Personal loans from Bank of Baroda are offered offline and online without security. Bank of Baroda knows that crises can strike at any time. As a result, they make it easy for their customers to get a personal loan by providing faster loan disbursement and approval timelines. Moreover, the Bank of Baroda offers personal loans without any strict conditions. Thus, you can apply for a personal loan from Bank of Baroda even if you have a poor credit score or not.
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Features and Benefits of Bank of Baroda Personal Loan
With its head office located in Vadodara, the Bank of Baroda is a nationalized bank operating under the regulations of the Reserve Bank of India. Spread across seventeen countries, it is the third-largest bank in India. Bank of Baroda customers can choose from a wide range of financial products.
Both salaried and self-employed individuals can avail of unsecured financial assistance at low and competitive interest rates through the bank’s personal loan program. It strives to give its customers the best possible experience by offering long-term loans and instant loan disbursements.
- Bank of Baroda customers can choose from a variety of repayment options to facilitate financing. You have three options: bank transfer, cheque or cash. There are more benefits if a credit card is used for repayment.
- It offers customised loans up to Rs 15 lakh in both rural and urban areas.
- The annual range of interest rates is 8.65% to 16.00%.
- Five-year repayment period extension
- Personal loan up to Rs 15 lakh
- Salaried and self-employed people who match the bank’s eligibility requirements can apply for this loan.
- A personal loan acts as a security for all your monetary needs. It offers quick processing and instant disbursement to simplify funding.
- Your loan has a repayment term of five years, so you can repay it at your own pace.
Eligibility Criteria for Bank of Baroda Personal Loan
Depending on the type of applicant, different terms and conditions apply for Bank of Baroda personal loan, as mentioned below:
Salaried Employees
Employees of proprietorship enterprises, limited liability partnerships (LLPs), private limited corporations, and public sector undertakings (PSUs) can apply for a personal loan from the Bank of Baroda.
- Minimum Age: 21 years or above at the time of loan sanction
- Maximum Age: 60 years or retirement age, whichever is lower
- Work Experience: At least 1 year of employment
- Nationality: Indian
Self-employed Professionals
Bank of Baroda offers customized personal loans to professionals such as doctors, engineers, company secretaries, architects, interior designers, and chartered accountants.
- Minimum Age: 21 years or above at the time of loan sanction
- Maximum Age: Up to 65 years
- Work Experience: At least 1 year of stable occupation
- Nationality: Indian
Self-employed non-professionals
Bank of Baroda also offers personal loans to business owners and insurance agents to support cash flow management in their business.
- Minimum Age: 21 years or above at the time of loan sanction
- Maximum Age: Up to 65 years
- Work Experience:
- Self-employed individuals: At least 1 year of stable business
- Insurance agents: Minimum 2 years in business
- Nationality: Indian
Guidelines for Bank of Baroda Personal Loan Eligibility
| Parameters | Salaried & Self-Employed (BOB Salary Account) | Salaried & Self-Employed (Other Bank Salary Accounts) |
| Repayment Capacity (FOIR) | 60% of Gross Monthly Income (GMI) | – If GMI < INR 75,000: 40% of GMI – If INR 75,000 – INR 2,00,000: 50% of GMI – If GMI > INR 2,00,000: 60% of GMI |
| Repayment Period | Maximum 60 months | Maximum 48 months |
| Account Relationship | Must have a salary account with the Bank of Baroda. The previous month’s salary should be credited to the account. | Must have a salary account with Bank of Baroda. The previous month’s salary should be credited to the account. |
Minimum and Maximum Personal Loan Amount Sanctioned by Bank of Baroda
The loan amounts sanctioned by Bank of Baroda vary based on the applicant’s location:
| Locality | Minimum Loan | Maximum Loan |
| Metro and Urban Areas | INR 1,00,000 | INR 15,00,000 |
| Semi-Urban and Rural Areas | INR 50,000 | INR 15,00,000 |
Documents Required for Bank of Baroda Personal Loan
1. For Salaried Employees:
Application:
- Filled and signed the application form
- 3 passport-size photographs
- Form 135 (details of assets and liabilities)
Address Proof (any one of the following):
- Voter ID
- Aadhaar Card
- Passport
- Driving License
- PAN Card
- Post-paid utility bills
- Updated passbook
- Recent bank statements
- Rent agreement (if applicable)
Identity Proof (any one of the following):
- Voter ID
- Aadhaar Card
- Passport
- Driving License
- PAN Card
- Employee ID card issued by the government, defense, or a reputed company
Bank Statement:
- Last 3 months’ salary slips
- Bank statement of the last 6 months
2. For Self-Employed Individuals:
Application:
- Filled and signed the application form
- 3 passport-size photographs
- Form 135 (details of assets and liabilities)
Address Proof (any one of the following):
- Voter ID
- Aadhaar Card
- Passport
- Driving License
- PAN Card
- Post-paid utility bills
- Updated passbook
- Recent bank statements
- Rent agreement (if applicable)
Identity Proof (any one of the following):
- Voter ID
- Aadhaar Card
- Passport
- Driving License
- PAN Card
- Certificate of practice or identity document with photograph issued by professional bodies (e.g., ICAI, ICWA, ICFAI).
Bank Statement:
- Profit & Loss account, balance sheet, and annual income statement from the previous year
- Income tax returns (ITR)
- Form 26 AS
- Form 16A
Business Proof (for self-employed individuals):
- Gumasta license
- Business registration certificate
- Income tax challan
- TDS certificate
- IT assessment or clearance certificate
Bank of Baroda Personal Loan EMI Calculator
You can use the Bank of Baroda Personal Loan EMI calculator online to find out what your estimated monthly payment will be. The easy-to-use calculator helps in structured financial planning. Choose the loan amount, interest rate, and tenure by dragging the slider. On your screen, a bar graph will appear showing your monthly repayment.
How Does Bank of Baroda Personal Loan Compare With Other Lenders?
| Bank of Baroda | 8.65% to 16.00% p.a. |
| State Bank of India | 9.60% to 15.65% p.a. |
| HDFC Bank | 10.50% to 21.00% p.a. |
| ICICI Bank | 10.50% to 19.00% p.a. |
| Kotak Mahindra Bank | 10.25% onwards |
| Axis Bank | 12.00% to 21.00% p.a. |
| IDFC First | 12.50% to 18.00% p.a. |
| Bajaj Finserv | 12.99% onwards |
| HSBC Bank | 9.50% to 15.25% p.a. |
| Punjab National Bank | 9.50% onwards |
Bank of Baroda Personal Loan Customer Care
| Toll-free number | 1800-258-4455 / 1800-102-4455 |
| Email ID | [email protected] |
