Bank Of Baroda Small Loans

Are you looking for a small loan to meet your urgent or unplanned expenses? Do you want to avail of a loan without any collateral or security? If yes, then Bank of Baroda Small Personal Loans might be the right choice for you.

Bank of Baroda, one of the leading public sector banks in India, offers a range of personal loans to suit your diverse needs. Whether you need funds for a medical emergency, your sibling’s wedding, or to renovate your home, a personal loan from Bank of Baroda can finance all your requirements.

Features Of Bank Of Baroda Small Personal Loans

Following are some of the salient features of Bank of Baroda Small Personal Loans:

• Bank of Baroda Small personal loans are unsecured loans, which means you do not have to pledge any collateral or security to avail of them.
  
• You can borrow a minimum of Rs. 50,000 and a maximum of Rs. 10 lakh, depending on your income, repayment capacity, and credit score.
  
• You can repay the loan in flexible tenures ranging from 12 months to 60 months, as per your convenience.
  
• You can enjoy competitive interest rates starting at 10.10% p.a., which are linked to the Baroda Repo Linked Lending Rate (BRLLR) and your credit profile.
  
• You can also avail of a pre-approved personal loan from Bank of Baroda if you are an existing customer and have a good repayment history. You can get instant approval and disbursal of funds without any documentation.
  
• You can also opt for an overdraft facility, which allows you to withdraw funds up to an agreed limit and pay interest only on the amount used.
  
• You can also part-prepay up to 25% of the principal outstanding at any time after 12 months of availing of the loan without any penalty or additional fee. You can part-prepay up to a maximum of 50% of the principal outstanding by way of part-prepayment during a single year.

Interest Rates Of Bank Of Baroda Small Personal Loans

The interest rates on Bank of Baroda Small Personal Loans depend on a number of variables, including your income, credit history, loan amount, length of loan, and bank relationship. The interest rates are linked to the BRLLR, which is currently 6.75% p.a. (w.e.f. 15.03.2021). The bank also charges a strategic premium of 0.25% for retail loans.

The effective rate of interest (floating) for Bank of Baroda Small Personal Loans ranges from BRLLR + SP + 2.00% to BRLLR + SP + 2.50%, depending on your credit profile. The effective rate of interest (fixed) for Bank of Baroda Small Personal Loans ranges from 1 YEAR MCLR + SP + 2.00% to 1 YEAR MCLR + SP + 2.50%, depending on your credit profile. The 1-YEAR MCLR is currently 7.00% p.a. (w.e.f. 01.04.2021).

The bank also charges a processing fee of 2.00% of the loan amount (minimum Rs. 1,000 and maximum Rs. 10,000) plus GST. The bank may also charge stamp duty as per the state jurisdiction.

Small Personal Loans Eligibility

To be eligible for Bank of Baroda Small Personal Loans, you need to meet the following criteria:

• You should be a resident of India.
• You should be a salaried employee or a self-employed individual.
• You should be at least 21 years old at the time of applying for the loan.
• You should have a minimum net monthly income of Rs. 15,000.
• You should have a valid government ID and a PAN card.
• You should have a satisfactory credit track record and should not be a defaulter with any bank or financial institution.
• You should have the necessary skills, experience, or knowledge to undertake the proposed activity (if applicable).

Documents Required For Small Personal Loans

To apply for Bank of Baroda Small Personal Loans, you need to submit the following documents:

• A completely filled and duly signed loan application form along with your latest passport size colour photo.
• Identity proof / address proof (copy of passport/voter ID card/driving licence/Aadhaar card).
• Bank statement of the previous 3 months (passbook of previous 6 months).
• Two latest salary slips/current dated salary certificates with the latest Form 16 (for salaried applicants).
• ITR e-filing credentials or digital ITR returns for the last 2 years (for self-employed applicants).
• GST portal credentials or digital GST returns for the last 1 year (for self-employed applicants).

Why Go For A Bank Of Baroda Small Personal Loans?

Bank of Baroda Small Personal Loans are a quick and easy solution for your financial needs. Here are some reasons why you should go for them:

• You can get funds for any purpose without any restriction or collateral.
• You can enjoy low interest rates and flexible repayment options.
• You can get instant approval and disbursal of funds if you are a pre-approved customer.
• You can avail of an overdraft facility and pay interest only on the amount used.
• You can part-prepay your loan without any penalty or additional fee.
• You can experience a hassle-free and transparent loan process with minimal documentation.

How To Apply For Small Personal Loans Online?

You can apply for Bank of Baroda Small Personal Loans online in a few simple steps:

• Visit the official website of Bank of Baroda and click on ‘Personal Loan’ under the ‘Loans’ tab.
• Click on ‘Apply Online’ and enter your mobile number and OTP.
• Fill out the application form with your personal, professional, and loan details.
• Upload the required documents and submit the application.
• You will receive an instant decision on your loan’s eligibility and approval.
• If approved, you will receive an e-agreement and verify your loan details.
• Accept the e-agreement and get the funds disbursed to your account.