Bank of Baroda Personal Loan

Bank of Baroda (BoB) Personal Loan Scheme

This loan helps borrowers get access to funds to meet their urgent financial needs. While a personal loan can be used to meet urgent expenses such as wedding expenses, travel expenses, medical expenses and so on, it can also be used to consolidate debts. Borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, hence consolidating their debts.

Features of Personal Loan from Bank of Baroda

Why this Loan?

  • The Bank of Baroda Personal Loan is meant for borrowers who need financial assistance to meet urgent needs
  • The bank offers this loan to salaried applicants with a minimum continuous service of one year and self-employed professionals who have experience or practice of at least one year. Applicants, salaried or self-employed, who have maintained a satisfactory account relationship with the bank for at least 6 months are eligible for this loan
  • This is an unsecured loan

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 10 lakh for metro and urban areas and Rs. 5 lakh for semi-urban and rural areas


  • The applicable interest rate on this loan is defined as the sum of three factors namely, Baroda Repo Linked Lending Rate (BRLLR), Strategic Premium (SP) and Credit Risk Premium
  • For Existing Customers: The interest rate applicable on this loan may range anywhere from BRLLR + SP + 3.00% to BRLLR + SP + 6.00%
  • For New Customers: The interest rate applicable on this loan may range anywhere from BRLLR + SP + 5.00% to BRLLR + SP + 8.00%


  • This loan must be repaid within 5 years by borrowers who have a savings account with BoB and 4 years by other borrowers


  • Employees of Public Sector Undertakings, Multinational Companies, Educational Institutions with minimum continuous service of one year
  • Employees of Proprietorship, Partnership firms, Private Limited Companies, Trusts, etc. with minimum continuous service of one year
  • Insurance Agents doing business for at least the last two years
  • Self-employed professionals doing businesses for at least previous one year

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan

Margin Money (Borrowers Contribution to Total Cost)

  • Since it is a personal loan which can be used for any purpose, you don’t need to provide any margin on the loan

Processing Charges

  • The bank charges 2% of the loan amount for this loan, with a minimum of Rs. 1,000 and up to Rs. 10,000

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.

Reference Facts

  • Bank of Baroda Website: and (net banking)
  • Headquarters: Baroda (Vadodara), Gujarat
  • Call Centre Toll-Free Number: 1800 223 344, 1800 102 4455