Bank of Baroda was started in the year 1908 by Maharaja Sayajirao Gaekwad of Baroda in Gujarat. At present, Bank of Baroda is the third largest public sector bank in India. And in today’s article, we are going to know about How to take loan from Bank of Baroda. So let’s start.
Contents
Eligibility
Age limit should be between 21 to 65 years
Interest rate starts from 10.50%
Processing Fee Loan Amount + 2% GST
how much loan will be available – 50,000 to 15 lakh
Loan repayment period 5 years
Bank of Baroda Loan Types – Home Loan, Vehicle Loan, Education Loan, Personal Loan, Gold Loan
Who can take a loan from Bank of Baroda
Bank of Baroda has different eligibility criteria for salaried individuals and self employed individuals. We try to know these two in turn.
Eligibility for Salaried People
Any citizen of India can take a loan from Bank of Baroda.
The age of the person doing government or private job should be between 21 years to 60 years.
Your salary account should be in Bank of Baroda and should be 6 months old.
Your CIBIL score should be good.
Eligibility for self employed people
Self-employed means the age of a person doing his own business should be between 21 to 65 years.
You are running your business continuously for 1 year, only then you will get loan from Bank of Baroda.
Your account should be 6 months old to avail a loan from Bank of Baroda.
Your CIBIL score should be good.
(Read More – LIC Jeevan Anand Plan 915)
How much loan can be obtained from Bank of Baroda
Bank of Baroda gives loans ranging from 50,000 to 15 lakhs. But if you live in small towns or rural areas then you will get a loan of Rs.5 lakh. If you live in a big city, you can get a loan of Rs 15 lakh.
What is the interest rate to be paid for taking a loan from Bank of Baroda?
If you have an account with Bank of Baroda for the last 6 months, then your interest rate starts from 10.50% per annum.
But if your account is not in Bank of Baroda for the last 6 months and you are also associated with any other bank, then the interest rate starts from 12.50% per annum.
How long does it take to get a loan from Bank of Baroda?
After taking a loan from this bank, you have to return the loaned money in 5 years.