BANK OF BARODA PERSONAL LOAN

Bank of Baroda Personal Loan Options in 2025

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Bank of Baroda provides a wide range of personal loan, including regular personal loans, pre-approved personal loans, digital personal loans, and specialized loans for pensioners and doctors. It offer a quick and easy solution to all your urgent financial needs. Whether you need funds for a medical emergency in your family, your sibling’s wedding, or to renovate your home, a personal loan can finance all your requirements. Personal loans have many advantages over other forms of credit, such as credit cards and informal loans from friends, family members or untrustworthy financiers. Most salaried persons, self-employed and professionals can apply for personal loans. With attractive interest rates, minimal documentation and speedy processing, Bank of Baroda offers among the best personal loans today.

Key Features

  • Loan Amount:

    • Minimum: ₹50,000 (rural/semi-urban branches) or ₹1 lakh (metro/urban branches).

    • Maximum: Up to ₹20 lakh, depending on the borrower’s occupation and relationship with the bank.

  • Interest Rates: Starting at 10.80% p.a., linked to the borrower’s CIBIL score and job profile.

  • Repayment Tenure: 1 to 7 years, offering pocket-friendly EMIs.

  • Processing Fees:

    • Nil for government employees with a salary account at BoB.

    • 1% to 2% of the loan amount (plus GST) for others, with a minimum of ₹1,000 and a maximum of ₹10,000.

  • Prepayment Charges: Zero for floating-rate loans, making early repayment cost-effective.

  • Quick Approval: Digital and pre-approved loans ensure fast processing and disbursement.

Types of Personal Loans

  1. Baroda Personal Loan: For general financial needs like education, travel, or debt consolidation.

  2. Baroda Digital Personal Loan: A paperless loan with quick approval through digital channels.

  3. Pre-Approved Personal Loan (PAPL): Offered to select existing customers with a good financial track record, up to ₹5 lakh.

  4. Personal Loan for Pensioners: Tailored for pensioners drawing pensions through BoB branches.

  5. Baroda Doctors Loan: A special scheme for medical professionals.

Eligibility Criteria

To qualify for a Bank of Baroda personal loan, applicants must meet the following requirements:

  • Age:

    • Minimum: 21 years.

    • Maximum: 60 years for salaried individuals and 65 years for non-salaried individuals at the end of the repayment period.

    • Pensioners: Up to 75 years, with monthly deductions (including EMIs) not exceeding 60% of the pension.

  • Employment:

    • Salaried employees of central/state government, autonomous bodies, public/joint sector undertakings, public limited companies, MNCs, or educational institutions with at least 1 year of continuous service.

    • Employees of proprietorships, partnerships, private limited companies, or trusts with 1 year of service.

    • Self-employed professionals (doctors, engineers, architects, etc.) with a minimum of 1 year in stable business.

    • Insurance agents with at least 2 years of business experience.

    • Self-employed business persons with a minimum of 1-year stable business.

  • Bank Relationship: Existing customers with a good financial record may qualify for pre-approved loans.

  • Restrictions: Non-resident Indians (NRIs) are not eligible for digital personal loans.

Documents Required

The documentation process is straightforward, with the following commonly required documents:

  • Application Form: Fully completed with 3 passport-sized photographs.

  • Identity Proof: PAN card, Aadhaar card, voter’s ID, or driving license.

  • Income Proof:

    • Salaried: Form 16, last 3 months’ salary slips, or 6 months’ bank statements.

    • Self-employed: IT returns, Form 26AS, or certificate of practice for professionals.

  • Residence Proof: Utility bills, rental agreement, or other valid documents.

  • Asset and Liability Details: Form 135 or equivalent.

  • Bank Statements: Last 6 months’ statements and updated passbook.

For pensioners, proof of pension drawn through BoB for at least 3 months is required.

Application Process

BoB offers both online and offline application options for personal loans:

  • Online Application:

    1. Visit the Bank of Baroda website or use the BoB World mobile app.

    2. Navigate to the personal loan section and select the desired loan type.

    3. Fill in personal, income, and employment details.

    4. Upload required documents digitally for paperless processing.

    5. Receive an in-principle sanction within minutes for digital or pre-approved loans.

    6. Complete documentation and verification for final disbursement.

  • Offline Application:

    1. Visit the nearest BoB branch.

    2. Fill out the loan application form and submit documents.

    3. Await approval, which may take up to 30 days depending on verification.

  • Pre-Approved Loan Check: Send an SMS with “PAPL last four digits of your debit card” to 8422009988 to check eligibility.

EMI Calculator

BoB provides an online Personal Loan EMI Calculator to help borrowers plan repayments. By entering the loan amount, interest rate, and tenure, applicants can estimate monthly EMIs instantly. The formula used is:

EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]

Where:

  • P = Principal loan amount

  • R = Monthly interest rate (annual rate ÷ 12)

  • N = Number of monthly installments

This tool aids in comparing loan options and selecting affordable terms.

Benefits of Bank of Baroda Personal Loan

  • No Collateral: Unsecured loans with no need for asset pledging.

  • Flexible Usage: Funds can be used for any legitimate purpose except speculation.

  • Competitive Rates: Interest rates start at 10.80% p.a., varying by credit score and job profile.

  • Digital Process: Paperless application for quick approval and disbursement.

  • Zero Prepayment Charges: For floating-rate loans, allowing cost savings on early repayment.

  • Special Schemes: Tailored options for pensioners, doctors, and existing customers.

Frequently Asked Questions (FAQ)

  1. What is the interest rate for a Bank of Baroda personal loan?

    • Interest rates start at 10.80% p.a. and vary based on the applicant’s CIBIL score, job profile, and loan type.

  2. Can I prepay my personal loan, and are there any charges?

    • Yes, prepayment is allowed with no charges for floating-rate loans.

  3. What is the maximum loan amount I can get?

    • Up to ₹20 lakh, depending on your occupation and relationship with the bank. Metro/urban branches offer higher limits than rural/semi-urban ones.

  4. Are NRIs eligible for BoB personal loans?

    • No, NRIs are not eligible for digital personal loans, and standard personal loans may have restrictions.

  5. How can I check my loan application status?

    • Use the reference number or registered mobile number on BoB’s online portal, net banking, or contact customer care at 1800 5700.

  6. What happens if I face technical issues during the digital application?

    • Contact BoB’s 24/7 customer care at 1800 5700 or email dil.support@bankofbaroda.com for assistance.

  7. Is the interest on a personal loan tax-deductible?

    • No, personal loan interest is not tax-deductible.

  8. How long does it take to get loan approval?

    • Digital and pre-approved loans can receive in-principle sanction within 30 minutes, while standard applications may take up to 30 days.

  9. Can pensioners apply for a personal loan?

    • Yes, pensioners drawing pensions through BoB branches for at least 3 months are eligible, with specific schemes tailored for them.

  10. What are the processing fees for a personal loan?

    • Nil for government employees with a BoB salary account; otherwise, 1% to 2% of the loan amount (plus GST), with a minimum of ₹1,000 and a maximum of ₹10,000.

For more information visit : https://www.bankofbaroda.in/personal-banking/loans/personal-loan

Also visit : https://postofficefd.com/how-to-check-your-pnb-account-balance/