Overview of Personal Loans from Bank of Baroda
Bank of Baroda provides personal loans to its customers at attractive interest rates. These short-term loans help individuals to tackle unexpected expenses like medical emergencies or personal expenses like weddings, vacations or home renovations. The loans are offered by the bank of Baroda Chennai at higher interest rates but they do not require any collateral.
Features and Benefits of Personal Loans from Bank of Baroda
There are many benefits of choosing Bank of Baroda to avail personal loans.
There is a nominal paperwork required to avail the loan.
- The bank offers faster processing and easy repayments. The loan amount is easily credited to your account, provided you furnish the Bank of Baroda account details at the time of loan application.
- The Bank of Baroda interest rates for personal loans is extremely competitive.
- Another important feature of their personal loan scheme is that there is zero prepayment.
- The bank has personal loans for pensioners and ex-defence.
- Bank of Baroda has premium personal loans on offer for their existing customers who have an account running for at least 6 months.
Eligibility and Documentation for Personal Loans from Bank of Baroda
There are various types of the Bank of Baroda personal loan available with different eligibility criteria for each of them.
Baroda Personal Loan: Offered to applicants in order to incur personal expenses, it does not include any form of speculations. Salaried class and self-employed, both are eligible to avail the loan. The applicant should be 21 years of age or above and should not exceed 60 if a salaried individual, and 65 in case of self-employed. The maximum loan amount is 10 lakhs for metros and 5 lakhs for rural branches. The bank levies 2% processing charge for all the applicants.
Baroda Home loan Suraksha personal loan: This is applicable to homeowners in order to fund the life insurance premium for Group credit life insurance. Only home loan borrowers from the bank are eligible. The income details as per the existing criteria of the bank have to be provided, which would decide the eligibility factor. The loan amount is decided according to the amount of the premium for Group Credit Life Insurance cover. Other eligibility factors remain the same as home loan guidelines.
BOB Pension Loan: People earning a pension are eligible for the loan. These include regular pensioners, retired members of the bank and also their family pensioners. The maximum loan amount is calculated as 18 times the monthly pension. If the pensioner is under 70 years, the repayment can be done in 60 months. Above 70 years, the repayment has to be done in 36 months.
The following documents are required to avail personal loans from Bank of Baroda.
- A valid passport, driving license, voter’s ID, PAN card, Aadhar card or any other legal document bearing the photo of the applicant as a proof of identity.
- Any of the above documents or utility bills not older than three months can be used as proof of identity. Letter from the employer or latest ITR can also be used to avail bank of Baroda personal loan.
- Any of the above documents that could act as a proof of your age.
- For salaried people any document stating the length of employment like the old pay slips or a letter from the employer.
- Utility bills or rent receipts of the property can be used as a proof of the continuity of the business for the self-employed.
- Lastly, income proofs in the form of salary slip not more than 3 years old for the salaried professionals and the latest ITR for the self-employed.
Apply for Personal Loan from Bank of Baroda
In order to apply for personal loans from Bank of Baroda, you can log on to the official bank website https://www.bankofbaroda.co.in and click on the personal loan section. Enter the required details and follow the instructions to check for eligibility. After successfully completing this, you would be able to apply for the loan.
Check the Status of Your Personal Loan
One can check for the personal loan status either directly with the bank or online through their website. To do so, you will need a personal acknowledgement ID or a unique tracking number. These provide a simple and hassle-free means to the status of your loan.
Interest Rates of Personal Loans from Bank of Baroda
The Bank of Baroda interest rates varies between 11.35% and 16.35%. Since the rate of interests is on a higher side it is always advisable to exercise caution before applying for the loan.
EMI Calculator for Personal Loans
The Bank of Baroda EMI calculator comes in handy in order to approximately calculate the EMI instalment. The tool has certain parameters which can be selected by the sliders available with them. Provide all the required information in the BOB EMI calculator and find out how much the personal loan from the bank would cost you.
What are the uses of a personal loan?
A personal loan is a short-term loan that could be used to manage immediate and unavoidable expenses like medical contingencies or home renovations. These can also be helpful in buying consumer goods like a TV or planning a dream vacation.
What is the eligibility criterion for a personal loan from Bank of Baroda?
Both the salaried and the self-employed class are eligible to apply for the loan. More details can be found on https://www.bankofbaroda.co.in
What is the minimum tenure of a personal loan from Bank of Baroda?
12 months is the minimum loan tenure for personal loans from Bank of Baroda.
Is the bank of Baroda loan calculator available on the website?
Yes, the bank website https://www.bankofbaroda.co.in has a tool to calculate the approximate loan amount depending upon your eligibility criteria.
Can I apply for the personal loan along with a co-applicant?
No, as per the guidelines of Bank of Baroda only a single applicant is eligible to avail personal loans from Bank of Baroda.