Bank of Baroda Personal Loan Interest Rates

The interest rate for Bank of Baroda Personal Loan in 2024 ranges from 10.80% to 18.75% p.a. for floating rates and 11.15% to 18.20% p.a. for fixed rates. The exact rate offered to you will depend on your credit profile and other factors.

Bank of Baroda Personal Loan Interest Rates for Govt-employees

Bank of Baroda personal loan interest rates for government employees and defence personnel maintaining their salary account with Bank of Baroda ranges from 11.40% to 11.90% (floating) and 11.15% to 11.65% (fixed).

For employees of Central/ State Government/ PSUs/ Autonomous Bodies/ Listed Public Limited Companies having external rating “A” or above/ Joint Sector Undertakings/ Educational Institutions of National Repute, having salary account with Bank of Baroda, the interest rates on personal loan ranges from 11.90% to 16.75% (floating) and 11.40% to 14.25% (fixed).

Bank of Baroda Personal Loan Interest Rate for Salary Person

Bank of Baroda personal loan interest rates for government employees and defence personnel maintaining their salary account with Bank of Baroda ranges from 11.40% to 11.90% (floating) and 11.15% to 11.65% (fixed).

For employees of Central/ State Government/ PSUs/ Autonomous Bodies/ Listed Public Limited Companies having external rating “A” or above/ Joint Sector Undertakings/ Educational Institutions of National Repute, having salary account with Bank of Baroda, the interest rates on personal loan ranges from 11.90% to 16.75% (floating) and 11.40% to 14.25% (fixed). If these customers have salary accounts with other banks, the interest rate ranges from 12.40% to 16.75% (floating) and 11.90% to 14.25% (fixed).

Employees of Private/ Public, Trust, LLP, and Insurance Agents, having account relationships with the Bank of Baroda can avail of personal loans at 13.15% to 16.75% p.a. Interest rate (floating) and 12.95% to 15.20% p.a. (fixed).

Employees of Private/ Public, Trust, LLP, Insurance Agent, having account relationships with other banks can avail of personal loans at 15.15% to 18.75% p.a. Interest rate (floating) and 14.90% to 18.20% p.a. (fixed).

Bank Of Baroda Personal Loan Interest Rate For Self-employed

Self-employed professionals and business persons, having an account relationship with the Bank of Baroda can get personal loans at 13.15% to 16.75% p.a. Interest rate (floating) and 12.95% to 15.20% p.a. (fixed). Whereas, self-employed professionals and business persons, having account relationships with other banks can get personal loans at 15.15% to 18.75% p.a. Interest rate (floating) and 14.90% to 18.20% p.a. (fixed).

Bank of Baroda offers the following personal loan variants:

• Baroda Personal Loan: Bank of Baroda personal loan offers a quick and easy solution to all your financial needs and has many advantages over other forms of credit, like credit cards and informal loans from friends, family or untrustworthy financiers.
• Baroda Loan to Pensioners: The Bank of Baroda’s pension loan is a personal loan scheme to fund the emergency financial needs of retired people. With this personal loan for pension holders, you can easily meet all emergency cash requirements during retirement.
• Baroda Digital Personal Loan: Bank of Baroda Baroda digital personal loan offers instant, hassle-free funds at competitive interest rates and flexible terms, catering to your various financial needs.
• Baroda Digital Pre-Approved Personal Loan: With the Bank of Baroda’s pre-approved personal loan, you can receive money instantly with direct loan disbursement and a paperless process. You can conveniently apply for this online pre-approved personal loan by filling out an application or visiting your nearest Bank of Baroda branch.

Following are the current Bank of Baroda personal loan interest rates for all personal loan schemes offered by the bank:

Note: An additional 0.10% concession will be given in rate of interest (both fixed and floating) to those customers, who opt for group credit life insurance.

Below is a comparison of the Bank of Baroda personal loan interest rate with the interest rates of other banks:

Factors that can affect Bank of Baroda personal loan interest rates are:

• Credit score: An excellent credit score of 750 and above can result in a lower interest rate.
• Loan amount: The amount you avail of can have an impact on the interest rate.
• Type of interest rate: Whether you choose a floating or fixed rate, it can influence your rate.
• Repayment tenure: A shorter loan repayment tenure may attract lower rates.
• Income level: A higher income can get you a lower Bank of Baroda personal loan rate.
• Employment & income stability: Stable income and employment can positively influence the interest rate.
• Market conditions: Changes in economic conditions can impact personal loan interest rates.

Here are a few tips to get low Bank of Baroda personal loan interest rates.

• Maintain a high credit score: Since personal loans are unsecured, banks need to assess your creditworthiness by evaluating your credit score and repayment history. A credit score above 750 points is usually considered good and enables you to negotiate your preferred loan interest rate.
• Improve credit score: If you do not have a reliable credit score, improve your CIBIL score by lowering unnecessary expenses and avoiding getting any new debts temporarily. 
• Increase your income: A higher income improves your loan approval chances at a low interest rate. You can enhance your income by presenting other income sources like variable pay, incentives, bonuses, income from passive sources, etc.
• Reduce debt-to-income ratio: You can increase your income or repay your existing debts to reduce your debt-to-income ratio to boost your personal loan eligibility and get a favourable interest rate.