Having great plans, but can’t fulfill them because of financial issues? No need to worry while having Bank of Baroda, it is ready to fulfill the needs of the people through its personal loan facility. Now, you can have an insufficient budget to fulfill all your dreams through the Bank of Baroda Personal Loan. The loan amount is starting from Rs. 20,000 up to Rs. 2 lakhs at the repayment period of within 36 months.
Check Bank of Baroda Personal Loan Interest Rates for 2021
The table given below will help you to check the Bank of Baroda Personal Loan Interest Rates, repayment tenure, loan amount, and other charges.
| Particulars | Details |
| Interest Rate | 10.00% – 15.60% |
| Maximum Amount | Rs. 2,00,000 For Civil Pensioners: Maximum limit is Rs. 1,00,000 For Defence Pensioners: Maximum limit is Rs. 2,00,000 For Earnest Money Deposit: Maximum limit is Rs. 5,00,000 |
| Minimum Amount | Rs. 20,000 |
| Repayment | Repayment instalment is up to 36 months |
| Processing Fee | 2% of the loan amount Minimum: Rs. 1,000 Maximum: Rs. 10,000 |
Features for availing Bank of Baroda Personal Loan
Given below are the features for availing Bank of Baroda Personal Loan to the individual required instant money for their use:
- Motive:
The purpose of a personal loan from the Bank of Baroda is to provide financial assistance to satisfy demands such as medical care for oneself or a family member, wedding and travel expenses, education, and home maintenance.
- There’s No Need for Collateral:
Personal loans are unsecured loans, therefore you don’t have to put up any collateral to get one from the Bank of Baroda. Third-party providers, on the other hand, are a viable option.
- Amount of the loan:
In semi-urban and rural areas, you can acquire a loan of up to Rs. 5,00,000, while in metro and urban areas, you can get a loan of up to Rs. 10,00,000.
- Term of the Loan:
A maximum of 5 years
- Prepayment charges:
Prepayment is not permitted until all 12 EMIs have been completed. There are fees for paying in advance.
- Borrowing When It’s Convenient:
You can apply either online or in a Bank of Baroda branch near you.
Benefits for using Bank of Baroda Personal Loan
Here is the list of benefits that you will get while availing of a Bank of Baroda personal loan:
- Interest rates are low.
- There is no need for security.
- There will be less paperwork.
- Long-term employment
- A minimum income is required.
Eligibility criteria for availing Bank of Baroda Personal Loan
To apply for a personal loan from the Bank of Baroda, you must meet the following requirements listed below:
- The applicant should be minimum of 21 years.
- Consistent earnings
- Last three months’ payslip
- Proof of Identity and Proper Address
- Employees of the Central/State Governments, Autonomous Bodies, Public/Joint Sector Undertakings, Public Limited Companies, Multinational Corporations, and Educational Institutions – with minimum 1 year of continuous service.
- Employees of sole proprietorships, partnership firms, private limited companies, and trusts who have served for at least a year.
- Self-employed professionals (Doctors, Engineers, Architects, Interior Designers, Technology and Management Consultants, Practicing Company Secretaries, and so on) — with a minimum of one year of solid operation.
Documents for Bank of Baroda Personal Loan
The following are important documents to give when applying for a Personal Loan in Amritsar, Chandigarh, and other metro cities with Bank of Baroda:
- The loan application must be completed
- 3 pictures of passport size
- Submit copies of voter ID cards, passports, driver’s licenses, and IT PAN cards are acceptable forms of identification.
- Submit the copies of recent telephone/electricity bills as proof of residency
- Last six months’ bank account/passbook statement
- Returns on Form 16/IT for the previous two fiscal years for salaried workers
Bank of Baroda EMI Payment Methods
Personal loan offering from the Bank of Baroda can be repaid in one of three ways mentioned below:
- SI (Standing Instruction):
Standing Instruction is the ideal way of repayment if you already have a Bank of Baroda account. At the end of each monthly cycle, your EMI amount will be automatically debited from the Bank of Baroda account you designate.
- Electronic Clearing Service (ECS):
The Electronic Clearing Service (ECS) is a service that allows you to send and receive money electronically. If you have a non-Bank of Baroda account and want your EMIs debited from it automatically at the conclusion of the monthly cycle, this mode is for you.
- PDCs (Post-Dated Cheques):
Post-dated EMI checks from non-Kotak Mahindra Bank accounts can be submitted to your local Kotak Mahindra Bank Loan Centre.
*Note: It is advised that you use either the SI or ECS mode of payment rather than PDCs because they are speedier and less prone to error.
Bank of Baroda Customer Care
Customers can reach out to the Bank of Baroda via any of the following methods:
- Bank of Baroda can be reached at 1800-258-4455 and 1800-102-4455 respectively (toll-free)
- You can visit a Bank of Baroda branch near you to get your questions answered.
Conclusion
Through this article, you can get advice for availing Bank of Baroda personal loan. Check out the entire details such as Bank of Baroda personal loan interest rate, eligibility criteria, and repayment tenure. You can also contact through Bank of Baroda Customer Care Number for more details or contact Afinoz.
