Bank of Baroda Personal Loan Eligibility Criteria 2022

Bank of Baroda (BoB) is one of the leading public sector banks in India. The bank offers multiple financial products and services to its customers in India and abroad. Bank of Baroda offers personal loans to help borrowers meet their several requirements, including wedding expenses, home renovation, medical bills, and child’s education, among others. You can Get a Personal Loan up to Rs. 10 lakh at attractive interest rates starting from 11.35% p.a. for up to 4 years. 

Bank of Baroda offers a personal loan for salaried professionals and self-employed individuals alike. It also provides a premium personal loan for existing customers with an account relationship with the bank for at least 6 months. You need to fulfil the following criteria to get a personal loan from the Bank of Baroda.

Age	Applicant should be at least 21 years old at the time of application Applicant’s maximum age should be 60 years
Credit score	Should have a good credit score
Total work experience	Should have a minimum of 1 years of work experience with Central / State Govt. / Autonomous Bodies/ Public / Joint Sector Undertakings, Public Limited Co. / MNCs & Educational Institutions/ Proprietorship/ Partnership firms/ Private Limited companies
Loan tenure	Up to 60 months for employees of central and state government and PSU having an account with the bank Up to 48 months for others
Residential status	Any Indian
Quantum of loan	Minimum: Rs. 1 lakh in metro & urban city; Rs.50,000/- in semi-urban & rural city Maximum: Rs 10 lakh in metro and urban city; Rs. 5 lakh in semi-urban & rural city
Interest rate	11.35% to 16.35%

Self-employed professionals like doctors (MBBS and higher degree), Architects, Chartered Accountants, Company Secretaries, Engineers and MBA consultants, and self-employed non-professionals need to meet the following criteria.  

Age	Applicant should be at least 21 years old at the time of application Age of borrower plus repayment period should not exceed 65 years
Credit score	Should have a good credit score
Total work experience	1 year stable business
Loan tenure	From 12 to 60 months Insurance agent doing business for minimum last 2 years
Residential status	Any Indian
Interest rate	11.25% onwards

Age: Age impacts borrower eligibility for a personal loan. Young applicants who have started working recently have more chances of getting a personal loan than individuals who are approaching their retirement because young ones have ample time to earn and clear the loan easily. Bank of Baroda offers a personal loan for individuals aged between 21 years and 60 years. 

Monthly income: Your monthly income tells the lender about how much monthly instalment you can afford to repay the loan, after clearing all monthly obligations. Generally, income criteria are based on the city you live in and the lenders you are getting a personal loan from. The higher your income, the better for you. 

Credit score: Your credit score is a numerical representation of your credit history. It shows your ability to repay debts and how responsible you have been in repaying debts. Since a personal loan is an unsecured loan, your credit score is one of the most important factors considered for assessment for a personal loan. Generally, a credit score of 750 or above is considered perfect a personal loan approval. 

Job and work stability: Job stability and the organization you work with helps lenders to determine your eligibility for a personal loan. Lenders look into your employment status before processing a personal loan application. While income criteria may vary from lender to lender, a salaried person should have at least 1 years of work experience and should have worked for at least 1 year in their job for a Personal Loan from Bank of Baroda. A self-employed person needs to have a stable and profitable business running on for the past 1 year.  

Here is the checklist of documents required for a Bank of Baroda personal loan:

For salaried employees

• Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card /Letter issued by Unique Identification Authority of India
• Address proof: Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Bank statement/ Latest ITR/ Passport - provided the passport has the present address mentioned in the loan application form
• Age proof: Birth certificate/ School leaving certificate/ PAN card/ Passport
• Income proof: Salary slips for the last 3 months along with salary certificate and latest Form 16
• Bank statement: Bank statement showing salary being credited for the last 3 months 

For self-employed individuals

• Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card /Letter issued by Unique Identification Authority of India
• Address proof: Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Bank statement/ Latest ITR/ Passport - provided the passport has the present address mentioned in the loan application form
• Age proof: Birth certificate/ School leaving certificate/ PAN card/ Passport
• Business address proof
• Latest 2 years’ ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant 
• Bank statement: Business (current account) statement for latest 6 months
• Business continuity proof
• Additional documents: 
• Sole proprietorship declaration
• In case of partnership: Certified copy of partnership deed /certified copy of MOA, AOA and Board resolution 
• Latest 2 years partnership firm's B/S, P&L a/c with all schedules certified by a CA in case income comes from partnership firm

Applying for a personal loan on Afinoz is very easy. You can apply for a personal loan by clicking ‘Apply Now’ button on the personal loan page. Now fill the short and simple personal loan application form to check your eligibility. You will receive exclusive offers from multiple lenders based on your eligibility.  As per the requirements and offers, you can apply for the best personal loan on Afinoz. 

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