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

Customer's gold ornaments are securely stored in a safe room constructed in compliance with government regulations. These rooms are equipped with electronic surveillance to ensure the protection of the gold.

Shriram Finance provides insurance for the gold kept as collateral by you. This ensures that in the event of theft, the borrower doesn't need to worry about the security of the gold.

The interest rate starts from 11.4% per annum (*p.a.) and you can select a loan tenure ranging from 1 month up to 12 months.

Salaried individuals, self-employed professionals, business owners, and other individuals aged between 18 and 75 years can apply for Shriram Finance Gold Loan.

The minimum age requirement is 18 years, and the maximum age limit is 75 years at the time of loan maturity.