Bank of Baroda Personal Loan: The term Bank of Baroda Personal Loan is a new kind of loan scheme that has been launched in India. This is a government-guaranteed personal loan scheme that was launched to help people in getting cash help whenever they need it. There are various other banks that give monetary help to the borrower, but most of them only give the loan and nothing more. Bank of Baroda Personal Loan is different. The main aim behind the launch of this scheme was to provide financial help to all the people of the country who are facing monetary problems because of various reasons like bad credit history, CCJ, arrears, defaults, etc.

Bank of Baroda personal loan

The concept of Bank of Baroda Personal Loan is very simple. If you are a borrower, and if you have a bad credit history or any other financial problems like multiple debts, then you can opt for this scheme. This scheme provides financial assistance to all the people and hence makes it easier for everyone to get rid of their financial crisis. Bank of Baroda Personal Loan helps a person to get a secured loan from the bank.

Bank of Baroda Personal Loan details

When you make use of loan products for applying for a personal loan scheme you can reduce your credit card bills and save up to sixty percent of the money that you would have paid to the credit card company. This is because the Bank of Baroda does not charge any interest on the money or even charges for late payment fees. You can also get a secured credit card, which means with the help of a Bank of Baroda personal loan, you can easily get the facility of making purchases online as well as offline.

 

Interest Rate10.50% p.a. – 12.50% p.a.
Processing FeesStarting from Rs.1,000 up to Rs.10,000
Loan Tenure♦        5 years for government employee

♦        years for others

Bank of Baroda personal loan online application process

Here is some simple process that needs to be followed by the user for applying for a Bank of Baroda Personal loan:

  • The process of Bank of Baroda Personal Loan is very simple.
  • All you have to do is to apply for the loan.
  • The application for the secured loan can be made online.
  • Once you fill-up the online application form, the lender will process your application immediately.
  • The lender will verify all your details like your income, financial status, and bad credit history, and at the same time, he will check your ability to repay the loan amount.
  • The lender will decide on the terms and conditions after considering all these factors.
  • After the approval of the secured loan, you can choose the method of repayment according to your convenience.
  • You can choose the installment method, repayment frequency, pay-off amount, and the tenure of the loan.
  • If you do not have enough money at the time of repayment, then you can choose to make use of the money borrowed from the Bank of Baroda in any manner that will help you repay in a convenient way.

Check Bank of Baroda personal loan EMI

If you intend to check the loan status of your loan application, you need to follow the steps mentioned under:

  • First, you need to visit the official site of Bank of Baroda https://www.bankofbaroda.com/index.htm.
  • Now, click on the ‘Login’ tab, which you can see at the top of the page.
  • In the following pop-up, select the ‘Baroda Connect (Net Banking) India’ option.
  • Then, your login page will open in a new window or tab.
  • Once you’re logged in, read the instructions on your screen to find your application status.

How to keep tracking Bank of Baroda Personal Loan status?

It is very essential to keep a track of your finances and plan your expenditure and income. But most people have a hard time maintaining their balance sheet and budget. This not only helps you improve your finance and monetary management but also trains your mind to be financially strong. With the help of personal loan schemes, you can learn to plan your monthly finances properly and manage your resources so that you do not face a financial crisis in the future. Your hard work and dedication towards improving your financial condition will pay off in the form of good financial status. There are three things you need to have to check the Bank of Baroda personal loan status, some of these are mentioned as under:

  • Proposal acknowledgment ID (through reference number)
  • Your mobile number
  • Unique Tracking Number

Using the reference numbers: The bank will send your reference number once you apply for the loan. This will be sent on the mobile number you submitted at the time of application. This number is important, so keep it secure while applying for a loan. Without this reference number, you will not be able to check your loan application. Thus, you can use this Unique Tracking Number to check the details.

Using your mobile number: While applying for the loan, your mobile number also acts as a unique ID. Using this, you can check your details from any place. Moreover, your mobile number is easier to recollect since you already have saved it. It also ensures that you don’t have used the same mobile number till the loan is fully processed. Because all your loan information will be sent to this number. If you’re planning to change it, make sure the new details are updated with the bank.

In the bottom line

These days, it has become very important to maintain a good credit history. This is because there are many credit card companies that are offering cards for bad credit holders. With the help of Bank of Baroda’s personal loan facility, you can easily repair your bad credit history by getting the cards that are specifically designed for this purpose. You can use the debit card or credit card to make purchases online, which are restricted to offline shops and you can also use the debit or credit card to pay your monthly installments on time. You can also check the personal loan status with the help of the Bank of Baroda Personal Loan EMI Calculator.

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