Total EMI


Total Interest


Total Payments


Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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About Bank of Baroda Personal Loan

Bank of Baroda is also known as India's International Bank because of its strong international presence and successful operations overseas. Today, they are operational in almost 22 countries. From their humble beginnings in the year 1908 in a small office in Baroda, Bank of Baroda has now grown into a high tech corporate center providing some of the best financial solutions to customers. They have set an example in terms of financial prudence and vision and are today, one of the premier banking institutions of the country.

Bank of Baroda is focused on helping customers in the time of dire financial requirements. This is why they have created Personal Loan plans that come with several beneficial features that are customer-centric, making it easier for them to avail funding when needed.

A Personal Loan is a special type of loan that is offered to customers to help them fulfill any personal requirements and expenses that they may have. This is the best option for those who need immediate funding to manage an unexpected expense or a financial emergency of any kind.

Personal Loans are often offered without any security. The loan amount and the interest rate provided in case of Personal Loans depend entirely on the income of the individual and their current credit score. These loans are known for being processed faster than any other type of loan. Since the eligibility criteria for these loans are a lot simpler, the documentation is also minimal. This reduces the processing time of the loans and allows much faster disbursals as well. With the Bank of Baroda, fast loan turnaround time is guaranteed to all customers to enable them to have funding when they need it.

Why Choose Bank of Baroda Personal Loan?

Choosing a Personal Loan under Bank of Baroda comes with several advantages:

  • You have the benefit of working with an experienced bank that has served close to 82 million customers successfully.
  • They are truly an international bank with operations currently running in 22 countries. They also have over 5,000 branches across the country.
  • They are located across different geographic segments including rural, semi-urban and urban areas. This makes them extremely accessible from any part of the world.
  • Bank of Baroda offers the most customer-centric solutions for any financial requirements. This is why they also offer the best possible rates of interest to make the loan affordable.
  • Bank of Baroda is a pioneer in banking technology and provides customers with several benefits such as banking applications and smooth net banking services to allow them to access their loan account on the go.
  • They offer the most transparent loan processing services and provide loans based entirely on the credit score and income of the individual.
  • Flexible repayment tenures make their loan plans extremely easy for customers to repay as well.
  • Bank of Baroda is known for its low processing time which makes loans available to customers when they really need it.

Key Features of Bank of Baroda Personal Loan

Following are some key features of Bank of Baroda Personal Loan:

  • Loan amount:
    • In Metro and Urban areas: Minimum 1 Lakh and maximum 10 Lakhs
    • In Semi-Urban and Rural areas: Minimum 50,000 and maximum 5 Lakhs
  • Who can apply:
    • Government/private employees with minimum service of one year can apply for the loan.
    • Also, self-employed professionals and business persons having minimum business or practice of one year can apply for the loan.
  • Repayment tenure: Minimum 12 months up to 36 months
  • The Personal Loan offered by Bank of Baroda is ideal for anyone who is looking for urgent funds. This is recommended as an affordable option in comparison to using Credit Cards or even using personal funds to manage the emergency.
  • The loan can be used for any purpose including home renovation, medical expenses, travel and even education.
  • Bank of Baroda offers competitive rates of interest in comparison to enable easy repayment. Bank of Baroda offers floating rates of interest that are based on its 1 year MCLR. The current MCLR is 8.70% as revised on 7th May 2019. The rate of interest is determined by the relationship that the individual has with the bank as follows:
    • For customers who have had an account or any relationship with Bank of Baroda for over six months, the rate of interest offered is between MCLR+SP+3% to MCLR+SP+6%, i.e., 11.70% to 14.70%.
    • For customers of other banks or those who have been associated with Bank of Baroda for less than 6 months, the rate of interest offered is between MCLR+SP+6%- MCLR+SP+8%, i.e., 14.70% to 16.70%.
  • A processing fee of 2% of the final loan amount is charged, subject to a minimum amount of 1,000 and a maximum amount of 10,000.
  • Customers have the option of prepaying the loan partly or can pre-close the account fully for at zero additional charges.

Why Calculate Your EMI before Applying for a Loan?

When you get a loan from a bank, make sure that you plan well in advance about what is affordable to you and what might pinch your pocket. An equated monthly instalment (EMI) is a commitment that you will be making for the entire tenure of the loan. Therefore, you need to be aware of the amount that you will be shelling out each month so you can plan your budget accordingly. There are several benefits of calculating your EMI before applying for the loan:

  • You will be able to assess your repayment capacity: An EMI Calculator is a great tool to help you accurately determine the EMI that you have to pay towards the loan. Once you know the amount, it is a good idea to add the mandatory monthly expenses such as rent, other debts, and financial obligations to check if it fits into your budget. With this information, you have the advantage of planning your monthly budget such that you are able to manage all the expenses and also make timely repayments towards the EMI.
  • It helps you determine the eligibility: For any lender, the debt to income ratio is a very important factor. This is the ratio of your income and your EMI. The net salary that you take home is the amount remaining after you have deducted all your expenses including the EMI. This net salary must be a certain percentage of your gross salary in order for you to qualify for a loan that you have chosen. Calculating the EMI beforehand will help you determine if you are eligible for the loan or not. In case you find that you do not meet the eligibility criteria, you have the option of showing additional income sources. The second option is to look for a plan that you will qualify for. The objective is to ensure that your loan application does not get rejected and affect your current credit score.
  • You will be able to plan your finances for the future: The tenure of Bank of Baroda Personal Loan can last up to 36 months which is quite a long time. If you know all the expenses that you will have for this period, including your EMI, you will be able to plan your investments and financial requirements for the future as well. For instance, if your child is going to graduate and enter college in this span, your expenses may increase. You will be able to check if the EMI will be affordable after this additional expense is included in your monthly budget. That way, you will not have to make any compromises later on.
  • You can make a better choice in terms of the loan: This is one of the main objectives of calculating your EMI beforehand. Knowing what the likely EMI towards different plans will be can help you pick the one that is most affordable to you. You can also negotiate with the lender to strike a deal that works to your advantage. You will be able to find different options to reduce your rate of interest such as improving the credit score. You can also change the repayment tenure of the loan or the principal amount that you wish to borrow so that it is affordable.

How is an EMI Calculator Useful?

Banks and other financial institutions offer a Personal Loan EMI Calculator which is a very handy tool to help you calculate your EMI instantly. The EMI towards a loan is calculated using a standard formula, which is:

P*r* (1+r)^n/([(1+r)^n]-1)

In this formula,

The letter P denotes the Principal Amount. Bank of Baroda offers loans up to 10 Lakhs in urban areas and loans up to 5 Lakhs in semi urban and rural areas.

The letter r denotes the rate of interest. The rate of interest offered by Bank of Baroda is linked to 1 year MCLR which is 8.70% as on 3rd June 2019.

The letter n denotes the term or the repayment tenure of the loan which can extend up to 36 months in case of Bank of Baroda depending upon the nature of employment of the applicant.

Using an EMI Calculator is extremely beneficial in several ways:

  • It reduces any chances of errors: Calculating the EMI manually is a very lengthy process. It is also very time-consuming. Of course, there is always room for human error. With EMIs, even the smallest error can influence your monthly budget quite a bit. So, it is best to use an EMI Calculator which gives you the results instantly and also tells you about all the possible expenses towards the loan such as the interest that you will pay.
  • It is convenient to use: An EMI Calculator is available on the official Bank of Baroda website and also on MyMoneyMantra for you to use. These EMI Calculators are absolutely free and can be used from any mobile device or computer system. That way, you can check the EMI that you need to pay whenever you want. All you have to do is enter the loan amount, the rate of interest that is offered and the tenure of the loan. The results are displayed instantly along with other details of the loans such as the interest payable.
  • It makes it simpler to look for the best loan plan: Doing the manual calculations for multiple loan plans is difficult. It can lead to unwanted errors leaving you with a plan that is actually expensive. With an EMI Calculator, you can check different plans in a jiffy and make the right choice for yourself. Since you have the convenience of checking the EMI on the go and also getting instant results, this is the best tool for you.

How to Use the MyMoneyMantra EMI Calculator?

MyMoneyMantra's Personal Loan EMI Calculator helps you to figure out how much you will be paying towards a loan that you choose. This tool is extremely convenient to use and is completely free of cost. Here are the steps that you have to follow in order to use this tool:

  • Log on to MyMoneyMantra's official website
  • In the main menu, select the "Financial Tools" option
  • Under that select the EMI Calculator
  • This will direct you to the calculator where you have to enter the loan amount, the rate of interest, and the tenure of the loan. The tenure can be entered in years or in months.
  • Once the details have been entered, click on the "Calculate" button
  • Once you have done this, the EMI, the interest payable and the total payment towards the loan will be displayed on the screen.

Here is a table that shows you the various EMIs calculated for different loan amounts on MyMoneyMantra. The rate of interest for these calculations is 11.70% (the lowest interest rate offered by Bank of Baroda on Personal Loan).

Loan Amount 12 months 24 months 36 months

1 Lakh




2 Lakhs




3 Lakhs




Eligibility Criteria for Bank of Baroda Personal Loan

In order to qualify for a Bank of Baroda Personal Loan, the customer must fulfill certain eligibility criteria. Bank of Baroda has general as well as specific eligibility criteria that you should be aware of before applying for a loan.

The general eligibility criteria are as follows:

  • The applicant should be at least 21 years old. In case of salaried individuals, the maximum age of the borrower must not exceed the retirement age or 60 years at the time of loan maturity. In the case of self-employed individuals, the maximum age of the borrower must not exceed 65 years at loan maturity.
  • The loan is available to employees of state or central government, autonomous bodies, public and joint sector undertakings, public limited companies, MNCs and educational institutions with a minimum service for at least 1 year with the same organization; Employees of proprietorship and partnership firms, private limited companies and trusts with a minimum of 1 year service; Insurance agents with at least 2 years' experience; Self-employed professionals including doctors, architects, engineers, tech and management consultants, and so on with a minimum experience of 1 year; and Self-employed businessmen with a stable business running for a minimum of 1 year.

What Factors Affect the EMI for Bank of Baroda Personal Loan?

There are three important factors that affect the EMI of a loan. These factors include the loan amount, the rate of interest and the repayment tenure of the loan. Here is how each factor influences the EMI that you have to pay towards the loan:

  • The rate of interest: The higher the rate of interest, the higher the EMI that is paid towards the loan. In order to reduce the EMI, the applicant has a few options. They may choose to improve the credit score before applying for a loan in order to avail a lower rate of interest. Banks often provide a more feasible rate of interest to individuals who are considered to be low risk borrowers. They can also choose to opt for a different plan or check for subsidies that they may be eligible for.
  • The tenure of the loan: The repayment tenure is the time for which the individual will pay the instalment. The longer the repayment tenure, the smaller the EMI payable towards the loan. However, while this may seem to be more affordable, the fact is that the amount paid towards the interest will also be higher. It is a good idea to choose a repayment tenure that allows affordable EMIs but also helps you close your loan account sooner.
  • The loan amount: The EMI that you pay each month consists of 2 components. One is the principal amount and the other is the interest. The interest is charged on the principal amount. So if the loan amount is lower, the EMI payable also reduces with it. If the applicant finds that the EMI is higher than expected and there is no option of reducing the rate of interest or increasing the tenure, he or she can choose to take a lower amount as a loan.

How to Choose the Best EMI?

Choosing the best EMI can be tricky. There are so many loan plans and offers available that it can become confusing to the borrower. However, there are some tips that will help you get the best deal possible:

  • Calculate your monthly expenses carefully. It is always good to keep aside some funds in your monthly budget for any emergency as well. Do not calculate these expenses keeping the bare minimum in mind. Then add the EMI to see if it is affordable to you. If not, look for more options to avail a loan.
  • Make sure that you keep future commitments in mind. You may have added expenses in the future that you will have to cater to. In that case, an EMI will become a huge burden. That is why you must predict the possible expenses for the tenure that you wish to avail the loan for and choose the EMI towards the loan accordingly.
  • Try to keep the repayment tenure as low as possible. You do not always have to choose the cheapest option. You must choose the most affordable option that allows you to get a lower repayment tenure. That way, you will be able to save additionally on the interest component.
  • Use an EMI Calculator to pre-determine the EMI that you will pay towards the loan.

Personal Loan Changes in Case of Prepayment

You have the option of pre-paying or pre-closing the account. If you wish to make part-prepayments, the principal amount will also reduce. This will, in turn, reduce the EMI that is payable each month. Customers have the option of reducing the EMI or the repayment tenure of the loan. You can retain the EMI that you are currently paying in order to pay it back faster. That will help you save on the interest that you pay and will also help you get debt-free faster.

FAQs - Bank of Baroda Personal Loan

How to apply for a Bank of Baroda Personal Loan?

You can fill up an online form to apply for a Personal Loan through the official Bank of Baroda website. You also have the option of applying for a loan at the nearest Bank of Baroda branch. After the application has been submitted, you will have to submit the necessary documents to have your loan processed. Alternatively, you can also apply through MyMoneyMantra for a seamless and instant process.

What is the maximum loan available with Bank of Baroda Personal Loans?

You can get a maximum loan of 10 Lakhs in case of an urban center. In the case of rural or semi-urban areas, the maximum loan amount provided is 5 Lakhs.

What is the rate of interest offered by Bank of Baroda Personal Loans?

The rate of interest offered by Bank of Baroda is linked to the 1 year MCLR which is currently 8.70%. The rates of interest offered depend upon the individual's relationship with the Bank of Baroda. The current interest rate varies from 11.70% to 16.70% p.a.

Do I have to pay any charges to apply for a Personal Loan with Bank of Baroda?

Bank of Baroda charges a processing fee of 2% of the loan amount subject to a minimum of 1,000 and a maximum of 10,000.

What is the repayment tenure for the loans?

Maximum repayment tenure of 36 months is available based on the nature of employment of the borrower.

What are the prepayment charges?

There are no pre-closure or prepayment charges for Bank of Baroda Personal Loans.