In 2026, financial needs can arise at any time—such as a medical emergency, business expansion, education, or personal expenses. If you plan to take a ₹5 lakh loan from the Bank of Baroda (BOB), understanding the loan features, eligibility, and process is crucial.
Through 24hrLoan, you can check your eligibility for a Bank of Baroda ₹5 lakh loan and also compare offers from other banks and NBFCs to choose the best option with ease.
What is a Bank of Baroda ₹5 Lakh Loan?
The Bank of Baroda ₹5 lakh loan is usually offered as:
- Personal Loan
- Small Business Loan
- Professional Loan
These loans are designed to meet short-term and medium-term financial needs without requiring collateral (for most personal loan cases).
Loan Amount & Tenure
| Details | Information |
| Loan Amount | Up to ₹5,00,000 |
| Tenure | 12 months to 60 months |
| Loan Type | Unsecured |
| Collateral | Not required (for personal loan) |
The exact amount and tenure depend on income, credit score, and bank policy.
Interest Rate & Charges
- Interest Rate: Starts from around 11.65% to 18.15% p.a.
- Processing Fee: 2% of the loan amount + GST
- Prepayment Charges: May apply based on loan type
Note: Final interest rate depends on your CIBIL score, income, and employment profile. Through 24hrLoan, you can also compare rates from other lenders.
Eligibility Criteria for Bank of Baroda ₹5 Lakh Loan
Borrow a 5 lakh loan if you meet the following eligibility criteria:
- Age: 21 to 58 years (salaried), up to 65 years (self-employed)
- Credit Score: Preferably 700 or above
- Income: Stable monthly income
- Employment Type:
- Salaried employees
- Self-employed professionals
- Small business owners
- Work Experience: Minimum 1 year (current job/business)
Documents Required
For Salaried Applicants
- PAN Card
- Aadhaar Card
- Last 3–6 months’ salary slips
- Bank statement (last 6 months)
For Self-Employed / Business Owners
- PAN & Aadhaar
- Business proof (Trade License / MSME Certificate / Income Tax File)
- Bank statement (6–12 months)
Benefits of Bank of Baroda ₹5 Lakh Loan
1. Trusted Government Bank
Bank of Baroda is a well-known public sector bank with transparent loan policies.
2. No Collateral Needed
Most personal loans up to ₹5 lakh are unsecured, meaning no property or asset is required.
3. Flexible Repayment
Choose EMI tenure up to 5 years based on your comfort.
4. Multiple Usage
Loan can be used for:
- Medical emergencies
- Education expenses
- Wedding costs
- Travel
- Business needs
5. Easy Comparison via 24hrLoan
If BoB eligibility does not match, 24hrLoan helps you find alternative lenders instantly.
Also Read: INDmoney Insta Cash Loan- 5 Lakh Loan
How to Apply for Bank of Baroda ₹5 Lakh Loan
Step 1: Visit the 24hrLoan Website
Select Personal Loan / Business Loan.
Step 2: Enter Basic Details
Provide mobile number, income, city, and loan amount.
Step 3: Upload Documents
Submit PAN, Aadhaar, and bank statement online.
Step 4: Compare Loan Offers
Check Bank of Baroda and other lender offers in one place.
Step 5: Get Approval & Disbursal
After verification, the loan amount is credited directly to your bank account.
Why Apply Through 24hrLoan Instead of a Direct Bank Visit?
- One application → multiple banks
- Higher approval chances
- Saves time and paperwork
- Transparent comparison
- Suitable even if one bank rejects
Who Should Consider the Bank of Baroda ₹5 Lakh Loan?
This loan is ideal for:
- Salaried professionals
- Government employees
- Small business owners
- Self-employed individuals
- People with good credit history
Also Read: Top 5 Credit Cards for Low CIBIL Score
Conclusion
The Bank of Baroda ₹5 Lakh Loan 2026 is a reliable option for those with a good credit profile and stable income. However, loan approval and interest rates vary from person to person.
With 24hrLoan, you don’t need to depend on one bank only. You can compare Bank of Baroda loans with other lenders and choose the most suitable loan—quickly and confidently.