Bank of Baroda Personal Loan Details

Loan amountRs. 50,000 - Rs. 10 Lakhs
Rate of interest10% - 15.60% p.a.
TenureUp to 60 months
Lowest EMI possibleRs. 2,125 Per Lakh
Processing feeUp to 2% of the loan amount (minimum Rs. 1,000 & maximum Rs. 10,000) 
Penal interest2% on overdue amount

Features & Benefits of Bank of Baroda Personal Loan

Following are some attractive features and benefits of Bank of Baroda loan:

  • Maximum loan amount available for Bank of Baroda instant personal loan is up to Rs. 10 Lakhs in metro & urban areas and Rs. 5 Lakhs in rural areas.
  • Minimum loan amount available is Rs. 1 Lakh in metro & urban areas and Rs. 50,000 in rural & semi-urban areas.
  • Bank of Baroda Personal Loan Interest Rate starts from 10% p.a. and can go up to 15.60% p.a.
  • Repayment tenure of the loan can be up to 5 years.
  • Multiple personal loans available, viz. Personal Loan, Bank of Baroda pre approved micro personal loan or Bank of Baroda Digital Loan, Personal Loan for Pensioners, and Baroda Personal Loan COVID 19.
  • Special personal loan scheme is available for doctors, i.e. Bank of Baroda Doctors Loan.
  • The bank offers quick loan processing & disbursal.
  • Bank of Baroda top up loan facility available.
  • Special rate of interest for existing customers of the bank who have accounts with Bank of Baroda for a minimum 6 months.

Bank of Baroda Personal Loan Interest Rate

Bank of Baroda Personal Loan Interest Rate 2021 starts from 10% p.a. and can go up to 15.60% p.a. For regular personal loan and PAPL Bank of Baroda. For Baroda Personal Loan COVID-19, the rates start from 9.75% p.a. Interest rates for Bank of Baroda pension loan range between 7.35% p.a. to 9.35% p.a.

Comparison Between Personal Loan of Bank of Baroda and Other Lenders

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
Bank of Baroda Rs. 10 Lakhs5 years10% - 15.60% p.a. Up to 2% 
Punjab National Bank Rs. 10 Lakhs5 years8.80% - 11.65%Up to 1% + GST
SBI Rs. 20 Lakhs6 years9.60% - 15.65%Up to 1.50% + GST
Canara Bank Rs. 3 Lakhs5 years11.25% - 13.90%0.50% + GST
UCO Bank Rs. 10 Lakhs5 years10.30% - 10.55%   Up to 1% 

How to Apply for Bank of Baroda Personal Loan

If you are looking for Bank of Baroda personal loan online apply through MyMoneyMantra with the following steps:

  • Fill the online BoB loan application form on our website in the Personal Loan section given under the Loans tab.
  • Share all your personal details as required to establish your online identity, such as name, age, gender, employment type, the city of residence, annual income, loan requirement, contact details, and so on.
  • An OTP will be sent to your registered mobile number. Enter it in the given space.
  • Get access to the best offers listed according to your preferences.
  • Now, if you want Bank of Baroda online loan apply instantly by clicking on e-connect for the desired loan on the website. This will instantly start your loan application.
  • Our personal loan experts will call you and answer all your loan queries. They will also assist you at each step from application to disbursal.
  • We will then arrange a doorstep pick-up of your documents.
  • After the submission of the Bank of Baroda online loan application and documents, we will follow up with the lender for Bank of Baroda personal loan interest discussion and timely loan disbursal.

Bank of Baroda Personal Loan Eligibility Criteria

You must meet the following Bank of Baroda Personal Loan Eligibility Criteria to be eligible for the loan:

  • 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.
  • Employees of Proprietorship, Private Limited companies, Partnership firms, and Trust having minimum 1 year of continuous service.
  • Insurance Agents who are doing business for at least the last 2 years.
  • Self-employed professionals (including Doctor, Architect, Engineer, Interior Designers, Practicing Company secretaries, Technology & Management Consultants) having a minimum 1 year of stable business.
  • Self-employed business persons having a minimum 1 year of stable business.
  • Applicants must be at least 21 years of age.
  • The maximum age to apply for the Bank of Baroda personal loan is 60 years for salaried and 65 years for non-salaried persons at the time of loan maturity.
  • Co-applicants are not allowed for a personal loan at Bank of Baroda.
  • The personal loan amount available in metro & urban areas ranges from Rs. 1 Lakh to Rs. 10 Lakhs and from Rs. 50,000 to Rs. 5 Lakhs in semi-urban and rural areas.

Bank of Baroda Personal Loan Document Required

If you are looking for Bank of Baroda personal loan apply with the following documents:

  • Loan application – Completely filled & signed
    • 3 recent passport size photographs
    • Form 135 mentioning details of applicant’s Assets & Liabilities
    • Bank statements for the last 6 months & updated passbook
  • Residence proof - Any of the following:
  • Voter ID card
  • Valid passport
  • Driving license
  • Updated passbook/bank account statement
  • Postpaid utility bill (gas & electricity)
  • Registered rent agreement
  • Identity proof - Any of the following:
  • Valid Indian passport
  • PAN card
  • Driving license
  • Voter ID card
  • Employee ID card issued by relevant authorities, such as the Govt or Defence/reputed corporate.
  • Identity document/certificate of practice along with photograph issued by professional bodies like ICAI, ICWA, ICFAI.
  • Income proof for salaried individuals
  • Salary slips of last 3 months
  • Form 16/ITR
  • Income proof for self-employed individual
  • Balance sheet, profit & loss account, and computation of income of last 2 years.
  • ITR of last 2 years, 26 AS, Traces.
  • Registration Certificate, Gomasta License, Service Tax Registration, or other business proof.
  • IT Assessment/Clearance Certificate, TDS Certificate (Form 16A)/Income Tax Challans/Form 26 AS for income declared in ITR.

Bank of Baroda Personal Loan Verification Process

The verification process for Bank of Baroda online personal loan after submitting your application is mentioned below:

  • We will forward your personal loan application to the bank.
  • You will receive a call from a representative of the lender within a few hours of submitting your online application.
  • The bank will schedule a pickup for your documents or give you an option to upload them online.
  • The submitted documents will be verified by the bank for your loan verification.
  • On successful verification of your documentation and profile, your loan will be approved and you will receive a call to verify the loan offer.
  • After loan approval, the loan will be disbursed within a few hours by the lender.

Check Bank of Baroda Personal Loan Application Status

To check your Bank of Baroda loan status online, follow the below-mentioned steps:

  • Visit the official website of Bank of Baroda.
  • Go to the “Loan Application Status Tracker” page.
  • Now enter your Proposal Acknowledgement ID or Reference Number and the captcha code.
  • Click on ‘Track Application’ to check your Bank of Baroda personal loan application status instantly.
  • You can also log in to Baroda Connect (Net Banking) India to track your application status after disbursal.
  • You can also check the loan status using Bank of Baroda’s mobile app, i.e. Baroda M Connect+, available on iOS & Android mobiles.

How to Calculate Bank of Baroda Personal Loan EMI?

The Bank of Baroda Personal Loan EMI amount can be computed using the Personal Loan EMI Calculator available on our website under the 'Financial tools' section.

Enter the Bank of Baroda loan details, such as 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 3 years tenure at 10% interest rate will be Rs. 3,227. The Bank of Baroda loan interest payable for the 1 Lakh loan is 16,162. So, the total amount payable after 3 years will be Rs. 1,16,162.

Bank of Baroda Personal Loan Statement Online?

Bank of Baroda personal loan statement is a document that the bank provides to its personal loan customers every month. It has all the information about your loan EMIs paid, payable EMIs, remaining loan balance, and outstanding amount.

Following are the steps to get your personal loan statement from the Bank of Baroda:

  • Visit Bank of Baroda’s online portal.
  • Login to the personal banking section and then enter all the required credentials, including your username and password.
  • Now click on the 'Personal Loan Interest Certificate (Provisional)' link and select the account for which you want a loan statement.
  • You can now easily view, print and download your personal loan statement in the PDF format.

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Bank of Baroda Personal Loans FAQs

✅How can I get a personal loan from Bank of Baroda?

If you want Bank of Baroda loan apply through any of the following ways:

  • Apply online through MyMoneyMantra.
  • Apply online through Bank of Baroda website of Bank of Baroda loan app.
  • Visit your nearby Bank of Baroda branch.
  • Call the Bank of Baroda Personal Loan contact number.

✅How much time will the Bank of Baroda take to make a decision on my personal loan?

Through the Digital Lending Platform of the Bank of Baroda, you can get ‘In-principle sanction’ for personal loan BoB within just 30 minutes from anywhere at any time. After in-principle sanction, the time consumed in loan disbursement depends on the information as well as documentation provided by you on the platform and documents required by the bank for further processing of your loan application. If your data is accurate, you will get disbursal soon.

✅ What happens to the post-dated cheques if I change the repayment mode/account for my Personal Loan?

The unused post dated cheques (PDCs) for Baroda Personal Loan are destroyed after 45 days from the change in your repayment instructions. It is advised to write an email to the bank with your Loan Account Number or call the bank’s customer care within 45 days from the date of changing your loan repayment mode to enable them to send the old PDCs/ security post dated cheques. The PDCs are sent only to the communication address updated in the bank’s records.

✅ What are the modes of repayment of Bank of Baroda Personal Loan?

Following are the modes of repayment of Bank of Baroda personal loan EMI:

  • Standing Instruction (SI) for automatic debit of the EMI amount at the end of the monthly cycle from your Bank of Baroda account.
  • Electronic Clearing Service (ECS) if you have a non-Bank of Baroda account and wish your EMIs to be debited automatically at the end of each monthly cycle from this account.
  • Post-Dated Cheques (PDCs):

✅ Can I calculate my EMI before Personal Loan sanction?

Yes. You can calculate your EMI before Personal Loan sanction by using the Personal Loan EMI Calculator given online on our website.

✅ Is part-prepayment allowed for Bank of Baroda Personal Loan?

Yes. You can make part-prepayment for your Bank of Baroda instant loan at zero charges.

✅ Do I need to pay any additional charges for Bank of Baroda Personal Loan repayment?

No. You just need to pay the EMI for your Bank of Baroda Personal Loan repayment which consists of the principal and interest components.

✅ Does Bank of Baroda offer a pre-approved Personal Loan facility?

Yes. The Bank of Baroda pre approved personal loan facility is available to select customers. The interest rate for pre approved micro personal loan bank of baroda starts from 10% p.a.

✅ What is minimum the interest rate for Bank of Baroda Personal Loan?

Personal loan interest rate in Bank of Baroda starts from 10% p.a. For regular personal loan and 9.75% for Baroda Personal Loan COVID 19.

✅ What are the interest rates for Bank of Baroda Home Loan?

Bank of Baroda house loan interest rates vary between 6.75% to 8.60% per annum.