Bank of Baroda personal loan 2024: Bank of Baroda offers a convenient personal loan option for individuals seeking quick financial assistance. With loan amounts ranging from Rs 50,000 to Rs 10 lakh, applicants can receive funds in just 5 minutes. This article provides a comprehensive guide on how to apply for a Bank of Baroda personal loan in 2024.
Eligibility Criteria
For Government Employees:
- Monthly earnings should exceed Rs 15,000
- Age between 21 to 60 years
- Salary account required
- Minimum 6-month-old salary account for loans over Rs 2 lakh
For Self-Employed Applicants:
- Age between 18 to 65 years
- At least 1 year of continuous professional experience
- Loans up to Rs 200,000 available
For Insurance Agents:
- Commission deposits in Bank of Baroda account for at least 6 months
Required Documents
- Aadhar card
- PAN card
- Electricity bill
- Residence certificate
- Birth certificate
Key Features of Bank of Baroda Personal Loan 2024
- Maximum loan amount: Rs 20 lakhs (subject to eligibility)
- Minimum loan amount: Rs 1 lakh (Metro & Urban branches), Rs 0.50 lakh (Rural & Semi-Urban branches)
- Age limit: 21-60 years for salaried individuals, 21-65 years for non-salaried individuals
- No co-applicants allowed
- Processing charges: Nil for government employees with salary accounts, 1-2% plus GST for others
- Interest rate options: Both floating and fixed rates available
Application Process
1. Visit the official Bank of Baroda website (www.bankofbaroda.in)
2. Click on “Login” and select “Personal Loan”
3. Log in with your ID and password or registered mobile number
4. Choose “Personal Loan” under the loan options
5. Select “Pre-Approved Personal Loan” and click “Proceed”
6. Enter your mobile number and verify with OTP
7. Fill in the required details and verify with another OTP
8. Specify the desired loan amount and repayment period
9. Accept the terms and conditions
10. Verify with a final OTP
11. Receive confirmation of loan transfer to your bank account
Benefits of Bank of Baroda Personal Loan
- Quick disbursal within 5 minutes
- Flexible loan amounts to suit various needs
- Competitive interest rates
- Easy online application process
- Minimal documentation required
Bank of Baroda’s personal loan offering for 2024 provides a fast and accessible financial solution for both government employees and self-employed individuals. With its straightforward application process and flexible terms, it caters to a wide range of financial needs. By following the steps outlined in this guide, eligible applicants can quickly secure the funds they require for personal or professional purposes.
