Documents required for Bank of Baroda Personal Loan

Bank of Baroda demands a set of documents to authenticate the eligibility of applicants applying for a personal loan. These documents are to be attached to your application form and photograph. Find below the essential documents for all applicants and the selected ones for different categories.


Bank of Baroda Personal Loan

Bank of Baroda offers personal loans to borrowers under their consumer banking service category. This loan is available to borrowers who may need funds to take care of an emergency. BOB personal loan is slated for salaried persons, self-employed people, as well as professionals. To avail of this loan, the applicant must have been engaged in his or her current economic activity for at least one year before applying for the loan. The documents required to complete the application process are minimal and the Personal Loan Interest Rates start from 11%-17% depending on the loan sum.

Bank of Baroda has also made it relatively easy for applicants to apply for their personal loan via an online or an offline medium. You may choose to log onto their official website or any third party website to submit your documents and application form. If you prefer doing so in person, you can also visit any of their branches in your city to complete the process manually.

Features of Bank of Baroda Personal Loan

ClassSalaried employeeSelf-employed
PurposePersonal demand loanPersonal demand loan
EligibilityFor applicants working in a public or private establishment for at least a period of 1 yearFor applicants who earn a regular income from their trade, business or profession and have been engaged in same for a period of 1 year at least.
Min/Max Age21 years/60 years21 years/65 years
Interest rate11%-17%11%-17%
Min/Max Loan amount

Rural/Semi Rural - 50,000 - 5 lakh

Metro/Urban - 1 lakh - 10 lakh

Rural/Semi Rural - 50,000 - 5 lakh

Metro/Urban - 1 lakh - 10 lakh

Processing fee2% of the loan amount2% of the loan amount

Documents required for Bank of Baroda Personal Loan

Must have documents

Find below, the must-have documents for all the categories of borrowers.

  • A completed and signed loan application form along with your recent personal photograph
  • You can submit any of these KYC documents to prove - Age (Driver License/ Aadhar Card/ PAN Card/ Passport, Voter ID) - Identity (Passport/ Aadhar Card/ PAN Card/ Driver License/ Voter ID) - Address (Voter ID/ PAN Card/ Aadhar Card/ Driver License/ Passport/ Registered rental/lease agreement)

Special documents for salaried employees

  • Bank statement for the last 3 months or Passbook record for the last 6 months
  • A copy of the latest salary slip
  • Current salary certificate
  • Latest Form 16
  • Employment Certificate from current employer

Special documents for Self-employed persons

  • IT Returns for the last 2 years
  • Bank Statement for the last 6 months
  • Balance Sheet and Profit and Loss Account
  • Proof of business continuity.

Importance of Bank Statement/ Passbook to take a Personal Loan

The Bank of Baroda statements and Passbook are some of the financial documents demanded for good reason. A bank statement or passbook contains an applicant's financial history with his or her bank. When their account is credited or a withdrawal is made from the account, the entries are highlighted along with their respective dates. This information is valuable to lenders as they can use it to verify the income claims of the applicant. By reviewing your passbook or bank statement (depends on the one you have) the lender can determine whether you have the financial capacity to repay any loan issued to you in due course.

Importance of Credit Rating to take a Personal Loan

Lenders are also interested in your credit rating. One of the easiest way to ascertain your rating is to look at your credit report. The relationship between your asset and liabilities is made clear in your report. Besides reviewing your passbook/bank statement, your rating can be used to determine your level of indebtedness and your financial capacity as well. A low rating implies that you have a significant debt left unpaid or that you are a regular defaulter. A high rating, on the other hand, implies that you are largely debt-free or that you owe a little. Credit ratings serve as an important piece of information lenders rely on to make decisions pertaining to loan issuance.

Factors affecting your Personal Loan Eligibility

Many people often complain that their loan application did not scale through and an explanation from the lender is not forthcoming. If this is an experience, you have had before it is normal to have felt frustrated and dejected especially if you were in dire need of funds. There are several reasons behind such rejections but it is a problem that is surmountable. In this section, we will throw more light on some of the factors stopping you from getting that loan you so desperately need. Here we go:


Your income is one key factor that helps lenders decide who and who not to give out a loan. You know that for all loans you receive you will likely pay it back from your income. So lenders review your income information before deciding whether you qualify for the loan. If your income is not large enough to cover the EMI or if EMI deductions will take out more than 40% of your income, the lender will most likely reject your application.


Every lender has a minimum and a maximum age for any loan they offer to the public and applicants who fall outside the set age bracket will not be issued the loan. Bank of Baroda has set the minimum age requirement to be 21 years of age and the maximum age requirements for salaried applicants to be 60 years while that of Self-employed applicants is 65 years. Applying for a loan that you do not qualify for will lead to outright rejection.


Employers are ranked based on their public profile when reviewing applications submitted by salaried applicants. Those who work for public establishments such as government agencies, public hospitals, or ministries, and parastatals are highly considered. The case remains the same for those who work for reputable private companies and conglomerates. Although lenders do not accept or reject applications on this basis alone, under special circumstances they may reject an application if they feel that the applicant's employer does not pay worker salaries regularly.

Work experience

To avail of a personal loan from Bank of Baroda, you are expected to have worked with the same employer for at least one year. Self-employed persons are also expected to have participated in their trade or careers for a minimum of one year before they apply for the loan. If you have not lasted this long, your request for a loan may be rejected.

Credit rating

Credit rating matter as far as loans are concerned. No lender wants to give out a loan to a borrower who may likely default. One way to tell if a borrower will default or not is to review his financial history. A low rating of below 650 may likely lead to rejection.


The validity of your personal documents is very important. Submitting expired or wrong documents will not help your case. Every year, quite many applicants have their applications denied on this ground.

Debt profile

Owing debts left, right and center will be detrimental to your application. Having so many creditors or owing a single creditor a large debt will make it difficult for you to pay the EMI on a personal loan.


Tenure is reviewed in accordance with the applicant's age. For instance, BOB has set the maximum age for salaried individuals is 60. A 58-year-old applicant who applies for a 3 years loan will not be issued the funds because he or she will have surpassed the maximum age by the time the loan will mature.

How to apply for a Personal Loan through MyMoneyMantra

Applying for a personal loan through MMM is very simple. The steps are short and can be completed within 5 minutes or less. Just follow these steps below to complete your application.

  • Visit mymoneymantra.com then navigate to the Personal loan page
  • Choose your current employment status (Salaried or Self-employed)
  • Provide your name and email address
  • Pick your residential city from among the options
  • Provide MMM with details about your current employer
  • Provide your income information
  • Choose the loan amount
  • Provide your mobile number through which MyMoneyMantra will contact you to provide information about its products and services
  • Once the loan is approved by the lender you will be asked to accept the terms and conditions and to sign a loan agreement form
  • The experts at MyMoneyMantra will help you with the entire disbursement process and will clarify any other concerns you might have

Benefits of applying for a Personal Loan via MyMoneyMantra

If you don't want to take the stressful option of paying a visit to a Bank of Baroda branch to apply for a personal loan or you find their online application via their website to be too cumbersome, you can always apply via MyMoneyMantra. Using this platform has its perks and benefits. Through MMM, you can-

  • Determine your eligibility: You can determine your Personal Loan Eligibility without the help of an expert as the website has all the necessary information about any personal loan scheme you can think of. MMM also has a loan eligibility calculator that can be used to calculate your eligibility status before you apply. This helps you to avoid loans that you do not qualify for.
  • Hassle-free process: The steps required to submit your application via MMM are very few and easy to complete. You no longer have to make the long trip to a branch of the bank to apply for it. From the comfort of your home or office, you can fill and submit your application and get the desired feedback in a few days.
  • Choose the right loan from among alternatives: Today, there are so many loans to choose from that borrowers get confused as to which one to go for. If you are as confused as many others regarding the best loan to go for, you can rely on MMM to guide your choice. MMM will not choose for you but you will be provided with all the necessary information about each loan scheme so you can make an informed decision on the best from among the available alternatives.
  • Loan costing: There is a cost attached to every loan on offer that you must be aware of. MyMoneyMantra will bring these cost to light for your benefit. The interest rates, processing fees, and every other extra charge will be made known to you. You can also use MyMoneyMantra's Personal Loan EMI calculator to make EMI projections for different principal amounts before you make a final decision about the particular amount and scheme to apply for.
  • Advisory services: MMM will not leave you on your own but will be all too willing to provide you with all the help you need during the entire process. If you have inquiries or concerns, the experts will answer all your questions and will provide you with the support you need every step of the way.

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Documents required for Bank of Baroda Personal Loan FAQW

What are the various Personal Loan documents used for?


The various documents demanded of you will be used to prove your age, identity, income, and address.

What are the acceptable documents to prove age?


You can prove your age by presenting any of the following

  • Passport
  • PAN Card
  • Voter Card
  • Driver License

What are the acceptable documents to prove identity?


To prove your identity, you can use any of the following:

  • Passport
  • Driver License
  • Voter Card
  • PAN Card

What are the acceptable documents to prove Address?


Any of the following documents can be used to prove your address:

  • Passport
  • Driver License
  • Voter Card
  • PAN Card
  • Utility Bills for the last 3 months
  • Rent/Lease Agreement

What are the documents I can use to prove my income?


To prove your income you will be required to provide the following:

  • Self-employed - Returns for the last 2 years, Bank Statement for the last 6 months, Balance Sheet and Profit and Loss Account, Proof of business continuity
  • Salaried employee - Bank statement for the last 3 months or Passbook record for the last 6 months, A copy of the latest salary slip, Current salary certificate, Latest Form 16, and Employment Certificate from current employer.

Which documents will be used to determine the interest rate I will pay for a loan?


Your financial documents will be used to determine your rate of interest as well as your credit score. The financial documents may either be your statement of account/passbook as well as your salary slip (if you are a salaried applicant).

Will my loan application be rejected if I submit an invalid document?


Yes, Bank of Baroda will reject your application if any of your documents is invalid.

How do I notify Bank of Baroda about the loan tenure I want?


This is easy. To notify Bank of Baroda about your preferred loan tenure, simply choose a suitable tenure when filling the application form. Note that you cannot apply for a tenure that is more than 5 years (60 months).

How long does the application review process take?


As long as the documents you submit are valid, your application will be processed within 3 working days or less.

How much can I avail as a loan?


The amount depends on your eligibility and your city of residence. If you live in a semi-rural or rural area, you can get between 50,000 to 5 lakh. If you live in a metro or urban area you can avail between 1 lakh to 10 lakh. Your eligibility for whichever loan amount you pick will also be reviewed through the financial documents you submit.

Must I submit a collateral for this loan?


No, a collateral is not required. Personal loans are unsecured loans that are not backed by any form of security.

How will my work experience with my current employer be determined?


There are different ways to determine this. The lender may ask you to submit your letter of employment for review if you are a salaried applicant. Furthermore, your financial documents such as your bank statement may be checked to see how long your income has remained consistent for the last one year.

Is an insurance certificate required to avail of this loan?


No, an insurance certificate is not required.