Bank of Baroda Personal Loan Eligibility

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.

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.

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.

• 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. 

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.