Bank of Baroda Personal loans are more preferable in comparison to personal loans by other major banks; this is due to reasons like faster processing, lower rates and a host of other reasons, a few of which are listed below.
Nominal Documentation: Bank of Baroda ensures that you get your required personal loan without any hassles of copious paperwork. Hence, a few basic documents are all that is required to help you take care of all urgent/planned personal expenses.
Easy Repayments: The repayment of Bank of Baroda personal loans can be done either through cheques or through online EMIs, both of which are extremely easy to track and pay.
Attractive Rate of Interest: The rate of interest offered on Bank of Baroda personal loans is extremely competitive.
Features of Bank of Baroda Personal Loan
- Zero pre-payment charges: Pre-payment charges are not applicable at all in case the customer wants to pay off the Bank of Baroda personal loan earlier than the stipulated loan tenure. This means that you can reimburse the loan amount to the bank as soon as you can spare that extra amount and be done with your financial liability towards the bank.
- Fast loan processing: Bank of Baroda has a quick turnaround time on their personal loan applications. Hence, you need not wait for days and weeks to get the loan amount into your bank account. Meet your financial needs as soon as they arise and enjoy a hassle-free banking experience with Bank of Baroda.
- Personal loan special schemes: Bank of Baroda offers personal loans to pensioners and Ex-Defence personnel too. The bank also has personal loan offerings for Earnest Money Deposits which are for buyers of home/plot/flat.
- Premium personal loan option for existing customers: Bank of Baroda offers Premium Personal Loan to its existing customers. To be eligible for this loan, a user should have a smooth, running bank account with Bank of Baroda for at least 6 months. The account should be approved for good conduct by the branch head.
Bank of Baroda Personal Loan Fees and Charges
| Processing fee | 2% of loan amount + Service tax |
| Minimum processing fee | Rs.1,000 |
| Maximum processing fee | Rs.10,000 |
| Penalty interest | 2% on the outstanding loan amount |
Bank of Baroda MCLR details
| MCLR benchmark | MCLR in (%) with effect from 7 May 2017 |
|---|---|
| Overnight MCLR | 8.10 |
| 1-month MCLR | 8.15 |
| 3-month MCLR | 8.20 |
| 6-month MCLR | 8.30 |
| 1-year MCLR | 8.35 |
| 3-year MCLR | 8.50 |
| 5-year MCLR | 8.65 |
The Base Rate with effect from 1 July 2016 is 9.60% p.a. The Benchmark Prime Lending Rate (BPLR) for all present accounts is 13.90% p.a. which has been effective from 5 October 2015.
Bank of Baroda Personal Loan Eligibility
| Segment | • MNCs
• Public Limited Company or Large Private Limited • State Government or Central Government • PSUs • Professionals who are self-employed like doctors, practising company secretaries, engineers, interior designers, management consultants, architects, or management consultants • Insurance agents who have been in business at least for 2 years |
| Age | Applicant should be at least 21 years old |
| Job continuity | Should have a job and worked with the current employer for at least 1 year |
| Minimum loan amount | Rs.50,000 |
| Maximum loan amount | Rs.10 lakh |
| Tenure | Up to 60 months |
How to calculate EMIs for Bank of Baroda Personal Loans
You can compute EMIs for your Bank of Baroda personal loan through any online EMI calculator. antworksmoney.com has a convenient EMI calculator which can be used simply by dragging a slider. It makes your loan application easier. You can plan your loan expenses and manage your overall finances efficiently with the help of this calculator. To make use of it, you will need to input certain details regarding your loan. These details include loan amount, loan tenure, processing fee, pre-payment fee, and interest rate.
You can pay your EMIs promptly and you will clear your loan accurately on time. During the first few months of your loan tenure, you will be paying a higher interest. Towards the end of your loan tenure, you will be paying a higher principal compared to your interest.
- To use the EMI calculator for your Bank of Baroda Personal Loan, you will have to first go to the main menu of the website and then go to ‘Finance Tools’. Here you can choose EMI calculator.
- Once you click on the calculator, you will first have to select your loan amount by dragging the slider.
- Next, you need to choose your loan tenure with the help of the slider.
- You will now have to enter the interest rate charged by Bank of Baroda for your personal loan. This will need to be given in percentage.
- Further, you have to enter the processing fee which will be a percentage of your personal loan amount.
- You will now have to decide if you wish to go for a prepayment or not. You can do this by clicking the ‘Yes’ or ‘No’ option. Next, you can click ‘Calculate’.
Bank of Baroda Premium Personal Loan:
Apart from the above listed generic features and benefits of availing personal loan from Bank of Baroda, there are some special advantages for existing Bank of Baroda customers. These customers are offered Premium Personal Loan, which has the following significant features –
- This personal loan by Bank of Baroda is meant for customers who have an account relationship with the bank for at least 6 months and have a good track record
- The minimum age to be eligible for this personal loan is 21 years
- The loan is available either with or without check-off. This means the customer can choose to let his employer remit directly, a part of his salary to the bank as personal loan EMI
- Minimum Monthly income to be eligible for this premium personal loan is Rs.10000 for Personal loan with full check-off
- Minimum Monthly income to be eligible for this premium personal loan is Rs.15000 for Personal loan with partial/no check-off
- Maximum Loan amount for personal loan with check-off is Rs.10 lacs or 24 times the net monthly income
- Maximum Loan amount for personal loan with partial/no check-off is Rs.5 lacs or 24 times the net monthly income
Bank of Baroda Mudra Loan
Bank of Baroda (BOB) offers a wide variety of affordable loans for exclusive purposes. One of the loans is the Mudra Loan. This loan is provided under the Pradhan Mantri Mudra Yojana, which was introduced by the Prime Minister of the country. Under BOB Mudra Loans, one can choose from 3 loan options and they include Shishu, Kishore, and Tarun. Under Shishu, one can get a loan of up to Rs.50,000. Under Kishore, one can apply for a loan of up to Rs.50,001 to Rs.5 lakh. Under Tarun, one can apply for a loan amount ranging from Rs.5,00,001 to up to Rs.10 lakh.
Bank of Baroda SME Loan Pack
If you are looking for a loan to meet your working capital needs or other business needs for your small or medium-sized enterprise, you can check out the Bank of Baroda SME Loan Pack. You will have to give details about your business’s projects, cash flow plans, etc. while applying for the loan. The margin for this loan scheme is 25%. While applying, the firm will need to provide a personal guarantee for the director as well as partners. If a medium-sized enterprise takes a credit higher than Rs.25 lakh, then a collateral will need to be given.
Bank of Baroda (BOB) Career Development Loan
Do you have aspirations to enhance your career extensively, but restricted due to lack of necessary funds. Do not be disappointed. You can apply for a Career Development Loan from Bank of Baroda for pursuing your career dreams. Whether you want to build your career with vocational courses, executive development training courses, higher degrees from reputed institutions, or skill development training courses, you can take this loan for paying fees and other charges related to your course. This loan can be taken by both working professionals and employees.
Bank of Baroda Traders Loan
Are you a trader or an entrepreneur and are you looking for a loan to enhance your business venture? You can then apply for a Bank of Baroda (BOB) Traders Loan. You can also get working capital with the help of this loan. As per your needs, you can choose an overdraft or a working loan. The minimum loan amount is Rs.25,000 and the maximum amount is Rs.300 lakh in rural and semi-urban areas and Rs.400 lakh in metro and urban regions. The interest rate for this loan is 9.65 + 2.00%.
Bank of Baroda Composite Loans
Bank of Baroda has an exclusive loan product is known as a composite loan, which can be utilised by village industries, artisans, cottage industries, and micro, small, and medium-sized enterprises. Whether these enterprises need funds for generating working capital or fixed capital, one can apply for a composite loan. One can apply for a loan amount of up to Rs.100 lakh. The approval of the loan application will be determined by the credit rating of the business enterprise or the firm. The minimum repayment period for these loans is 3 years and the maximum period is 10 years.
Bank of Baroda (BOB) Short-Term Loans
Keeping in mind the short-term financial needs of individuals, Bank of Baroda issues short-term loans at affordable prices. This is given to small and medium-sized enterprises that require funds for a short period to meet their working capital needs or liquid cash needs. In order to be eligible for this loan, a small or medium enterprise needs to have a good credit rating and at least 3 years of good dealings. The maximum loan amount disbursed by this product will be up to 25% of the firm’s working capital.
Bank of Baroda Loan against Property
Looking for a collateral to apply for a loan? You can use your property to secure your loan by choosing a Bank of Baroda (BOB) Loan against Property. You can utilise this loan for your education fees, home repairs, wedding arrangements, etc. You can use it for any purpose except certain purposes that are restricted by the bank. This loan can be availed as an overdraft facility or as a demand loan facility. The maximum tenure is 7 years and the minimum tenure is 1 year.
Bank of Baroda Mortgage Loan
Have a property in your name? Make use of it to the fullest! You can use it as a security and also as a way to apply for additional funds for emergency needs. The minimum age requirement for this loan is 21 years. One should be an owner of a property in order to be eligible for this loan. The minimum annual income of the applicant should be at least Rs.60,000. Moreover, if you have an unused property, you can utilise it for getting extra income with the help of this loan.
Bank of Baroda Personal Loan Customer Care Number
Whenever you have any doubt or grievance about personal loans from Bank of Baroda, you can reach out to them through their customer care helpline numbers. You need not go all the way to a bank branch to get a resolution for your hassles. The bank has a toll-free number, which can be used for any issues related to personal loans. The bank also has other customer service numbers for other products. You can get in touch with the bank whether you are living in the country or you are in a foreign country.