Pave your way to financial freedom
Easy and flexible loan repayment options
Personal-Loan
Personal loans from Bank of Baroda offer a quick and easy solution to all your urgent financial needs.
Whether you need funds for a medical emergency in your family, your sibling’s wedding, or to renovate your home, a personal loan can finance all your requirements.
Personal loans have many advantages over other forms of credit, such as credit cards and informal loans from friends, family members or untrustworthy financiers.
Most salaried persons, self-employed and professionals can apply for personal loans. With attractive interest rates, minimal documentation and speedy processing, Bank of Baroda offers among the best personal loans today.
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Benefits
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Eligibility
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Features
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Interest Rates & Charges
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Terms & Conditions
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Services
- Personal loans are an ideal choice for those who need funds urgently.
- You can repay a personal loan over a period of time with pre-determined EMIs.
- Personal loan benefits include the flexibility it offers regarding the use. You can use funds from a personal loan for several purposes. Thus, you can pay for your home renovation, higher education, travel, wedding and medical expenses with a personal loan.
- Among other personal loan benefits is the loan amount you can borrow. Maximum Loan available is SCR 100,000.00.
Eligible Borrowers
- Employees of Govt. / Autonomous Bodies/ Public / Private 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.
- To apply for a personal loan, applicants can be employees of government bodies or private companies with minimum continuous service of one year. Similarly, self-employed professionals or business persons who want to apply for personal loans need to have their business or practice for at least one year.
- Applicants need to be at least 18 years of age to be eligible for a personal loan, while co-applicants are not allowed. The maximum age to apply for personal loans is 63 years for salaried and 63 for non-salaried persons at the end of the repayment period.
- The processing charges for personal loans is calculated as 2% of the loan amount.
Purpose
For any purpose other than speculation.
Eligibility Borrowers
- Employees of Govt. / Autonomous Bodies/ Public / Private 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.
- Staff members are not eligible
Co-Applicant
Applications to be considered on individual basis only. Co applicants not to be allowed.
Age
Minimum : 18 Years
Maximum
- For Salaried Persons: Age of Borrower plus repayment period should not exceed retirement age or 63 years whichever is lower.
- For non-salaried Persons: Age of Borrower plus repayment period should not exceed 63 years.
Quantum of Finance
Maximum : SCR 100,000.00
Minimum : SCR 5000.00
Penal interest
Penal interest @2% shall be levied on overdue amount
Processing Charges
- Remittance Facility
- Foreign Exchange
- Locker Facility
- Debit card
- Baroda Mpassbook
- Internet Banking
- Standing Instructions facility
