Bank of Baroda Business Loan is best suited for individuals conducting business independently, with or without hired labor. Enables them to purchase equipment (including PC for professional use), acquiring new or repair existing business premises, tools, and working capital requirements.
- This loan suits any business/profession independently with or without hired labor such as persons in the medical profession, lawyers, engineers, contractors, consultants, electricians, hairdressers, handicrafts artisans, etc., are eligible.
- To get a business loan, a DP note, with a letter of hypothecation of equipment with the mortgage of business premises has to be submitted to the bank.
- The maximum limit of the loan is Rs. 5 Lakhs for businessmen and professionals out of which the working capital should not exceed Rs. 1 Lakh.
- Limit of Rs.10 Lakhs with sub-limit not exceeding Rs. 2 Lakhs for working capital is applicable for professionally qualified medical practitioners setting up practice in semi-urban and/or rural areas.
Bank of Baroda Business Loan Details
What are the Key Benefits of Bank of Baroda Business Loan?
- Benefits to purchase any necessary equipment, like a personal computer (PC) for professional use.
- Funds can be used for the repair and renovation of existing equipment.
- Simple application procedures.
- Acquisition and repairs to business premises, or tools.
- To generate working capital.
- All the accounts rated as A+ will be entitled to loans at a lower interest rate.
- Avail of loans at all branches of Bank of Baroda.
- All complaints and grievances can be reported to the regional zone offices or directly to the Central office.
- You can prepay part of your loan anytime after paying 1 % prepayment charges
- You can foreclose your entire Business loan anytime after paying 1 EMI’s at foreclosure charges – No prepayment charges
- Bank of Baroda has over 5,373 branches in India where you can avail service
What are the Eligibility Criteria of Bank of Baroda Business Loan?
The two most basic and important aspects like your loan repayment ability and your repayment history are assessed as part of the eligibility criteria for the Bank of Baroda business Loan process.
The list of candidates eligible to apply for a business loan :
- Partnership Firms
- Co-operative societies
- Age: Age is of significant importance as it determines your repayment capacity. As per the eligibility criteria of your business loan scheme, the age of the borrower is not to be more than 50 years.
- Credit score/CIBIL score: CIBIL score or credit score must be more than 750. Your repayment history, loans, etc. will be taken into consideration.
- Business sturdiness: If your business is stable and has the potential to grow only then you will be able to give the money back. To assess your businesses’ sturdiness, the bank looks into the growth in your business’s sales.
What are the Documents Required for Bank of Baroda Buisiness Loan?
- Duly filled application form
- 2 passport-sized photographs
- Business Plan/Project Report
- Identity proof- Aadhaar card, PAN card, voter’s ID, passport
- Address proof- Aadhaar card, PAN card, passport, bank statement, agreement of rent, etc.
- Business proof- PAN card, sales tax, service tax, registration documents, a copy of partnership deed, registration certificate by RBI, SEBI, etc.
- Copy of last 2 years income tax returns
- Project reports
- Last 6 months bank statement
- Business address, vintage and establishment proofs