Bank of Baroda is an Indian state-owned banking and financial services company head quartered in Vadodara (earlier known as Baroda) in Gujarat, India. It is the second-largest bank in India, after State Bank of India and offers a range of banking products and financial services to corporate and retail customers through its branches and through its specialised subsidiaries and affiliates. During FY 2012-13, Its total business was Rs. 8,021 billion
Bank of Baroda offer Loans for different key products like Personal Loan, Home Loan, Two Wheelers Loan, Auto Loan...
Personal loan in Bank of Baroda has Minimal documentation with low processing fee
Bank of Baroda Personal Loan
Bank of Baroda is second largest nationalized financial institutions of the nation. The bank is headquartered in Vadodara, Gujarat and was founded in the year 1908. The bank received the ‘nationalized’ status in the year 1969. The bank offers a wide range of banking and financial services as well as products. Bank of Baroda has a widespread network of branches across the whole country and has its corporate headquarters in Mumbai. The bank also has several overseas branches and has merged with and taken over a few smaller banks of the country too.
As per an analysis in the year 2002, Bank of Baroda has total assets of over Rs.3.58 trillion, along with a network of 4913 domestic branches and over 2000 ATMs across the country.
Personal Loans as a banking product are fast gaining popularity. With almost all public and private banks offering loans for personal requirements, the market has become quite competitive and dynamic. However, Bank of Baroda has established its personal loan product as a reliable and desired cash instrument.
Personal loans by Bank of Baroda are quite popular and sought-after. These loans ensure that your personal financial needs are met smoothly without digging a hole in your long-term savings.
Why choose Bank of Baroda Personal Loan?
Bank of Baroda Personal loans are more preferable in comparison to personal loans by other major banks; this is due to reasons like faster processing, lower rates and a host of other reasons, a few of which are listed below.
Nominal Documentation: Bank of Baroda ensures that you get your required personal loan without any hassles of copious paperwork. Hence, a few basic documents are all that is required to help you take care of all urgent/planned personal expenses.
Easy Repayments: The repayment of Bank of Baroda personal loans can be done either through cheques or through online EMIs, both of which are extremely easy to track and pay.
No pre-payment charges: In case the customer wishes to pay off the personal loan earlier than the agreed loan tenure then Bank of Baroda does not charge any pre-payment fees.
Attractive Rate of Interest: The rate of interest offered on Bank of Baroda personal loans is extremely competitive.
Features of Bank of Baroda Personal Loan
Bank of Baroda personal loans are a great way to meet your personal expenses; be it a wedding in the family, house renovation or your child’s education fee. Personal loans by Bank of Baroda are a great financial help to meet your personal requirements. Here are some of the most significant features of Bank of Baroda personal loans.
Zero Prepayment Charges: Pre-payment charges are not applicable at all in case the customer wants to pay off the Bank of Baroda personal loan earlier than the stipulated loan tenure. This means that you can reimburse the loan amount to the bank as soon as you can spare that extra amount and be done with your financial liability towards the bank.
Fast Loan Processing: Bank of Baroda has a quick turnaround time on their personal loan applications. Hence, you need not wait for days and weeks to get the loan amount into your bank account. Meet your financial needs as soon as they arise and enjoy a hassle-free banking experience with Bank of Baroda.
Personal Loan special schemes: Bank of Baroda offers personal loans to pensioners and Ex-Defence personnel too. The bank also has personal loan offerings for Earnest Money Deposits which are for buyers of home/plot/flat.
Premium Personal Loan option for Existing Customers: Bank of Baroda offers Premium Personal Loan to its existing customers. To be eligible for this loan, a user should have a smooth, running bank account with Bank of Baroda for at least 6 months. The account should be approved for good conduct by the branch head.
Bank of Baroda Personal Loan Interest Rates
Bank of Baroda Personal Loan interest rates are quite attractive as well as competitive in comparison to personal loan interest rates offered by other banks. A table indicating the rate of interest and other charges as applicable on personal loans from Bank of Baroda is given below.
| Interest rate | 14.50% |
| Loan processing charges | 2% of the loan amount or minimum Rs.500 |
| Prepayment | Yes. |
| Pre-payment charges | Nil. 2% of outstanding charged as penalty on late re-payment |
| Loan cancellation charges | Nil |
Bank of Baroda Personal Loan Eligibility
To be eligible for Bank of Baroda Personal Loan, a few age and income criteria need to be met. These are listed below and are subject to change as per Bank’s norms.
| Segment |
|
| Age | Above 21 years of age* NOTE – This is the standard age eligibility across almost all banks in India |
| Job Continuity | Should have a job and worked with the current employer for at least 1 year |
| Minimum Loan Amount | Rs.20,000 |
| Maximum Loan Amount | Rs.2,00,000 |
| Tenure | Up to 36 Months |
Hey thanks for this amazing post. Would love to read more of such blogs. You can also have a look at personal loan bank for more information.
ReplyDeleteAll in all, Bank of Baroda appears to be a reliable option for personal loans, and this blog post is a helpful resource for those considering it. It offers insights into the bank's offerings and the benefits of choosing them for your financial needs. Thank you for sharing this informative content!
ReplyDelete