Every now and then, we all have some needs which should be met at a specific duration of time. Asking a relative or a friend is not a guaranteed option. Bank of Baroda Personal Loan offers a quick remedy to meet most of our urgent needs. Before going into the procedure of getting a personal loan from the Bank of Baroda, let’s have a quick overview of what a personal loan is.
Personal loan
A personal loan is an amount of money an individual borrows from a bank, credit union or online lender for personal needs. It covers many common personal expenses like debt consolidation, home renovation, wedding, funeral costs, vacation costs, etc. It differs from other loans like student loans, car loans or mortgage loans which are used for specific purposes. The amount will be repaid with a certain rate of interest over a period of time. The interest rates, fees, amounts and repayment terms may vary. Personal loans can be secured or unsecured.
Benefits of Bank of Baroda Personal loan
Advantage over credit card loans: When there is a sudden need for money, the first means that comes to mind is a credit card but a credit card loan, usually, is more expensive than a personal loan and the amount of the loan we can avail is smaller than that of personal loan. Bank of Baroda Personal loan offers a significant loan amount based on the applicant’s eligibility.
Repayment Structure Flexibility: BOB personal loan provides a flexible repayment structure which extends from short to medium-term loans.
Confidentiality and varied purposes: As no specific purpose is attached to the loan, BOB Personal Loan ensures confidentiality to the loanee and varied ways of meeting cash requirements regardless of what the purpose is.
Longer repayment tenure: Unlike credit card loans which have to be repaid within a short due date, BOB personal loans are repaid over a longer period of time, ranging from 3 to 4 years.
Features of Bank of Baroda Personal Loan
- The applicants for BOB Personal Loancan be government employees or private company employees with a minimum service of one year. If the applicant is self-employed or runs a business, the individual needs to have their business for at least one year.
- The amount of the Loan is a maximum of Rs. 20 lakhs which is to be linked with the borrower’s occupation and account relationship with the bank.
Minimum Rs. 1 lakh for Metro and Urban branch, Rs. 0.50 lakh for Rural and Semi-Urban Branch. - Calculation of processing charges for personal loan
Government employees who maintain a salary account with Bank of Baroda: NIL
For others: it ranges from 1% of the loan amount to 2% plus GST, subject to Min. Rs. Rs. 1000 + GST - Penal interest: Penal interest for loan outstanding amount will be 2%
BOB personal loan is unsecured.
Eligibility Bank of Baroda Personal loan
Age
- Salaried persons: Age of borrower plus repayment period should be less than retirement age or 60 years.
- Non-salaried persons : Age of borrower plus repayment period should be less than 65 years.
Occupation
- Persons who are employed under central/state government, autonomous bodies, public limited companies, MNCs & educational institutions with minimum continuous service for 1 year.
- Persons who are employed under Private Limited Companies, Trusts, or Limited Liability Partnership with minimum continuous service for 1 year.
- Insurance agents working for at least 2 years.
- Self-employed persons with a minimum 1-year stable business.
Credit score
- An excellent credit score of 701 or more points.
Nationality
The applicant should be a resident of India to avail BOB personal loan.
Income
A minimum income of Rs. 20,000 is required to be eligible for BOB Personal Loan.
| Conditions | Repo rate + Spread | Effective rate of interest |
| Accounts with another bank:
Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons |
Linked with CIBIL Score of the individual Ranges from BRLLR+SP+5.25% to BRLLR+SP+8.85% | From 14.35% to 17.95 |
| Accounts with Bank of Baroda: Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons | Linked with CIBIL Score of the individual Ranges from BRLLR+SP+3.25% to BRLLR+SP+6.85% | From 12.35% to 15.95 |
| Employees of Central / 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 other Bank | Linked with CIBIL Score of the individual Ranges from BRLLR+SP+2.50% to BRLLR+SP+6.85% | From 11.60% to 15.95% |
| 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 salary account with Bank of Baroda | Linked with CIBIL Score of the individual BRLLR+SP+2.00% BRLLR+SP+6.85% | From 11.10% to 15.95% |
| Govt Employees / defence personnel maintaining salary account with our Bank under scheme code SB 182 & 186 | Linked with CIBIL Score of the individual BRLLR+SP+1.50% BRLLR+SP+2.00% | From 10.60% to 11.10% |
Bank of Baroda Personal Loan Documents required
- Duly filled loan application form along with 3 passport-sized photographs.
- Form 135 giving details of Assets and Liabilities of the applicant.
- Bank statement for the last six months and updated passbook.
- Residential proof ( valid passport/ Voter id card/ Driving license/ Postpaid utility bill/ Updated passbook or bank account statement/ Registered rent agreement )
- Identity proof ( PAN card/ Aadhar card/ Valid Indian Passport/ Voter Id card/ Driving license/ employment id)
- For salaried individuals: i) Last 3 months’ salary slips, ii) Last six months’ account statement of Bank of Baroda.
- For self-employed
- Balance sheet and profit and loss account, computation of income for last 1 year
- Income tax returns- last 1 year for Applicants
- Business proof
- IT Assessment/ Clearance Certificate, Income Tax Challans/ TDS Certificate
How to apply for Bank of Baroda Personal Loan?
One can apply for BOB personal loan offline or online. The first step to applying for any loan is checking the eligibility criteria.
- Check the eligibility criteria
- Fix the loan amount and period of repayment. Calculate EMI.
- Download the loan application form.
- Fill up the required fields.
- The banking personnel will review the form. If the application is approved, the loan amount will be credited to the applicant’s bank account.
Bank of Baroda Mini statement
It is a service where an account holder can keep tract of transactions made with the account. There are several ways an account holder can be availed of Bank of Baroda mini statement.
Through Missed Call Banking: This service is the easiest way and is available 3 times a day.
Through SMS Banking: To get a mini statement through SMS, send ‘MINI’<space>last 4 digits of bank account no. to 8422009988. You will receive a text with the details of the latest transactions.
Through Net Banking: To avail BOB Mini Statement, log in to the official website of Bank of Baroda providing your customer id and password. Go to ‘account details and view your latest transactions.
Through Mobile Banking App: Log in to the mobile banking App providing your user id and MPIN. Select transaction history.
Through ATM: Go to any bank’s ATM, enter your 4-digit pin and get a mini statement.
For more information on Bank of Baroda Personal Loan, call toll-free no. 18002584455/18001024455