Bank of Baroda Personal Loan Interest Rates

The following are the important elements of the Bank of Baroda's personal loan-

• Applicants for personal loans must be workers of government agencies or private firms with a minimum of one year of continuous service. Similarly, self-employed professionals or business owners seeking personal loans must have been in operation for at least one year.
• Personal loan processing fees are computed at 2% of the loan amount, with a minimum of 1000 and a maximum of 10,000.
• The amount of a personal loan varies depending on where you live. Loan amounts in metro and metropolitan areas might range from Rs.1 lakh to Rs.10 lakh. Personal loans in semi-urban and rural areas range from Rs.50,000 to Rs.5 lakhs.
• To be eligible for a personal loan, applicants must be at least 21 years old, and co-applicants are not permitted. At the end of the repayment tenure, the maximum age for applying for personal loans is 60 years for salaried people and 65 years for non-salaried people.

Following are the types of Bank of Baroda Personal Loans-

The personal loan for Bank of Baroda pensioners is to meet the personal needs of pensioners, excluding the speculations.

This scheme is for regular people and regular needs. The amount value for this personal loan is more than Rs. 15 lakhs for metro and urban areas and Rs. 15 lakhs for semi-urban and rural areas. The minimum personal loan value in this scheme for metro and urban areas is Rs. 1 lakh, and Rs. 50,000 in semi-urban and rural areas. The tenure for this loan is from 48 months to 60 months.

This loan scheme is a collateral-free loan to meet financial needs that are inclusive of mismatch because of the pandemic situation. The loan amount value for this scheme is Rs. 5 lakhs. The tenure for this personal loan scheme is a period of 5 years.

• The minimum age is 21.
• The maximum age for salaried employees is 60 years.
• Non-salaried: 65 years old.
• Employees of government agencies/private firms that have worked for at least a year.
• Employees of limited private corporations, sole proprietorships, trusts, and partnership enterprises who have worked for at least a year in a row.
• NRI/PIOs and staff members are not eligible.
• Insurance agents who have been in business for at least two years.
• Self-employed business owners who have been in operation for at least a year.
• Self-employed professionals with at least one year of stable business, such as doctors, engineers, company secretaries, architects, and interior designers.
• Bank of Baroda, like other lenders, may assess applicants' credit scores and monthly income to determine personal loan eligibility.

Banks charge processing fees for personal loans. These fees are a percentage of the loan amount issued, with a maximum amount extended.

• 2% of the loan amount
• The minimum is Rs.1000/-.
• Maximum amount: Rs.10,000/-