Description

Bank of Baroda Personal Loans Details

Bank of Baroda personal loan can be used for various reasons, if in case you are going through any financial calamity at any point in your life, whether it’s a financial requirement for consumer durables or the immediate need for a quick payment, then applying for a personal loan is the best available option to meet your needs for immediate funds. BOB personal loan is very exclusive and generally favored personal loan facility. You can easily finance funds for home renovation, wedding, or any other emergencies at the lowest interest rates with the help of a personal loan from Bank of Baroda. 

Bank of Baroda offers personal loans with competitive interest rates and minimal documentation processes. Compare and get online personal loan interest rates for Bank of Baroda at Afinoz.com, one of India’s best loan providers.

Features and Benefits of BOB Personal Loan

Bank of Baroda has attractive features and benefits from easy loan approval to higher loan amounts with flexible loan tenure. Bank of Baroda offers its customers maximum quantum of loan depending on their repayment history and credit score.

  • No restriction on end use of the loan amount
  • Attractive rate of interest
  • Flexible tenure options
  • No collateral and security required
  • Loan payable in easy installments
  • Easy and simple documentation
  • Fast loan processing
  • Nil prepayment penalty

BOB Personal Loan Interest Rate & Charges of

Bank of Baroda is one of the leading financial service providers in the country and is the third-largest public sector bank. Apart from the standard interest rates provided on various platforms, the applicable rate may vary on the basis of various factors ranging from the loan amount, tenure of the loan and overall capacity to repay the amount. 

Particulars

Key Information

Rate of Interest

11.35% to 16.35%

Loan Tenure

12 months to 36 months

Processing Fee

0.50% to 2.0% of Loan amount

(Min. of ₹ 1,000 and max. ₹ 10,000)

Eligible Loan Amount

  • For Semi-urban & Rural: ₹ 5 Lakh
  • For Metro: ₹ 10 Lakh

Minimum Loan Amount

₹ 50,000 (For semi-urban)

₹ 1,00,000 (For metro)

Modification charges

₹ 100 for each instance

Document charges

₹ 75 per document

Pre-closure charges

Within 6 months – 6% of outstanding

Post 6 months – Nil

Read More: Bank of Baroda Personal loan Interest Rate 2020

Factors affecting the Rate of Interest for a Personal Loan –

Net Monthly Income (NMI)

The NMI indicator provides an insight about the repayment capability of the applicant, also the bank ensures that the amount which is being provided to the applicant would be repaid within the fixed tenure. Therefore, the calculation of the personal loan interest rates depends on the perceived risk involved in the repayment.

Tenure of the Loan

As we all are aware about the rules of lending & borrowing, whenever a bank offers a credit line to a borrower, the applicable rate of interest depends on the tenure for which the loan is taken from the lender. In our case, if the Bank of Baroda personal loan is availed for a shorter period, then the personal loan interest rates would be more and if the same personal loan is being taken for a longer period, it would attract lower interest rate.

Credit History of the borrower

The past records relating to the borrower, regarding the past payments of one’s credit card dues and repayments towards the loans that were taken earlier, are checked in thoroughly before approving the Bank of Baroda Personal Loan application and deciding on the personal loan interest rates. If these are found satisfactory, the best and one of the lowest interest rates are likely to be offered to the borrower for their personal loan application.

Using the Prepayment Option

Instead of using various negotiation channels or opting for a longer repayment tenure, there is one way which can significantly reduce the entire EMI and outstanding amount for the majority of your tenure, which is to make a pre-payment. A prepayment is nothing but an early part payment of the outstanding amount of the loan amount.

Bank of Baroda Personal Loan Eligibility Criteria

The borrower needs to fulfill the following eligibility criteria while applying for a personal loan from the Bank of Baroda;

  • Employees of Public and Private limited companies (reputed)
  • Government sector employees including PSU (Public sector Undertakings) and State Governments
  • Minimum age requirement for Bank of Baroda Personal Loan application is 21 years and the maximum age is 65 years at the time of loan maturity
  • The maximum amount of personal loan which can be availed is ₹ 10 Lakh
  • Salaried individuals must have completed at-least 1 year of service in the same organization

For salaried employees:

Eligibility Criteria

Key Features

Profession

Salaried person

Employer Type

  • Employees of Private and Public Companies
  • Central / State Government Organisation
  • Central / State PSUs
  • Salaried Doctors
  • Employees of Proprietorship, Partnership firms

Applicant Age

21 - 60 years

Minimum Eligible Income

₹ 25,000 per month

Maximum Eligible Term Loan

₹ 50,000 to ₹ 10 Lakh 

Minimum Work Experience

Minimum 24 months in total, Min. 12 months in the present organisation

Repayment Period

60 months or 5 years

For Self-employed Individuals:

Eligibility Criteria

Key Features

Profession

Self-employed / Practitioners

Employer Type

  • Technology & Management Consultants
  • Interior Designers
  • Chartered Accountants
  • Doctors
  • Company Secretaries

Applicant Age

Min. 21 and max. 65 years (at the time of loan repayment)

Minimum Eligible Income

No minimum income criteria

Maximum Eligible Term Loan

₹ 50,000 to ₹ 10 Lakh 

Minimum Work Experience

Min. 12 months of stable business or practice

Repayment Period

48 months or 4 years

Read More : Bank Of Baroda Personal Loan Eligibility Calculator

Documents Required for BOB Personal Loan

For obtaining the maximum amount of personal loan from Bank of Baroda, a borrower should produce the following documents according to their business profiles as follows:

List of Common Documents:

  • Duly signed the application form
  • Passport sized photographs
  • Copy of Identity Proof: Passport/PAN Card/Voters ID card/Driving License etc
  • Copy of Address Proof: Ration card/Driving License/Voters ID card/Passport/Telephone Bill/Electricity bill
  • Processing fee cheque
  • Banks statement of last 3 months/6 months bank passbook

Documents required for salaried individuals

  • Latest salary slip
  • Current dated salary certificate with the FORM - 16

Documents required for self-employed individuals

  • Bank statement (Latest)
  • ITR or Form - 16 (Latest)

Bank of Baroda Personal Loan Features and Benefits

Here are some of the most prominent features of the BOB personal loan:

  • No cost Pre payment facility: Bank of Baroda personal loan ensures that the applicant can avail the offer of part pre-payment of the outstanding loan amount after 12 EMIs without any additional charges.
  • No Collateral: Bank of Baroda personal loan is a no collateral (unsecured) loan which requires no guarantee or security against the amount of loan availed. The bank only requires the applicant to maintain their salary or income account with the bank.
  • Low Rate of Interest: On personal loans, Bank of Baroda offers the interest rate starting from 11.35% p.a. onwards, which is considered to be one of the lowest in the market.
  • Quick disbursal: Bank of Baroda ensures that once the loan is processed and duly sanctioned, the funds are disbursed within hours to make them available at the right place and at the appropriate time in case of an emergency.
  • Flexible repayment: Bank of Baroda ensures that the customers can choose the loan tenure that suits them the best. The EMI calculator enables them to calculate the EMI they are required to pay across variable tenures of loan, to get an account of a repayment schedule that would be most suitable to them.

Benefits of the Bank of Baroda Personal Loan:

  • Eligible Loan Amount: Bank of Baroda offers a large quantum of loan under their personal loan scheme. The minimum amount eligible is ₹ 50,000 and can reach to an extent of ₹ 10 Lakh under certain conditions as prescribed by the bank.
  • Balance Transfer and Top-up: Bank of Baroda provides you an opportunity to transfer your existing high cost loan to BOB at a lower rate of interest. A top-up on an existing loan can also be availed after payment of 6 EMIs for the existing loan.
  • Meet your needs: No matter why you need a personal loan, Bank of Baroda can customize the offering for you. If you already have an account with the bank, you can benefit from special rates, large quantum of funds and offers. Bank of Baroda also offers a lot of benefits for first-time loan customers.
  • Nominal Documentation: Bank of Baroda ensures its customers that the bank requires documents only related to residential status and income per month, as to approve the loan. No extra documents are required for the entire personal loan application.

Info-graphic - Uses Of Personal Loan

 

personal loan uses info-graphics

 

Other Products from BOB (Bank of Baroda Personal Loan)

Bank of Baroda Business Loan 
Bank of Baroda Education Loan 
Bank of Baroda Home Loan

Bank of Baroda Personal Loan EMI calculator

A personal loan provided by the Bank of Baroda can provide the funds at a time when needed the most. Like other lenders, the BOB applies a rate of interest on the principal provided, which is to be repaid in the form of EMI or monthly instalments, which are due for a specific time period. These EMIs are calculated on the basis of:

  • The amount of fund to be disbursed
  • The interest rate to be charged
  • The time period for which the loan is availed

The bank also offers flexible repayment tenures varying on the basis of interest rates applicable on them. The EMI calculator will ask about the amount you wish to borrow and the total number of months over which the amount is to be repaid, once you enter the information, the calculator will provide various applicable monthly instalments varying according to the tenure of the loan repayment.

 

Various amounts @ 11.35% p.a. (0.009% effective ROI per month) for a tenure of 12 months:

Loan Amount

ROI @ 11.35%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.009

12

₹ 2,12,508

₹ 17,709

₹ 12,508

₹ 3,00,000

₹ 3,18,762

₹ 26,563

₹ 18,762

₹ 4,00,000

₹ 4,25,016

₹ 35,418

₹ 25,016

₹ 5,00,000

₹ 5,31,270

₹ 44,272

₹ 31,270

₹ 10,00,000

₹ 10,62,540

₹ 88,545

₹ 62,540

Amount of ₹ 2,00,000 availed @ 11.35 % p.a. for a tenure of 12 months to 60 months:

Loan Amount

ROI @ 11.35%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.009

12

₹ 2,12,508

₹ 17,709

₹ 12,508

24

₹ 2,24,498

₹ 9,354

₹ 24,498

36

₹ 2,36,913

₹ 6,580

₹ 36,913

48

₹ 2,49,751

₹ 5,203

₹ 49,751

60

₹ 2,63,008

₹ 4,383

₹ 63,008

Amount of 3,00,000 availed from various banks as compared to Bank of Baroda Personal Loan:

Bank

Loan Amount

ROI

Tenure (Months)

Repayment

EMI

Interest

Bank of Baroda

₹ 3,00,000

0.009

12

₹ 3,18,762

₹ 26,563

₹ 18,762

HDFC

0.013

₹ 3,25,779

₹ 27,148

₹ 25,779

SBI

0.010

₹ 3,20,276

₹ 26,689

₹ 20,276

ICICI Bank

0.012

₹ 3,24,081

₹ 27,006

₹ 24,081

Syndicate Bank

0.010

₹ 3,20,192

₹ 26,682

₹ 20,192

Different types of loans offered by BOB –

Bank of Baroda offers a wide range of products in their loan segment. However, other than the personal loan products, they provide loans in two other categories. Here are some details:

Mortgage Loans 

The Mortgage loans on offer provide a unique opportunity for those who own a residential or a commercial property. The proceeds from the loan shall be used for development of the property in order to produce regular income over the period of time. Some prominent features of this loan are:

  • Make good use of an idle property or piece of land
  • Withdraw from the sanctioned loan amount at will, save additional interest burden
  • Flexibility to deposit and funds during the loan tenure
  • Amount of loan available up to ₹ 10 Crore

MUDRA Loans

The Pradhan Mantri MUDRA Yojana is a flagship scheme offered by the Government of India as a tool to boost growth and development of micro and small enterprises in the country. The scheme offers low cost loans without any need to pledge any collateral or security.

Here are some key features of MUDRA loan:

  • No minimum amount is fixed, an applicant can opt for any amount
  • No processing charge is applicable on these loans
  • No obligation of using the proceeds for a specific purpose, the borrowers are free to use funds according to their needs

Bank of Baroda Personal Loan Customer Care

In case of any queries or concerns regarding the Bank of Baroda Personal Loan, an applicant or a borrower can connect with the bank on the toll-free number 1800 22 3344, 1800 258 4455 and 1800 102 4455. These numbers are provided for 24X7 support, the customer service executives are prompt and efficient, and can guide a customer through almost all kinds of technical and financial assistance regarding the loan application or other transactional activities.

More: Bank of Baroda 24*7 Customer Care Helpline

About the bank 

Bank of Baroda, India’s second-biggest bank in terms of assets is an Indian state-owned international banking and financial services institution headquartered in Vadodara, Gujarat with its corporate office in Mumbai. Bank of Baroda was nationalized in 1969, by the government of India and has been assigned as profit-making public sector undertaking (PSU).

FAQs
Q1 What is the maximum amount of personal loan offered by BOB?
The maximum amount of loan sanctioned by Bank of Baroda is stipulated based on the assortment of the financing branch. Moreover, it depends on the various parameters like your income, credit score, repayment history and capacity, among other factors. Bank of Baroda offers a maximum loan amount of Rs. 10 lakhs to the applicants in metro/urban areas and up to Rs. 5 lakhs in semi-urban/rural areas.
Q2 What are the tenures available?
Bank of Baroda offers flexible tenure ranging from 48 to 60 months.
Q3 I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If you meet all the eligibility criteria and all your documents are in order, then personal loans are generally approved within a maximum of 2 to 3 working days from the submission of complete set of required documents. Moreover, if you are an existing customer, it may take even less time for the loan to be approved.
Q4 What is personal loan EMI?
Personal Loan EMI (Equated Monthly Installment) is the fixed amount that you have to pay on the same date of every month for the complete loan tenure, towards servicing your BOB personal loan.
Q5 Is there a processing or documentation charge for availing personal loan from BOB?
Yes, a processing fee of 2% of the total loan amount is charged up to a maximum of Rs. 10,000.
Q6 Is there a prepayment charge ?
Yes, there is a pre-payment penalty charged by Bank of Baroda on personal loans. You will need to check this at the time of applying for the Bank of Baroda personal loan.
Q7 How much interest is charged by Bank of Baroda on personal loans ?
Bank of Baroda personal loan interest rates ranges from 11.35% to 16.35%
Q8 Is age an eligibility factor to get personal loan from Bank of Baroda ?
Yes, age is an essential eligibility criterion to get personal loan from bank of Baroda as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.
Q9 What are the pre-closure charges on Bank of Baroda personal loan ?
Pre-closure charge within 6 months is 4% on the outstanding balance as per original repayment/EMI schedule whereas a pre-closure charge after 6 months is Nil.
Reviews
Divyanka Kumari
14 Feb 2019
I have got a personal loan quickly. They have given details about the processing fee and interest rate. I have taken the personal loan 3 months before. I have opted the tenure period of 3 years. I have applied the personal loan amount of Rs. 2 lakhs and they have sanctioned the same amount. Really Great Service Afinoz.
Premlata Ranjan
06 Feb 2019
I have been using Afinoz services for many months. The service which has been provided through Afinoz is pretty good & the customer service is excellent.
Premneet Kumar Nirala
14 Dec 2018
I have taken a personal loan through this online tool, I received very nice service, they helped me an guided me throughout the process. They were in regular touch with me regarding my loan process and wanted to get the personal loan approval for me at the earliest.
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