Bank of Baroda Personal Loan

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Bank of Baroda Personal Loan

Bank of Baroda Personal LoanA Personal Loan is a financial product that allows us to borrow money from banks to meet various requirements. One of the leading products in the market is the Bank of Baroda Personal Loan. The money that is borrowed from any financial institution for personal use is known as a personal loan.

A personal loan can be provided for the requirements like a medical emergency, marriage, for the renovation of the home. The people may apply from any banks and non-banking financial institutions (NBFCs). It is an unsecured loan which means it doesn’t require any security or collateral. A person can get a personal loan on the basis of their eligibility like monthly income, CIBIL score, banking history, etc.

The interest rate of the loan varies according to the banks. The creditor checks the credit history and credit score of the applicant and the applicant can apply online as well as offline.

Bank of Baroda Personal Loan at a Glance
Interest RateStarts at 11.20%
Lowest EMI per Lakh₹2605 for a tenure of 48 months
Tenure12 to 48 months
Processing Fee2%
Prepayment ChargesNIL

Why Bank of Baroda Personal Loan?

The Bank of Baroda is a public sector undertaking bank. The bank is a leading provider of financial services and other products in the market. They also provide a personal loan to those people who are in urgent need of finance. A personal loan is applied for by those people who need urgent financial assistance. This may be for paying medical bills, for paying education fees of the child, for marriage expenses of the daughter child. The bank provides many advantages on the personal loan deals that have been listed below:

  1. The bank provides loans to pensioners from the defense sector and other pensioners.
  2. It also provides loans to Insurance agents.
  3. The bank charges an interest rate of 11.20% on personal loans.
  4. It provides loans to the people who are in urgent need of finance

Bank of Baroda Personal Loan Eligibility

Not every person can apply for a personal loan. There are some eligibility criteria on the basis of which the bank provides a personal loan to the applicant. There are two categories of applicants:

  1. Salaried
  2. Self-employed

There are different eligibility criteria for both applicants.

Bank of Baroda Personal Loan : Salaried Applicant

  1. Firstly the age of applicant should be minimum 21 years and maximum up to 60 years.
  2. Secondly, if the borrower is residing in a metropolitan city should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city then he should have the minimum income of Rs 12,000.
  3. The borrower should have the work experience of the last three years and the salary should come in their account only.
  4. If a person is applying for the personal loan then he must have a good credit history.
  5. The documentation process is easy they just have to submit their bank statement of the last three months and the salary slip of the last six months.

Bank of Baroda Personal Loan : Self-employed Applicant

  1. If a person is self-employed than the age of the applicant should be minimum of 25 years and maximum up to 65 years.
  2. The applicant should file ITR for the last three years.
  3. The credit score of the applicant should be good and no debt should be left due. And the credit score should be more than 650.
  4. The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
  5. And the applicant is having a business than his business should be running from the last three years.

Bank of Baroda Personal Loan Documents

When the applicant applies for the personal loan after that, they have to submit some of the documents. These are:

  1. The applicant has to submit their identity proof which includes Aadhaar Card, Passport, Voter Card, Driving License.
  2. Two colored photographs
  3. They have to submit residence proof which includes Updated Passbook, Aadhaar Card, Passport, Voter Card, Ration Card. And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity bill which has to be in the name of the applicant and the address of the owner.
  4. They have to submit their PAN card which is an essential document under the KYC formality.
  5. If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the last six months.
  6. And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.

Salaried Individual

Self Employed People

Last 3 months salary slips & last 6 months bank statement

 ITR of 2.5 lac minimum for last 3 years

Identity Proof: Aadhaar Card/ Voter Card/ Driving License/ Passport

Address Proof: Aadhaar Card/ Voter Card/ Passport/ Driver License/ Ration Card and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address

  Two colored photographs

 PAN Card photocopy

Bank of Baroda Personal Loan Advantages

The bank was established nearly a century ago and is a leading provider of financial services in the country. They provide many benefits to the customers who apply for a personal loan, some of which are:

  1. The interest rate is very affordable and starts at 14.50%.
  2. The minimum loan amount that a person can apply for is Rs. 20,000, whereas, the maximum amount can vary.
  3. Maximum duration for which a personal loan can be availed from Bank of Baroda is 36 months.
  4. The processing charges for personal loans in the bank are 2% of the loan amount, which is a minimum of Rs. 500 without an upper limit.
  5. Many banks provide a personal loan to the people. A personal loan is an unsecured loan as it does not require collateral to be submitted to the bank. It is necessary that the interest rates are compared before applying for a personal loan. We can help you compare the personal loan deals from different banks including Bank of Baroda, call on 60011600 today.

How to Apply for Bank of Baroda Personal Loan ?

  1. The applicant can apply for Bank of Baroda personal loan online on the website of Dialabank. The process is very easy and simple.
  2. First of all visit www.dialabank.com.
  3. Then fill the application form online with the necessary information. It includes the name, contact number, and email id.
  4. The applicant will receive a swift response about their queries from the relationship managers, besides that they will get to know about eligibility and they can compare the rates of interest with other banks too.
  5. If they are eligible, then their loan will get approved and after the approval of their loan and the submission of the documents the loan will get disbursed within two days.

Why Dialabank?

  1. First of all, Dialabank is India’s first financial helpline company.
  2. The applicant can get all the information regarding the loans.
  3. All the guidance will be free of the cost.
  4. The rates of interest will be quite low.
  5. Besides that the applicant will get a document pickup facility from their doorstep, there is no need to go to the bank physically.

FAQs About Bank of Baroda Personal Loan

1. What is 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 ₹10 lakhs at attractive interest rates.

2. How does Bank of Baroda personal loan work?

Personal is an unsecured loan that does not require you to submit any security with the bank. Bank of Baroda 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.

3. What is personal loan rate of interest in Bank of Baroda?

Personal loan rate of interest in Bank of Baroda starts at 11.40% per annum. A processing fee of 2% of the loan amount is also charged.

4. What is the procedure of personal loan in Bank of Baroda?

The very first step in the personal loan application is the submission of 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.

5. How can I get 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.

6. How to apply for personal loan in Bank of Baroda?

Apply for 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.

7. Why apply for Bank of Baroda personal loan?

Bank of Baroda has an extensive network of more than 9800 branches through which you can easily fulfill 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.

8. How much EMI on Bank of Baroda personal loan?

The Bank of Baroda personal loan EMI starts at ₹2605 for a loan amount of ₹1 lakh spread over a tenure of 48 months. This amount can vary depending on the borrower’s profile.

9. How much CIBIL score required for Bank of Baroda 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.

10. Minimum credit score needed for Bank of Baroda personal loan?

Being an unsecured 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.

11. 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.

12. What can I use Bank of Baroda 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 your every financial need.

13. Can I prepay Bank of Baroda personal loan?

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

14. How to prepay 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.

15. How to repay Bank of Baroda personal loan?

You can repay your Bank of Baroda personal loan in easy monthly installments (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.

16. How to repay Bank of Baroda 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.

17. What documents are needed for 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 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.

18. How to check Bank of Baroda 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.

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