Bank of Baroda Personal Loan Offers

Individuals can take out personal loans from the Bank of Baroda to cover a variety of expenses such as home renovations, weddings, vacations, higher education, medical emergencies, and the purchase of daily use products such as washing machines, televisions, and refrigerators. Bank of Baroda Personal Loan can be taken out for amounts up to Rs. 10 lakh, and it is available to both salaried and self-employed individuals. 

Bank of Baroda Personal Loan Interest Rates   

Bank of Baroda has implemented BRLLR (Baroda Repo Linked Lending Rate) for all lending products, including personal loans, in accordance with RBI requirements. The following are the Bank of Baroda Personal Loan Interest Rates, and other charges for various types of borrowers: 

• Interest Rates on Personal Loans (p.a.) 
• Personal Loan from Bank of Baroda for Salary Account Holders 
• Starting at a rate of 10% p.a. 
• Other account holders can apply for a personal loan from the Bank of Baroda. 
• Other people can apply for a personal loan from the Bank of Baroda (no prior BoB relationship) 
• Starting at a rate of 12.00% per annum.  

Check Eligibility Criteria of Bank of Baroda Personal Loan  

The following qualifying conditions must be met in order to obtain a personal loan from the Bank of Baroda: 

• If the personal loan amount is up to Rs. 2 lakh, you must have had a banking relationship with BoB or another bank for at least 6 months. 
• Repayment Capacity (Fixed Obligation to Income Ratio) – For people with a GMI of less than Rs. 75,000, the maximum GMI is 40%. FOIR is equal to 50% of GMI for Rs. 75,000 and up but less than Rs.2 lakh. 

For Salaried Applicant: 

• You must have a minimum age of 21 years and a maximum of 60 years.  
• The applicant should have a minimum of one year of working in the same organization is required. 
• There must be Fixed Obligation to Income Ratio (FOIR) – The applicant should be an Employee of the Central/State Government, Autonomous Bodies, Public/Joint Sector Undertakings & Educational Institutions with a minimum of one year of continuous service and a salary account with the Bank are eligible to pay up to 60% of their gross monthly income (GMI) towards FOIR. 

1. If your GMI is less than Rs. 75,000, you'll get a 40% discount. 
2. If your GMI is between Rs. 75,000 and Rs. 2,00,000, you will receive 50% of your GMI. 
3. If GMI is more than Rs. 2,00,000 GMI consists of 60%.  

• The previous month's salary must have been credited in the salary account for government employees and salaried applicants working in the public/joint sectors, autonomous bodies, and other organizations having a BoB salary account. 

For Self-Employed Applicants 

• You must have minimum age of 21 years and maximum age of 65 years.  
• Minimum of one year in business/two years in the case of insurance agents. 
• For people seeking a personal loan of more than Rs. 2 lakh from the Bank of Baroda, a six-month prior relationship with the bank is required. 
• Agent commissions for at least the previous 6 months must have been credited to a Bank of Baroda account in the case of an insurance agent application. 

Documents Required to Submit for Bank of Baroda Personal Loan Application  

The following are some of the most typical documents required to apply for a Bank of Baroda personal loan: 

• Submit a copy of your passport, voter ID, Aadhaar card, driving license, or other photo identification if required (Anyone) 
• A copy of your electric bill, ration card, or passport will suffice as proof of address. 
• Payslips over the previous three months 
• Proof of income: Submit the most recent three months' bank statement from your salary account 
• A certificate confirming one year of continuous employment is known as an employment certificate. 
• Two passport-size photos 

Documents Required for Salaried Positions: 

Submit the essential documents listed below which are required for Bank of Baroda Personal Loan for salaried professionals: 

• Payslips for the previous three months. 
• Submit a bank statement of your salary account for the last three months. 
• Certificate of employment stating one year of continuous employment. 

Documents Required for Self-Employed Persons: 

• For the past two years, the individual should have a certified P&L. 
• Income Tax Returns that have been acknowledged for a minimum of last two years 
• Proof of business registration and at least one year of business continuity.  

Conclusion  
Hope the above-mentioned information will help you to avail of the loan at low interest rates, eligibility check, and minimum documents required for the loan. You can check the personal loan interest rates offered by the Bank of Baroda and other benefits. Including this, you can also apply through Afinoz.com.   

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