What is the Bank of Baroda Personal Loan Eligibility Criteria like?

Bank of Baroda is gaining prominence day by day. It has grown to be one of the most renowned public sector banks in India over the years. Recently, Bank of Baroda acquired Vijaya Bank and Dena Bank, taking itself a notch up in terms of market capitalization. This merger has brought Bank of Baroda as the third largest lender after SBI and ICICI Bank. Being one of the popular lenders in India, Bank of Baroda has designed a host of lending options for the Indian populace. Its personal loan is sure to attract you with features like big loan amount and affordable interest rates. Be it any requirement, whether financing your child’s education or throwing the best wedding celebration or renovating your house, Bank of Baroda Personal loan takes care of all. The application procedure is simple and requires minimum documentation. Before getting into the Bank of Baroda personal loan eligibility criteria, Let’s explore some of the best features of this loan.

Features of Bank of Baroda Personal Loan:

• Avail high loan amount from INR 1 lakh to INR 10 lakh. However, the loan amount that the bank will grant you depends on the area you are residing.
• Bank of Baroda likes to keep everything transparent. It like to reveal all the processing fee and other charges so that the customer doesn’t feel deceived. The processing fee is 2% of the loan amount plus applicable GST, with a minimum of INR 1,000 upto INR 10,000.
• The personal loan is offered at comparatively low interest rates. If you’ve a good credit score or hold an existing relationship with Bank of Baroda. Chances are you may get the loan at interest rate as low as 11.95%. However, the maximum interest can go upto 16.95%.
• Bank of Baroda offers flexibility in terms of usage of the loan amount for any purposes from medical to education to house renovation to purchasing your dream car.
• Easy to fulfill eligibility criteria with minimal documentation required about which you’ll come to know in the next segment.

What is the Bank of Baroda Personal Loan Eligibility Criteria and Documents Needed?

• The applicant must be a citizen of India.
• The applicant must be employed in a Government or a Private Limited Company at least for a year. Even, self-employed or businessmen who want the personal should’ve practiced their profession for at least a year.
• He/she must be a salaried individual who has a monthly income regularly flowing into his bank account.
• The minimum age of the person borrowing should be at least 21 years of age to be eligible for a personal loan. Whereas, the maximum age eligibility criteria is 60 years for salaried employees and 65 years for non-salaried employees by the end of the repayment tenure. Co-applicants are not accepted for this loan.
• People residing in metros or urban areas are only eligible for a loan amount between INR 1 lakh - INR 15 lakh. Whereas, people residing in semi-urban or rural areas are only eligible for a loan between INR 50,0000 to INR 5 lakh.

Following are the details and documents that an applicant needs to submit:

• Duly signed application form with every detail filled.
• Mention Profession Details - Current Employer, Date of Joining, Previous employer details.
• Details of Assets/Liabilities
• Details of Proposed Loan
• Income Details - Salary Slips, Bank Statement, ITR filing forms,etc.
• Outstanding loan details
• And, guarantor details.