What is the minimum repayment tenure I can choose to pay back my personal loan?

The minimum repayment tenure is 12 months. The maximum if between 48 months to 60 months.

Do I need a guarantor to avail a personal loan from Bank of Baroda?

No, you will not need a guarantor to avail a personal loan from Bank of Baroda.

Is it possible to add my spouse as a co-applicant? Does Bank of Baroda allow co-applicants?

No, Bank of Baroda does not allow co-applicants.

Does Bank of Baroda allow personal loan pre-payments?

Yes, Bank of Baroda allows pre-payments subject to their terms and conditions. Foreclosure charges will be applicable.

If I have an optimum credit score, can I assume that I will be offered the lowest rate possible?

Your credit score is just one of the factors that decide the interest rate. Bank of Baroda takes into consideration numerous factors when deciding the interest rate.

Bank of Baroda (BOB) Personal Loan Interest Rates

Bank of Baroda offers personal loans for customers residing in urban and semi-urban areas up to Rs.10 lakh at attractive interest rates between 10.90% p.a. - 18.75% p.a. with flexible repayment tenures up to 60 months.

Updated On - 05 Sep 2025

The processing fee charged on the loan amount is 2%, subject to a minimum of Rs.1,000 and a maximum of Rs.10,000. The loan repayment period can be extended up to 60 months.

Particulars	Salaried/Self-employed
Interest Rate	10.90% p.a. - 18.75% p.a.
Processing Fee	2% of the loan amount (Minimum of Rs.1,000 and maximum of Rs.10,000)
Loan Tenure	Maximum of 48-60 Months
Loan Amount	Urban Areas: Minimum: Rs.1 lakh Maximum: Rs.15 lakh Semi-urban areas: Minimum: Rs.50,000 Maximum: Rs.50 lakh
Age criteria	Minimum: 21 years old Maximum of 60 years old for salaried individuals Maximum of 65 years old for non-salaried individuals
Employment Status	Salaried, self-employed, insurance agents, etc.
Credit Score	750
Lowest EMI per Lakh	Rs.2,177
Pre-Payment/Foreclosure Charges	As per the terms and conditions set by Bank of Baroda
Overdue EMI Interest	2% of the due amount

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Bank of Baroda Personal Loan Scheme Details

Conditions	Effective Rate of Interest (Floating)
Government employees and military people who have salary accounts with our bank under the SB 182 and 186 schemes	From 11.40% to 11.90%
Gold: The same intended clientele as in the Silver Category, but the payroll account needs to be with our bank.	From 11.90% to 16.75%
Category C: Silver: Workers from the Federal, State, and Local Governments; Public Sector Undertakings; Autonomous Bodies; Listed Public Limited Companies with an external rating of "A" or above; Joint Sector Undertakings; and Nationally Reputable Educational Institutions with salary accounts with other Banks	From 12.40% to 16.75%
Category B: (Workers from the Public or Private Sector, Trusts, LLP, Insurance Agents, Independent Contractors, and Business Owners) with a Bank account relationship	From 13.15% to 16.75%
Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank	From 15.15% to 18.75%

Factors Affecting Bank of Baroda Personal Loan Interest Rates

Age of the applicant: If the applicant is towards his/her retirement age, the interest rate is usually set higher as the risk involved is more.
CIBIL score: The repayment track record of the applicant is taken into consideration. If the applicant has a low CIBIL score (anything below 750) and has failed to repay his/her past loans or credit card bills in time, the interest rate will be set higher.
Loan Tenure: As in most cases, the repayment tenure chosen by the applicant has an effect on the interest rate. The longer the tenure, the higher the interest rate.
Resident location: The interest rate decided by Bank of Baroda could also be based on whether the applicant resides in an urban or semi-urban area.

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How to Calculate EMI for Bank of Baroda Personal Loan

1. For individuals with a salary of Rs.25,000

Let's assume that Mr. Ram has secured his first job and wishes for a personal loan of Rs.50,000 to meet personal commitments. Since Mr. Ram has a poor CIBIL score as he/she has not had any prior loans and is yet to own a credit card, Bank of Baroda sets the highest interest rate of 16.75% p.a. on the loan amount of Rs.50,000. Mr. Ram has chosen a tenure of 12 months to repay the loan.

To repay the personal loan on time, Mr. Ram has to pay an EMI of Rs.4,554 and in doing so, he is giving himself the chance to improve his CIBIL score.

Year	Principal Paid(A)	Interest Paid(B)	Total Payment (A+B)	Outstanding Loan Balance
1	Rs.3,856	Rs.698	Rs.4,554	Rs.46,144
2	Rs.3,910	Rs.644	Rs.4,554	Rs.42,233
3	Rs.3,965	Rs.590	Rs.4,555	Rs.38,269
4	Rs.4,020	Rs.534	Rs.4,554	Rs.34,248
5	Rs.4,076	Rs. 478	Rs.4,554	Rs.30,172
6	Rs.4,133	Rs.421	Rs.4,554	Rs.26,039
7	Rs.4,191	Rs.363	Rs.4,554	Rs.21,848
8	Rs.4,249	Rs.305	Rs.4,554	Rs.17,599
9	Rs.4,309	Rs.246	Rs.4,555	Rs.13,290
10	Rs.4,369	Rs.186	Rs.4,555	Rs.8,921
11	Rs.4,430	Rs.125	Rs.4,555	Rs.4,492
12	Rs.4,492	Rs.63	Rs.4,555	Rs.0

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2. For individuals with a salary of Rs.65,000

Let's assume that Mr. Paul is a middle-aged man with a monthly salary of Rs.65,000 and has a brilliant credit score as he has never missed a loan payment in the past. Mr. Paul wishes to avail a loan amount of Rs.3.5 lakh for a tenure of 1 year and Bank of Baroda offers him the lowest possible interest rate of 11.05% p.a. To repay the loan on time and keep his credit score optimum, Mr. Paul will have to pay an EMI of Rs.30,942.

Year	Principal Paid(A)	Interest Paid(B)	Total Payment (A+B)	Outstanding Loan Balance
1	Rs.27,719	Rs.3,223	Rs.30,942	Rs.3,22,281
2	Rs.27,974	Rs.2,968	Rs.30,942	Rs.2,94,307
3	Rs.28,232	Rs.2,710	Rs.30,942	Rs.2,66,075
4	Rs.28,492	Rs.2,450	Rs.30,942	Rs.2,37,584
5	Rs.28,754	Rs.2,188	Rs.30,942	Rs.2,08,830
6	Rs.29,019	Rs.1,923	Rs.30,942	Rs.1,79,811
7	Rs.29,286	Rs.1,656	Rs.30,942	Rs.1,50,525
8	Rs.29,556	Rs.1,386	Rs.30,942	Rs.1,20,969
9	Rs.29,828	Rs.1,114	Rs.30,942	Rs.91,142
10	Rs.30,102	Rs.839	Rs.30,941	Rs.61,039
11	Rs.30,380	Rs.562	Rs.30,942	Rs.30,659
12	Rs.30,659	Rs.282	Rs.30,941	Rs.0

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FAQs on Bank of Baroda (BOB) Personal Loan Interest Rates

What is the minimum repayment tenure I can choose to pay back my personal loan?
The minimum repayment tenure is 12 months. The maximum if between 48 months to 60 months.
Do I need a guarantor to avail a personal loan from Bank of Baroda?
No, you will not need a guarantor to avail a personal loan from Bank of Baroda.
Is it possible to add my spouse as a co-applicant? Does Bank of Baroda allow co-applicants?
No, Bank of Baroda does not allow co-applicants.
Does Bank of Baroda allow personal loan pre-payments?
Yes, Bank of Baroda allows pre-payments subject to their terms and conditions. Foreclosure charges will be applicable.
If I have an optimum credit score, can I assume that I will be offered the lowest rate possible?
Your credit score is just one of the factors that decide the interest rate. Bank of Baroda takes into consideration numerous factors when deciding the interest rate.

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