baroda starts at 10.50% per annum. A processing fee of 1% of the loan amount is also charged.

✅ What is the procedure of personal loans in the Bank of Baroda?

The very first step in the personal loan application is the submission of the form along with the requisite documents. The bank will then verify your documents and check your eligibility based on your monthly income, CIBIL score, and company profile. If eligible, your loan application will be approved, and disbursement of the loan amount will occur within 24 hours.

✅ How can I get a Bank of Baroda personal loan?

Walk into the nearest Bank of Baroda branch with your documents and contact the loan officer about a personal loan. Upon submission, verification, and approval of your loan application, the amount will be transferred to your bank account. You can also visit Dialabank’s website and compare the offers from different banks and finance companies and apply with us for hassle-free processing.

✅ How to apply for a Personal loan in the Bank of Baroda?

Apply for a Bank of Baroda personal loan online on the official website of the bank or visit the nearest branch with all your documents. You can also fill an inquiry form at Dialabank’s digital platform to avail of personalized assistance and get the best offers and deals in accordance with your needs.

✅ Why apply for a Bank of Baroda personal loan?

Bank of Baroda has an extensive network of more than 9800 branches through which you can easily fulfil all your financial needs. They provide personal loans at a low interest rate and with minimal processing fees. Also, you do not have to pay any foreclosure charges and can repay your loan as and when you are able to.

✅ How much EMI is on the Bank of Baroda personal loan?

The Bank of Baroda personal loan EMI starts at Rs. 2149 for a loan amount of Rs. 1 lakh spread over a tenure of 60 months. This amount can vary depending on the borrower’s profile.

✅ How much CIBIL score is required for a Bank of Baroda’s personal loan?

You will need to have a CIBIl score of 701 or more to become eligible for Bank of Baroda Personal Loans. CIBIL score is calculated based on credit history and be a maximum of 900.

✅ Minimum credit score needed for Bank of Baroda personal loan?

Your credit score is the only way for a bank to make sure of repayments. A credit score in excess of 750 means you have always been regular with your payments and are most likely to not default. Bank of Baroda requires to have a credit score in excess of 701.

✅ How to calculate Bank of Baroda personal loan EMI?

You can easily use the EMI calculator present on Bank of Baroda’s official website to calculate an estimated EMI based on your loan amount, loan tenure, and rate of interest.

✅ What can I use the Bank of Baroda’s personal loan for?

Bank of Baroda Personal Loan can be used to finance all your needs and expenses. From your wedding to that of a relative’s, home renovation and repair, payments of utility and medical bills, and etc. It is an all-around solution for every financial need.

✅What relaxation scheme and moratorium Bank of Baroda provides in relation to Personal Loan due to COVID 19?

The bank is offering a moratorium of 3 months.

✅ Can I prepay the Bank of Baroda’s personal loan?

You can prepay your Bank of Baroda personal loan if you have the needed fund. Bank of Baroda does not charge you any foreclosure fees.

✅ How to prepay a Bank of Baroda personal loan?

If you have the fund and wish to close your loan before the end of its tenure, you can visit your loan branch with all your documents and apply for foreclosure. You will be required to pay your outstanding amount and once all the formalities are taken care of your loan will be closed. There are no foreclosure charges.

✅ How to repay Bank of Baroda’s personal loan?

You can repay your Bank of Baroda personal loan in easy monthly instalments (EMIs). If you are an existing BOB customer, you can also pay your loan via online methods and through Bank of Baroda’s M-Connect mobile app.

✅ How to repay Bank of Baroda’s personal loan online?

Bank of Baroda lets you repay your personal loan online through net banking. You can simply visit Bank of Baroda’s online banking portal and pay all your dues easily.

✅ What documents are needed for the Bank of Baroda personal loan?

You will need your basic KYC documents for identity and address verification along with two recent passport-sized photographs. You will also require a bank statement of the last 6 months and salary slips as proof of your income. Along with these documents, a duly filled in application form shall be submitted with your banker to start the loan process.

✅ How to check Bank of Baroda’s personal loan status?

You can track your loan application online by visiting the BOB Financial website. You will need just your application number to stay updated with the status of your loan.

✅ What is the Bank of Baroda Personal Loan closure procedure?

• Just go to the bank with the documents.
• Write a letter for pre-closure of the Bank of Baroda Personal loan account.
• Pay the pre-closure charges as per  Bank of Baroda Personal  Loan.

✅ What is the Bank of Baroda Personal Loan overdraft scheme?

For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at Bank of Baroda is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the Bank of Baroda online banking portal and from there you can fill out a simple form and get an overdraft under your name.

✅ What are the Bank of Baroda  Personal Loan preclosure charges?

Bank of Baroda Personal Loan preclosure charges are Nil.

✅ What is the Bank of Baroda Personal Loan maximum tenure?

Bank of Baroda Personal loan maximum tenure is 36 months.

✅ What is the Bank of Baroda Personal Loan minimum tenure?

Bank of Baroda Personal Loan minimum tenure is 3 months.

✅ What is the Bank of Baroda Personal Loan customer care number?

You can call Bank of Baroda on 1800 102 4455.