Hey, I’m thinking of applying for a personal loan with Bank of Baroda. Does anyone know what kind of processing fees and interest rates they usually charge? Would love some up-to-date info before I go to the branch!
Interest Rates
So, from what I’ve heard and read, Bank of Baroda usually charges interest somewhere between 10.6% and 18.3% per year on personal loans. The exact rate you get really depends on your credit history and how much you’re borrowing.
Processing Fees
Here’s a nice perk for government employees — if your salary account is with Bank of Baroda, you probably won’t have to pay any processing fee at all. For others, the bank usually charges between 1% and 2% of the loan amount, but it won’t be less than ₹1,000 or more than ₹10,000. Plus, they add GST of 18% on that fee.
Loan Amount and Tenure
You can take a loan starting from around ₹50,000 up to as much as ₹20 lakh, depending on your situation and where you live. The cool part is, they give you 4 to 7 years to pay it back, so the monthly EMIs don’t get too crazy.
Prepayment Charges
Good news here — Bank of Baroda doesn’t charge you anything if you decide to repay your loan early or close it before time.
A Quick Tip
Before you finalize things, just ask the bank to give you a written list of all charges and fees. That way, you won’t get caught off guard later on.
