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 | ||
| 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
Also read: Best Business Loan EMI Calculator
To qualify for Bank of Baroda's business loans, applicants need to meet certain criteria:
Also read: Best Business Loan Eligibility
To apply for a business loan with Bank of Baroda, you'll need the following documents:
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:
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.