Bank of Baroda Personal Loan: How to Get the Best Interest Rate

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If you are looking for a Personal Loan? then our suggestion is You need to try a Bank of Baroda pre-approved personal loan because this Bank of Baroda Personal Loan gives a Bank of Baroda personal loan at Low-interest rate. so if you need this Bank of Baroda Personal Loan then read the Full blog on how you can bank of Baroda personal loan online and apply

What is Bank of Baroda Personal Loan

Bank of Baroda Personal Loan Offers a Fast and Easy way to complete your all Urgent financial needs. Also with the Bank of Baroda Personal Loan, the Bank of Baroda Gives you Lots more Advantages in the form of a Credit Card

Also, Bank of Baroda Personal Loan GIves you Additional concession up to 0.50% on your Personal Loan if you apply for this Personal Loan through Digital Mode.

Bank of Baroda Personal Loan Benefits

So now we talk about the Benefits of the Bank of Baroda Personal Loan Because if you do not get any Bank of Baroda Personal Loan then why do you get this

Bank of Baroda Personal Loan Benefits

  • Emergency fund
  • Advantage over
    credit cards
  • No strict
    credit limits
  • Pay via cheque,
    bank transfer or cash
  • Extended timelines
    for repayment
  • Flexible usage of funds
  • Higher borrowing amount

3 Reasons to Use a Bank of Baroda Personal Loan for Your Emergency Fund

3 Reasons to Use a Bank of Baroda Personal Loan for Your Emergency Fund

Are you looking to build up your emergency fund so that you have some financial cushion if something bad happens? An emergency fund helps you pay your bills when life throws you a curveball, like an unexpected medical bill or car repair bill. If you don’t have an emergency fund yet, a Bank of Baroda personal loan can help provide the cash you need in order to build your financial safety net. Here are three reasons why it makes sense to use a Bank of Baroda personal loan as part of your emergency fund strategy.

Flexibility

Bank of Baroda personal loans offer flexible repayment terms that can be customized according to your needs. This means you’ll be able to pay back in installments that suit your budget and fit into your schedule, rather than having to line up payments around payday or set aside cash before each deadline. The flexibility also makes it easy to use these loans as part of an emergency fund or other short-term financial plan

Payment Flexibility

No matter what your financial circumstances are, you can pay back your loan on time every month. Flexible repayment options make it easy to set up automatic payments that work within your budget. There’s also an emergency withdrawal provision that allows you to withdraw a maximum of 30% of your total loan amount in any one year during unforeseen circumstances such as medical emergencies or natural disasters.

Longer Repayment Terms

Personal loans from the bank of Baroda have repayment terms ranging from 5 years to 10 years. This is something that most banks are unwilling to do. By having longer repayment terms, you save money on interest and also have more time at your disposal should a problem arise. In times when you need quick cash, there’s no better option than an emergency fund in your bank account.

Bank of Baroda Personal Loan Features
Bank of Baroda Personal Loan Features

Bank of Baroda Personal Loan Features

  • Personal loan applicants must be employed by a government agency or private company with a minimum of one year of continuous service. Self-employed individuals or business people who wish to apply for personal loans must have been in business for at least one calendar year.
  • To be eligible for a personal loan, applicants must be 21 years old. Co-applicants cannot be accepted. Personal loans are available to salaried individuals up to the age of 60 and non-salaried people up until the end.
  • Personal loan amounts vary depending on where you live. The loan amount can vary between Rs. 1 lakh and Rs. 2 lakh in urban areas. 1 lakh to Rs. 15 lakhs. The personal loan amount in rural and semi-urban areas varies from Rs. 50,000 to Rs. 15 lakhs.
  • Personal loans have a processing fee of 2% + GST. The minimum amount is Rs. 1000 + GST, up to Rs. 10,000 + GST.

Five Features of Bank of Baroda Personal Loans That You Didn’t Know About

Bank of Baroda, one of the leading Indian banks, offers personal loans that are available to individuals and corporate firms across the country. In fact, the Bank of Baroda has been at the forefront of innovative banking solutions in India since 1906, especially when it comes to personal loans. Here are five features of Bank of Baroda personal loans that you may not have known about yet. These features can help you make an informed decision while applying for your own personal loan from the bank.

Credit Score

One of the most important features that are often missed while applying for personal loans in India is your credit score. It will play a significant role in deciding your loan eligibility and terms. So, check your credit report to ensure it’s correct, and request any corrections if necessary.

Loan Amount

Bank of Baroda personal loans are available for up to Rs. 15 lakhs.

Tenure

Just like other personal loans, BOB personal loans are available for short, medium, and long tenures. Short-term loans may not exceed three years, while medium-term loans can be borrowed for up to five years. Long-term loans that last up to 10 years are also available.

Prepayment Fees

Like many personal loans, Bank of Baroda loans come with prepayment fees. If you pay off your loan early or make a partial payment, then you’ll have to pay a fee based on how much you pay and when. This is just one area where it pays to read your loan’s fine print carefully.

No Income Tax Deduction on EMI’s

Did you know that personal loans from banks don’t qualify for tax deductions? While interest payments on housing and vehicle loans can be deducted from your taxable income, you cannot claim these exemptions for interest payments on personal loans. However, if your monthly EMI exceeds Rs.10,000 in a financial year (ending 31st March), you may be eligible to claim a tax deduction.

Bank of Baroda Personal Loan Eligibility

Bank of Baroda Personal Loan Eligibility Depends on some points so let’s start with one

Purpose

For any purpose other than speculation.

Eligibility Borrowers

  • Employees of central/state Government/autonomous bodies/public/joint sector undertakings, public limited companies/MNCs & educational institutions with minimum continuous service for 1 year.
  • Employers of partnership firms, proprietorships, private limited companies, and trust – with minimum continuous work for one year.
  • Minimum of 2 years experience as an insurance agent.
  • Self-employed professionals (doctors, engineers, architects, interior designers, tech. Management consultants, company secretaries, and others. Minimum 1 year of a stable business.
  • Persons who are self-employed and have a minimum of one year of a stable business.
  • Non-eligible employees and NRI/PIO personnel are not eligible

Co-Applicant

All applications will be reviewed on an individual basis. Not to accept co-applicants.

Age

  • Minimum: 21 Years
  • Maximum:
    • For salaried people: The borrower’s age and repayment period must not exceed 60 years or retirement age, whichever comes first.
    • Non-salaried individuals: The borrower’s age and repayment period must not exceed 65.

Quantum of Finance

Based on the classification of the finance branch, the limit is set.

Maximum

  • Metro and urban: Rs. 15 lakhs
  • Rural and semi-urban: Rs. 15 lakhs

Minimum

  • Metro and urban – Rs. 1 lakh
  • Rural and semi-urban: Rs. 50,000

Penal interest

On any loan balance, 2% penalty interest will be charged

Processing Charges

2% of loan amount – Minimum: Rs. 1000,  Maximum: Rs. 10,000 + Service Tax

Specific Guidelines for Loan Eligibility
ParameterEmployees of Central/State Government, autonomous bodies, public/joint sector undertakings & educational institutions with minimum continuous service for 1 year and having salary account with our BankFor Others
Repayment Capacity (FOIR)60% of GMIGMI less than Rs. 75,000: 40% of GMI GMI Rs. 75,000 and above but less than Rs. 2,00,000: 50% of GMI GMI Rs. 2,00,000 and above: 60% of GMI
Repayment PeriodMaximum 60 monthsMaximum 48 months
Account RelationshipThe salary account should be with our Bank. Last month’s salary has been credited to the account.Loan amount up to Rs. 2 lakhs: Satisfactory account relationship with our Bank or any other bank for at least 6 months.Loan amount above Rs. 2 lakhs: Satisfactory account relationship with our Bank for at least 6 months.

In the case of employees of proprietorship, partnership firms, and private limited companies, the trust salary account of the employee should be maintained with our Bank for the last 6 months.

In the case of insurance agents, the commission for the minimum last 6 months to be credited to the account with us.

Bank of Baroda Personal Loan Interest rates & charges

Baroda Personal Loan Interest rates & charges Divide in some subcategories so let’s check it out

ProductConditionsRepo Rate + SpreadEffective Rate of Interest
Bank of Baroda Personal LoanCategory A – (Employees of private/public, trust, LLP, and insurance agent, self-employed professional and business people) who have an account relationship with another BankLinked with CIBIL Score of the individual Ranges from BRLLR+SP+5.25% to BRLLR+SP+8.85%From 12.40% to 16.00%
Bank of Baroda Personal LoanCategory B – (Employees of private/public, trust, LLP, insurance agent, self-employed professional, and business people) who have an account relationship with our BankLinked with CIBIL Score of the individual Ranges from BRLLR+SP+3.25% to BRLLR+SP+6.85%From 10.40% to 14.00%
Bank of Baroda Personal LoanCategory C: Silver – Employees of Central / State Govt. / PSUs / Self-Governing Bodies/ Listed Public Limited Company with an external rating of “A” & Above / Joint Sector Undertakings & Educational Institutions in National Repute having a salary account with another BankLinked with CIBIL Score of the individual Ranges from BRLLR+SP+2.50% to BRLLR+SP+6.85%From 9.65% to 14.00%
Bank of Baroda Personal LoanGold: The same target customers as in the Silver Category but the salary account must be with our Bank.Linked with CIBIL Score of the individual BRLLR+SP+2.00% BRLLR+SP+6.85%From 9.15% to 14.00%
Bank of Baroda Personal LoanGovernment employees/personnel in the defense force who have a salary account with our Bank, under the scheme code SB 182 and 186Linked with CIBIL Score of the individual BRLLR+SP+1.50% BRLLR+SP+2.00%From 8.65% to 9.15%

Unified Processing Charges

  • 2% of Loan amount + GST
  • Minimum: Rs.1000 + GST
  • Maximum: Rs.10,000 + GST

Bank of Baroda personal loan Documents Required

Bank of Baroda has a stringent set of documents that they require you to submit in order for you to get a personal loan. You will need these documents before submitting your application, so make sure you have them on hand before beginning. Since every bank and its requirements are different, it is important that you check with the Bank of Baroda directly for more information about what documents they require. Here are some commonly required documents for Bank of Baroda personal loans

  • Completely filled loan application along with 3 passport-sized photographs along with Form 135 giving details of Assets and Liabilities of the applicant.
  • Bank statement for the last six months and updated passbook.
  • Proof of residence includes any of the following:
    – Valid passport
    – Voter id card
    – Driving license
    – Postpaid utility bill (gas bill and electricity bill)
    – Updated passbook or bank account statement
    – Registered rent agreement
  • Proof of identity:
    – PAN card
    – Aadhar Card
    – Valid Indian passport
    – Voters’ ID card
    – Driving license
    – Employee ID card issued by relevant authorities like the Govt or Defence or reputed corporate
    – Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI
  • For salaried individuals
    – Last 3 months’ salary slips
    – Statement of account for last -6- months of our Bank/other banks
  • If the applicant is a self-employed individual
    – Balance sheet and profit and loss account, computation of income for last 1 years
    – Income Tax Returns – last 1 year for Applicants, 26 AS, Traces
    – Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others
    – IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR

Bank of Baroda personal loan EMI calculator

If you find to use and need to Find out about your EMI so you can use a bank of Baroda personal loan emi calculator By simply – clicking Here

Bank of Baroda Personal loan customer care number

Are you trying to Find the Customer Care Number of Bank of Baroda so Here is the bank of Baroda personal loan customer care number is – 1800 258 44 55 / 1800 102 44 55

FAQs – Frequently Asked Questions

What is the minimum salary for a personal loan in the Bank of Baroda?

To get a personal loan in the Bank of Baroda you need to have a Minimum at least 20,000 Per Month

What is PAPL in the Bank of Baroda?

PAPL – Pre-approved Micro Personal Loan

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