Maharaja Sayajirao Gaekwad founded the Bank of Baroda (BoB) in July 1908. It began with a Rs 10 lakh paid-up capital. In the Indian banking sector, Bank of Baroda is a pioneer in several customer-centric initiatives.

Read the whole article for Bank of Baroda Personal Loan details …

Personal loan that’s easy :-

Bank of Baroda offers personal loans of up to Rs 15 lakh @ 10.40% p.a. onwards for tenure of up to 5 years. It also offers pension loans to its pension account holders @ 9.75% p.a. Bank of Baroda offers personal loans at attractive interest rates with quick processing and minimum documentation. Read on to know more about Bank of Baroda Personal Loans.

Interest rates on Bank of Baroda personal loans :-

• Customers who have had accounts with the bank for at least 6 months –  p.a. 10.40% -14.00%
• Applicants who have held bank accounts with other institutions for at least six months – p.a. 12.40% -16.00%
• Employees of the state/central government/public/joint sector undertakings/autonomous bodies/educational institutions with one year of service and bank accounts -p.a. 10.40% -140%
• Pensioners Can Get a Baroda Loan – 9.75 percent per year
• Personal Loan Pre-Approved – p.a. 8.75% – 16%

Are you eligible for Bank of Baroda Personal Loan ? 

• The minimum age is 21 years.
• For salaried employees, the maximum age is 60 years and 65 years for non-salaried workers.
• Employees of government agencies/private companies with at least one year of service.
• Employees of private limited companies, sole proprietorships, trusts, and partnership firms who have worked for at least a year in a row.
• NRI/PIO and staff members are ineligible.
• Agents who have been in business for at least two years.
• Entrepreneurs who are self-employed and have at least one year of stable business experience.
• Self-employed professionals with at least one year of stable business experience, such as doctors, engineers, company secretaries, architects, interior designers, and so on.

Documentation required for Bank of Baroda Personal loan :-

The following are typical documents required to obtain a Bank of Baroda Personal Loan:

• Completed loan application form with passport-size photos.
• Form 135 should be submitted along with the last 6 months bank statement and updated passbook ID proof such as PAN card, aadhar card, voter ID, driving licence, passport, employee ID issued by the organisation, practise certificate and identity document issued by relevant professional bodies such as ICFAI, ICAI, ICWA.
• Any other documents that the bank may require.

For Salaried individuals :-

• Account statement from Bank of Baroda/any other bank for the last six months Salary slips for the last three months.

For Self – employed applicants:-

• Returns on income for the previous year.
• Last year’s profit and loss statement, income computation, and balance sheet.
• Form 16A/Form 26 AS Income tax challan/clearance certificate/IT assessment/TDS certificate.
• Registration certificate, Gomasta licence, Service tax registration, and so on are examples of business proofs.

Bank of Baroda Personal Loan other information :-

• Processing Fee is 2% (Rs 1,000-10,000)+GST.
• Penal Interest is 2% on the outstanding loan amount.
• No Foreclosure Charges.
• No Enclosure Charges.

Loan during Covid – 19 :-

• Except for speculation, this account is utilised for all financial needs, including temporary liquidity mismatches induced by Covid-19.
• Minimum loan amount: Rs 25,000; maximum loan amount: Rs 5 lakh.
• Maximum door to door maturity: 5 years (co-terminus with qualifying link loan). 

Things you need to fill for Bank of Baroda Personal Loan apply :-

You need to fill in the application form in order to avail the loan.Following fields are to be mandatorily filled:

1. Personal details
2. Profession details
3. Details of assets/liabilities
4. Proposed loan details
5. Income details
6. Outstanding loan details
7. Details of guarantor

*Bank of Baroda Personal Loan target word has been used 6 times.*

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