Bank of Baroda



Apply Bank of Baroda Personal Loan

About Bank of Baroda

Bank of Baroda (BoB) is a pioneer in the banking Sector that was founded 110 years ago by the Maharaja of Baroda. With its headquarter in Vadodara, Gujarat, and its corporate office in Mumbai, BoB owns the total assets of 3.38 trillion. The second largest bank in India (by Assets), the banking major has a robust network of 5538 branches and 10441 ATMs in India, and 107 bank branches abroad.

With such a landmark history, Bank of Baroda has a massive consumer base in the country. The Bank meets to a variety of consumer needs ranging from private equity, wealth management, banking, financial services and so on.

As a market leader, the BoB brings to you the latest cutting-edge technology to simplify the loan process and increase the ease of banking.

Bank of Baroda Personal Loan Interest Rate - Feb 2021 (Updated)

Interest rate

9.85% to 15.45%

Loan tenure

4 Years

Loan turn around period

1-7 Days

Processing Charges

up to 2 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,117  Per Lakh

Why Bank of Baroda Personal Loan?

Bank of Baroda offers a very wide range of retail loans to meet the varied needs of the customers. Be it for home renovation, or for medical use, an applicant can apply for a Personal Loan and expect a quick disbursal.

The monthly pressure of credit-card debt on your CIBIL score, wedding expenses, children's education are some of the common financial fears for nearly everyone. Bank of Baroda has a wide variety of Personal Loans that are offered at attractive interest rates for 1 to 5 years with minimal hassles and documentation for different segments of borrowers.

Choose Bank of Baroda Personal Loan for:

  • Rapid loan processing
  • Fast loan disbursal
  • Attractive fixed interest rates

  • Longer tenure
  • Online loan approvals
  • Ease of repayment mode
  • Collateral free, unsecured loan

  • and Complete peace of mind

Features and Benefits of Bank of Baroda Personal Loan

Before applying for a Personal Loan, one should always compare the deal with other banks. Here is a quick list of features of the BoB Personal Loan:

  • Customer-Friendly Unsecured Loan: Bank of Baroda offers hassle-free unsecured Personal Loan to salaried as well as self-employed individuals.
  • Personal Loan Special Schemes: The BoB extends customised deals to fit every need of the borrower. You can find Personal Loan Special Schemes for retired pensioners, ex-defence personnel and against your own Earnest Money Deposit.
  • Premium Personal Loan Option: For existing BoB customers with a good track record of 6 months, premium Personal Loan options are available. The said account is approved at the branch level itself, and then the loan is offered.
  • Fast Loan Processing: To ensure that all your financial needs are met on time, Bank of Baroda offers a fast turnaround period on its Personal Loan applications.
  • Fixed Rate of Interest: Borrowing a Personal Loan at a fixed rate of interest eases repayment stress to a great extent. When the interest rate is fixed, EMIs remain constant throughout the loan tenure.
  • Repayment flexibility: With 60 months of window available for loan repayment, you get flexibility to repay your loan with lower EMIs.
  • Zero pre-payment charges: Bank of Baroda has zero prepayment charges. This means that you can get rid of your loan to the bank whenever you wish, before the end of the loan tenure, at no extra cost.
  • No Purpose Stipulation: You can use your loan for any legal purpose except speculation, which is investing in stocks or property, and betting.
  • Quantum of Finance: It depends on where the Bank of Baroda branch is located. If it's in a metro city or an urban area, the least amount of loan that can be availed is 1 lakh, and the maximum limit is 10 lakh. If the branch is located in a semi-urban or rural area then the minimum loan amount, that can be availed, reduces to 50000 and maximum decreases to 5 lakh.
  • Tax Benefits: Up to 2 lakh can be availed under Section 24 of Income Tax Act, 1961, when used for Home Renovation only.

Bank of Baroda Personal Loan Interest Rates, Processing Fees & Other Charges

The interest rate for Bank of Baroda Personal Loan varies according to the change in the Marginal Cost of funds based Lending Rate (MCLR) and the Strategic Premium (SP). Other factors such as the type of job you have and whether you are an existing customer of the bank or not also affect the interest rate.

The rate of interest is calculated as follows,

  • The interest rates for employees of Central or the State Governments, Autonomous Bodies, Public or Joint Sector Undertakings, and Educational Institutions, with a minimum 1 year continuous service, and also if they have a Salary Account with Bank of Baroda, is calculated using a fixed formula:

It ranges from,

(One year MCLR + SP + 3.00%) to (One year MCLR + SP + 6.00%)

  • The rate of interest for all other applicants who have an existing, at least, 6-months old account with Bank of Baroda, ranges from

(One year MCLR + SP + 3.00%) to (One year MCLR + SP + 6.00%)

  • Applicants who do not have an account with Bank of Baroda but have a 6-months old account in some other bank enjoy an interest rate ranges from

(One year MCLR + SP + 5.00%) to (One year MCLR + SP + 8.00%)

The rate of interest varies according to the Risk Rating of the applicants in all these cases. In other words, the interest rates vary if the MCLR and the SP changes.

Bank of Baroda Personal Loan Interest Rates, Processing Fees & Other Charges

Particulars Charges

Interest Rates

11 % onwards

Processing Fee

2% of total loan amount (+Applicable Tax)

*Minimum charge is 1000

*Maximum Charge is 10000

Default/ Overdue

2% on the overdue amount

Foreclosure Charge

Nil, after the initial period

Bank of Baroda Personal Loan Eligibility

To apply for Bank of Baroda Personal Loan, you must fulfil following criteria:

  • A salaried person should be at least 21 years old at the time of loan application. The repayment period should not go beyond the retirement age of 60 years.

  • Self-employed individuals and professionals can repay loan up till 65 years of age.

  • If you are an employee of the Central Government, State Government, any Autonomous Body, the Public or the Joint Sector Undertaking, Public Limited Company, Multi National Company or Educational Institution, you are eligible to apply for a Personal Loan. However, you must have had at least 1 year of continuous work experience.

  • If you are an employee of a Proprietorship firm, Partnership firm, Private Limited Company or Trust, with a minimum of 1 year continuous service, you are eligible for BoB Personal Loan.

  • Insurance Agents are also eligible to apply for BoB Personal Loan. However, agents must be in the business for at least 2 years.

  • Self-Employed Businesses and Professionals like Doctors, Engineers, Architects, Interior Designers, Technical and Management Consultants, and other such professionals, who have at least 1 year old stable income inflow, can apply for Personal Loan.

  • Staff members of Bank of Baroda are not eligible to apply.

A few guidelines are followed by banks to determine your eligibility for the loan. They have been summed up in the following table:

Parameter Employees of Central or State Governments, Autonomous Bodies, Public or Joint Sector Undertakings & Educational Institutions For Others

Repayment Capacity (Fixed Obligations to Income Ratio - Used by banks to determine eligibility)

60% of Gross Monthly Income (GMI)

  • GMI less than 75000 - 40% of GMI 

  • GMI 75000 and above but less than 200000 - 50% of GMI 

  • GMI 200000 and above - 60% of GMI

Repayment Period

Maximum 5 years

Maximum 4 years

Account Relationship

An active Salary Account with Bank of Baroda.

Loan amount up to 2 Lakh- At least a 6-months good account relationship with the Bank of Baroda or other Bank.

Loan amount above 2 Lakh-

  • Satisfactory account relationship with Bank of Baroda for at least 6 months.

  • In case you are an Employee of Proprietorship, Partnership firms, Private Limited companies, Trust, your Salary Account should be with Bank of Baroda for the last 6 months.

  • In the case of Insurance Agents - The Commission for at least the last 6 months should be deposited in a Bank of Baroda account.

Documents Required for Bank of Baroda Personal Loans

Minimal Documentation is required to get a Personal Loan from Bank of Baroda. Whether you are a salaried employee or a self-employed individual you can avail BoB Personal Loan with ease. Besides, MyMoneyMantra extends free documentation assistance to the borrowers.

Documents required for Applying Personal Loan from Bank of Baroda

  Salaried Self-Employed

Proof of Identity (Any One)

  • Driving License/ PAN Card/ Passport/ Voter ID

Proof of Residence (Any one)

  • Registered Rent Agreement/ Passport/ Latest Household Utility Bills

Proof of Income

  • Salary slips of last three months

  • Current dated salary certificate

  • Form 16
  • 6 months copy of bank passbook or 3 months Bank Statement

  • 6 months bank passbook/ 3 months Bank Statement

  • Latest Income Tax Return

  • Audited financials for last 2 years


  • Duly filled and signed application form with a photograph of the customer.

  • 2 passport size pictures
  • A cheque for processing fee
  • KYC compliance, ensuring the identity, address and age proof.

Other Products by Bank of Baroda

Bank of Baroda is India's own International Bank. Being a customer-friendly bank, BoB offers a wide range of loans to meet the diverse needs of its customers.

Bank of Baroda Mudra Loan

The Pradhan Mantri Mudra Yojana is a flagship scheme of the government of India for unfunded small businesses. Bank of Baroda extends affordable Mudra Loans to non-farm micro and small enterprises for generating income avenues under manufacturing, trading, and services. BoB offer 3 Mudra credit options: Shishu Loans- for the amount up to 50000; Kishore Loans- amount up to 50001 to 5 Lakh; and, Tarun Loans- from 500001 to 10 Lakh.

Bank of Baroda SME Loan Pack

With BoB SME Loan Pack you can meet your long term working capital and other business financial needs with great ease. All Micro, Small & Medium Enterprises with annual turnover up to 150 crore are eligible to apply for a single line of SME credit from Bank of Baroda. The BoB extends loans up to 5 crore or 450 per cent of the borrower's net worth as per the last Balance Sheet (audited by the CA).

Bank of Baroda (BOB) Career Development Loan

Both self-employed professionals and salaried employees can pursue unhindered skill development, vocational training, executive development, higher degrees/courses using BoB Career Development Loan.

Bank of Baroda Traders Loan

Designed exclusively for the traders, including individuals and entities like partnerships, public limited companies, LLPs, jewellers can raise easy business credit from 2 lakh to 10 crores in the form of overdraft facility, Term Loan, or Credit Line for 1 to 10 years. The credit facility is extended conveniently for urban, semi-urban and rural regions in the country. The maximum loan limit is 10 crore for Metro branches, 5 Crore for Urban branches, 3 crore for Semi-Urban branches and 25 Lakh for the rural branches.

Bank of Baroda Composite Loans

Looking for loans to meet working capital and fixed capital investment for a micro, small or medium-sized enterprise? BOB offers Composite Loans to the tune of 100 Lakh for 3 to 10 years. The beneficiaries of BOB Composite Loan include Small Manufacturing Enterprises (like artisans, village units, and cottage industrial units), Micro Enterprises, and Small Service Sector Enterprises in industrial activities.

Bank of Baroda Short-Term Corporate Loans

If you own a small or medium enterprise, have a 3-year good credit-history and need short-term working capital funds, you can avail up to 25% of your working capital at affordable prices under BoB Short-Term Corporate Loan.

Bank of Baroda Loan against Property

Looking for urgent funds for purposes like education, wedding, renovation, etc.? Use your residential property as collateral and avail a Demand-Loan or Overdraft facility at the best rate for the tenure ranging from 1 to 7 years. It is a comfortable loan facility for pensioners and self-employed persons too.

Bank of Baroda Mortgage Loan

With BoB Mortgage Loan both Indians and NRIs can utilise idle property to raise easy funds up to 10 crores for any purpose except for speculation without any hassles.

BoB extends customised loans according to the borrowers' needs. You can conveniently find the best match according to your needs. More products include Education Loan, Advance against Gold Ornaments/ Jewellery, Loan for Public Issues / IPO, Commission Agents Loan, Advance against Securities and more.

How to Calculate Bank of Baroda Personal Loan EMI?

The EMI amount can be computed using the MyMoneyMantra EMI Calculator on official MMM website. You can find the EMI calculator under the 'Financial tools' section on the top Menu of the website.

You can directly access the tool here:

Enter the Loan Amount, Interest Rate and Tenure to arrive at the EMI to be paid throughout the tenure of your loan. It will also tell you how much extra interest you are paying in totality over the principal loan amount. For example, the EMI for 1 Lakh loan payable in 1 year tenure at 12% interest rate will be 8885. The interest payable in the 1 Lakh loan is 6619. So, the total amount payable after 1 year will be 106619. 

Bank of Baroda Latest News

Bank of Baroda Offers COVID 19 Personal Loan for Home Loan, LAP, Auto Loan customers

State-owned lender, Bank of Baroda has announced an exclusive COVID 19 Personal Loan up to 5 Lakh for its retail customers of Home Loan, Loan Against Property, and Auto Loan. The loan can be borrowed based on your existing relationship with the bank at a concessional interest rate, starting at 10.25% p.a. Read More

In the wake of COVID-19, Bank of Baroda Extends Moratorium on Loans & Credit Card Dues

In the wake of COVID-19, Bank of Baroda is providing a moratorium of 3 months on payments of all instalments falling due between 01.03.2020 and 31.05.2020 for all term loans, including Retail, Corporate, MSME, Agriculture, Housing, Auto, Personal loans, etc.Read More

Bank of Baroda Rises for Third Straight Session

Bank of Baroda is up for a third straight session. The stock is quoting at 100.05, up 2.77% on the day, 16th October, as on 12:49 IST on NSE. The benchmark NIFTY is up around 0.58%, quoting at 10573.6. The Sensex is at 35093.78, up 0.66%.

Bank of Baroda CEO P.S. Jayakumar gets 1 year extension

The government has extended the tenure of Bank of Baroda Managing Director and Chief Executive Officer P.S. Jayakumar by one year.

Bank of Baroda Launches Fortnight Programme Dedicated to Farmers

State-Owned Bank of Baroda has launched a fortnight programme dedicated for the farming community to give a push to lending to the segment.

Bank of Baroda Says No Defaults on Loan to IL&FS

Bank of Baroda's Loans to debt laden infrastructure firm, Infrastructure Leasing & Financial Services, are performing as of now said PS Jayakumar, Managing Director, and CEO of Bank of Baroda.                            

Frequently Asked Questions

When should I consider taking a Personal Loan?

Personal Loans are all-purpose unsecured loans. When you need money to pay additional or unexpected expenses for medical, health or life events, you can apply for a Personal Loan. The loan terms are primarily decided as per your credit score and repayment capacity.

Are retired persons eligible for Personal Loans?

Generally, your loans are sanctioned based on your salary and should be paid off before retirement. However, other income sources such as income from rent, pension, securities, etc make retired individuals eligible for the loan.

What is MCLR?

The Marginal Cost of Funds Based Lending Rate (MCLR), as the name suggests, is the minimum interest rate limit, imposed on banks to charge the customers. You can also consider MCLR as an internal benchmark or reference rate for the banks to follow. As of 7th October, One Year MCLR is 8.55%.

Are the interest rates on loans in Bank of Baroda the same for all loans?

No, the rate of interest varies according to the credit profile of the borrower. You can contact MyMoneyMantra Loan Expert to know about real-time rate of interest for your profile.

What is a good Credit Score?

Your CIBIL score can vary from 300 to 900 points. The rating reflects your credit worthiness, i,e, how risky is your profile to repay the loan. A score of 750 points is generally considered suitable for raising the credit.

How can I improve my Credit Score?

Your credit repayment history primarily affects your score. If you want to improve your score to apply for a larger loan amount, consider closing your existing debts and credit card dues.

What can I do if I require a loan higher than my eligibility?

You need a Loan Guarantor or a co-applicant to improve your loan eligibility. Nevertheless, it is always at the bank's discretion to offer you the loan. Consider using MMM Loan Advice to explore ways to raise your loan eligibility.

What is the minimum tenure for Bank of Baroda Personal Loans?

The minimum loan tenure offered by BoB on Personal Loan is one year.

How is the quantum of Person Loan decided Personal Loan?

The loan amount limit is fixed according to the classification of the financing branch of the bank. It also depends on your credit worthiness.

What are the other charges levied on Personal Loan?

Apart from Interest Rate, ask about processing fees, overdue fee, partial repayment, and foreclosure fee on your Personal Loan. Each of these details are clearly mentioned on your loan agreement. You can also ask our loan experts about these details.

Why Apply for BoB Personal Loan On MyMoneyMantra?

Bank of Baroda offers customized Personal Loan for varied consumer needs. Traders, business-units, salaried and professionals with needs ranging from education fee, wedding expenses, working capital, fixed loans, home renovations, etc., all are eligible to apply and get quick funds in an emergency from Bank of Baroda.

Applying for BoB Personal Loan through MyMoneyMantra ensures complete peace of mind to the customers. Being a leading financial services marketplace in India, we strive to get you quick loan approvals and disbursals. We are associated with top banks and Non Banking Financial Companies in India.

At MyMoneyMantra, we are dedicated to providing the best loan deals online. We provide:

  • Unbiased loan advice as per your preferences.
  • Avail 100% free service as MyMoneyMantra charges no fee from the customers.
  • Avail doorstep documentation assistance as per your convenience.
  • Compare the top deals in the market.
  • Locate the best interest rates from the best Lenders.
  • Find a practical Personal Loan deal at the most affordable EMI.
  • Enjoy the ease of hassle-free and instant application.
  • Our Loan Experts assist you at each step and help you clear all doubts regarding banking policies, EMI calculation, etc. They ensure the shortest loan turnaround time.

How to Apply for Bank of Baroda Personal Loan on MyMoneyMantra?

Applying for Bank of Baroda Personal Loan through MyMoneyMantra is simple, and quick. Just follow the steps discussed below.

  1. Visit official website -

  2. Click on Personal Loans tab under Loans

  3. Enter the required details.

  • name
  • preferred loan amount
  • preferred loan tenure
  • your employment type, followed by further details of work

  • annual income
  • monthly obligations
  • current city
  • type of residence you live in, followed by the number of years you have lived there for

  • date of birth
  • the reason of applying for the loan: education, marriage, previous debt, personal use, travel or medical

  • email address
  • mobile number
  1. After sharing your details, authorize MMM to contact you.

  2. You will receive a One Time Password (OTP) on your mobile number. Enter OTP and verify the request.

  3. Now you will be logged in to unique customer area, wherein you can avail a list of preferred loan deals at the best rate.

  4. Compare various deals, or select Bank of Baroda Personal Loan and apply for a loan. It is an instant, click-away step to apply for a loan online on MMM.

Here you are required to share your financial details to proceed further. A loan specialist from MyMoneyMantra will call you and guide you for the successful completion of your loan application.

Bank of Baroda Personal Loan Customer Care Details

Bank of Baroda facilitates quality Customer Service.

You can contact the Customer Care Executives on any of the following Toll-Free numbers which are available 24x7.

1800 22 33 44
1800 258 44 55
1800 102 44 55

You can also use the Bank of Baroda virtual answering system, Ask ADI to get an answer to your queries. It can lead you to the correct links.

Alternatively, you can write to them at the following addresses,

Head Office - Bank of Baroda

Baroda Bhavan

7th Floor, R.C. Dutt Road,

Vadodara-390 007,

(Gujarat) India

Phone No. : (0265) 2316792


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