Bank of Baroda Business Loan

Also read: Best Business Loan EMI Calculator

• BOB MSME Loan
• Working Capital Finance
• Baroda Arogyadham Loan
• Baroda Energy Efficiency Project (BEEP) Finance
• MUDRA Loan under PMMY
• NHFDC Refinance
• PM SVANidhi Scheme
• BOB Weaver Mudra Scheme
• Commercial Vehicle Finance
• Dealers/Traders – Agriculture Inputs
• Digital Mudra Loan
• Loan for Construction and Mining Equipment
• MSME Capex Loan
• MSME Loans under PMEGP
• MSME Textile Scheme
• Baroda Loan for Restaurants
• Baroda Loan to Business Correspondents
• Baroda SME Loan Pack
• Baroda Vidyasthali Loan
• Bill/Invoice Discounting under Value Chain Finance
• Credit Guarantee Scheme for Subordinate Debt (CGSSD)
• Credit Link Capital Subsidy Scheme (CLCSS)
• Pre-Sanctioned CME Loan Limits for Strategic Segment
• Scheme for Financing Textile Units
• Scheme for Professionals
• SME Medium Term Loan
• SME Short Term Loan
• Standup India Scheme (SUI)
• Technology and Quality Upgradation (TEQUP) Scheme
• Technology Upgradation Fund Scheme (TUFS)
• Term Finance
• PSB Loans in 59 minutes
• Vendor Bill Discounting for large Real Estate Developers

To qualify for Bank of Baroda's business loans, applicants need to meet certain criteria:

• Applicants must be at least 18 years old and not older than 65 years.
• Applicants should have a credit score of 750 or above, reflecting responsible financial behavior.
• The business should demonstrate stability and a good repayment history, indicating its ability to manage finances effectively.
• Applicants should not have defaulted on any financial obligations with other institutions in the past.
• Self-employed individuals, private limited companies, sole proprietors and partnership firms involved in activities related to manufacturing, trading, or providing services.

Also read: Best Business Loan Eligibility

To apply for a business loan with Bank of Baroda, you'll need the following documents:

• Business PAN card.
• Business Address Proof.
• Address Proof: Aadhaar card, PAN card, passport, bank statement, rent agreement, etc.
• Identity Proof: Aadhaar card, PAN card, voter’s ID, or passport.
• Duly filled application form along with passport-sized photographs.
• Relevant Business Registration Documents: Copy of partnership deed, registration certificate by RBI, SEBI, etc.
• Copy of the last 2 years' income tax returns.
• Last 6 months' bank statement.
• Proof of Business Establishment.
• Any other document required by Bank of Baroda.

Additional documents may be necessary depending on your business loan type and credit profile. It's essential to ensure you have all the required paperwork ready for a smooth application process.

The Bank of Baroda business loan application form asks for the following details:

• Applicant’s name
• Residential address of the proprietor
• Workplace address
• Date of business commencement
• Business nature
• Contact details
• Proprietors details and address
• Loan amount
• Banking details
• Details of working capital to be invested
• Security/collateral details

Also Read :  Best Business Loan Documents Required

You repay the loan in equal monthly installments (EMIs), which can be facilitated through post-dated cheques. Alternatively, you can opt for Electronic Clearing System (ECS) or set up a standing instruction to debit your Bank of Baroda account with the EMI amount.

If you're already a customer with Bank of Baroda and have a good track record, along with a healthy credit score and consistent cash flow, you may be able to discuss and agree on more favorable loan terms.

To apply for a small or startup business loan with Bank of Baroda, you can choose from several channels provided by the bank: online, customer care, or visiting the branch directly. However, you must meet the eligibility criteria set by the bank and submit the required documents for the loan approval process to proceed.

The interest rate for Bank of Baroda business loans currently ranges between 10% to 15%.

In India, business loan interest rates typically vary between 10% to 21%, depending on the bank and the eligibility criteria set by each bank.

To check the status of your Bank of Baroda business loan, you have a few options. You can call the customer care number, log in to your account online if you have one, or reach out to your account manager if you have been assigned one.

Once your loan details are confirmed, you can utilize online loan EMI calculators to determine the breakdown of your monthly payments into interest and principal components. These calculators also help track the amount paid and the remaining balance, which is beneficial for planning loan prepayment.