Bank of Baroda offers a Personal Loan of up to Rs. 10 Lakhs at interest rates of 10% - 15.60% p.a., processing fee up to 2% of the loan amount, and tenure of up to 5 years.
A Personal Loan is a unique product, as the bank does not ask for the end-use of funds when applying for the facility. Generally, banks extend asset-based financing solutions. The Personal Loan is the only customer credential-based financing product in the industry.
Bank of Baroda offers two kinds of Personal Loans. The popular form of extending personal financial assistance is loans without collateral. Apart from the clean Personal Loan, the bank has specific products where it grants loans against collateral for meeting the individual requirements of its clients. The eligibility criteria for each of these loans are different.
Generally, Bank of Baroda does not allow co-applicants for a Personal Loan. However, it can consider letting a co-applicant only under the following circumstances:
Employees of State and Central Governments, PSUs, Autonomous bodies, Joint Sector Undertakings, and educational institutions with a minimum continuous service of 1 year and maintaining salary account in Bank of Baroda.
|Loan amount||Rs. 25,000 - Rs. 10 Lakhs|
|Rate of interest||10% - 15.60% p.a.|
|Tenure||Up to 60 months|
|Lowest EMI possible||Rs. 2,125 Per Lakh|
2% of the loan amount (minimum Rs. 1,000 &
maximum Rs. 10,000) + taxes
|CIBIL score required||650 & above|
|Personal Loan Eligibility by Banks|
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Compared to the loans against credit cards, the Personal Loan is a better choice because of various reasons:
It depends on the situation and your requirements. If your needs are high, it is always advisable to choose loan against property, especially if you have a property to spare. A clean Personal Loan is an ideal option when you are in urgent need of funds. The turn-around-time for a Personal Loan is quick as compared to a mortgage loan. Secondly, the eligibility norms are straightforward for a Personal Loan. From the convenience angle, the Personal Loan is a better option.
Yes, Bank of Baroda offers Personal Loans to such employees, but the rate of interest is higher in comparison. If the applicant maintains an account with Bank of Baroda, it should be a satisfactorily maintained one for a minimum of six months.
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.
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