Bank of Baroda Personal Loan Review

Bank of Baroda (or BoB) is a public sector bank. The bank was established in 1908 and was nationalized in 1969. It is one of the few nationalized banks to pursue an aggressive marketing strategy.

Loan amount

The loan amount ranges from 20,000 to 2 lacs. While the lower limit is good enough to cover people requiring small ticket personal loan, the upper limit is too low to attract people who seek higher amounts.

Interest rate

The interest rate currently stands at 17%. This is a floating rate of interest. Although the rate is quite competitive, since it is uniform for all borrowers, there is no incentive for borrowers with a good profile and track record.

Charges

The processing fees are 2% of the loan amount which is as per market standards. There are no prepayment charges which are a big plus for borrowers looking to pay off the loan ahead of schedule.

Tenure

The tenure ranges from 1 year to 3 years. Most banks provide loans for a higher tenure.

Ratings

Reputation: 3.5/5

Loan amount: 2/5

Interest rate: 2.5/5

Charges: 3.5/5

Tenure: 2/5

Overall: 2.75/5