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% p.a.
| Bank of Baroda Personal Loan Highlights | |
| Interest Rate | 10.90%-18.25% p.a.
12.00% p.a. (for pensioners) |
| Loan Amount | Up to INR 20 lakh |
| Tenure | Up to 7 years |
| Processing Fee | Up to 2% (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%-18.25% |
| 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%-16.25% |
| 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%-16.25% |
| Gold: Same target customers as mentioned in the Silver Category, however, the salary account must be with the Bank of Baroda | 11.40%-16.25% |
| Govt. Employees/defense personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 | 10.90%-11.40% |
| Loan Product | Interest rate (p.a.) |
| Baroda Loan to Pensioners | 12.00% |
| Baroda Digital Pre-approved Personal Loan | 12.40%-15.90% |
Processing Fees & Charges
Below mentioned are the processing fees & charges to apply for BOB personal Loan:
| Particulars | Fees |
| Processing Fee | Up to 2% (INR 1,000-10,000)+GST
For Government employees maintaining salary accounts with Bank of Baroda- NIL |
| Penal Interest | 2% 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% 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:
- 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
- Aadhaar Card
- Valid Indian passport
- Voters ID card
- Driving license
- Employee ID cards issued by relevant authorities like the Govt. or Defense 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 the last -6- months of our Bank/other bank
- If the applicant is a self-employed individual
- Balance sheet and profit and loss account, computation of income for last 1 year
- 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
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.