Personal Loan in Baroda

Personal loans in Baroda are among the most popular banking products. Zero collateral requirements, instant disbursals and easy repayment options make it one of the most customer-friendly loans. It ensures that a lack of funds does not stop you from fulfilling your plans and dreams. Discover the vast range of usage and other benefits of personal loan finance in Baroda in this comprehensive blog.

Get Instant Personal loans in Baroda

The cultural capital of Gujarat, Baroda, is also one of the country's leading industrial cities. With a robust network of banks and other loan providers, Personal loan in Baroda is readily available to assist with any financial challenges faced by the people of this fast-paced city. 

Salaried and self-employed individuals can avail instant personal loans in Baroda with zero collateral requirements. Whether planning your dream family vacation, arranging funds for your child’s higher education abroad, or setting out to build a new abode for your family, Personal loan finance in Baroda can fulfil any financial requirement you have.

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Best Personal Loan Offers in Baroda - Jun 2024

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RBL Bank

RBL Bank Personal Loan in Baroda starting at.

14% - 23%

karnataka bank

karnataka bank Personal Loan in Baroda starting at.

12% - 17%

State Bank of India

State Bank of India Personal Loan in Baroda starting at.

11%

IDBI Bank

IDBI Bank Personal Loan in Baroda starting at.

11% - 15.5%

karur Vysya Bank

karur Vysya Bank Personal Loan in Baroda starting at.

11% - 14%

YES Bank

YES Bank Personal Loan in Baroda starting at.

10.99% - 20%

Kotak Bank

Kotak Bank Personal Loan in Baroda starting at.

10.99%

HDFC Bank

HDFC Bank Personal Loan in Baroda starting at.

10.5% - 24%

ICICI Bank

ICICI Bank Personal Loan in Baroda starting at.

10.5% - 16%

Axis Bank

Axis Bank Personal Loan in Baroda starting at.

10.49% - 22%

IDFC FIRST Bank

IDFC FIRST Bank Personal Loan in Baroda starting at.

10.49% - 36%

Federal Bank

Federal Bank Personal Loan in Baroda starting at.

10.49% - 17.99%

Punjab National Bank

Punjab National Bank Personal Loan in Baroda starting at.

10.4% - 16.95%

IndusInd Bank

IndusInd Bank Personal Loan in Baroda starting at.

10.25% - 26%

HSBC

HSBC Personal Loan in Baroda starting at.

9.99% - 16%

Key Features: Multi-Purpose Loans for The People of Baroda

Personal loans possess distinct characteristics that differentiate them from various other credit options. Below are some of their notable features:

1. Flexible Loan Amounts: Personal loans offer a range of funding, varying from Rs. 50,000 to Rs. 40 lakhs. These funds are available swiftly, with interest rates that differ among different banks.

2. Unsecured Nature: In Baroda, personal loans provide unsecured financing, requiring no collateral. Borrowers' financial credibility supports loan approval, eliminating the need for asset pledging.

3. Convenient Repayment: Personal loans are repaid through manageable EMIs. Lenders offer generous timelines for loan settlement, and borrowers can opt for prepayment and foreclosure options.

4. Versatile Use: Termed as multi-purpose loans, they grant borrowers the freedom to address diverse needs. Baroda's personal loans carry no usage restrictions, enhancing borrower flexibility.

5. Inclusive Access: Easy personal loans cater to both salaried and self-employed individuals. Meeting eligibility criteria and document requirements enables nearly anyone to secure the loan.

6. Simple Application: Personal loan applications are easily made through both offline and online channels in Baroda. Applicants can visit physical bank branches or use official websites for application, based on their convenience

Personal Loan EMI Calculator

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Principal Amount

₹10,00,000

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Personal Loan Interest Rates in Baroda

Loan providers make their revenues through the interest they charge on the loan's principal amount. The interest rates on personal loans differ from one lender to another. Generally, the personal loan interest rate in Baroda varies from 9.99% to 35% across banks and NBFCs.

Top Personal Loan Providers in Baroda

Banks and Non-Banking Financial Companies (NBFCs) extend personal loans in Baroda at different interest rates and periods. The comparative guide below lets you get the cheapest personal loan in Baroda.

Top Banks

Loan Provider Amount (in Rs.) Tenure Interest Rates (per annum) Fees
Bank of Baroda 50,000 - 20 lakhs Up to 5 years 10.99% - 11.40% NIL ( for government employees already having an account with the bank) 1%-2% + GST (for others)
HDFC Bank  Up to 40 lakhs Up to 5 years 10.5% - 21 %  2.5%
Baroda-Gujarat Gramin Bank  1 lakh - 40 lakhs 1-5 years 9.99% onwards As per the bank’s T&C
IDBI Bank  Up to 5 lakhs 1-5 year Fixed Int. Rates as per the bank’s T&C  1%
Punjab National Bank  Up to 20 lakhs Up to 6 years 11.40% - 16.95% 1%
Axis Bank  Up to 40 lakhs Up to 5 years 10.49% 2%
Kotak Mahindra Bank 50,000 - 40 lakhs Up to 6 years 19.99% 3%

NBFCs 

Personal loan NBFC in Baroda is available via the following lenders.

Loan Provider Amount (Rs) Tenure Interest Rate (per annum) Fee
TATA Capital Up to 35 lakhs Up to 6 years 10.99% 3%
Poonawala Fincorp Up to 30 lakhs Up to 5 years 9.99% 2%
Bajaj Finance Up to 40 lakhs Up to 8 years 11%-35% 3.93%
L&T Finance 50,000 - 7 lakhs Up to 4 years 12% onwards 2% + GST
KreditBee 5,000 - 4 lakhs Up to 2 years As per T&C As per T&C

Eligibility Criteria for Personal Loan in Baroda

While the eligibility criteria may vary from one loan provider to another, certain basic requirements are commonly shared among most lenders. Here are some of the key criteria to consider. 

  • A minimum salary of Rs.10,000 per month
  • The applicant must be between the age of 21-60 years
  • The applicant must be an Indian citizen
  • A specified amount of working experience in previous as well as current organisation
  • A credit score of 750 or higher 

Documents Required for Personal Loan in Baroda

Loan providers require the following documents for verification before approving and sanctioning personal loans to the applicants. 

  • Duly Filled Application Form 
  • PAN Card
  • Employment Proof -  Employee ID Card/ Employment Certificate
  • Identity Proof - Voter ID/Aadhar Card/ Driving License
  • Address Proof- Voter ID/Aadhar Card/ Driving License/Utility Bills
  • Income Proof- Previous bank/salary statements
  • Passport Size Photographs
  • A co-applicant/ guarantee from a colleague, in some cases

Personal Loan Application Process in Baroda

Personal loans are easily available to people in Baroda through offline and online channels.

Offline

Personal loan finance in Baroda can be availed by visiting a bank’s physical branch. The bank representatives present there will help the applicant through the loan application and document verification process. If you are hesitant to submit one’s details online, you can comfortably use this approach to apply for a personal loan.

Besides a physical visit, banks offer dedicated helpline numbers for those willing to apply for loans. An applicant may contact the bank on these numbers, and they’d revert to guide the customer in the loan application process. These toll-free numbers can be easily found on a bank’s website.

Online 

Loan providers, including Banks and NBFCs, issue easy personal loans through their websites and mobile applications in Baroda. You can follow the listed steps to avoid the hassle of physically visiting a branch and easily apply for loans.

  • Log on to the loan provider’s website/ sign in using the mobile application.
  • Under the ‘Loans’ category, choose ‘Personal Loan’ and click ‘Apply Now.’
  • Fill in the necessary details like your name, mobile number, Aadhar details, PAN details, and OTP, among others.
  • Select the desired loan amount from the available options, interest rates and periods.
  • Upload the KYC documents and submit your application.

Most banks sanction loans within a few minutes to a few hours when applied using online modes of application. 

Things to Remember Before Applying for a Personal Loan in Baroda 

  • Additional Fees and Charges: Besides the interest charges, banks impose certain fees for approving and sanctioning personal loans. One must be aware of charges such as the processing fee, GST, stamp duty, and prepayment charges, among others, while applying for personal loan finance in Baroda.
  • Hidden Costs: Certain loan providers may impose additional charges without completely bringing them to the borrower’s notice. Being aware and enquiring about the charges demanded by one’s loan provider over and above the interest and processing fee obliges them to be transparent with the applicant.
  • Compare: Instead of accepting the first offer; it must be compared with other personal loan offerings in the market. You can even persuade and push your bank to gain a fair deal for yourself. Personal loan deals can be easily compared online without visiting bank branches.
  • Apply at Few Banks: Applying for personal loans at multiple banks simultaneously negatively impacts an applicant’s credit score, and the banks become hesitant to approve the loan. One must check out all the available loan offers and prioritise only a few suitable choices.  
  • Pre-Approved Loans: Banks in Baroda offer pre-approved loans to their existing customers. These loans guarantee minimal documentation and instant disbursals to the applicant as the applicant’s verified information is already available with the bank. One can check with their bank whether pre-approved loan services are offered. 
  • Repayment Options: One must be careful about the available modes of loan repayment before choosing a personal loan. Online EMI Calculators can be used to select the most suitable EMI options for oneself. If an applicant chooses to repay the loan before its maturity, the prepayment/foreclosure charges levied by the bank must also be considered.
  • Digital Loan Management: Digital solutions can simplify loan management and settlement. One can schedule regular automatic deductions of EMIs from their accounts by providing consent to their bank or using e-wallet apps. 

Conclusion

A personal loan is an efficient financial resource for people with a robust trade and commerce ecosystem. It can offer monetary assistance from Rs. 50,000 to Rs. 40 lakhs at different interest rates for comfortable durations of time. With ease of application, quick approvals and no restriction on its end usage, an applicant can seek personal loan finance in Baroda from offline and online channels. Basic eligibility criteria and minimal documentation requirements are needed for a quick personal loan in Baroda. Apply some practical tips and awareness, and you can avail yourself of a good deal.

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FAQs

How long does it take for a personal loan to be approved in Baroda?

A personal loan is sanctioned within 1-5 working days for offline applicants. Whereas for online applicants, the approval may be sanctioned instantly within a few minutes to hours.

Can I get a personal loan with a bad credit score in Baroda?

Getting a personal loan against a low credit score is difficult but not impossible. If an applicant convinces the lender of their income stability and credit repayment abilities, a loan might only be approved despite a poor credit score. If banks and other lending institutions approve a loan for an applicant with a poor credit score, they usually charge higher interest rates and fees than usual.

Can I prepay or foreclose in Baroda?

Yes, personal loans can be prepaid or foreclosed in part or full. However, banks charge additional prepayment/foreclosure fees if a loan is settled before the completion of its tenure. Foreclosure and prepayment of a personal loan improve an individual’s credit score and also helps in saving money.

What happens if I default on my personal loan in Baroda?

A borrower must be fully prepared to repay the loan amount timely. Banks can add late payment penalties and press legal charges in case of default on personal loans. The applicant is placed on the defaulter’s list, their credit score gets affected, and it becomes difficult for them to secure a loan in the future.

Can I apply for personal loans from multiple lenders in Baroda?

While there is no restriction on applying for personal loan finance in Baroda at numerous lending organisations, it is typically not advisable. With multiple applications, the applicant seems too desperate, and the banks may become more vigilant. It impacts the applicant’s credit score and makes it difficult to get the loan approved.

Can a personal loan in Baroda be accessed by self-employed or freelancing individuals?

Yes, self-employed individuals and freelancers can apply for a personal loan. Once the banks are convinced about the individual’s income stability, repayment capabilities and trustworthiness, a personal loan can be easily extended without any issues.

Can I transfer an existing personal loan to another lender in Baroda?

Yes, personal loan accounts in Baroda can be transferred from one lender to another. Usually, a loan is transferred when lower interest rates are offered to the borrower by another bank. Before transferring a personal loan to another bank, one must carefully consider the new interest rates, prepayment charges and net savings before making a final decision.

What is the process for closing a personal loan in Baroda?

Usually, the banks automatically close personal loan accounts in Baroda upon successful loan repayment. However, the borrower must not forget to collect an acknowledgement of the loan’s closure in the form of a No Objection Certificate or No Dues Certificate issued by the bank.

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