Bank of Baroda Personal Loan Eligibility

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.


About Bank of Baroda Personal Loan

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.

BOB Personal Loan Eligibility

Eligible Borrowers:

  • Employees can avail loan of Proprietorship, Private Limited companies, Partnership firms, and Trust having minimum 1 year of continuous service.
  • Employees of Central or State Government, Autonomous Bodies, Public or Joint Sector Undertakings, Public Limited Companies, MNCs, and Educational Institutions who have minimum 1 year of continuous service.
  • Self-employed professionals (including Doctor, Architect, Engineer, Interior Designers, Practicing Company secretaries, Technology & Management Consultants) having minimum 1 year of stable business.
  • Insurance Agents who are doing business for at least last 2 years.
  • Self-employed can avail loan if they have minimum 1 year of stable business.

Age Eligibility:

  • The minimum age for applying for a Personal Loan in Bank of Baroda is 21 years
  • The maximum age at the maturity of the loan should not be more than the retirement age of the salaried borrower or 60 years, whichever is lower.
  • Maximum age is 65 years in the case of a self-employed borrower

Note: Now you can check your transaction made from saving account with Bank of Baroda Mini Statement Number service.

Eligibility concerning co-applicant

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:

  • Loan against property where the property is in joint names
  • Loan against FDs and securities in joint names

Additional Info: Check Bank Of Baroda Personal Loan Document Required.

Eligibility concerning the quantum of finance

  • Rural and semi-urban areas: The minimum loan is Rs. 50,000 with the maximum being Rs. 5 Lakhs.
  • Urban and metro cities - The minimum Personal Loan is Rs. 1 Lakh, and the maximum permissible amount is Rs. 10 Lakhs. 

Any Query related to your loan Contact BOB Personal Loan Customer Care Service. 

Particular Guidelines for Personal Loan Eligibility

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.

  • Repayment Capacity: 60% of the gross monthly income
  • Repayment Period: Maximum of 60 months
  • Account Relationship: Salary account with Bank of Baroda with the condition that the salary for the last month being credited in the account.

Other Borrowers

  • Repayment Capacity:
  • GMI less than Rs. 75,000 - 40% of the GMI
  • GMI >= Rs. 75,000 and < Rs. 2 Lakhs - 50% of GMI
  • GMI >= Rs. 2 Lakhs - 60% of GMI
  • Repayment Period: Maximum tenure is 48 months
  • Account Relationship: Loans up to Rs. 2 Lakhs - Satisfactory account with Bank of Baroda or any other bank for a minimum of 6 months.

Bank of Baroda Personal Loan Eligibility Criteria

Loan amountRs. 25,000 - Rs. 10 Lakhs
Rate of interest10% - 15.60% p.a.
TenureUp to 60 months
Lowest EMI possibleRs. 2,125 Per Lakh
Processing fee

2% of the loan amount (minimum Rs. 1,000 &

maximum Rs. 10,000) + taxes

CIBIL score required650 & above


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Bank of Baroda Personal Loan Eligibility FAQs

Which of the two choices is the better option, Personal Loans or Loans Against Credit Cards?


Compared to the loans against credit cards, the Personal Loan is a better choice because of various reasons:

  • The rate of interest on the Personal Loan is less than that of loans against credit cards.
  • The quantum of loan available to the borrower is also higher in the case of a Personal Loan.
  • The borrower gets a flexible repayment tenure that can extend up to 60 months.
  • The loan on the credit card results in blocking the credit card limit up to that extent.

Which is a better option, a Personal Loan against security or a clean Personal Loan?


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.

Does Bank of Baroda have Personal Loan products for employees not maintaining salary accounts with it?


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.

Can a self-employed person apply for a Personal Loan with Bank of Baroda?


Yes, a self-employed person is also eligible for a Personal Loan with Bank of Baroda.

Is the Personal Loan product available to individuals not maintaining an account 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.

How does Bank of Baroda determine the rate of interest for the Personal Loan borrowers?


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

Why do salaried persons get the benefit of the interest rates over self-employed individuals?


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.

Can I add a co-applicant to enhance my overall loan eligibility?


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.

Is a third-party guarantee compulsory for a Personal Loan?


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.

What documents should the applicant provide when applying for a Personal Loan?


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