Bank of Baroda (BOB) Personal Loan

4.5

Bank of Baroda personal loans are a good option for different financial needs. You can use them for weddings, travel, home repairs, or medical emergencies. With competitive interest rates, flexible repayment options, and quick disbursal, these loans make financing hassle-free. A bob personal loan is suitable for both salaried and self-employed people can benefit from this easy and clear loan process. It helps them get support when they need it most.

BOB Personal Loan Highlights:

Bank of Baroda offers personal loans with competitive interest rates and flexible terms to meet your financial needs. You can be salaried or self-employed. The bank ensures quick processing and hassle-free disbursal. Here are the key highlights:

Key Highlights
Attractive Interest Rates Starting from 11.05% per annum, ensuring affordable repayments.
Flexible Loan Amounts Borrow up to ₹20 lakh to meet various personal needs.
Extended Tenure Repayment period of up to 7 years to reduce EMI burden.
Minimal Documentation Easy application with basic documents like ID, address, and proof of income
No Collateral Required Unsecured loans without needing to pledge any assets.

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Bank of Baroda Personal Loan

Interest Rate

11.25% - 18.5%

Loan Amount

₹1L - ₹20L

EMI Per Lakh

₹2,187 - ₹2,567

Processing Fees

Upto 2% of the Loan amount + applicable taxes

Pre-Payment Charges

NIL

Bank of Baroda personal loans provide financial assistance for various personal needs. With competitive interest rates and flexible repayment options, these loans are ideal for salaried and self-employed individuals.

Eligibility Criteria

BOB personal loans are available for salaried, self-employed, and pensioners. Eligibility depends on factors like age, income, and employment status, ensuring customised solutions for diverse needs.

Category Eligibility Criteria
Salaried Individuals
  • Minimum age: 21 years; Maximum age: 60 years or retirement, whichever is earlier. 
  • Minimum work experience: 1 year.
Self-Employed Professionals
  • Minimum age: 21 years; Maximum age: 65 years. 
  • Stable business for at least 1 year.
Self-Employed Non-Professionals
  • Minimum age: 21 years; Maximum age: 65 years. 
  • Business continuity of at least 1 year (2 years for insurance agents).
Pensioners
  • Must draw a pension from the Bank of Baroda for at least 3 months. Maximum age: 70 years.

Required Documents

To apply for a Bank of Baroda personal loan, you must provide basic documents to verify your identity, address, and income. The documentation process is simple and ensures quick approval of your loan application.

Document Type Examples
Identity Proof Aadhaar Card, PAN Card, Passport, Voter ID, or Driving Licence.
Address Proof Aadhaar Card, Passport, Utility Bills (electricity, water, or gas), or Rent Agreement
Income Proof (Salaried) Latest 3 months’ salary slips, Form 16, and bank statements for the last 6 months
Income Proof (Self-Employed) Income Tax Returns (last 1 year), Profit & Loss Statement, and Business Registration Certificate
Photographs Recent passport-size photographs.
Additional Documents Pension Payment Order (PPO) for pensioners or proof of insurance commission for agents.

Bank of Baroda Personal Loan EMI Calculator

The Bank of Baroda Personal Loan EMI calculator is a tool you can use online. It helps you find out your estimated monthly EMIs. The user-friendly calculator helps plan your finances in an organised manner. Drag the sliders and select the loan amount, interest rates and tenure. A bar graph indicating your monthly repayments will be displayed on your screen.

How to Apply for a BOB Personal Loan

Applying for a Bank of Baroda personal loan is easy. You can do it online, which makes it convenient and quick. Here is the step-by-step process for Bank of Baroda loan application:

  • Visit Urban Money’s Website: Navigate to the Urban Money website and select the ‘Personal Loan’ section.
  • Select Bank of Baroda: To proceed with your application, choose Bank of Baroda from the list of available lenders.
  • Fill Out the Application Form: Complete the online application form by providing accurate details such as name, contact number, and city.
  • Get Quotation: To receive a quote for a personal loan, enter the required loan amount, monthly net salary, company name, and city.
  • Upload Necessary Documents: As the platform specifies, submit the required documents, such as proof of identity, address, income, and bank statements.
  • Review and Submit: Carefully review your application to ensure all information is correct, then submit it for processing.

  • Check Personal Loan Offers in your City

FAQs

From refinancing to reducing your interest, we have the answers right here.

What are the documents required to apply for a BOB Personal Loan?

To avail of a Bank of Baroda Personal Loan, you are required to submit the application form duly signed, KYC documents, age proof, bank statements and business proof (applicable to self-employed individuals).

What is the maximum and minimum BOB Personal Loan amount I can get?

Bank of Baroda provides high-value loans, ranging from INR 50,000 to INR 15 lakhs.

What KYC documents will I have to submit to apply for a BOB Personal Loan?

An applicant is required to submit their Aadhaar card, PAN card, driving licence, voter ID, and utility bills for KYC verification.

What is the interest rate of Bank of Baroda Personal Loans?

Bank of Baroda offers unsecured loans at nominal interest rates ranging from 8.65% to 16.00% p.a.

What are the business proof documents required to avail of personal loans?

A self-employed individual is required to submit a Gumasta licence, business registration certificate, income tax challan, GST certificate, TDS certificate, IT assessment and clearance certificate for business verification.

Quick Links

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