Bank of Baroda - Benefits of Bank of Baroda Personal Loans

Bank of Baroda provides personal loans for various financial needs at attractive rates of interest, and a suit of other benefits such as feasible repayment options and instant loan approvals. mymoneykarma gives you all the information you need on Bank of Baroda personal loans.

Benefits of Bank of Baroda Personal Loans

Bank of Baroda personal loans are loaded with many benefits and features. Here are a few highlights of Bank of Baroda personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
• Long loan tenures ranging from a minimum of 6 months and a maximum period of 60 months.
• Affordable interest rates ranging between 11.05% - 11.6% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.
  

Eligibility Criteria for Bank of Baroda Personal Loans   

Applicants must meet the following criteria to get a personal loan from Bank of Baroda.

• Minimum income of Rs 1 lakh per annum for salaried customers.
• Maximum income of Rs 2 lakhs per annum for self-employed customers.
• Must be an account holder of Bank of Baroda.
• Sound repayment capability and a good credit score.
• Minimum age of 21 years.
• Maximum age of 65 years.
• Minimum work experience of 1 year.
  

Documents Required for Bank of Baroda Personal Loans

Applicants need to submit the following documents while applying for Bank of Baroda personal loan.

• Filled loan application form with necessary details such as income, occupational details, and personal information.
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
• Two copies of recent passport sized photographs
  

How to Apply for Bank of Baroda Personal Loans Online

Applicants can directly apply for Bank of Baroda personal loans online by visiting the Bank of Baroda website, going to the personal loan section, downloading the loan application form, submitting the filled form and uploading the required documentation on the website. The applicant profiles are then evaluated, and the loan is approved on meeting all the eligibility criteria.

How to Apply for Bank of Baroda Personal Loans Offline

To apply for Bank of Baroda personal loans, applicants can also visit any personal loan center of Bank of Baroda along with the required documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within 3-5 working days.