The Baroda General Credit Card has been designed to cater to the needs of the population living in semi-urban and rural areas of the country. This scheme aims to provide access to instant credit for individuals in these areas. Customers taking advances under this scheme do not have to submit any security or purpose to avail the loan. The loans given using the Baroda General Credit Card comes with low interest rates and does not carry any documentation or processing charges. Women applicants can get a concession of 0.5% on the interest rates offered on the advances.
Baroda General Credit Cards can be procured only at semi-urban and rural branches of Bank of Baroda. The Baroda General Credit Card cannot be used at merchant outlets and can be used only to make cash withdrawals. Customers can make withdrawals using loose cheque leaves and the Baroda General Credit Card limit will have a validity of five years, with an annual review in place.
Quantum of Loan - Bank of Baroda sanctions a minimum loan amount of Rs. 1000 to a maximum loan amount of Rs. 25,000.
Interest Rates - The interest rates charged would be 2% below the BPLR on advances availed. For women applicants, the interest rates charged would be 2.50% below the BPLR.
The Baroda General Credit Card has to be used only by the customer and not by any other individual.
Baroda General Credit Card
|Investment Credit/ Production Credit|
|Amounts up to Rs. 3 lakhs||Fixed interest rate of 7% per annum.
OrBase Rate = 9.65%.
|Amounts over Rs. 3 lakhs and
below Rs. 25 lakhs
|Base Rate + 1.25% = 10.9%|
|Rs. 25 lakhs or above||Base Rate + 2.00% = 11.65%|
|For JLGs/ SHGs||Loan up to Rs. 3 lakhs - As per rates in the agri priority sector|
|Loans for Godown construction for storing produce||9.65% + 0.50% = 10.15%|
|Loans against warehouse receipts to up to Rs 50.00 lakhs||9.65% + 1.00% = 10.65%|
|Loans against ware house receipts to non-farmers||9.65% + 2.00% = 11.65%|
|Loans for buying four wheelers||Baroda car loan interest rate minus 0.25%, the minimum being the base rate.|
Farm house construction
+ dwelling units for farmers
|As per Bank of Baroda home loan interest rates.|
|Loans for construction of cold storages for storing agricultural produce||9.65% + 2.00% = 11.65%|
|Loans for poultry||9.65% + 1.00% = 10.65%|
If a customer loses his card, then the same should be reported to the branch that has issued the Baroda General Credit Card.
Yes, income details are required to calculate the credit limit which will be allocated to the borrower by Bank of Baroda.
Yes, term loan borrowers can register for e-statements and have them delivered to their email addresses.
Yes, Bank of Baroda does provide the facility to bank on mobiles phones, helping borrowers get 24/7 access to their loan accounts.
The Baroda General Credit Card comes with a validity of five years.