Bank Of Baroda Personal Loan : How Euch EMI Will You Have To Pay If You Take A Personal Loan Of ₹5 Lakh From Bank Of Baroda For 5 Years, know The Complete Details.

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Bank Of Baroda Personal Loan : In times of financial need, personal loans often serve as a reliable solution. Whether it’s for a medical emergency, wedding, travel, home renovation, or debt consolidation, personal loans help you manage large expenses without disturbing your savings. If you’re planning to take a loan, the Bank of Baroda (BOB) is currently offering attractive personal loan schemes. In this article, we’ll walk you through everything you need to know about taking a ₹5 lakh personal loan from Bank of Baroda for a 5-year tenure — including EMI calculation, interest rates, eligibility, CIBIL score, required documents, and how to apply.

Bank Of Baroda Personal Loan : Bank of Baroda Personal Loan Overview

Bank of Baroda is one of the largest and most trusted public sector banks in India. It provides personal loans without collateral for salaried and self-employed individuals at competitive interest rates. As of now, Bank of Baroda offers personal loans starting at an interest rate of 10.90% per annum. The interest rate may vary depending on your CIBIL score, income level, job stability, and relationship with the bank.

Bank Of Baroda Personal Loan : EMI Calculation for ₹5 Lakh Personal Loan for 5 Years

Let’s understand how much EMI you will pay if you take a personal loan of ₹5,00,000 from Bank of Baroda for a period of 5 years (60 months) at an interest rate of 10.90% per annum.

  • Loan Amount: ₹5,00,000

  • Tenure: 5 Years (60 months)

  • Interest Rate: 10.90% per annum

  • EMI: ₹10,846 per month

This means you will be paying a fixed EMI of ₹10,846 every month for 60 months.

Total Interest and Repayment Amount

During the 5-year period, you will pay a total of ₹6,50,778 to the bank. Out of this:

  • Principal Amount: ₹5,00,000

  • Total Interest Paid: ₹1,50,778

So, the interest component alone adds up to ₹1,50,778 over 5 years.

CIBIL Score Requirement

When you apply for any loan, the CIBIL score is the first thing that banks evaluate. It reflects your creditworthiness and repayment history. A CIBIL score ranges between 300 and 900.

For Bank of Baroda, a high CIBIL score (750+) can help you get a lower interest rate and faster loan approval. However, the final decision always rests with the bank after evaluating all aspects of your profile.

Benefits of Bank of Baroda Personal Loan

Here are some of the key benefits of availing a personal loan from Bank of Baroda:

  •  No collateral or guarantor required

  •  Attractive interest rates starting at 10.90% p.a.

  • Digital and fast processing

  •  No prepayment or foreclosure charges (terms and conditions apply)

  •  Flexible repayment tenures ranging from 12 to 60 months

  •  Special rates and offers for government employees and existing customers

  • Easy repayment through EMIs

Eligibility Criteria for Personal Loan

Bank of Baroda offers personal loans to both salaried and self-employed individuals. Here’s a general overview of the eligibility:

For Salaried Individuals:

For Self-employed Professionals/Business Owners:

  • Age between 21 to 65 years

  • Should be in stable business for at least 2 years

  • Must have valid business proof or registration

  • Should file Income Tax Returns (ITR)

  • Good banking history and CIBIL score

Required Documents for Bank of Baroda Personal Loan

For Salaried Individuals:

  • Identity Proof – Aadhaar Card, PAN Card, Passport, Voter ID
  • Address Proof – Aadhaar, Utility Bills, Passport, Rent Agreement
  • Income Proof – Latest 3 months’ salary slips
  • Bank Statement – Last 6 months
  • Passport-size Photograph

For Self-Employed Individuals:

  • Identity & Address Proof – Aadhaar Card, PAN Card
  • Business Proof – GST Registration, Trade License, Shop Act
  • ITR for Last 2 Years
  • Bank Statement – Last 6 months
  • Passport-size Photograph

How to Apply for a Bank of Baroda Personal Loan

You can apply for a Bank of Baroda personal loan either online through the bank’s official website or by visiting your nearest BOB branch.

Step-by-step Process to Apply Online:

  1. Visit the official website of Bank of Baroda – https://www.bankofbaroda.in

  2. Go to the ‘Personal Loan’ section

  3. Click on ‘Apply Now’

  4. Fill in your basic details such as:

  5. Upload the required documents

  6. Submit the application form

  7. The bank will contact you for further processing and verification

You can also visit your nearest BOB branch and apply for the loan by submitting a physical application form along with your documents.

Final Thoughts

Bank of Baroda’s personal loan is a great financial tool if you’re looking for a collateral-free, easy-to-access loan with reasonable interest rates. A loan amount of ₹5 lakh over 5 years at 10.90% interest can help you meet your financial goals while keeping EMIs affordable at ₹10,846 per month.

Before applying, make sure to:

  • Check your CIBIL score

  • Prepare all necessary documents

  • Evaluate your repayment capacity

  • Compare loan offers and benefits

With proper planning and timely repayments, personal loans can serve as a great way to bridge short-term financial gaps without putting your assets at risk.

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