Bank of Baroda Personal Loan

 

About Bank of Baroda Personal Loan Personal Loan

Bank of Baroda (BoB) is a state-owned International banking and financial services company of India, which is headquartered in Vadodra (erstwhile Baroda), Gujarat, India. The corporate office of the company is situated in Mumbai. As per data revealed in year 2017, Bank of Baroda was ranked 1145 on the list of Forbes Global 2000 companies. Its total assets are over INR 3.58 trillion (making it the second biggest Indian bank in terms of assets). There are 5538 branches of the bank in India and abroad, and it has 10,441 ATMs spread all over, as of July, 2017.

The bank extends various types of financial products and services to people all over the country. Their personal loan product is specifically helpful when it comes to fulfilling different kinds of immediate needs of the borrowers. You’re free to avail this loan for requirements for purposes like vacations, home renovations, medical treatments, wedding, education fee etc.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

In order to avail Bank of Baroda personal loan, you must fulfil certain eligibility criteria laid out by the bank. Once you have met this criteria and submitted the requisite documents, your personal loan will be processed and credited to your account within a short period of time. The bank issues personal loan to all types of applicants including salaried, insurance agents, self-employed professionals, self-employed business persons, non-salaried people, pensioners and even to the defense personnel.
However, there are specific eligibility criteria for each type of borrower. For instance, salaried people must have a minimum continuous service of one year. Insurance agents must be in business for the last two years. Self-employed business persons or professionals should have been running their business in a stable manner for at least past one year. Other important factors that impact the eligibility include age, job stability, income, credit score and whether the applicant is employed with any of the listed companies or not.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Bank of Baroda Personal Loan Features / Details

You’re free to use the loan amount for any specific immediate need you wish to fulfil. The usual personal loan amount that can be availed ranges from a minimum of INR 50,000 – INR 10 lakh depending upon your location, whether you are staying in a semi-urban & rural area or a metro & urban area. This limit might also be affected by the applicant’s profile and the purpose of availing the loan.
Some of the other prominent features of Bank of Baroda personal loans are zero prepayment charges, quick loan processing, special schemes and premium service to existing customers. You can learn about the exact loan features and details of BoB personal loan, as of today, below.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Bank of Baroda Personal Loan Fees / Charges

As is the norm, Bank of Baroda also applies certain fees or charges on application of personal loans. These charges are usually 2% of the loan amount and might vary from a minimum of INR 1000 to a maximum of INR 10,000. There are other pertinent charges that might also come into application depending upon the situation. These charges include pre-closure charges, part payment charges, inspection charges (in case you’re attaching a property), legal opinion charges, valuation charges and others. Following are the exact fees and charges applicable on Bank of Baroda personal loans as of today.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees