Bank Of Baroda Mudra Loan
Looking to start your own business, but struggling with the lack of funds? Fret not, as Bank of Baroda’s Mudra Loan scheme has got you covered! With competitive interest rates and flexible repayment options, this loan is tailored to meet the needs of aspiring entrepreneurs in India. Whether you’re planning to launch a startup or expand an existing one, read on to find out how Bank of Baroda’s Mudra Loan can help turn your dreams into reality!
What is Bank of Baroda Mudra Loan?
The Bank of Baroda Mudra Loan is a loan designed to help small businesses get the financing they need to grow and expand. The loan is available to businesses with an annual turnover of up to Rs. 10 lakhs. The loan can be used for a variety of purposes, including working capital, business expansion, and equipment purchase. The loan has a repayment period of up to 5 years and comes with competitive interest rates.
Bank of Baroda Mudra Loan Interest Rates
The interest rate on Bank of Baroda Mudra Loan starts from 10.75% per annum. The repayment tenure for this loan is up to 5 years. The processing fee charged by the bank is 2% of the loan amount plus GST.
Types of Loans
There are three types of Mudra loans offered by the Bank of Baroda. They are:
1. Shishu: This is the smallest loan amount offered under the Mudra scheme and is meant for businesses in their infancy or start-up phase. The maximum loan amount that can be availed under this category is Rs 50,000.
2. Kishor: This loan is meant for small businesses that have been operational for at least a year and need additional working capital. The maximum loan amount that can be availed under this category is Rs 5 lakhs.
3. Tarun: This loan is meant for established businesses that need additional funds for expansion or growth. The maximum loan amount that can be availed under this category is Rs 10 lakhs.
Features and Benefits
When it comes to taking out a loan, there are many things to consider. Interest rates, repayment terms, and fees are all important factors. But what about the type of loan you take out? With so many options available, it can be difficult to know which is the best for your needs. If you’re looking for a loan to help grow your business, a Bank of Baroda Mudra Loan may be the right choice for you.
What is a Bank of Baroda Mudra Loan?
A Bank of Baroda Mudra Loan is a type of financing provided by the government of India to small businesses. The aim of the loan is to help small businesses grow and create jobs. The loan can be used for a variety of purposes, including working capital, equipment purchases, or expansion.
What are the Benefits of a Bank of Baroda Mudra Loan?
There are several benefits of taking out a Bank of Baroda Mudra Loan. First, the interest rate on the loan is fixed, so you’ll know exactly how much you’ll need to repay each month. Second, there’s no collateral required for the loan, so you won’t have to put up any personal assets as security. And third, the repayment terms are flexible, so you can choose a repayment schedule that works best for your business.
If you’re looking for a loan to help grow your small business, a Bank of Baroda Mudra Loan could be the right
How to Apply for Bank of Baroda Mudra Loan?
Bank of Baroda Mudra Loan can be applied for by following these simple steps:
1. The first step is to approach your nearest Bank of Baroda branch and get the application form.
2. Once you have the form, fill it out completely and accurately. Make sure to include all the required documents.
3. After submitting the form, the bank will process your loan request and get back to you with a decision.
4. If your loan is approved, the funds will be disbursed to your account within a few days.
To apply for a Bank of Baroda Mudra loan, you will need to submit the following documents:
1. A duly completed and signed application form
2. Your latest passport-sized photograph
3. Your identity proof (e.g. PAN card, Aadhar card, driving license, etc.)
4. Your address proof (e.g. utility bill, ration card, etc.)
5. Your bank account statements for the past 6 months
6. Your business Proof (GST Registration Certificate, Shop Establishment Certificate, Partnership Deed)
7. Loan Repayment Track Record if availing loan under MUDRA Plus scheme
8. Proposed security documents
To be eligible for the Bank of Baroda Mudra Loan, you must:
-Be a Indian citizen
-Be above 18 years of age
-Have a regular source of income
-Have a good credit history
What is a Bank of Baroda Mudra Loan?
A Bank of Baroda Mudra Loan is a loan given to small businesses in order to help them grow. The loan can be used for a variety of purposes, including working capital, equipment purchases, and expansion.
How do I qualify for a Bank of Baroda Mudra Loan?
To qualify for a Bank of Baroda Mudra Loan, you must have a business that has been in operation for at least one year. Your business must also have a good credit history and be registered with the government.
What are the interest rates on a Bank of Baroda Mudra Loan?
Interest rates on Bank of Baroda Mudra Loans are typically lower than those of other loans, such as personal loans or business loans from other banks. This makes them more affordable for small businesses.
What is the repayment period for a Bank of Baroda Mudra Loan?
The repayment period for a Bank of Baroda Mudra Loan is typically three years. However, this may vary depending on the purpose of the loan and the amount borrowed.