Bank of Baroda offers a Personal Loan of up to Rs. 20 Lakhs at interest rates of 10.10% p.a., processing fee up to 1-2% of the loan amount, and tenure of up to 5 years.
|Personal Loan Eligibility by Banks
Yes, a self-employed person is also eligible for a Personal Loan with Bank of Baroda.
Yes, Personal Loans are available for individuals not maintaining an account with Bank of Baroda. However, the maximum quantum of loan is 2 lakhs.
The rate of interest depends on various factors:
The primary reason for the difference in the interest rates is the consistency of income. The salaried person has a fixed income, whereas the self-employed person has a fluctuating one. It places the self-employed borrower in a higher risk category. Therefore, the rate of interest for a self-employed borrower is higher when compared to the salaried individual.
Bank of Baroda does not permit any co-applicants in a clean Personal Loan. However, co-applicants are permissible in the case of a loan against property.
A third-party guarantee is not necessary when the employer undertakes to deduct the EMI from the salary and credit it to the loan account. In other cases, it is essential to bring in a guarantor.
The applicant should submit the following documents when applying for a Personal Loan.