How to take Digital loan from Bank of Baroda

Each of us is committed throughout our life to a variety of financing responsibilities. However, you may not always have enough money to cover all of your expenses in the wake of certain situations such as medical emergency in your family, your college fee, or to pay your rent, or a general day to day expense, a personal loan can come to your rescue.

 However, if you ever look at the conventional way of borrowing money from these financial institutions, then you can understand the difficulties involved in the process. You have to go through a formal process loaded with tremendous paperwork. Long application forms, high-interest rates, time taking documentation process and then the long wait for the disbursement of the loan amount. Loans have wrecked just as many lives as they have saved. These are some of the many flaws that come into a beneficiary’s mind when we analyze the conventional way of borrowing money.

Things have changed compared to what they were back in the day. Now, we are in 2021 and have multiple channels that have toned down this robust process. The loan business has seen many changes as a result of technological advancements. One of which that comes into my mind are the digital loans that are being provided by all the major banks and NBFCs today.

Digital loans are generally short to medium term, with interest rates ranging from 10% to 18%. These are paperless, hassle-free, with very basic documentation that comes in very handy in need of the hour. I mean, they literally just require your:

  • Aadhaar Details for basic KYC,
  • PAN Details,
  • Bank Statements (last few months)

and to top it all, most of the digital loans are collateral-free. To establish the borrower’s eligibility, lenders utilize personal credit scores and other indicators. Moreover, the days of only a select few being qualified for a Personal Loan are long gone. Today most of the financial institutions have very lenient parameters for borrowing.

Digital loans are the most practical type of debt that a person can obtain when in need, and banking institutions have flooded the market with appealing personal loan products in response to the fast-paced lifestyle of their customers. A digital loan can indeed be your friend in need. When you are in need of emergency funds, instant personal loans ensure speedy disbursement.

One such example that we will talk about further is that of Bank of Baroda’s digital loan; the process, types, eligibility, documentation, benefits and more.

Loan from Bank of Baroda

Bank of Baroda personal loans provide a quick and straightforward answer to any of your immediate financial demands. Most salaried persons, self-employed and professionals can apply for personal loans. With attractive interest rates, minimal documentation and speedy processing, Bank of Baroda offers are among the best personal loans provided by different banks today.

How to Approach Bank of Baroda for Digital Loan

If you are an existing customer to Bank of Baroda, in that case, a digital loan can be availed from your Smartphone itself, and it is just a few clicks away.

Pre-Approved Micro Personal Loan (Existing Users)

Under this scheme, you can aid yourself up to Rs.50,000 through Bank of Baroda’s mobile banking application (M-Connect Plus) as the loan amount depending upon your creditworthiness with the bank. This process is very seamless and can be done in 5 easy steps (explained below). As it is pre-approved by your bank, your application doesn’t require any paperwork and documentation. Application is done within a minute or two, and the disbursement of the amount is processed shortly after. In my case, it was about 2-3 minutes.

Salient Features of this scheme: –

  • Loan amount between ₹10,000 to ₹50,000.
    • Interest Charges @16%.
    • Tenure Options- 3/6/9/12 & 18 months.


  • You get a pre-approved limit of up to ₹50,000.
    • No processing fees.
    • No pre-payment or pre-closure charges.


  • Should have existing SB account in Bank of Baroda.
    • Minimum Age is 21 years.
    • One has to maintain a minimum average balance of ₹5,000 or a corporate salary account.
Check your eligibility-

You can also check your eligibility and limit by texting “PAPL <space> <last four digits of their BoB debit card number>” to 8422009988 from your registered cell number.

Steps by step guide to avail this loan

·       Step 1

Login in to your Bank of Baroda’s m-connect app and click on the “Digital Loan” tab from the menu (as shown in the picture below).

·       Step 2

Select “Pre-Approved Micro Personal Loan” from the options available.

·       Step 3

The next screen will display you the exact amount that you can avail for your loan ranging between ₹10,000 to ₹50,000. In my case, the limit of my loan amount was ₹16,548. Now, tap on “Click to Proceed”

·       Step 4

In this step, you are asked to enter your loan amount and select your loan period, which can be 3/6/9/12 & 18 months. You will also get informed about the interest rate, EMI per month, first due date, last due date, along with your personal details such as your account number, name and address (See reference screenshot below). Read and then accept the “Terms & Conditions”. Now, tap “Proceed”.

·       Step 5

Now, enter your mPIN and click on “Submit”. The funds will be disbursed into your account within few minutes. (We do not have a screenshot for the last step for obvious reasons).

Below is the pictorial representation of the steps discussed above:

Steps to take digital loan from bank of Baroda

Taking a loan has never been this easy and quick. Thanks to schemes like Bank of Baroda’s “Pre- Approved Micro Personal Loan” to make the experience seamless and hassle-free, breaking the traditional methods in which customer had to go through a very rigorous procedure.

Also read Take paperless Personal loan from Paytm in just 5 minutes?

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