Bank of Baroda Personal Loan : A Review

Bank of Baroda Personal Loan

Personal loans offer a speedy and easy solution to meet all your urgent financial desires and have many advantages over other forms of credit (credit cards, informal loans, and other investors).

Bank of Baroda is one of the reputed banking and financial service providers in India. They offer personal loans depending upon the job profile to salaried individuals, self-employed, and other professionals at attractive interest rates of 10.20% p.a. onwards for a long tenure.

Bank of Baroda Personal Loan Key Points

Bank of Baroda personal loan amount ranges between Rs.50,000 to Rs.20 Lakhs.
Bank of Baroda’s interest rate ranges between 10.20%p.a. to 17.55% p.a.
You can avail personal loan from the Bank of Baroda for 1 year to 7 years.
Processing fees range from 1% to 2% of the loan amount plus applicable GST. Processing fees is NIL for government employees having salary account in the Bank of Baroda.
Additional concession of up to 0.50% on personal loans if applied digitally.

Why Choosing a Bank of Baroda Personal Loan?

Zero foreclosure charges- Prepayment charges are not levied at all in case the borrower wants to pay off the loan earlier than the specified loan tenure.
Special schemes for personal loans- They offer personal loans to pensioners, pre-approved loan offers, and create schemes to cover sudden losses. For example, covid 19 personal loan.
Long repayment tenure- Bank of Baroda offers loans for a longer tenure than usual from 1 year to 7 years, it may vary depending upon the employee’s occupation and salary account.
Offer Personal loan premium options for existing customers- Bank of Baroda offers premium personal loans to its existing customers. To be eligible for a premium loan, a customer should have a smooth-running bank account with the bank for at least 6 months. The account must be approved by the branch head.

Bank of Baroda Personal Loan Eligibility Criteria

Age Limit	Minimum age limit- 21 years
Age Limit	Maximum age limit For salaried individuals- The age of the borrower plus the repayment period should not exceed 60 years. For non-salaried professionals- Borrower’s age plus repayment period should not exceed 65 years.
Occupation	Employees of government or large private limited companies (central/state Government/autonomous bodies/public/joint sector undertakings/public limited companies/MNCs, and educational institutions). Employee of proprietorship or partnership firms or private limited companies or trusts. Insurance agents. Self-employed professional workers such as doctors, engineers, architects, interior designers, technology and management consultants, practicing company secretaries, etc. Self-employed businessman.
Minimum experience required	Salaried employees (government and large private companies) minimum continuous service for at least 1 year. Continuous service for 1 year by an employee of proprietorship/partnership firms/private limited companies or trusts. Self-employed professionals and business persons with a minimum 1 year stable business. Insurance agents must have been in the business for the last 2 years.
Other criteria	This amount must be used for purposes other than speculation. Co-applicants are not allowed.

Special Guidelines for Bank of Baroda Personal Loan Eligibility

There are various other factors that play a major role in determining the maximum loan amount and eligibility. Moreover, if you are a salaried person and hold a salary account with the Bank of Baroda, you will be eligible for some additional benefits.

Check the below table to know about these criteria and their impact.

Eligibility parameters	Salaried employees of Central/State Government,PSUs, Autonomous bodies, listed PSUs, joint sector undertakings, or educational Institutions and having salary account with Bank of Baroda	Salaried employees of central or state Government, PSUs, Autonomous bodies, listed PSUs, joint sector undertakings, or educational Institutions and having salary account with other Banks.	For others who do not cover both categories
Loan repayment capacity	75% of Gross Monthly Income	70% of Gross Monthly Income	40% to 70% of GMI depending upon the applicant’s income.
Repayment tenure	Up to 84 months	Up to 72 months	48 to 60 months
Account Relationship with bank	For salaried employees- the salary of the previous months should be credited to the salary account at the Bank of Baroda.	For employees of a private or public company, trust, LLP, Insurance Agent, self Employed, Professionals like Doctors / Engineers / Architects, etc. Loan amount up to 2 lakhs when borrowers must have a satisfactory account relationship with another bank for at least 6 months. Loan amount above Rs.2 lakhs when borrowers must have a satisfactory account relationship with Bank of Baroda for at least 6 months.

Note: - Staff members and NRI or PIO are not eligible.

Bank of Baroda Personal Loan: Loan Amount, Processing Fees, and Other Charges

Bank of Baroda loan amount, processing fees, penalty interest, and foreclosure charges are as follows:-

Maximum Loan Amount	Rs.20 lakhs (it is associated with the borrower’s occupation and account relationship with Bank)
Minimum Loan Amount	Rs.1 lakh for Metro & Urban Branch and Rs.50,000 for Rural & Semi-Urban Branch
Processing Fees	For Government Employees who maintain salary accounts with Bank of Baroda- NIL. For other banks: it ranges from 1.00% to 2.00% of loan amount plus GST (Rs.1,000 to Rs.10,000 + GST).
Late Payment Fees/ Penalty	Penal interest @2% shall be levied on the outstanding loan amount
Foreclosure/ Prepayment Charges	NIL

Mandatory Documents Required for Bank of Baroda Personal Loan

Completely filled and signed loan application form along with 3 passport-sized photographs.
Form 135 giving details of assets and liabilities of the applicant need to be submitted.
Last six month’s bank statements and updated passbook are required.
Proof of resident- Valid Passport/ Voter ID card/ driving license/ Postpaid utility bill (gas bill or electricity bill), Updated passbook or statement of bank account, or Registered rent agreement.
Identity proof- PAN card/ Aadhar Card/ Valid passport/ Voters ID card/ Driving license/ Employee ID card issued by relevant authorities like the Government or Defence or reputed corporate/ Identity document or certificate of practice with photograph issued by the professional organizations like ICAI, ICWA, ICFAI.

Documents required for salaried applicants

Salary slip of last 3 months
Account statement for the last 6 months of Bank of Baroda or other banks

Also Read- Tata Capital Personal Loan

Documents for Self-employed applicants

Profit and loss statement, balance sheet, and computation of income for last 1 year.
Applicant’s Income Tax Returns- for the last 1 year, 26 AS, Traces
Business proof- Gomasta License, Registration Certificate, Service Tax Registration, and others
IT Assessment or Clearance Certificate or Income Tax Challans or TDS Certificate (Form 16A), or Form 26 AS

Bank of Baroda Personal Loan Interest Rates

Bank of Baroda personal loan interest rates vary between 10.20% p.a. to 17.55% depending on the employer’s job profile and categories decided by the Bank.

Categories of Employees’s	Rate of Interest
Category A- (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional, and business persons) having account relationship with other Bank	From 13.95% to 17.55% p.a.
Category B- (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional, and business persons) having account relationship with Bank of Baroda	From 11.95% to 15.55% p.a.
Category C- Silver: Employees of Central Govt. or State Govt. / PSUs, Autonomous Bodies, Listed Public Limited Companies having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with any other Bank	From 11.20% to 15.55% p.a.
Gold: Same target customers as mentioned above in Silver Category, however, the salary account must be with Bank of Baroda.	From 10.70% to 15.55% p.a.
Government Employees or defence personnel maintaining salary accounts with Bank of Baroda under scheme codes SB 182 & 186	From 10.20% to 10.70% p.a.

Other loan product’s interest rates

Types of Loan Product	Interest Rate (per annum)
Pre-approved personal loan	11.20%
Bank of Baroda personal loan to pensioners	11.30%

For Example- Ramanuj avails a personal loan for Rs.10 Lakhs, the interest rate is 15% and the repayment period is 24 months. Calculate EMIs, total interest payable, and the total amount.

Monthly EMIs of Rs.48,487, the total interest payable will be Rs.1,63,680 and the total amount repayable in 2 years will be Rs.11,63,680 (principal + interest).

Types of Bank of Baroda Personal Loans

1. Baroda Personal Loan

Purpose- This is the regular personal loan scheme that covered all personal purposes other than speculation.

Bank of Baroda personal loan amount starts from Rs.50,000 to Rs.20 Lakhs.
Interest rate starts from 10.20%p.a. to 17.55% p.a.
You can avail personal loan from the Bank of Baroda for 12 months to 84 months.
Age limit is 21 years to 65 years.

2. Baroda Loan to Pensioners

Purpose- Pension loan to meet the personal requirements of pensioners.

Age limit is varying between 21 to 75 years.
Loan amount is based on the classification of pensioner

Regular Pensioners- For age up to 70 years borrowers can avail up to Rs.8 Lakhs, for age above 70 years the maximum amount is 5 Lakhs.
Family Pensioners- For age up to 70 years borrowers can avail up to Rs.3 Lakhs, for age above 70 years the maximum amount is 1.50 Lakhs.

Repayment period for regular pensioners or family pensioners for age up to 70 years is 60 months. And for age above 70 years is 36 months.

3. Pre-approved Personal Loan

Purpose- Collateral-free loans for meeting all sudden requirements and urgencies and to meet any purpose including temporary liquidity.

Loan amount limit- Rs.25000 to Rs.5 lakhs.
Repayment period up to 60 months.
Minimum CIBIL score must be 650.

Steps to Avail Personal Loan from Bank of Baroda

You can visit the official website of Bank of Baroda or you can visit the nearest branch of Bank of Baroda and you can call on their customer care center before.

Fill in all the basic details, professional and financial details as required by the lender for form submission.
After submission of the application form, the Bank of Baroda will check your eligibility and they will give information about the maximum loan amount, processing fees, interest, and other charges as per your eligibility.
If you’re interested you can upload the mandatory documents.
After approval of the loan, the loan amount will be disbursed to your account within less time.

Bank of Baroda Ratings & Review

Rating given by the customers for the BOB world app is good on google playstore, many users downloaded their app and you can see the reviews for better understanding.

Google Playstore Rating	4.3*
App Downloads	1 crore+
Review by No. of Users	8,81,079
Content rating	3+
App Size	59 MB

Pros and Cons of Bank of Baroda Personal Loan

Following are the pros and cons of availing of a loan from the Bank of Baroda including a review of users.

PROS	CONS
The prepayment charge is NIL	Users facing technical problems in using the app
Availability of personal loan schemes	Service is not up to the mark
Product is affordable
Loan tenure is high

Comparison Table: Bank of Baroda Personal Loan with Other Banks

Compare the below details of the Bank of Baroda with other lenders.

Banks Name	Interest rate p.a.	Foreclosure Charges	Age Limit
Bank of Baroda	10.20%-17.55%	NIL	21 to 65 years
ICICI Bank	10.75%-19%	Up to 3% + taxes on the outstanding amount, charges are Nil if 12 or more 12 EMIs are paid.	23 to 65 years
State Bank of India	9.60% onwards	Up to 3% on the outstanding loan amount	Up to 76 years
Punjab National Bank	9.80%-16.35%	NIL	Up to 78 years
Kotak Mahindra Bank	Starts at 10.99% p.a.	Up to 3 years - 4% on the outstanding loan amount. And after 3 years - 2% on the outstanding amount	21 to 60 years

Bank of Baroda Customer Care Number

Personal Banking toll-free number- 1800 258 44 55, 1800 102 44 55 (24X7 available)
Customer service email ID- cs.ho@bankofbaroda.com
Missed call service- For balance Inquiry 8468001111, and for mini statement 8468001122
You can file online complaints and requests also.

Also Read- Federal Bank Personal Loan

Points to Remember

Bank of Baroda has not specified the turnaround time for personal loans. Lenders generally disburse personal loans within 2-7 working days from the application approval date. But, the digital process takes less time as compared to the offline process.
Co-applicants are not allowed, applicants can apply on an individual basis.
Credit score above 750 is considered good.
Pre-approved loan offers take less time in disbursal comparatively.

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Bank of Baroda Personal Loan : A Review