Bank of Baroda Personal Loan Eligibility

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 external benchmark rate - in this case, it is the repo rate
• The spread over the benchmark rate - also known as the mark-up
• The specific premium over the RLLR
• The CIBIL rating of the borrower
• The occupation of the borrower

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.

• KYC documents to establish the identity, residential address, and age of the applicant
• Income papers to determine the repaying capacity of the borrower