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Bank of Baroda

Bank of Baroda (BOB) is a century old bank that was established dated 20 July, 1908 by the Martha, Maharaja of Baroda His Highness Sir Savajirao Gaekwad III embarking on the principles and ethics of financial prudence and corporate governance, to meet the financial needs of many lives across the country. The bank was recognized as a nationalized bank dated 19 July 1969, by the Government of India further to which the bank was also designated as the profit-making public sector undertaking (PSU). With its corporate office in the commercial capital, Mumbai and headquarters in Vadodara, Gujarat; the bank holds the position of being the second largest public sector bank in the country after State bank of India. BOB offers a wide range of financial products and services to its customers from both the corporate as well as retail segments. The bank has a rich presence nationally as well as internationally with its strong network of 5307 branches along with 8000 ATMs within the national limits and its outstanding presence across 25 countries internationally. BOB has outsourced its customer care services through top notch organizations such as TCS and IBM to avail its customers an exceptional banking experience. BOB ranked 801 on Forbes Global 2000 list in the year 2014.

Retail Loans

The bank offers retails loans for a large variety of financial needs for every common man to meet their financial requirements. The loans can be availed for a variety reasons to fulfill a lot of purposes such as weddings, travels, vacations, renovation of homes, or any other personal requirement. Some of the key products are highlighted as under

• Home Loans for resident Indians

• Home loans for non resident Indians

• Home Improvement Loans

• Interest subsidy Scheme for housing the urban poor (ISHUP)

• Baroda Home Loan Advantage

• Baroda pre approved home loans

• Baroda Home Loan Suraksha Personal Loan

• Loan Against future rent receivables

• Advance Against Securities

• Baroda Career Development Loan

• Two Wheeler Loan

• Traders Loan

• Baroda Ashray (Reverse Mortgage Loan)

• Baroda Advance Against Gold Ornaments /Jeweller (At Urban & Metro Centres)

• Baroda Traders Loan Against the Security of Gold Ornaments /Jewelries (At Urban & Metro Centres)

• Baroda Traders Gold Card Scheme

• Baroda Premium Personal Loan

• Baroda Education Loan to students of Premier Institutions Education Loan

• Mortgage Loan

• Auto Loan

• Car Loan to NRI

• Loan to Doctors

• Personal Loan

• Loan for financing Individuals for subscription to Public Issues /IPO

• Baroda Additional Assured Advance (AAA) (Resident / NRIs /PIOs)

• Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS)

• Baroda Loan to Pensioners

Business Loans

Bank of Baroda offers business loans for various reasons to ensure that your business flourishes while assisting you from setting up your business to providing operational expenditure, as well expansion of your business. Business loans will enable you to ensure that you make money and your organization witnesses a positive growth curve in a long run. Various schemes under the umbrella of Business loans are

• Baroda Professionals

• Scheme for Textile Industry

• Working Capital Finance

• Term Finance

• Baroda SME loan Pack

• Baroda Vidyasthali Loan

• Baroda Arogyadham Loan

• Baroda Laghu Udhyami Credit Card

• Baroda Artisans Credit Card (BACC)

• Baroda Weavers Credit Card

• Technology Upgradation Fund Scheme (TUFS) For Textile And Jute Industries

• Credit Linked Capital Subsidy Scheme (CLCSS) For SSI Units

• Composite Loans

• Collateral Free Loans Under Guarantee Scheme Of Credit Guarantee Fund Trust For Micro And Small Enterprises

• SME Short Term Loans

• SME Medium Term Loans

• Baroda SME Gold Card

• Scheme for Financing Energy Efficiency Projects

• Baroda Overdraft Against Land and Building

• Prime Minister's Employment Generation Programme (PMEGP)

• Loans Under Interest Subsidy Eligibility Certificate Scheme of Khadi & Village Industries Commission (KVIC-ISEC)

• Baroda MSME Capex Card & Baroda MSME Capex Loan

• Udyami Helpline (from Ministry of MSME) - Toll-free number for queries relating to the schemes of Ministry of MSME 1800 180 MSME and 1800 180 6763

• Small Business Borrowers

Corporate Financing through Loans

Bank of Baroda offers loans for corporate to ensure smooth functioning of corporate by making provision of finance for various purposes such as

• Working Capita

• Line of credit

• Export Finance

• Bill Finance

• FCNR (B) Loans

• Bridge Loans

• Advance Against Shares

• Loan Against receivables

• Term Finance

• Short term Corporate Loan

• Project Finance

• Infrastructure Finance

• Take over Accounts

• No fund based services

Eligibility and Documents for Salaried

Products Documents list Eligibility criteria and locations
Home Loan
  1. As per the Bank Requirements
Individuals and HUFs having sufficient income and able to produce satisfactory proof such income by way of Salary Certificates, Income Tax Certificates, etc. can avail loans under the scheme
Education Loan
  1. As per the Bank Requirements
1. Should be an Indian National. 2. Have secured admission to the course through entrance test / merit based selection process
2 Wheeler Loan
  1. As per the Bank Requirements
1. All resident Indians, salaried, professionals, self-employed, businessmen and farmers can apply for this loan.
  1. As per the Bank Requirements
• All individuals who are owners of the Gold Ornaments / Jewellery
Personal Loan
  1. As per the Bank Requirements
1. Permanent confirmed employees of Central/State Govt. /Autonomous Bodies /Public/ Joint sector undertakings, Reputed Limited Co. / MNCs and Reputed Universities/Colleges/Schools/Educational Institutions/Research In with minimum one year of confirmed service. 2. • Employees maintaining any Salary linked Loan/ Overdraft accounts with any Bank are not eligible for this Scheme 3. • You should be minimum 21 years of age.
Loan Against Property
  1. Income Proof
  2. Proof of Identity: Any one of Passport Copy/ Photo Credit card- front & reverse/ Voters ID card/ Driving License/ PAN card/ Copy of Company ID card of MNC/ Public Ltd./ PSU/ Govt. company/ Ration Card (If Photo is given).
  3. 6. Latest 3 months salary account bank statement
  4. 4. Appointment letter / Form 16
1.Salaried Employees / Professional, Self Employed & Other income tax assesses for last 3 years with a minimum gross annual income of Rs. 60000. 2. Minimum 21 years
Car Loan
  1. As per the Bank Requirements
1. You should be an employee or a director of a public limited company, businessman, professional, proprietor / partner in a firm or a Govt employee and HNIs / Corporate. 2. You should be min 21 years of age
Professional Loan
  1. As per the Bank Requirements
1. Individuals, Proprietorship / Partnership firms, Private Limited companies engaged in providing medical / pathological / diagnostic services to the society. 2. Applicants / Promoters should have recognized qualification in any branch of medical science like MBBS / BAMS / BDS or any degree / course in physiotherapy / radiology etc

Fees and Charges for Salaried

Products Fees and Charges
Home Loan 2. Penal interest: 2%
2. Processing Fees:0.50% to 50,000/-
Rate of interest : 9.65%
Education Loan 1. Rate of interest: 12.40%
2 Wheeler Loan 1. Rate of interest: 13.65%
1.Rate of Interest :11.65%
2. Processing fees: 0.50% + S.T
Loan Against Property 1. Rate of interest: 12.40%
Car Loan 1. Rate of Interest: 11.40% to 9.90%
2.Processing Fees: Loans upto Rs 15 Lacs : 0.75% (Maximum Rs 10000/-) Loans above Rs 15 Lacs : 0.50% (Minimum Rs 10000/-)
3. Penal Interest: 2%
Professional Loan 1.Rate of Interest: 12.15% to 12.65%
2. Penal interest: 2%

FAQs for Salaried

1.What is the maximum Loan limit?
Ans. Rs 100 lacs in Rural/ Semi urban Rs 300 lacs in Urban/ Metro area.
2. What is the repayment period in home Loan?
Ans. The loan can be repaid in a maximum period of 30 years taken under floating rate option subject to the period up to age of retirement in case of salaried persons and 70 years in case of others.
3.What is the security clause in home loan?
Ans. As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.
4. What is the maximum Loan limit for education?
Ans.Need based finance subject to repaying capacity of applicant, based on present / expected income after completion of the course. In India: Rs. 10.00 Lacs. Abroad : Rs. 20 Lacs.
5.What is the repayment period in education Loan?
Ans. 60 months.
6.What is the security clause in educational loan?
Ans. 100% tangible collateral security by way of mortgage of property or assignment of securities NSC, KVP, LIC policy, FDR etc. Personal guarantee of Father / mother of the applicant or any other person having sufficient worth.
7.What is the maximum Loan limit for Two wheelers?
Ans. Finance for a minimum of Rs. 5000 and a maximum of Rs. 1 Lakh (or five times of the monthly income, whichever is less) can be availed of through the loan.
8.What is the repayment period in 2 Wheeler Loan?
60 months.
9. What is the security clause in 2 Wheeler loan?
Ans. As a security, the vehicle to be purchased out of the loan is to be hypothecated to the bank.FDR etc
10. What is the maximum Loan limit for Gold Loan?
Ans. 25,000/- to 10,00,000/-
11. What is the repayment period in Gold Loan?
Ans. 60 months.
12.What is the maximum Loan limit for LAP?
Ans. Minimum : Rs. 1 lac Maximum areas Rural areas: Rs. 10 Lacs Other areas: Rs. 300 Lacs
13.What is the repayment period in LAP?
Ans. 84 months.
14.What is the quantum of loan for car loan?
Ans. Maximum Loan amount is 100 lacs.
15. What is the repayment period for car loan?
Ans.New Vehicles: 84 months. Second hand vehicles: 36 months. CNG/LPG Gas-Kit: 24 months. (If loan sanctioned is only for Gas-Kit)

Eligibility and Documents for Self Employed

Products Documents list Eligibility criteria and locations
Home Loan
  1. As per the Bank Requirements
Individuals and HUFs having sufficient income and able to produce satisfactory proof such income by way of Salary Certificates, Income Tax Certificates, etc. can avail loans under the scheme
2 Wheeler Loan
  1. As per the Bank Requirements
1. All resident Indians, salaried, professionals, self-employed, businessmen and farmers can apply for this loan.