Personal Loans can be secured and unsecured in nature. A secured form of borrowing is tied to your house or other worth containing asset i.e., jewellery important papers, a car, and real estate. By pledging means you might have to sell your home if you can not keep up with the stipulated repayments. On the other hand unsecured loans, these loans are not tied into anything and you can obtain it without any sort of pledging placing. However, if you default on your fixed repayments you could end up being credit blacklisted. As a result, your loan taking way blocks forever.

Apart from, APR (annual percentage rate) of such loans can be fixed and variable rates are also used. A fixed interest rate means that for the particular amount you borrowed. You are required to pay a definite amount of interest throughout the term. You are also going to pay a fixed monthly amortisation fee.

And, if your lender uses variable rate, then the rates differ every month. And of course, it depends upon the market condition too. You may still be paying constant amortisation fees each month, but the amount deducted from the principal will depending upon the current interest rate on the market.

To get the best deal, you should shop around for personal loans. In general, the more you borrow, the lower the interest rate will be. You do not have to go to a bank or building society, many good lenders are offered through supermarkets, so shop around.

Baroda Personal Loan from Bank of Baroda

Terms & Conditions
* The beneficiaries of this loan can be:
1. Permanent confirmed employees (minimum 1 year service) of

Central/State Govt/ /Autonomous Bodies/Public/ Joint sector undertakings.
Reputed Limited companies / MNCs & Educational Institutions.

2. Self Employed Professional

Doctors, Architects, Interior Designers, Engineers, Chartered Accountants, Technical & Management Consultants & practicing Company Secretaries only, with a stable business (minimum 1-year).

3. Insurance agents subject to

1. The agent is doing insurance business for the last -5- years
2. The agent has regular and stable income and maintaining SB a/c with the bank for crediting commission cheques received from their principals.

* Loan Amount :
Minimum : Rs. 20000 and
Maximum of Rs. 2,00,000 (Subject to condition)

* Repayment :
Up to 48 months (maximum) in Equated Monthly Installments.
No pre-payment charges. However, penalty of 2% on overdue amountSources : http://www.bankofbaroda.com/

If you need some extra money, then borrowing from your bank might be the answer. If you use a bank simply for savings and a current account, then perhaps it is time to look at other financial products that your bank can offer. If you want to borrow from your bank, here are some of the possible options and benefits.

Why borrow money?

People borrow money for all sorts of reasons, and in all different ways. If you are finding it hard to make ends meet at the moment then getting a credit card or loan may help you out over the next few months. Also, if you need to make a large purchase but you need to spread the cost, then borrowing from your bank is a good option.

Credit cards

Perhaps the most common way to borrow from your bank is to get a credit card. A credit card gives you a certain amount of money or credit that you can spend, which you have to pay back with interest. Bills are paid monthly and you can choose to pay the full amount or just the minimum payment each month. Borrowing money on a credit card is expensive, but for short-term purchases they can be great if you pay the balance back in full each month.

Loans

Loans are another common way to borrow from your bank. Your bank is likely to have a variety of loans on offer, ranging from small personal loans to much larger loans for business or home improvements. If you need to pay off high interest debts or make a large purchase and pay it back slowly, then loans might be the right option for you.

Advantages of using your bank

The main advantage of using your bank to borrow money is that they know what sort of spending patterns you have, and if you have built a rapport with them they are likely to be more generous than other lending institutions. It may also be convenient to use the same bank that you do now, as all your accounts are in one place and you can manage your money more easily.

Disadvantages

There are also a number of disadvantages to using your own bank. Although your bank may give you a good deal, it may not be the best deal you can possibly find. Although speaking to your own bank is a good idea, you should shop around and look at other lenders in order to get the best possible terms. You should also make sure that borrowing money is right for you, and that you can make any repayments that are required.

Bank of Baroda is an international bank of India,Bank of Baroda offers a Personal loan Product we compile the information of this personal loan product for your Information

1. Permanent confirmed employees (minimum 1 year service) of

*Central/State Govt/ /Autonomous Bodies/Public/ Joint sector undertakings.
* Reputed Limited companies / MNCs & Educational Institutions.

2. Self Employed Professional

Doctors, Architects, Interior Designers, Engineers, Chartered Accountants, Technical & Management Consultants & practising Company Secretaries only, with a stable business (minimum 1-year).

3. Insurance agents subject to

1. The agent is doing insurance business for the last -5- years
2. The agent has regular and stable income and maintaining SB a/c with our bank for crediting commission cheques received from their principals.

4.How much you can get the loan 

* The applicant should have an account /relationship with Bank of Baroda for at least 6 months OR with any other Bank for at least 6 months.

* A minimum amount of Rs. 20000 and a maximum of Rs. 2,00,000 can be availed as the loan amount subject to conditions. The income of spouse can be included if the loan is being applied for jointly.

5.Interest rate and Tenure 

* The repayment can be done for up to 48 months (max) with Equated Monthly Instalments. The first instalment should commence one month after the disbursement of loan.

* There is no penalty on the pre-payment of the loan amount. However there is a penalty of 2% on non-payment or late payment of the loan amount.

* Interest at the rate of 16% (fixed) throughout the loan period.

For more details log on to:

http://www.bankofbaroda.com