Baroda Personal Loan

Age

• Minimum: 21 years
• Maximum - For salaried persons: Age of borrower plus repayment period should not exceed retirement age or 60 years whichever is lower.and For non-salaried persons: Age of borrower plus repayment period should not exceed 65 years.

CIBIL Score

• A CIBIL score of 730 or above is generally considered good for approving a personal loan.

Required Documents

• Proof of residence
• Proof of identity
• For salaried individuals - Last 3 months' salary slips and Statement of account for last -6- months of our Bank/other bank
• If the applicant is a self-employed individual - Balance sheet and profit and loss account, computation of income for last 1 years,Income Tax Returns – last 1 years for Applicants, 26 AS, Traces,Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others and IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR

Nature of Employment

• Employees of central/state Government/autonomous bodies/public/joint sector undertakings, public limited companies/MNCs & educational institutions
• Employees of Private limited Companies, Trust, Limited Liability Partnership
• Self-employed professionals (doctors, engineers, architects, interior designers, tech. and management consultants, practicing company secretaries, etc.)
• Self-employed business persons

Minimum Work Experience

• Employees of central/state Government/autonomous bodies/public/joint sector undertakings, public limited companies/MNCs & educational institutions with minimum continuous service for 1 year
• Employees of Private limited Companies, Trust, Limited Liability Partnership - with minimum continuous service for 1 year.
• Insurance agents doing business for minimum of last 2 years.
• Self-employed professionals (doctors, engineers, architects, 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.

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.
• Maximum Rs.20.00 lakhs (it is linked with borrower’s occupation and account relationship with Bank). Minimum Rs.1.00 lakh for Metro & Urban Branch Rs.0.50 lakh for Rural & Semi-Urban Branch
• The processing charges for personal loan are calculated as For Govt. Employees who maintain salary account with Bank of Baroda: NIL ,For others: it ranges from 1.00% of loan amount to 2.00% plus GST, subject to Mini. Rs.1,000+GST and Max. Rs.10,000+GST
• Floating and Fixed rate of interest options available in Baroda Personal Loan