How To Apply Bank of Baroda Mudra Loan: Bank of Baroda offers business loans to both self-employed individuals and business enterprises. Some of the business loan products offered by Bank of Baroda include term loan, working capital loan, etc. The business loan schemes offered by the lender include Bank of Baroda Digital Mudra Loans, Bank of Baroda Pradhan Mantri Mudra Yojana Loan and Bank of Baroda Weaver Mudra Loan.
Types of Business Loans provided by Bank of Baroda
Bank of Baroda Pradhan Mantri Mudra Yojana
Purpose: MSMEs in the non-farm sector and in allied agricultural activities like horticulture, fisheries, etc., who are engaged in trading, services or manufacturing can avail the PM Mudra Yojna loan from Bank of Baroda for raising funds for capacity expansion and modernisation.
Interest Rate: The interest rate for the PM Mudra Yojana Loan is linked to MCLR, although the lender has not disclosed the interest rate range for this business loan scheme.
Maximum Loan Amount:
- Shishu: Loans up to Rs.50,000
- Kishore: Loans from Rs.50,001 to Rs 5 lakh
- Tarun: Loans from Rs 5 lakh to Rs 10 lakh
Margin: Based on the lender’s guidelines
Loan Tenure:
- For term/demand loan: The repayment tenure is up to 7 years with suitable moratorium subject to annual review
- For working capital: The loan tenure is 1 year subject to annual review
Eligibility Criteria of Bank of Baroda Mudra Loan
- All types of non-farm enterprises can avail a Mudra Loan.
- Enterprises falling under the category of small and micro units will qualify for a loan.
- Any unit involved in income generating activities, trading, manufacturing and services are eligible to procure a Mudra Loan.
- If the unit requires funding up to an amount of Rs. 10 lakhs, then Mudra loans can be easily availed.
- The loan applicant must not be a defaulter in any bank across India.
Documentation Required to Apply for BOB Mudra Loan
The following documents have to be given by mudra loan applicants. The requirements might vary according to the location the loan has been availed from.
Proof of Identity (Self-attested copies)
- Voter’s ID card
- PAN Card
- Driving License
- Passport
- Aadhaar Card
Residence Proof
- Latest Telephone Bill
- Property Tax Receipt (the latest should be two months old)
- Electricity bill
- Aadhaar Card
- Voter’s ID card
- Passport copies of Partners / Proprietors/Directors
- Certificate proof for OBC/SC/ST/Minorities
Proof of address for a business concern
- License Copies
- Registration Certificates
- Documents containing address, ownership details, etc., of the business
- Bank account statement for the last six months
- For loans amounting to Rs. 2 lakhs and above- Balance sheets for the last two years with IT returns and sales tax returns.
- For loans amounting to Rs. 2 lakhs and above- Projected balance sheet for a year for working capital limits / Projected balance sheet for the entire loan tenure in case of term loans.
- Sales data for the current financial year.
- Project reports
- Partnership Deed of Partners
- Memorandum and articles of association of the business firm
- 2 Photographs each – Directors / Partners / Proprietors
- If third party guarantee is not given, then the Asset & Liability statement of the borrower, directors or partners needs to be submitted.
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