Bank of Baroda Personal Loan helps meet any financial need immediately. And if you’re tackling a medical emergency, this product can be a great help to you. The bank allows you to borrow a minimum of INR 10,000 to a maximum of INR 15 Lakh. Well, the Bank of Baroda personal loan limit will be based on your income. To check the loan limit, visit the Bank of Baroda’s official website. Continue reading this page for more details.
Key Benefits of Borrowing Bank of Baroda Personal Loan
If you’re thinking of borrowing a Bank of Baroda Personal Loan, check out the below pointers, they’ll help you make a decision.
Wide Range of Loan Amount
Bank of Baroda has made it easier to borrow a lump sum of money. Either your need is small as INR 20,000 or 25,000 or big as INR 5 or 10 Lakh. You can get the amount easily by requesting the bank for the same.
Affordable Interest Rate on the Borrowed Amount
Another reason Bank of Baroda is the perfect lender is that it provides you the loan amount at a rate as low as 10.40% per annum. You’ll get the lowest rate of interest if you earn a regular income and display a good repayment. Because these factors make lenders, such as Bank of Baroda, confident about your repayment, resulting in a reduced interest rate for you.
Flexible Repayment Options
The bank gives you a maximum of five years to repay the loan amount. Well, this benefit is for the bank’s existing customers only. If you don’t have an account with the bank, the tenure will be four years only. You will need to repay the borrowed amount + the interest in equated monthly installments.
What are the Tools Available for Bank of Baroda Personal Loan?
You get access to tools like EMI calculators by which you can find your EMI amount. This tool uses your loan details to calculate the EMI amount. For this, you need to provide your loan amount, interest rate and tenure. Upon receiving your information, the tool computes your EMI. To understand better, take a look at the example below –
Kiran is 29 years old and works in an MNC company. Her mother was recently diagnosed with Stage I Cancer. So, to begin treatment for the same, she needs a lump of INR 3 Lakh. She came across Bank of Baroda Personal Loan. And this seems the perfect fit for her as its interest rates are affordable.
Using the Bank of Baroda Personal loan EMI Calculator, she finds her Personal Loan EMI of INR 14,404 for 24 months, provided she grabs the interest rate of 14.00% per annum.
How to Apply for a Bank of Baroda Personal Loan?
The bank gives you both online and offline options to apply for a personal loan. If you’re an existing customer and have active net banking services, follow the below instructions –
- Log in to your account using CRN and password
- Go to your profile and see if there are any pre-approved offers
- If there are, you’ll get the loan amount immediately
- And if not, apply for the loan online by filling in an application form
- Afterward, upload your KYC and other proofs
- After that, click on the ‘Submit’ button
You’ll receive an approval letter on your registered email if the loan is approved. Otherwise, the bank will send an email to your registered address mentioning the reason for rejection.
For the offline application of Bank of Baroda Personal Loan, follow the below steps –
- Go to the nearest branch office of Bank of Baroda
- Notify the bank representative about your intention for taking a personal loan
- Fill in the application form, as well as attach KYC, income proof and 2 passport size photographs
The bank will go through all these and communicate to you on an approval or disapproval basis the results of the verification process.
