Bank of Baroda Digital Personal Loan : Get Upto Rs 10 Lakh Loan Instantly

In today’s digital era, Bank of Baroda provides a streamlined financial solution with its Digital Personal Loan. Bank of Baroda Digital Personal loan offers a completely paperless process, competitive interest rates, and flexible repayment options, ensuring customers can easily access funds for personal use. Whether you’re salaried or self-employed, this loan caters to diverse financial needs with minimal hassle.

Benefits of Bank of Baroda Digital Personal Loan

1. Paperless Process: The entire loan application and approval process is conducted digitally, eliminating the need for physical paperwork.
2. Direct Disbursement: Once the loan is approved, the amount is disbursed directly to your bank account, ensuring quick access to funds.
3. No Prepayment Charges (Floating Rate): No charges are applied for prepaying the loan in case of floating rate interest, giving you the flexibility to pay off the loan early.
4. Attractive Interest Rates: Competitive interest rates make this personal loan affordable, reducing the overall cost of borrowing.

Features of Bank of Baroda Digital Personal Loan

Purpose of Loan: The loan can be utilized for any purpose except for speculative activities.

Loan Amount:

• Existing To Bank (ETB) customers can borrow up to Rs. 10 lakhs.
• New To Bank (NTB) and New to Credit (NTC) customers can borrow up to Rs. 5 lakhs.

Repayment Period: The loan offers a flexible repayment tenure ranging from 12 months to 60 months.

Age Criteria:

Minimum Age: 21 years.

Maximum Age:

• For salaried individuals: 58 years (at the end of loan tenure).
• For self-employed individuals: 65 years (at the end of loan tenure).

Eligibility Criteria for Bank of Baroda Digital Personal Loan

Salaried Individuals: Employees with a stable job.

Self-employed Individuals:

• Self-employed professionals like doctors, engineers, architects, interior designers, and management consultants.
• Insurance agents and self-employed businesspersons.

Note: NRIs and Self Help Groups (SHG) are not eligible for this loan. Co-applicants are also not allowed.

Documents Required for Bank of Baroda Digital Personal Loan

Personal Information:

• Valid mobile number and PAN card.
• Aadhar card for e-stamping and e-sign.

Financial Information:

• Net banking credentials or digital bank statement for the last 6 months.
• For self-employed individuals: ITR e-filing credentials and/or digital GST returns for the last 2 years (optional).

Technology Requirements: A web camera is needed for capturing photographs and completing video KYC.

Note: Digitally generated bank statements and ITR (such as those received via email or downloaded through net banking) are acceptable.

Interest Rates & Charges for Bank of Baroda Digital Personal Loan

Fixed Rate of Interest (ROI)

Floating Rate of Interest (ROI)

Unified Processing Charges:

Processing charge of 2% of the loan amount + applicable GST.

• Minimum: Rs. 1,000 + GST.
• Maximum: Rs. 10,000 + GST.

Stamp Duty:

As per the state stamp act.

Penal Charges:

• Penal charges of 2% p.a. will be levied on overdue payments for the duration of default.
• This will apply to delayed payments on the principal, interest, and other charges. Penal charges will be calculated daily but debited monthly.

Most Important Terms and Conditions (MITC)

Loan Limit:

Minimum: Rs. 50,000.

Maximum:

• Rs. 10 lakhs for Existing To Bank (ETB) customers.
• Rs. 5 lakhs for New To Bank (NTB) and New To Credit (NTC) customers.

Repayment Period:

Tenure: 12 to 60 months.

Age Criteria:

Minimum: 21 years.

Maximum:

• Salaried Individuals: 58 years at the end of the loan tenure.
• Self-employed Individuals: 65 years at the end of the loan tenure.

Pre-Payment/Pre-Closure Charges:

Floating Rate of Interest: No prepayment charges.

Fixed Rate of Interest: Prepayment charges of 3% + GST on the prepaid amount (after one EMI). No charges are applied after 36 months or if the loan is closed with the proceeds of a new personal loan from Bank of Baroda.

Fixed Obligation to Income Ratio (FOIR):

For Salaried Individuals:

Based on Net Monthly Income:

• Up to Rs. 50,000: FOIR 40%.
• Rs. 50,000 to Rs. 75,000: FOIR 45%.
• Rs. 75,000 to Rs. 1,25,000: FOIR 55%.
• Rs. 1,25,000 to Rs. 2,00,000: FOIR 60%.
• Above Rs. 2,00,000 : FOIR 60%

For Self-Employed Individuals:

Based on Gross Monthly Income:

• Up to Rs. 50,000: FOIR 35%.
• Rs. 50,000 to Rs. 75,000: FOIR 40%.
• Rs. 75,000 to Rs. 1,25,000: FOIR 50%
• Rs. 1,25,000 to Rs. 2,00,000: FOIR 55%.
• Above Rs. 2,00,000 : FOIR 60%

Note: The deductions include monthly EMI obligations and any income tax liabilities.

How to Apply for Bank of Baroda Personal Loan?

You can apply for a personal loan from Bank of Baroda through multiple channels:

1. Online Application: Visit the Bank of Baroda official website, navigate to the personal loan section, and fill in the application form. Upload the required documents, and submit the application.
2. Offline Application: You can also visit the nearest Bank of Baroda branch with the required documents, fill in the application form, and submit it in person.
3. Customer Service: Call Bank of Baroda’s customer service to request assistance with your loan application.

જાહેરાત ક્રમાંકઃ ૨૧૨/ર૦૨૩૨૪, ગુજરાત ગૌણ સેવા, વર્ગ-૩ સંદર્ભે ગૃપ–A ની મુખ્ય પરીક્ષાના કાર્યક્રમ બાબત.

Disclaimer: This information is accurate until September 12, 2024. Before applying for the loan, visit the Bank of Baroda website given above for the latest information.