[2024] How to take loan from Bank of Baroda
How to apply loan from Bank of Baroda | How to take loan from Bank of Baroda online
How to take loan from Bank of Baroda? Bank of Baroda Personal Loan Interest Rate, Contact Number: Friends, are you planning to take a personal loan? Are you looking for a bank that can give you a loan of more rupees at easy terms? Do you want to apply for a loan in a bank with low interest rates?
If you also have similar questions, then this article is for you. Come friends, today we will know about one such bank which gives you loan of higher amount as per easy terms.
How to take loan from Bank of Baroda
Friends, Bank of Baroda is one of the major banks of India. The name of Bank of Baroda is taken with respect among the major banks of India. Bank of Baroda provides various types of loans to its customers and it is also a reliable bank. Actually, almost all types of loans are given by Bank of Baroda, Such as Education loan, Gold loan, Home loan, Business loan, Personal loan etc. Friends, in this article we will learn only about personal loan.
Bank of Baroda Personal Loan (Bank of Baroda Loan Information)
Bank of Baroda provides personal loans up to a maximum of Rs 10 lakh at just 10% interest rates, which you can easily return within 5 years time period. Personal loan can be given to any person, for this You have to fulfill some eligibility criteria points.
After which your loan is approved. The best thing is that only 2% is charged as processing fee on this loan. And also, if you want to repay the loan before the stipulated period, then no separate fee is charged for this also. Whereas other banks charge foreclosure charges and prepayment charges. It is worth keeping in mind that if you want to take a personal loan from Bank of Baroda.
So for this you must have your own business or a job. So that you can assure the bank that you will remember the loan. And also your age should be between 21 years to 65 years. If you meet these requirements, your chances of getting your loan approved are much higher. (How to take loan from Bank of Baroda)
Loan Name Bank of Baroda Personal Loan
Loan amount (maximum) Loan amount (maximum)
Loan interest rates 10% per annum
Processing Fee 2% + GST
Loan tenure 5 years (maximum)
Eligibility Employable + 21 to 65 years
Prepayment charges None
Foreclosure charge None
Bank of Baroda Personal Loan Criteria and Eligibility
Let us know what are the qualifications required to take a loan from Bank of Baroda.
To take loan from Bank of Baroda, your age should be between 21 years to maximum 60 years. In many cases it can even be 65 years.
To take Bank of Baroda sale, you must have your own employment or some job with money. So that you can assure the bank that you will repay the interest rates along with the principal amount.
Along with this, you should also be a customer of Bank of Baroda for the last 1 year, that is, your bank account should be in Bank of Baroda for the last 1 year. Only then you can take a personal loan.
Fixed Obligation to Income Ratio (FOIR) – FOIR for employees of Central/State Government, Autonomous Bodies, Public/Joint Sector Undertakings and Educational Institutions having minimum continuous service for 1 year and maintaining salary account with the bank. A maximum of 60% of the gross monthly income (GMI) payable is given. “How to get/get personal loan from Bank of Baroda? Bank of Baroda Personal Loan Interest Rate, Contact Number”
Bank of Baroda Salaried Employee FOIR Eligibility
For other salaried applicants, the FOIR requirements are as follows:
40% of GMI: If GMI is less than Rs. 75000.
50% of GMI: If GMI is Rs 5,000 and more but less than Rs 200000.
60% of GMI: If GMI is Rs 2,00,000 or more.
For government employees and salaried applicants working with public/joint sectors, autonomous bodies, etc., along with BoB salary account, the previous month’s salary should be credited to the salary account.
Copies of bank statements are also necessary. This may be different for self-employed and employed people.
If you meet these eligibility criteria, your personal loan application will be approved. And you can apply for loan.
Hope you have understood about bank of baroda personal loan criteria/ bank of baroda personal loan eligibility.
Bank of Baroda Personal Loan Interest Rate
The Bank of Baroda offers annual interest rates of up to 10% for employed people and those running their own businesses. But if your relationship with the bank is new and you want to take a loan. So in such a situation the bank can recover up to 12% of the loan. Compared to other banks, Bank of Baroda charges less interest on personal loans. This is the reason why common people like the personal loan of Bank of Baroda. “How to get/get personal loan from Bank of Baroda? Bank of Baroda Personal Loan Interest Rate, Contact Number”
Bank of Baroda Personal Loan Documents
Come friends, let us know about the documents required to take loan from Bank of Baroda. That for the loan process of any bank, most of the hassle has to be done in the paper process itself. In such a situation, it is better that we know about the required documents in advance. If you want to take a personal loan from Bank of Baroda. So friends, let us tell you about the documents required to take a personal loan.
- Photo identity card: A copy of your passport / voter ID card / Aadhar card / driving license, etc. (any)
- Address Proof (Residence Certificate): A copy of your electricity bill/ration card/passport
- Photocopy of salary slip for last 3 months
- Income Certificate: Latest 3 months bank statement of bank account
- Employment Certificate: Certificate of continuous employment for the last one year.
- 2 Passport size photographs (How to take personal loan from Bank of Baroda)
Specific documents required for Salaried Employee
Salary slip of last 3 months
Latest 3 months bank statement of bank account
Employment certificate stating continuous employment for one year
Specific documents required for Self Employed
Certified P&L for last 2 years
Approved income tax returns for at least last 2 years
Proof of business registration and business continuity of at least 1 year
Bank of Baroda Personal Loan Calculator
Friends, while taking a loan, you should take special care of what your monthly EMI will be. Because many times, due to financial constraints, we take a large loan but have to face a lot of problems at the time of its repayment. That is why you are advised to take special care of the monthly EMI while taking the loan.
Let us tell you how you can check your monthly EMI. Loan calculators are provided by all the banks for the convenience of the customers so that it becomes easier for you to know your monthly EMI. For example, you want to take a loan of Rs 5 lakh from Bank of Baroda, the bank has fixed 10% annual interest rates on your loan. And you have taken this loan for a time period of 5 years.
So you will have to pay ₹ 10,624 as loan EMI. Your total interest payable will be ₹1,37,411. That means you will have to pay Total Payment (Principal + Interest) ₹ 6,37,411 as total amount including interest rates. You can also check your Monthly EMI by visiting the official website of Bank of Baroda. If you want to know about your monthly installment then click on the Bank of Baroda Personal Loan Calculator link.
Bank of Baroda Personal Loan Contact Number
For any kind of complaint or help, you can contact on the number given below. You can get information by visiting any nearest bank branch.
Bank of Baroda on 1800-258-4455 and 1800-102-4455 (Toll-Free)
Bank of Baroda Personal Loan Apply Online
Friends, loan can be taken from Bank of Baroda both online and offline. You can take offline bank loan by visiting any nearest bank branch. For this you will have to submit Form No. 16 along with your required documents to the bank. If the information given by you is verified, the bank will approve your loan. Similarly, you can also take online bank loan from Bank of Baroda. Let us know step by step about Bank of Baroda Personal loan apply online.
How to Apply for Bank of Baroda Personal Loan
- First of all you have to go to the official website of Bank of Baroda.
- You will see many types of options on the official website.
- One of which options will also be for personal loan. You have to click on the personal loan option. After this you will be redirected to a new page.
- Where you will be asked for your necessary information and your necessary documents will be uploaded.
- After this the bank agent will contact you. And will know about your eligibility criteria and information. Many times the bank people call you to the bank branch itself. And sometimes he himself comes to your house to check the authenticity. Your loan is approved after accepting all the terms and conditions. The loan amount will be deposited directly into your account.
In this way you can get personal loan from Bank of Baroda online.
How to take loan from Bank of Baroda Review
Friends, now let us talk about whether taking a personal loan from Bank of Baroda will actually prove beneficial or not? Friends, the interest rates of Bank of Baroda are neither very high nor very low. There are many big banks which give loans at lower interest rates than Bank of Baroda. And there are many banks which give loans at higher interest rates than Bank of Baroda.
In such a situation, Bank of Baroda is an average bank in terms of interest rates. Friends, taking loan from Bank of Baroda proves beneficial because the loan period can be given for a long time by Bank of Baroda. Also if you want to finish your loan before the maturity date. So Bank of Baroda does not charge any fee for this also.
Bank of Baroda also charges only 2% as processing fee. And there are no foreclosure charges. In such a situation, we can say that taking a loan from Bank of Baroda can prove beneficial. After reading many reviews, we also saw that Bank of Baroda may ask for documents from its customers multiple times, and loan approval also takes time. On average we can say that taking a loan from Bank of Baroda proves beneficial.
Conclusion (How to take loan from Bank of Baroda)
Friends, today we learned about Bank of Baroda personal loan (bank of baroda loan information). bank of baroda personal loan criteria. bank of baroda personal loan eligibility. bank of baroda personal loan interest rate. bank of baroda personal loan documents. bank of baroda personal loan calculator. Bank of Baroda Personal Loan Apply Online (How to take loan from bank of Baroda). bank of baroda personal loan contact number. bank of baroda personal loan review. And we have provided you all the information regarding the related topic.
If you still do not understand anything, you can ask it in the comment section. Also, if you are interested to know about any other loan, then you can find out by visiting the home page of our website. On our website, detailed information about all the important and major loans like Instant Loan, Personal Loan, Major Loan of India, Farmer Loan, Business Loan and Education Loan is given.
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