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Bank of Baroda Personal Loans from 10.49%

Apply for a personal loan at Bank of Baroda (BoB) upto Rs. 20 Lakhs and get instant approval. Apply now through their quick and easy process.

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Bank of Baroda Personal Loans

Personal loans from Bank of Baroda are the best solutions to your short term credit needs. Bank of Baroda offers upto Rs. 20 Lakhs without any collateral security and with minimal documentation. Apply now with minimal documentation and fulfil your needs without postponing

Features of Bank of Baroda Personal Loan

  • The maximum personal loan offered by Bank of Baroda is Rs. 20 Lakhs and the minimum personal loan offer for urban centres is Rs. 1 Lakh and for rural centres is Rs. 50000
  • BoB offers extended timelines for repayment during certain occasions
  • BoB offers personal loan to pensioners, ex-defence personnel at special interest rates
  • The bank offers digitally pre-approved personal loan from Rs. 10000 to Rs. 5 Lakhs
  • Its higher borrowing amount means that it’s more advantageous than credit cards
  • Available for salaried and self-employed persons. For self-employed professionals or business persons, they need to have their business or practice for at least one year.
  • Tenure for personal loan lasts up to 5 years
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Eligibility criteria for Bank of Baroda Personal Loan

To apply for BoB personal loan, one must be:

  • Resident of India and must be minimum 21 years
  • Employees from Govt/Private/Educational sectors with minimum continuous service of 1 year atleast
  • Insurance agents doing business for two years atleast
  • Self-employed professionals such as doctors, lawyers, and management consultants with successful practice of 1 year atleast
  • Age for salaried person should not exceed 60 years and for non-salaried person, it should not exceed 65

Charges in a Bank of Baroda personal loan

Interest rates10.75 – 18.5%
Loan Processing ChargesUpto 2% of Loan amount + taxes, For govt employees with salary accounts with BoB, there will be No processing fee
Prepayment charges Nil
Penal Interest@24% pa
Loan TenureFor Govt employees –   5 years, for others – 4 years

Interest rates for Bank of Baroda Personal Loan

Conditions Interest rates
Govt employees with account in BoB 10.90 to 11.40%
Govt employees with account in other banks 11.9  to 16.25%
Private employees with account in BoB 12.65 to 16.25%
Private Employees with account in BoB 14.65 to 18.25%

Documents required for BOB Personal Loan

For Salaried

  • Proof of Identity – Passport/Driving License/Voter ID/ PANCard
  • Residence Proof – Passport/License Agreement
  • Last 6 months bank statement and updated passbook
  • Salary slips for 3 months
  • Duly filled application form along with recent photograph

For Self-employed

  • KYC Documents – Proof of Identity, Address Proof, DOB Proof
  • IT Returns for the past one year
  • Income Proof
  • Last 6 months bank statement
  • Business Proof – Gomasta License, Registration Certificate, Service Tax Registration
  • Proof of Residence of Ownership
  • Proof of business continuity

Bank of Baroda Customer Care

Get your loan approved in 4 simple steps

Get your loan approved in 4 simple steps,

  • Check if you have a pre-approved loan offer from BoB
  • Submit your personal loan application and check your eligibility
  • Check your personal approval
  • If approved and verified, the loan will disbursed in few minutes
Personal Loans by Bank
FAQs
BoB personal loan tenure ranging from 12 months to 60 months
Yes, BoB offers instant pre-approved personal loans with instant disbursal
No, there is no co-applicant facility available in a Bank of Baroda Personal Loan
Normally, BoB sanctions personal loan to applicants whose credit score is above 701
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