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.

ધોરણ 10 અને 12 ની બોર્ડ પરીક્ષા નું સમયપત્રક ડાઉનલોડ કરવા અહીં ક્લિક કરો

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.

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.