Bank of Baroda Personal Loan 2022

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.

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. 

Read More: Bank of Baroda Personal Loan Interest Rate 2021

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.

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:

For Self-employed Individuals:

Read More : Bank Of Baroda Personal Loan Eligibility Calculator

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)

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.

Other Products from BOB (Bank of Baroda Personal Loan)

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

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 to them. The Bank of Baroda Personal Loan 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:

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

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

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:

1. 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

2. 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

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.

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 a profit-making public sector undertaking (PSU).

More: Bank of Baroda Personal Loan Status