Apply for Bank of Baroda Personal loan at lower Interest rate
Bank of Baroda is an Indian state owned bank headquartered in Vadodara in Gujarat. Bank of baroda has a extensive network of 5306 branches, over 8000 ATMs and its presence in 24 countries across the globe.
Bankofbaroda offers personal loan to the individuals to meet their personal purposes such as wedding function in a family, presenting gift to your loved ones priceless gift, going abroad for higher studies, medical expenditure, to pay off your credit card and any other personal use.Key benefits Bank of Baroda personal loan:
Helps you to arrange all sorts of short-term costs
It can be used to meet expenses related to holidays, wedding, honeymoon, vacation, household appliances, the purchase of new cars and medical expenses. By choosing a personal loan, we can convert dreams into reality.
Bank of Baroda offers a personal loan to employees with a fixed income source to purchase durable consumer goods such as washing machines, refrigerators, furniture, appliances, machinery and household appliances. It is also known as durable goods.
The loan is also available for pensioners, Defense Pensioners
Loan is available for Earnest Money Deposits for buyers of home/flats/plots
Bank of Baroda offers the personal loan to the following entities:
Permanent confirmed employees of Central/State Government, employees of
Reputed Limited companies, MNC, Public sector undertaking companies, Educational Institutes
They should have had minimum 1 year experience
Self employed Professional:
- Doctors, Architects, Interior designers, Engineers, Chartered accountants, Technical and Management Consultants, practicing company secretaries with the stable income
- They should have had minimum 1 year work experience
- Insurance Agents Subject to:
- The agent is doing insurance for last five years
- The agent has stable income and maintaining SB A/C with us for crediting commission cheques received from the their principal amount
- Minimum age limit: 21 years old
- The loan applicant age should not cross the retirement age.
CATEGORY- A (with Check Off)
CATEGORY- B (without/partial Check Off)
- Minimum Amount: Rs. 50,000
- Maximum Loan Amount: Rs. 200 000 (Subject to conditions)
- For civil Pensioners: Maximum of Rs. 1 Lakh
- For Defense Pensioners: Maximum of Rs 2 lakhs
Minimum Monthly net Take Home
- For Category A: Minimum monthly net take home should be Rs.10, 000
- For Category B: Minim monthly net take home should be above Rs.15, 000
- For Category A: Rs. 10 lacs or 24 times monthly net income whichever is lower
- For Category B: Rs 5.0 Lacs or 24 times of monthly net take home whichever
- Total deductions that are total EMI should not cross the 60% of the monthly gross Income. Deductions include income tax, PF, Professional tax, EMI of existing borrowing and any other liabilities if any.
- Up to 36 months in equated monthly installments
- No Prepayment charges
- Penalty of 2% overdue amount
Personal loan Details:
- Personal loan Interest rate: 14.15%
- Processing fee: Rs 500 to 2 %
- Loan tenures: 3 years
Documents required for Personal loan in bank of Baroda
Proof of identity:
- Passport, Voter’s ID, Driving license, PAN card
- Recent passport size photograph
- Ration card, Electricity bill, Sales tax certificate, trade license and Lease agreement.
- Salary slips for the last three months of the applicant for salaried person
- Bank statement for the last three months
- Latest IT return for 2 Years for salaried Professionals, businessmen, self employed applicant
If you would like to know more about bank of Baroda personal loan, get in touch with us.