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Bank of Baroda is one of the largest nationalised banks in India. Personal loans offered by Bank of Baroda are an ideal solution to meet your financial needs. With a Bank of Baroda personal loan, you can finance anything from a medical emergency, home renovation, overseas vacation, destination wedding, etc. Personal loans server a better purpose in comparison to untrustworthy money lenders, debt collectors, loan sharks and even a credit card. To begin with, a personal loan is an unsecured loan which does not require any guarantor or collateral and is easily provided online by different banks and non-banking financial institutions. A personal loan often comes with a high rate of interest and the entire risk is undertaken by the lending institution or bank. It benefits the potential borrower as it is a multipurpose loan which can be used for anything as long as it is within the legal framework. Both salaried and self-employed professionals can apply for a Bank of Baroda personal loan. But before you apply for a personal loan from Bank of Baroda, it is advisable to check your CIBIL credit rating. Read more to find out.
Just like all other banks and financial institutions, Bank of Baroda will definitely run a credit check on your behalf. This is done by looking into your CIBIL score. All of your recent and past credit history across lenders and credit cards is mapped in your CIBIL score. A CIBIL score will be the ultimate deciding factor when it comes to your personal loan application. A higher CIBIL score increases your chances of receiving a personal loan from Bank of Baroda, while a lower CIBIL credit score will decrease your chances of receiving a personal loan. The standard requirement across all banks for lending eligibility is a CIBIL score of 750 plus, Bank of Baroda requires a minimum CIBIL credit score of 650 to be eligible for a personal loan.
|Age Limit||Min - 21 years |
Max - 60 years (salaried individual)
Max - 65 years (non-salaried individual)
|Maximum Loan Amount||Metro & Urban: Rs.1 Lakh |
Semi-Urban & Rural: Rs. 50,000
|Maximum Loan Amount||Metro & Urban: Rs.10 Lakhs |
Semi-Urban & Rural: Rs.5 Lakhs
|Penal Interest||2% on overdue amount|
|Charges for Processing||2% of Loan amount Minimum: Rs.1000/- Maximum: Rs.10,000/- + Service Tax|
|Salary Requirement||Rs. 25,000/- minimum|
|Employment History||Current - 6 months - Salary Slips/Bank Statement. Total Work Experience - 2 years minimum - Salary Slips/Bank Statement. |
Employment ID|Visiting Card|Offer or Application Letter.
|Interest Rate||- Approximately 11.60% to 14.35% |
- Current customers who have account relationship of minimum -6- months: One year MCLR +SP+3.00% to One year MCLR +SP+ 6.00% (As per Risk Rating of the applicant/s.)
- Applicants who have account relationship with other Bank at least for -6- months: One year MCLR +SP+5.00% to One year MCLR +SP+ 8.00% (As per Risk Rating of the applicant/s.)
|KYC||Proof of Identity |
Proof of Address
|Eligible Borrowers||- Employees of Central / State Govt. / Autonomous Bodies/ Public / Joint Sector Undertakings, Public Limited Co. / MNCs & Educational Institutions - with minimum continuous service for 1 year |
- Employees of Proprietorship, Partnership firms, Private Limited companies, Trust - with minimum continuous service for 1 year.
- Insurance Agents - doing business for minimum last -2- years.
- Self Employed Professionals (Doctor, Engineer, Architect, Interior Designers, Tech. and Management Consultants, Practicing Company secretaries etc.) - with minimum 1 year stable business.
- Self Employed business persons - with minimum 1 year stable business.
What if I have a low CIBIL score, will Bank of Baroda still give me a personal loan?
No, Bank of Baroda has the minimum CIBIL score requirement of 650 to be eligible for a personal loan.
Does skipping ICICI bank personal loan payment affect my CIBIL score?
Yes, it will have a negative impact on your CIBIL score. It is advisable that you do not miss out on any of your payments or EMIs for any of your loans and credit cards.
Had a loan settlement with Bank of Baroda, will it affect my CIBIL score?
Yes, it will have a negative impact on your CIBIL score, under settlement, you have paid only a partial amount and the remainder due amount is cleared off by the bank. Any un-cleared amount will further downgrade your CIBIL score.
Can I get more than 3 Bank of Baroda personal loans if I have a good CIBIL score
No, at any given time you can avail only a single personal loan from Bank of Baroda.