Bank of Baroda Personal Loan Interest Rate 2022, Bank of Baroda Personal Loan EMI Calculator, BOB Personal Loan Online Apply, Bank of Baroda Personal Loan Eligibility criteria, BOB Personal Loan Documents Required
Bank of Baroda offers personal loans to help you cover unexpected expenses or take care of financial obligations. The loan can be used for a variety of purposes, including home repairs, medical bills, car repairs, or other emergency expenses. In this blog post, we will go through the features, benefits, and interest rates of taking up a Personal loan from the Bank of Baroda. The loan is available in both fixed and variable interest rate options, and you can choose the repayment schedule that best suits your needs.
Bank of Baroda Personal Loan Highlights
|Interest Rate||Starting at 9.70% p.a.|
|Loan Amount||Up to Rs 15 lakhs|
|Tenure||Up to 5 years|
|Processing Fee||Up to 2% of loan amount|
Bank of Baroda Personal Loan
Bank of Baroda is one of the most trusted and well-known banks in India. It offers a variety of personal loan products with different features and benefits. You can choose a personal loan that best suits your needs and requirements. It offers personal loans of up to Rs 15 lakhs, beginning with 9.70% p.a. There are pension loans as well of up to 10.8%. It can be used for various purposes such as for buying a new car, for renovating your home, or for consolidating your debts. The interest rate on this loan is usually lower than the rates on other loans, making it an attractive option for many people.
Bank of Baroda Personal Loan Interest Rates
When it comes to taking out a personal loan, one of the most important factors to consider is the interest rate. After all, this is what will determine how much you end up paying back in total. Luckily, the Bank of Baroda offers some of the most competitive interest rates on the market. Whether you are looking for a short-term or long-term loan, you can rest assured that you will be getting a great deal.
|Type of Employees||Interest rate|
|Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons (Those who do not have an account with Bank of Baroda)||13.45% p.a. -17.05% p.a.|
|Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons (Who has an account with Bank of Baroda)||11.45% p.a. -15.05% p.a.|
|Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having a salary account with another bank||10.70% p.a. -15.05% p.a.|
|Scheme codes SB 182 and 186. As per that Government servant / Defense employee having salary account with Bank of Baroda||9.70% p.a. -10.20% p.a.|
|Baroda Loan to Pensioners||10.80% p.a.|
Read Also – Canara Bank Personal Loan
Bank of Baroda Personal Loan EMI Calculator
The Bank of Baroda personal loan EMI calculator is a great tool to help you calculate your monthly loan payments. Simply enter in your loan amount, interest rate, and loan term, and the calculator will do the rest. You’ll be able to see your total payments, total interest paid, and monthly payment amount. This is a great tool to use when considering a personal loan from the Bank of Baroda.
How to calculate EMIs for Bank of Baroda Personal Loan
Assuming you have already applied for and been approved for a personal loan from Bank of Baroda, here is how you can calculate your EMIs.
First, you need to know the interest rate offered by the bank. For simplicity, let’s say it is 10%. The amount of loan taken will be denoted as L. The tenure of the loan in months will be denoted as t.
The EMI can be calculated using the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where
P = L/t
R = 10%/12 or 0.83% (monthly interest rate)
N = t x 12 or number of monthly instalments
Thus, using the example values given above, we have:
EMI = [100000/(10×12)] x [0.83% x (1 + 0.83%)^120]/[(1 + 0.83%)^120 – 1]
= Rs 11,611/-
Types of Personal Loans in Bank of Baroda
There are many different types of personal loans that you can get from Bank of Baroda. Here are some of the most widely used ones:
- Baroda Personal Loan
- Covid 19 Personal Loan
- Pre-approved Personal Loan
- Baroda Loan to Pensioners
Bank of Baroda Personal Loan Eligibility criteria
Bank of Baroda offers personal loans to its customers who are salaried individuals with a minimum monthly income of Rs. 20,000. To be eligible for a Bank of Baroda Personal Loan, you must:
- Applicant’s minimum age should be 21 years and the maximum age should be 60 years (for salaried) and 65 years (for non-salaried)
- You must have a regular source of income.
- Employees of government and private companies who have worked for more than 1 year.
- Employees of Private Limited Companies, Proprietorship Firms, Trusts and Partnership Firms who have been working continuously for at least 1 year.
- NRI/PIO and staff members aren’t eligible
- Insurance agents who have been in the business for at least two years
- Self-employed businessmen with at minimum one year of steady business
- Professionals who are self-employed, such as engineers, doctors, secretaries, architects, secretaries, interior designers, etc. with at least one year of steady business
- You must have a good credit history.
- You must have valid ID proof (such as your PAN card).
- You must have valid address proof (such as your Aadhar card).
Bank of Baroda Personal Loan Documents Required
When you apply for a personal loan from the Bank of Baroda, you will need to submit the following documents:
- Proof of identity: A copy of your valid passport, driver’s license or other government-issued ID.
- Proof of address: A utility bill or other document that shows your current address.
- Bank statements: Copies of your latest bank statements, both personal and business, if applicable.
- Proof of income: This could be in the form of your latest payslip, tax return or bank statement.
Bank of Baroda Personal Loan Repayment options
Bank of Baroda offers several repayment options for personal loans. Customers can choose to repay their loan in full at any time, make partial payments, or set up a monthly repayment schedule. Loan terms range from 12 to 60 months, and customers can choose the option that best suits their needs. Those who make timely payments can enjoy lower interest rates and may even be eligible for a grace period.
Why Choose Bank of Baroda Personal Loans?
There are many reasons to choose Bank of Baroda personal loans when you are looking for financial assistance. Here are some of the key reasons:
- There are no prepayment charges, so if you repay the loan before it is due, you do not need to pay any more.
- Bank of Baroda offers pensioners and ex-military personnel with personal loans. Bank of Baroda also offers Earnest Money Deposits as part of their personal loan offerings.
- Bank of Baroda offers Premium Personal Loans. To qualify, users should have a good-conducting account open for 6 months and need to go through the bank’s branch examinations.
How to apply for a Bank of Baroda Personal Loan?
Are you looking for a personal loan from Bank of Baroda? If so, here’s what you need to know about how to apply for one.
- First, you’ll need to meet the eligibility criteria. This includes being at least 18 years old, having a regular source of income, and being an Indian resident with a valid ID.
- To be eligible for a loan, you need to gather your documents. These include your ID proof, income proof, bank statements, and any other relevant documents.
- Once you have all of your documents in order, the next step is to fill out an application form. You can do this online or at a Bank of Baroda branch.
- Once your application has been submitted, a representative from the bank will get in touch with you to discuss your loan options. Once you’ve agreed on terms and conditions, the loan will be disbursed to your account.
Bank of Baroda Customer Care
Bank of Baroda personal loan Customer Care can be contacted by phone or email. They are available 24/7 to help customers with any questions or concerns they may have. The customer care team is friendly and knowledgeable, and they are always happy to help.
- Toll-Free Numbers: 1800-258-4455 / 1800-102-4455
Bank of Baroda’s personal loan is a great option for anyone in need of quick cash. The application process is simple and straightforward, and the loan can be approved within minutes. Plus, there are no hidden fees or charges, which makes Bank of Baroda one of the most competitive lenders in the market. Whether you’re looking to consolidate debt, finance a large purchase, or cover an unexpected expense, Bank of Baroda’s personal loan could be the perfect solution for you.
Read Also – Central Bank Of India Home Loan Review
Q. Can I apply for co-applicants when I apply to Bank of Baroda Personal Loan?
A. Co-applicants are not permitted to apply to Bank of Baroda Personal Loan. Applications are assessed solely on an individual basis.
Q. What is the minimum and maximum loan amount of Bank of Baroda personal loan?
A। Bank of Baroda personal loan minimum amount is Rs 1 lakh and the maximum amount is Rs 10 lakh.
Q. Do you know if Bank of Baroda gives instant personal loans?
A. Bank of Baroda provides pre-approved personal loans to select customers. They offer instant cash out of money.