All about BOB Personal Loan

BOB Personal Loans provides an easy and faster way to all urgent financial needs like meeting medical emergencies, a sibling’s wedding, or renovating a home, etc. Personal Loans have many benefits in the form of credit, like credit cards and informal loans from friends, family members, or untrustworthy financiers. BOB provides personal loans at a very attractive rate of interest, minimal documentation, and a speedy rate of processing.

Bank of Baroda Personal Loan can be availed for a loan amount of up to INR 20 lakhs and a loan period of up to 7 years at a rate of interest of 10.90{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1} p.a.

Bank of Baroda Personal Loan Highlights
Interest Rate 10.90{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}-18.25{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1} p.a.

12.00{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1} p.a. (for pensioners)

Loan Amount Up to INR 20 lakh
Tenure Up to 7 years
Processing Fee Up to 2{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1} (INR 1,000-10,000)+GST

 

For Government employees maintaining salary accounts with Bank of Baroda- NIL

Interest Rates

Below mentioned are the Bank of Baroda Personal Loan Interest Rates:

Type of Employees Interest rate (p.a.)
Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional, and business persons) having account relationship with other Bank 14.65{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}-18.25{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}
Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional, and business persons) having account relationship with Bank of Baroda 12.65{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}-16.25{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}
Category C: Silver: Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Companies having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank 11.90{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}-16.25{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}
Gold: Same target customers as mentioned in the Silver Category, however, the salary account must be with the Bank of Baroda 11.40{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}-16.25{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}
Govt. Employees/defense personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 10.90{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}-11.40{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}
Loan Product Interest rate (p.a.)
Baroda Loan to Pensioners 12.00{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}
Baroda Digital Pre-approved Personal Loan 12.40{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}-15.90{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1}

Processing Fees & Charges

Below mentioned are the processing fees & charges to apply for BOB personal Loan:

Particulars Fees
Processing Fee Up to 2{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1} (INR 1,000-10,000)+GST

For Government employees maintaining salary accounts with Bank of Baroda- NIL

Penal Interest 2{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1} on the outstanding loan amount
Foreclosure Charges NIL
Preclosure Charges NIL

Eligibility Criteria

Below mentioned are the eligibility criteria to apply for BOB Personal Loan:

  • Employees of central/state Government/autonomous bodies/public/joint sector undertakings, public limited companies/MNCs & educational institutions with minimum continuous service for 1 year.
  • Employees of Private Limited Companies, Trust, and Limited Liability Partnerships – with minimum continuous service for 1 year.
  • Insurance agents doing business for a minimum of the last 2 years.
  • Self-employed professionals (doctors, engineers, architects, interior designers, tech. and management consultants, practicing company secretaries, etc.) with a minimum 1-year stable business.
  • Self-employed business persons with a minimum 1-year stable business.
  • Staff members and NRI/PIO are not eligible.
  • Applications are to be considered on an individual basis only. Co-applicants are not to be allowed.
  • Minimum Age: 21 years
  • Maximum Age:
    • For salaried persons: The age of the borrower plus repayment period should not exceed retirement age or 60 years whichever is lower.
    • For non-salaried persons: The age of the borrower plus the repayment period should not exceed 65 years.

Quantum of Finance

  • Maximum
  • INR 20.00 lakhs (it is linked with the borrower’s occupation and account relationship with Bank)
  • Minimum
  • Rs.1.00 lakh for Metro & Urban Branch Rs.0.50 lakh for Rural & Semi-Urban Branch

Penal interest

Penal interest @2{d72e552ab8e371ff2d31467beea97465eb7357eb46998cc2b06c8a88fd8b39c1} shall be levied on the loan outstanding amount.

Features of BOB Personal Loan

Below mentioned are some of the features of BOB Personal Loan:

  • To apply for a personal loan, applicants can be employees of government bodies or private companies with a 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.
  • Maximum Rs.20.00 lakhs (it is linked with the borrower’s occupation and account relationship with Bank). Minimum Rs.1.00 lakh for Metro & Urban Branch Rs.0.50 lakh for Rural & Semi-Urban Branch

Documents Required

Below mentioned is the list of documents to apply for a BOB Personal Loan:

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

How to Apply for Bank of Baroda Personal Loan?

Below mentioned are the steps to apply for Bank of Baroda Personal Loan:

Step 1: Open the official website of the Bank of Baroda.

Step 2: Click on “Personal Loan”.

Step 3: Now click on “Apply Now”.

Step 4: Select the type of employment.

Step 5: Enter the mobile number.

Step 6: Enter the OTP received on the mobile number registered.

Step 7: Click on “Submit”.

Step 8: Provide all the personal and professional details.

Step 9: Submit the application form after filling it out completely.