Bank of Baroda Personal Loans interest rate

1. Bank Of baroda personal loan interest rate

2. Bank of baroda personal loan • Personal loan 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.

3. Benefits • Personal loans are an ideal choice for those who need funds urgently. It is recommended to opt for a personal loan overusing credit cards. The latter have strict credit limits, whereas, in the former, you can choose your exact personal loan amount. Also, not all suppliers or vendors accept credit cards, whereas, you can use the funds from your personal loan to pay someone via cheque, bank transfer or cash. • Additionally, you need to pay your credit card bill by the due date, but 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. For instance, in metro and urban areas, personal loan amounts can be up to Rs.10 lakh, while in semi-urban and rural areas, the maximum personal loan amount is Rs.5 lakh.

4. Features • 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 21 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 60 years for salaried and 65 for non-salaried persons at the end of the repayment period. • The personal loan amount varies by location. In metro and urban areas, the loan amounts can range from Rs.1 lakh to Rs.10 lakh. In semi-urban and rural areas, the personal loan amount varies from Rs.50,000 up to Rs.5 lakh. • The processing charges for personal loans is calculated as 2% of the loan amount, with a minimum of Rs.1000 up to Rs.10,000.

5. Eligibility • 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.

6. Interest Rates and Charges • ROI for existing customers having 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.) • Other cases :i.e for applicants having 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.) • Charges • 2% of Loan amount • Minimum: Rs.1000/- • Maximum: Rs.10,000/-

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