10 Top Things to Know about Bank of Baroda Personal Loan Interest rate

Bank of Baroda Personal Loan Interest rate

Introduction

Bank of Baroda (BOB) is the second largest Public sector bank in India after State Bank of India. This Indian Public sector bank Headquartered in Vadodara, Gujarat, provides Personal loans with attractive interest rates along with easy repayment options.

If you are planning to finance your dream wedding, or home renovation, or any other personal expenses, then, Bank of Baroda’s personal loan interest rate could be the ideal solution for all your financial needs.

So, let’s discover more about Bank of Baroda’s personal loan interest rate and how this personal loan can help you in achieving your financial goals.

Let’s get started..!!

Features & Benefits of BOB Personal Loan

The top Features & Benefits of BOB Personal Loan is as follows

Particulars	Description
Interest rates	11.40% – 18.75% p.a.
Age Criteria	Minimum: 21 Years old Maximum: 60 Years (For Salaried) Maximum: 65 Years (For Non-Salaried)
Loan Tenure	Maximum of 48-60 Months
Loan Amount	Metro & Urban Branch Minimum: Rs.1,00,000/- Maximum: Rs.20,00,000/- Rural & Semi-Urban Branch Minimum: Rs.50,000/- Maximum: Rs.20,00,000/-
Processing Fees	For Government Employee with BOB Salary account: Nil For Others: 2% of the Loan amount Minimum : Rs.1000 + GST Maximum : Rs.10,000 + GST
Credit Score	750
Penal Interest	2% on Loan Outstanding

BOB Personal Loan Eligibility

For Personal loan in BOB, the eligibilty is designed based on Type of persons. Check what type of person you are in.

S.No	Person Type	Conditions
1.	Employees of Central/ State Government/ Autonomous bodies/ Public/ Joint Sector Undertakings, Public limited companies/ MNCs & Educational institutions	With a Minimum continuous service for 1 year.
2.	For Employees of Government bodies or Private companies	With a Minimum continuous service of 1 year.
3.	Insurance agents	Doing business for Minimum of last 2 years.
4.	Self-employed professionals	Must have their business or Practice for at least 1 year.
5.	Staff members and NRI/PIO	Not Eligible for Personal Loan

Also Read: 9 Methods on Bank of Baroda Balance check

Bank of Baroda Personal Loan Interest rates

Bank of Baroda offers two types of products under Personal Loan category

1. Baroda Personal Loan
2. Baroda Home Suvidha Personal Loan

Let’s discuss about Baroda Personal Loan first.

Under BOB Personal Loan, We have 5 categories based on type of persons
1. Govt Employees / Defence personnel
2. Gold Category
3. Silver Category – Category C
4. Category B
5. Category A

Let’ see, under each category how much interest will be charged ?

Baroda Personal Loan Interest Rates

S.No.	Person Category	Conditions	Effective Rate of Interest [Floating]	Effective Rate of Interest [Fixed]
1	Govt Employees / Defence personnel	Should have a Salary account with BOB Bank under scheme code SB 182 & 186	11.40% to 11.90%	11.05% to 11.55%
2	Gold Category	Should have a Salary account with BOB.	11.90% to 16.75%	11.30% to 14.15%
3	Silver Category – Category C	Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having Salary account with other Bank	12.40% to 16.75%	11.80% to 14.15%
4	Category B	Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with BOB Bank	13.15% to 16.75%	12.85% to 15.10%
5	Category A	Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank	15.15% to 18.75%	14.80% to 18.10%

Baroda Home Suvidha Personal Loan

It is not a personal loan and this comes under Home loan category.

Documents Required

Before you apply for Baroda Personal Loan, then, you should keep all the below documents ready.

S.No	Document Type	Conditions
1.	BOB Personal Loan application	Must be filled
2.	3 Passport sized Photographs	–
3	Form 135	Providing Assets and Liabilities details of the applicant
4.	Proof of residence	Any of the below documents required 1. Valid passport 2. Voter id card 3. Driving license 4. Post-paid utility bill (gas bill and electricity bill) 5. Updated passbook or bank account statement 6. Registered rent agreement
5.	Proof of Identity	1. PAN card 2. Aadhar Card 3. Valid Indian passport 4. Voters ID card 5. Driving license 6. Employee ID card issued by relevant authorities like the Govt or Defence or reputed corporate 7. Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI

The documents to be submitted by Salaries & Self -employed will be different. Check the below mentioned documents as per your work type.

S.No	Category	Document Type
1.	For Salaried Inviduals	1. Last 3 months’ salary slips 2. Statement of account for last -6- months of BOB Bank/other bank
2.	For Self-employed Individual	1. Balance sheet and Profit and loss account, Computation of income for last 1 years. 2. Income Tax Returns – last 1 years for Applicants, 26 AS, Traces 3. Business proof: Gomasta License, Registration Certificate, 4. Service Tax Registration, among others IT Assessment/Clearance Certificate, Income Tax Challans/ TDS Certificate (Form 16A)/ Form 26 AS for income declared in ITR

Bank of Baroda Personal Loan Apply

If you want to apply for Personal Loan, You can visit BOB website and apply for it and follow the procedure.

Bank of Baroda personal loan customer care number

For any queries relating to Personal Loan, you can call to Toll-free numbers of 18002584455/ 18001024455.

FAQ on Bank of Baroda Personal Loan Interest rate

If you want to check the latest BOB FD Interest rates along with Top 7 Banks with latest FD interest rates, check the below post.

Fixed Deposit: Top 7 Banks with Latest FD Interest rates [ Up to 8.50% p.a ]

Thanks for your time 🙂