Bank of Baroda Personal Loan: Low Interest Rate, Eligibility Details & EMI Calculator

What is Bank of Baroda Personal Loan?

The main purpose or intention of Bank of Baroda Personal Loan is to provide immediate financial assistance or fund to the required applicant or customer.

Personal loan can be used for different purpose such as marriage, medical expenses, travelling or business purpose. It all depends upon applicants financial needs.

A personal loan does not require any collateral security that is why it is called unsecured loan.

Important Key Features of Bank of Baroda Personal Loan

• Attractive ROI (Interest rate) starting from 10.80%
• Women applicant can get ROI with 10.55%
• Loan Amount is between 1Lacs to 20Lacs.
• Loan tenure (time period) will be minimum of 12 months and maximum of 84 months.
• Minimum age limit is 21 years and maximum age limit is 65 years.
• Nil processing fees.
• Fixed and floating rate of interest option available.
• Extended timeless for re-payment.
• Flexible usage of funds.

Eligibility Criteria of Bank of Baroda Personal Loan

For Government Employee

Employees of central, state government, auto nomous  bodies, Public limited companies,MNCs, joint sector undertakings and educational institutions they all should have minimum continuation service for at least 1 year.

For Other Employees

Employees of private limited companies, trust, limited liabilities partnership with minimum continuous service for 1 year.

For Self Employed Professional

Doctor, Engineers, Arcitects, Interior designer, Tech management consultants and practicing company secretaries etc with minimum 1 year stable business needed.

Other Sector

• Insurance agent doing business for minimum at least 2 years.
• Self employed business person with minimum 1 year stable business

Note – Staff member and NRI/PIO will not be eligible for BOB Personal Loan. There won’t be any co-applicant required for personal loan.

Interest rate for Bank of Baroda Personal Loan

Condition                                                                        ROI                                             Type

Category “A”

Government employee,defence person              From 11.40% to 11.90%                             Floating

Maintaining Salary account with BOB bank          From 11.15% to 11.65%                            Fixed

Employee of central, state government, PSU’s  From 11.90% to 16.75%                            Floating

Autonomous bodies, listed public limited           From 11.40% to 14.25%                            Fixed

Company having salary account with BOB

Bank.

Government employee, defense person             From 12.40% to 16.75%                             Floating

having  Salary account other then BOB bank.      From 11.90% to 14.25%                              Fixed

Category “B”

Employees of public, private trust,LLP,                 From 13.75% to 16.75%                          Floating

Insurance agent, self employed professionals   From 12.95% to 15.20%                          Fixed

And business person having saving or CC

account With BOB bank.

Employees of public, private trust,LLP                   From 15.15% to 18.75%                         Floating

Insurance agent, self employed professionals   From 14.90% to 18.20%                         Fixed

And business person having saving or CC

Account other then BOB bank.

Note – Applicant can avail concession of 0.10% in ROI (both fixed and floating) will be given to those who opts for group credit life insurance.

Impact on maintaining good CIBIL score for Bank of Baroda Personal Loan

• To know your credit status.
• To improve the chances to get twice or even three times higher loan eligibility.
• To get instant personal loan for longer duration.
• To get fast processing and quick loan approval.
• You may negotiate your loan amount,ROI and loan re-payment tenure if you maintain good CIBIL score.

Understanding EMI Calculation: Formula, Variables, and Example

1. EMI Formula

The Equated Monthly Installment (EMI) is calculated using the following formula:

Where:

• P = Principal Loan Amount
• R = Monthly Interest Rate (Annual Interest Rate ÷ 12)
• N = Loan Tenure in Months

2. Example Calculation

Given:

• Principal Loan Amount (P) = ₹300,000
• Annual Interest Rate (R) = 15%
• Loan Tenure (N) = 60 months

Step-by-Step Calculation:

Step 1: Calculate Monthly Interest Rate

R=15%12=1.25% per month=1.25100=0.0125r=1215%​=1.25% per month=1001.25​=0.0125

Step 2: Apply Values to Formula

EMI=300000×0.0125×(1+0.0125)60(1+0.0125)60−1

EMI=(1+0.0125)60−1300000×0.0125×(1+0.0125)60​

Step 3: Final Calculation

EMI=7891.251.107=₹7,137EMI=1.1077891.25​=₹7,137

Summary Table

Particular	Value
Principal Loan Amount	₹300,000
Annual Interest Rate	15%
Monthly Interest Rate	1.25%
Loan Tenure	60 months
Monthly EMI	₹7,137
Total Amount Payable	₹428,220
Total Interest Payable	₹128,220

Important Notes

1. EMI remains constant throughout the loan tenure
2. Initial payments include higher interest component
3. Reducing interest rates or tenure lowers total interest paid
4. Formula assumes fixed interest rates throughout the loan period

Document required for Bank of Baroda Personal Loan

Proof of Identity

• 3 Password size photograph of applicant.
• Copy of Pan Card.
• Copy of Aadhar Card.
• Employee ID card issued by relevant authorities like the government or defense or reputed corporation.
• For professionals – certificate of practice with photograph issued by professional bodies like ICAI, ICWA or ICFAI.

Proof of residence

• Copy of valid passport.
• Copy of voter ID card.
• Copy of driving license.
• Postpaid utility bill. (gas bill or electricity bill)
• Copy of updated passbook or bank account statement.
• Copy of registered rent agreement.

Proof of banking

For Salaried Individuals –

Copy of last 3 months salary slip, salary account or saving account bank statement or updated passbook.

For Self Employed Individuals

Copy of gumasta license, registration certificate, service tax registration or others.

Bank Proof

Last 6 months CC or Current account bank statement for self employed person.

Income Proof

• Balance sheet and profit & loss account along with computation of income of last 1 year.
• Income tax return last 1 year for applicants, 26AS traces.
• Income tax assessment, clearance certificate, income tax challan, TDS certificate (form 16A), form 26As for income declared in ITR.

Processing Fees and Other Charges

Processing Fees

• For government employee who maintain salary account in bank of Baroda – Nil.
• For other banks it will be charged from 1% of loan amount to 2% plus GST.
• Minimum of Rs. 1000+GST
• Maximum of Rs 10000+GST

Penal Interest

Penal  interest will be charged @ 2% shall be levied in loan outstanding amount.

Verification charges

For checking the loan re-payment capacity the bank usually hires a third party agency for verification to check the credibility for that customer has to pay their charges which deduct from the disbursement amount.

Fees for duplicate statement

If customer requires loan scheduled statement or loan outstanding balance statement then bank might charge a fee of Rs. between 200 to 500.