BOB Personal Loan Interest Rates: EMI, Eligibility, Steps to Apply & Processing Fees in 2025

Looking for a pre-approved loan? What is the interest rate for a pre-approved personal loan from BOB, and what makes it different from a regular personal loan? The BOB personal loan interest rate starts at 10.40% p.a., making it one of the competitive options in the market. Borrowers can avail up to ₹20 lakhs with flexible repayment tenures and minimal paperwork. A processing fee of 2% of the loan amount + GST applies. BOB personal loan provides quick approval, easy eligibility for salaried and self-employed individuals, and easy repayment options. This guide dives deep into understanding BOB personal loan interest rates, exploring factors that influence them, and equipping you with strategies to snag the best rate possible.

Bank of Baroda Personal Loan Interest Rates in 2025

BOB Personal Loans cater to your diverse financial needs with attractive interest rates. Let’s explore different loan schemes and their loan interest rates [1]: 

Loan Scheme	Loan Interest Rate
Baroda Pensioners Loan	9% to 11.15%
Baroda Digital Personal Loan	12.85% to 18.20%
Baroda Digital Pre-Approved Personal Loan	12.85% to 16.35%
Baroda Personal Loan	11.05% to 11.55%

Different Types of Personal Loans Offered by Bank of Baroda

Bank of Baroda (BOB) recognises that financial needs can vary greatly. That's why they offer a range of personal loan options to cater to your specific circumstances. Here are the different types of personal loans available from BOB: 

1. Baroda Loan to Pensioners

The pension serves as a crucial source of financial stability for retirees. Nevertheless, unforeseen emergencies can occur at any point, even during retirement, potentially surpassing the coverage provided by a pension. In such circumstances, the Bank of Baroda's pension loan emerges as a reliable solution for retired individuals. Through this loan program tailored for pensioners, individuals can effectively address their financial objectives and tackle unexpected cash needs during retirement. Undoubtedly, Baroda's pensioner loan stands as a dependable means of extending essential financial assistance to retirees in times of necessity.[2]

Eligibility Criteria For Pensioners

Information	Details
Age	21-75 years
Eligibility	Pensioners withdrawing pensions from BoB banks
Processing charges	₹1000 + GST
Loan Tenure	For individuals up to 70 years of age: 60 monthsFor individuals above 70 years of age: 36 months
Loan interest rate	9% to 11.15%
Loan amount	₹1,50,000 - ₹8,00,000
CIBIL score	700 or above

2. Baroda Digital Personal Loan

Digital personal loan provides quick financing with competitive interest rates and flexible terms, addressing diverse financial requirements, whether it's for a vacation, home improvement, or unforeseen expenses. With the Baroda Digital Personal Loan, secure the necessary funds and achieve your aspirations [3].

Eligibility Criteria For Digital Personal Loan

Information	Details
Age	21-65 years
Eligibility	Salaried individuals, self-employed professionals
Processing charges	2% of the loan amount + GST
Loan Tenure	12 - 60 months
Loan interest rate	12.85% to 18.20%
Loan amount	₹50,000 - ₹10,00,000
CIBIL score	700 or above

3. Digital Pre-Approved Personal Loan

With Baroda’s Digital Pre-Approved Personal Loan, you can now receive funds instantly. The direct loan disbursement and a paperless process eliminate the hassle of extensive documentation and lengthy approvals. Applying for a pre-approved personal loan is easy and convenient. Simply fill out a simple online application or visit one of our many branches across India [4].

Eligibility Criteria for Digital Pre-Approved Personal Loan

Here are the eligibility criteria for a BOB digital pre-approved personal loan: 

Information	Details
Age	21-57 years
Eligibility	Salaried individuals, self-employed professionals
Processing charges	2% of the loan amount + GST
Loan Tenure	18 - 36 months
Loan interest rate	12.85% to 16.35%
Loan amount	₹50,000 - ₹5,00,000
CIBIL score	700 or above

4. Baroda Personal Loan

This is the most versatile option, providing financial support for a wide range of needs. Whether you're looking to consolidate debt into a single, lower-interest payment, manage an unexpected medical emergency, renovate your home, or finally take that dream vacation, the Baroda Personal Loan can help [5].

Eligibility Criteria For Personal Loan

Checking for your Personal Loan eligibility significantly improves your chances of getting a loan approval. To obtain a personal loan at BOB, here are the criteria:

Information	Details
Age	21-65 years
Eligibility	Salaried individuals, self-employed professionals
Processing charges	2% of the loan amount + GST
Loan Tenure	18 - 36 months
Loan interest rate	11.05% to 11.55%
Loan amount	₹1,00,000 - ₹20,00,000
CIBIL score	700 or above

BOB Personal Loan Interest Rates for Self-Employed

BOB personal loan interest rates for self-employed borrowers can range from 12.85% to 15.10% per annum. The exact rate you'll qualify for depends on your creditworthiness, which is assessed based on factors like income, credit history, and loan amount.

Cibil Score	701 or above
Interest Rate	From 12.85% to 15.10%

BOB Personal Loan for Salaried Interest Rates

Interest rates for Bank of Baroda (BOB) personal loans remain consistent for both salaried and self-employed applicants, ranging from 12.90% to 15.15% per annum. However, salaried applicants may have a slight edge in terms of securing a lower interest rate within this range.

Cibil Score	701 or above
Interest Rate	12.85% to 15.10%

BOB Personal Loan for Government Employees Interest Rates

Government employees are generally considered creditworthy due to stable income and job security. This can translate into lower starting interest rates compared to the range of 11.05% to 11.55% for salaried applicants:

Cibil Score	701 or above
Interest Rate	11.05% to 11.55%

Baroda Home Loan Interest Rates for NRI

Bank of Baroda offers competitive home loan rates without any distinctions based on loan amount, tenure, employment type, or NRI status. First-time home loan borrowers receive a complimentary BOB CARD credit card for the first year, with a credit limit of Rs. 2 lakhs and above. Relatives of the applicant can be added as co-applicants to increase eligibility, with or without joint ownership of the property [6]. 

Eligibility	Indian passport holders living abroad and overseas citizens of India (OCIs) are eligible, and individuals of Indian origin (PIOs) with foreign passports.
Age	21-70 years
Loan Tenure	Up to 30 years
Loan Amount	₹1 Lakh to ₹2 Crore
Interest Rate	7.45% - 9.15%
Processing Fee	0.35% of the loan amount + applicable tax

BOB Bank Personal Loan Processing Fees and Charges

The Bob Bank personal loan comes with a processing fee, applicable prepayment and foreclosure charges. Borrowers may also incur penalties for late payments, EMI bounce, or loan cancellation. Below is the table for the BOB personal loan charges: 

Information	Details
Processing fee	2% of the total loan amount + GST
Penal interest	2% on the loan outstanding amount
Prepayment charges	3% + GST
Foreclosure charges	Applicable as per the loan agreement
Late payment penalty	NA
EMI bounce charges	NA
Loan cancellation charges	NA
Stamp duty	As per the State Stamp Act

Benefits and Features of Bank of Baroda Personal Loan

To be eligible for a personal loan, applicants must meet the following criteria:

• Employment: Candidates can be employed by government bodies or private companies with a minimum continuous service of one year. Self-employed professionals or business individuals must have been operating their business or practice for at least one year.
• Age: Applicants age should be 21 years old to get a loan. The maximum age for BOB personal loan applications is 60 years for salaried individuals and 65 years for non-salaried individuals at the end of the repayment period.
• Co-applicants: Co-applicants are not permitted for personal loan applications.
• Loan Amount: The maximum loan amount is ₹20.00 lakhs, which is linked with the borrower’s occupation and account relationship with the Bank. The minimum loan amount is ₹1lakh for Metro & Urban Branches and ₹ 0.50 lakh for Rural & Semi-Urban Branches. Ensure that you meet these eligibility criteria before applying for a personal loan to improve your chances of approval.
• Processing charges are as follows:
  • NIL for Bank of Baroda Government Employees maintaining a salary account. 
  • For others: it ranges from 1.00% of the loan amount to 2.00% plus GST, subject to:
    • Minimum ₹1,000 + GST
    • Maximum ₹10,000 + GST
    • Interest options for floating and fixed rates are available in Baroda Personal Loan.

Bank of Baroda Personal Loan Application Process

Application for Bank of Baroda Personal Loan involves 3 steps:

• Step 1: This initial step involves evaluating your loan eligibility. It's swift, simple, and the first stride towards accessing your funds.
• Step 2: This phase of the process ensures that what you receive perfectly matches your financial situation and requirements.
• Step 3: The final step is all about formalising the agreement. Electronically sign your loan agreement to validate your acceptance. To enhance convenience, we also established an auto-repayment system to ensure you never miss a payment date.

Bank of Baroda Personal Loan Eligibility Criteria

The Bank of Baroda personal loan eligibility criteria depend on income, employment type, and repayment capacity for both salaried and self-employed individuals.

For Salaried Individuals

• Age: 21-60 years
• Minimum monthly income: ₹25,000
• Experience: Minimum one year of experience  

For Self-Employed Individuals

• Age: 21-65 years
• Minimum annual income: ₹5,00,000
• Stable income proof required

Document Requirements for Bank of Baroda Personal Loan 

To apply for a loan with the Bank of Baroda, you'll need to submit a completed loan application form along with three passport-sized photographs and Form 135, providing details of your assets and liabilities.

Additionally, you'll be required to provide:

• Proof of residence, which can be any of the following:
• Valid passport
• Voter ID card
• Driving license
• Paid utility bills
• Updated passbook or bank account statement
• Registered rent agreement

Proof of identity like PAN card, Aadhar Card, valid Indian passport, Voter ID card, and driving license.

For salaried individuals, you'll also need to provide:

• Salary slips of last 3 months
• Account of statements for the past 6 months from Bank of Baroda or other banks

If you are self-employed, you'll additionally need to provide:

• Balance sheet and profit and loss account, computation of income for the last 1 year
• Income Tax Returns for the last 1 year, along with 26 AS and Traces
• Business proof such as Gomasta Licence, Registration Certificate, and Service Tax Registration, among others.

Baroda Personal Loan Comparison With Other Banks

Banks	Interest Rate Range
Bank of Baroda	11.05% - 18%
HDFC Bank	9.99% - 24.00%
Axis Bank	9.90% - 21.55%
ICICI Bank	10.60% - 16.50%
Federal Bank	11.99% - 18.99%
State Bank of India (SBI)	10.05% - 15.05%
Kotak Mahindra Bank	9.98% - 20.00%
IndusInd Bank	10.49% - 21.00%
HSBC Bank	9.89% - 14.00%
Yes Bank	10.85% - 21.00%

Bank of Baroda Personal Loan EMI Calculator

The Bank of Baroda Personal Loan EMI calculator is a user-friendly tool designed to help you grasp the financial aspects of multi-purpose loans. To compute your loan EMI, just enter the loan amount, interest rate, and tenure (in months).

Calculation:

First, we calculate the EMI using the formula:

• EMI = P x R x (1+ROI)^N / [(1+ROI)^N-1]
  • Suppose the annual rate of interest (ROI) for a Personal Loan is 12%, and the principal loan amount (P) is INR 15,00,000. Let's assume the loan tenure (N) is 48 months.
  • First, calculate the Monthly ROI:
  • Monthly ROI = Annual ROI / 12 / 100
  • Monthly ROI = 12 / 12 / 100
  • Monthly ROI = 0.01
  • Now, use the formula to calculate the EMI:
  • EMI = (15,00,000 x 0.01 x (1+0.01)^48) / ((1+0.01)^48-1)
  • Calculating the EMI using the formula, we get:
  • EMI ≈ INR 38,171.74
  • Therefore, for a personal loan of INR 15,00,000 with a tenure of 48 months and a 12% interest rate, the EMI would be approximately INR 38,171.74.

How Can a Personal Loan EMI Calculator Benefit You?

The convenient and automated online calculator provides a convenient way to calculate the EMI amounts necessary for your loan. It enables you to evaluate your affordability and select the loan term that suits you best. Opting for higher EMIs can lead to a lower interest rate, albeit with a longer loan repayment period. Adjusting the EMI amount and tenure can help you find the optimal loan repayment term. The loan's interest rate is influenced by both the EMI and the loan tenure. Select a competitive interest rate from a reputable vendor.

How to Check Bank of Baroda Personal Loan Status Online?

You can easily track your Bank of Baroda loan application status through the official website or mobile banking app by following these simple steps:

• Visit the official Bank of Baroda website or open the BOB World app.
• Go to the ‘Track Loan Application Status’ section.
• Enter your loan application/reference number and registered mobile number.
• Submit the details to view the status of your application.

How to Download Bank of Baroda Personal Loan Statement Online?

Here is how to download the Bank of Baroda personal loan statement online: 

• Log in to the BOB World mobile app. 
• Go to the “Request Services” option under the More tab or My Bob tab.
• Choose Account Statement or equivalent service. Select your loan account. 
• Pick the time period for which you want the statement.
• Download the statement in the PDF form. 

Factors that Affect Bank of Baroda Personal Loan Interest Rates

Several factors influence the EMI of a personal loan, including the interest rate, loan tenure, and loan amount.

• Income: Lenders evaluate the borrower's repayment capacity based on factors like income, age, and loan tenure, determining the loan limit accordingly.
• Employment Details: Banks consider the nature of employment (public, private, or self-employed) and years of service to assess your loan eligibility.
• Credit Score: A credit score exceeding 800 signifies creditworthiness and qualifies for the most favourable interest rates offered by banks.
• Debt-to-Income Ratio: Ideally, your EMI should not exceed 40-50% of your net income. For example, if your salary is ₹80,000 and your monthly EMI is ₹45,000, then your debt-to-income ratio is 60%. This results in higher interest rates. Maintaining a healthy debt-to-income ratio ensures access to competitive interest rates.

Tips to Avail Lower Interest BOB Personal Loan 

Here are some tips to help you secure a BOB personal loan at a lower interest rate:

• Improve Your Creditworthiness: Achieving a credit score above 750 is crucial, signalling to BOB your capacity to repay the loan. Timely payments on existing debts and responsible credit card usage can bolster your credit history.
• Maintain a Healthy Debt-to-Income Ratio (DTI): BOB favours borrowers with a lower DTI (ideally below 50%), indicating more disposable income for loan repayments compared to debt commitments.
• Negotiate the Interest Rate: After pre-qualifying for the loan, engage in discussions with the bank representative about the interest rate. Emphasise your robust credit score, stable income (mention government employment, if applicable), and existing relationship with BOB (if any) to advocate for a lower rate.
• Compare Rates With Other Lenders: Obtain quotes from various banks and credit unions to understand the competitive landscape. This enables you to negotiate a better rate with BOB or select the most advantageous option overall.
• Apply for the Right Loan Amount: BOB may offer slightly reduced interest rates for larger loan amounts. Utilise an online EMI calculator to estimate monthly payments at different loan amounts and interest rates to strike a balance.
• Consider a Shorter Loan Tenure: Although shorter loan tenures result in higher monthly EMIs, they also lead to less total interest paid over the loan term. Select a tenure that aligns with your budget yet allows for quick repayment to minimise interest costs.

Bank of Baroda Personal Loan vs. NoBroker Cash Loan - Which is Better?

Both options provide quick access to funds, but they differ in structure, eligibility, and loan amount. Here is the table for both loans: 

Feature	BoB Personal Loan	NoBroker Cash Loan
Approval time	Pre-approved comes in 5-10 minutes	Instant approval
Loan amount	₹20 lakhs	₹10 lakhs
Eligibility	Salaried / Govt / Private employees with at least 1 year of service. Stable income required.	More flexible, minimal documentation

Get Expert Assistance with Personal Loans: Choose NoBroker

Understanding the interest rate on a personal loan from the Bank of Baroda is crucial for making well-informed borrowing decisions. By comparing rates, considering factors influencing interest, and exploring avenues to secure favourable terms, you can optimise your borrowing experience. Bank of Baroda offers competitive rates, enabling you to fulfil your financial needs efficiently and affordably. Our team assists you through various loan options, ensuring you secure the best interest rate for Bank of Baroda personal loans. Trust NoBroker to streamline your borrowing journey, making it smooth and stress-free. Download the NB InstaCash app now!

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