Personal Loan in Baroda

Personal Loan Interest Rates in Baroda

Loan providers make their revenues through the interest they charge on the loan’s principal amount. The interest rates on personal loans differ from one lender to another. Generally, the personal loan interest rate in Baroda varies from 9.99% to 35% across banks and NBFCs.

Top Personal Loan Providers in Baroda

Banks and Non-Banking Financial Companies (NBFCs) extend personal loans in Baroda at different interest rates and periods. The comparative guide below lets you get the cheapest personal loan in Baroda.

Top Banks

Loan Provider	Amount (in Rs.)	Tenure	Interest Rates (per annum)	Fees
Bank of Baroda	50,000 – 20 lakhs	Up to 5 years	10.99% – 11.40%	NIL ( for government employees already having an account with the bank) 1%-2% + GST (for others)
HDFC Bank	Up to 40 lakhs	Up to 5 years	10.5% – 21 %	2.5%
Baroda-Gujarat Gramin Bank	1 lakh – 40 lakhs	1-5 years	9.99% onwards	As per the bank’s T&C
IDBI Bank	Up to 5 lakhs	1-5 year	Fixed Int. Rates as per the bank’s T&C	1%
Punjab National Bank	Up to 20 lakhs	Up to 6 years	11.40% – 16.95%	1%
Axis Bank	Up to 40 lakhs	Up to 5 years	10.49%	2%
Kotak Mahindra Bank	50,000 – 40 lakhs	Up to 6 years	19.99%	3%

NBFCs 

Personal loan NBFC in Baroda is available via the following lenders.

Loan Provider	Amount (Rs)	Tenure	Interest Rate (per annum)	Fee
TATA Capital	Up to 35 lakhs	Up to 6 years	10.99%	3%
Poonawala Fincorp	Up to 30 lakhs	Up to 5 years	9.99%	2%
Bajaj Finance	Up to 40 lakhs	Up to 8 years	11%-35%	3.93%
L&T Finance	50,000 – 7 lakhs	Up to 4 years	12% onwards	2% + GST
KreditBee	5,000 – 4 lakhs	Up to 2 years	As per T&C	As per T&C

Eligibility Criteria for Personal Loan in Baroda

While the eligibility criteria may vary from one loan provider to another, certain basic requirements are commonly shared among most lenders. Here are some of the key criteria to consider. 

• A minimum salary of Rs.10,000 per month
• The applicant must be between the age of 21-60 years
• The applicant must be an Indian citizen
• A specified amount of working experience in previous as well as current organisation
• A credit score of 750 or higher 

Documents Required for Personal Loan in Baroda

Loan providers require the following documents for verification before approving and sanctioning personal loans to the applicants. 

• Duly Filled Application Form 
• PAN Card
• Employment Proof –  Employee ID Card/ Employment Certificate
• Identity Proof – Voter ID/Aadhar Card/ Driving License
• Address Proof- Voter ID/Aadhar Card/ Driving License/Utility Bills
• Income Proof- Previous bank/salary statements
• Passport Size Photographs
• A co-applicant/ guarantee from a colleague, in some cases

Personal Loan Application Process in Baroda

Personal loans are easily available to people in Baroda through offline and online channels.

Offline

Personal loan finance in Baroda can be availed by visiting a bank’s physical branch. The bank representatives present there will help the applicant through the loan application and document verification process. If you are hesitant to submit one’s details online, you can comfortably use this approach to apply for a personal loan.

Besides a physical visit, banks offer dedicated helpline numbers for those willing to apply for loans. An applicant may contact the bank on these numbers, and they’d revert to guide the customer in the loan application process. These toll-free numbers can be easily found on a bank’s website.

Online 

Loan providers, including Banks and NBFCs, issue easy personal loans through their websites and mobile applications in Baroda. You can follow the listed steps to avoid the hassle of physically visiting a branch and easily apply for loans.

• Log on to the loan provider’s website/ sign in using the mobile application.
• Under the ‘Loans’ category, choose ‘Personal Loan’ and click ‘Apply Now.’
• Fill in the necessary details like your name, mobile number, Aadhar details, PAN details, and OTP, among others.
• Select the desired loan amount from the available options, interest rates and periods.
• Upload the KYC documents and submit your application.

Most banks sanction loans within a few minutes to a few hours when applied using online modes of application. 

Things to Remember Before Applying for a Personal Loan in Baroda 

• Additional Fees and Charges: Besides the interest charges, banks impose certain fees for approving and sanctioning personal loans. One must be aware of charges such as the processing fee, GST, stamp duty, and prepayment charges, among others, while applying for personal loan finance in Baroda.
• Hidden Costs: Certain loan providers may impose additional charges without completely bringing them to the borrower’s notice. Being aware and enquiring about the charges demanded by one’s loan provider over and above the interest and processing fee obliges them to be transparent with the applicant.
• Compare: Instead of accepting the first offer; it must be compared with other personal loan offerings in the market. You can even persuade and push your bank to gain a fair deal for yourself. Personal loan deals can be easily compared online without visiting bank branches.
• Apply at Few Banks: Applying for personal loans at multiple banks simultaneously negatively impacts an applicant’s credit score, and the banks become hesitant to approve the loan. One must check out all the available loan offers and prioritise only a few suitable choices.  
• Pre-Approved Loans: Banks in Baroda offer pre-approved loans to their existing customers. These loans guarantee minimal documentation and instant disbursals to the applicant as the applicant’s verified information is already available with the bank. One can check with their bank whether pre-approved loan services are offered. 
• Repayment Options: One must be careful about the available modes of loan repayment before choosing a personal loan. Online EMI Calculators can be used to select the most suitable EMI options for oneself. If an applicant chooses to repay the loan before its maturity, the prepayment/foreclosure charges levied by the bank must also be considered.
• Digital Loan Management: Digital solutions can simplify loan management and settlement. One can schedule regular automatic deductions of EMIs from their accounts by providing consent to their bank or using e-wallet apps. 

Conclusion

A personal loan is an efficient financial resource for people with a robust trade and commerce ecosystem. It can offer monetary assistance from Rs. 50,000 to Rs. 40 lakhs at different interest rates for comfortable durations of time. With ease of application, quick approvals and no restriction on its end usage, an applicant can seek personal loan finance in Baroda from offline and online channels. Basic eligibility criteria and minimal documentation requirements are needed for a quick personal loan in Baroda. Apply some practical tips and awareness, and you can avail yourself of a good deal.