Bank of Baroda (BoB), established in 1908, is one of India’s leading public sector banks, renowned for its extensive range of financial products and services. With a strong emphasis on customer satisfaction, BoB offers competitive interest rates, flexible loan tenures, and a seamless application process, making it a preferred choice for borrowers nationwide.

Personal Loans

BoB’s personal loans cater to various financial needs, such as weddings, medical emergencies, or travel.

•Eligibility: Salaried employees and self-employed individuals aged between 21 and 60 years for salaried and up to 65 years for self-employed at loan maturity. 

•Income Requirements: Sufficient income to repay the EMI, with a minimum continuous employment or business tenure of one year. 

•Loan Amount: Minimum of ₹50,000 in semi-urban and rural areas and ₹1 lakh in metro and urban areas; maximum up to ₹20 lakh, depending on the borrower’s occupation and relationship with the bank. 

•Tenure: Flexible repayment options up to 60 months. 

•CIBIL Score: A minimum CIBIL score of 701 is required for personal loan eligibility. 

Home Loans

BoB’s home loans are designed for individuals aspiring to purchase or construct their dream homes.

•Eligibility: Resident and Non-Resident Indians (NRIs) aged between 21 and 70 years. 

•Income Requirements: Sufficient income to meet repayment obligations, assessed based on the applicant’s income and property value.

•Types of Home Loans:

•Baroda Home Loan: For purchasing or constructing residential properties.

•Home Improvement Loan: For renovating or repairing existing homes.

•Home Loan Advantage: Offers an overdraft facility linked to the home loan.

•Loan Amount: Determined based on repayment capacity and property value; specific limits are not explicitly stated.

•Tenure: Up to 30 years, subject to the borrower’s age not exceeding 65 years at loan maturity. 

•CIBIL Score: While a higher CIBIL score enhances eligibility, specific minimum requirements are not explicitly stated.

Mortgage Loans

BoB offers loans against property to cater to personal or business financial requirements.

•Eligibility: Both salaried and self-employed individuals with a regular source of income.

•Income Requirements: Sufficient income to meet repayment obligations, assessed based on the applicant’s income and property value.

•Loan Amount: Determined based on the property’s value and the applicant’s repayment capacity; specific limits are not explicitly stated.

•Tenure: Flexible repayment tenures, typically up to 15 years.

•CIBIL Score: A good credit history is essential for loan approval; specific minimum requirements are not explicitly stated.

New Car Loans

BoB’s vehicle loans facilitate the purchase of new vehicles with attractive interest rates and minimal paperwork.

•Eligibility: Salaried and self-employed individuals aged between 21 and 70 years.

•Income Requirements: Sufficient income to meet repayment obligations, assessed based on the applicant’s income and vehicle cost.

•Loan Amount: Up to 85% of the vehicle’s on-road price for new vehicles.

•Tenure: Repayment periods extend up to 7 years for new vehicles.

•CIBIL Score: A good credit score enhances loan eligibility and may result in better interest rates; specific minimum requirements are not explicitly stated.

Used Car Loans

BoB offers loans for the purchase of used cars.

•Eligibility: Individuals aged between 21 and 70 years, including NRIs with a valid license.

•Income Requirements: Sufficient income to meet repayment obligations, assessed based on the applicant’s income and vehicle cost.

•Loan Amount: Up to 70% of the vehicle’s valuation for used cars.

•Tenure: Flexible repayment options, with tenures up to 5 years.

•CIBIL Score: A good credit score enhances loan eligibility; specific minimum requirements are not explicitly stated.

Business Loans

BoB provides various business loans to support entrepreneurs and businesses, including MSME loans and schemes tailored for startups and women entrepreneurs.

•Eligibility: Both new and existing business entities across various sectors.

•Income Requirements: Sufficient business income to meet repayment obligations, assessed based on financial statements and projections.

•Types of Business Loan Schemes:

•Baroda SME Loan Pack: Comprehensive financial solutions for SMEs.

•Baroda Arogyadham Loan: For healthcare professionals and institutions.

•Baroda Weaver’s Loan: For individuals engaged in the weaving sector.

•Loan Amount: The sanctioned amount depends on the business’s financials and repayment capacity; specific limits vary per scheme.

•Tenure: Flexible repayment options, depending on the loan scheme and business requirements.

•CIBIL Score: A good credit history is essential for loan approval; specific minimum requirements are not explicitly stated