BOB Personal Loan: In today’s world, a personal loan has become more than just a financial product. It’s like a helping hand during tough times, or sometimes even a bridge to fulfill long-pending dreams. Whether it’s for a child’s education, a wedding, a sudden medical expense, or even a personal project, a personal loan gives you the freedom to arrange funds without disturbing your savings. And when we talk about trust, Bank of Baroda often comes up as one of the best options.
But here comes the big question: if you want a personal loan of ₹10 lakh from Bank of Baroda, how much monthly salary should you have? And equally important what will be your EMI every month? Let’s understand this step by step.
Interest Rate and Eligibility
Bank of Baroda usually offers personal loans at an interest rate starting around 11.40% per annum. The tenure can range from 12 months to 60 months, depending on your comfort and repayment capacity. Your eligibility mainly depends on your monthly income, existing EMIs, credit score, and repayment track record.
For a ₹10 lakh personal loan, banks usually expect your monthly salary to be at least ₹40,000–₹50,000 or more, depending on the city you live in and your overall liabilities. The reason is simple the bank needs to be assured that you can comfortably pay the EMI without stretching your budget too thin.
EMI Calculation on ₹10 Lakh Loan
Let’s calculate how much EMI you will have to pay on a ₹10 lakh loan with Bank of Baroda at an interest rate of 11.40% for a tenure of 5 years (60 months).
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Repayment | Extra Interest Paid |
|---|---|---|---|---|---|
| ₹10,00,000 | 11.40% | 60 Months | ₹21,930 | ₹13,15,800 | ₹3,15,800 |
So, if you take a loan of ₹10 lakh for 5 years, you will be paying an EMI of ₹21,930 per month. Over the full tenure, the total amount that goes from your pocket will be around ₹13.15 lakh, which includes ₹3.15 lakh as interest.
How Much Salary Do You Need?
Now, the big concern how much monthly salary is enough for this loan? Ideally, banks prefer that your total EMIs (including any other loans you have) should not exceed 40–50% of your monthly income. That means, if your EMI is around ₹21,930, your monthly salary should be at least ₹45,000–₹55,000 or more, depending on other financial commitments.
If your income is higher, say ₹70,000 or ₹80,000 per month, then your chances of approval increase even more because the EMI will look lighter compared to your overall earnings.
Conclusion
Taking a personal loan from Bank of Baroda can be a good option if you want a balance of trust, competitive interest rates, and flexible tenure. For a ₹10 lakh loan, you should ideally have a monthly salary of ₹50,000 or more so that the EMI of around ₹21,930 doesn’t put pressure on your budget. Personal loans are a smart tool, but only when used wisely and with careful repayment planning.
Disclaimer: This article is for educational and informational purposes only. The interest rates, EMI, and eligibility criteria mentioned here are based on current data and may change with time. Please check the official Bank of Baroda website or visit your nearest branch before applying for a loan