Bank of Baroda Business Loan

Bank of Baroda (BOB) is a government-owned bank that provides loans to different types of businesses. These loans include business loans, working capital loans, digital Mudra loans, and loans for Micro, Small, and Medium Enterprises (MSMEs). The interest rates for MSME loans can differ based on the borrower's profile. Here, we'll talk about the different MSME loan schemes offered by Bank of Baroda and their details.

Bank of Baroda offers various types of business loans to different customer needs:

Overdraft Loans

MSME Business Loans

Working Capital Loans

Term Business Loans

Bill Discounting Loans

Table of Contents
Bank of Baroda Business Loan Interest Rates
Comparison of Bank of Baroda Business Loan vs. Other Lenders
Schemes
Eligibility Criteria
Documents Required
FAQs

Bank of Baroda Business Loan Interest Rates

Product	Interest rate (p.a.) (floating)
Loan Amount	Maximum of Rs.10 crores
Tenure	Minimum of 12 months to Maximum of 60 months
Bank of Baroda Business Loan Interest Rate	10% to 15%
Loan Processing Charges	Up to 3% of the loan amount

Also read: Best Business Loan Interest Rate

Comparison of Bank of Baroda Business Loan vs. Other Lenders

Bank/NBFC/Fintech	Interest Rate
SBI Bank	9.10% p.a.	Apply Now
HDFC Bank	10.00% - 22.50% p.a.	Apply Now
Kotak Mahindra Bank	16% p.a. onwards	Apply Now
RBL Bank	14%-26% p.a.	Apply Now
ICICI Bank	Up to 17% p.a.	Apply Now
Axis Bank	10.75% p.a.	Apply Now
IDBI Bank	8.05% to 13.45% p.a	Apply Now
Bank Of Baroda	10% to 15% p.a	Apply Now
Ujjivan Small Bank	Up to 2.50%	Apply Now
Bajaj Finserv	9.75% - 25% p.a.	Apply Now
IIFL Finance	12.75% - 44% p.a.	Apply Now
FlexiLoans	1% per month onwards	Apply Now
ZipLoan	1% - 1.5% per month (Flat)	Apply Now
Indifi Finance	1.5% per month onwards	Apply Now
Five Star Business Finance	Up to 2%	Apply Now
Lendingkart Finance	1.25% per month onwards	Apply Now
Tata Capital Finance	12% p.a. onwards	Apply Now
NeoGrowth Finance	15% p.a. onwards	Apply Now
Hero FinCorp	Up to 26% p.a.	Apply Now
Aye Finance	Up to 2.5%	Apply Now
Clix Capital	Up to 3%	Apply Now
Protium Finance	Up to 1.5%	Apply Now
HDB Finance	8% - 26% p.a.	Apply Now
U GRO Capital	Up to 9% p.a.	Apply Now
Mcapital Business	Up to 2% p.a.	Apply Now

Also read: Best Business Loan EMI Calculator

Additional MSME Loan Schemes

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

Bank of Baroda Business Loan Eligibility

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

Documents Required for Loan Application

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.

Components of Business Loan Application Form

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

Frequently Asked Questions

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.