Bank of Baroda Mudra Loan

The Pradhan Mantri Mudra Yojana was launched by the Government to provide affordable funding options to small and micro enterprises in India. This scheme was launched by the Prime Minister on April 8^th, 2015 to help enterprises get credit for any non-fund based or fund based facility.

There are three types of mudra loan, namely

Shishu - The loan amount approved under this scheme is up to Rs. 50,000.

Kishore - The loan amount approved under this scheme is from Rs. 50,001 to up to Rs. 5 lakhs.

Tarun - The loan amount approved under this scheme is from Rs. 5, 00,001 to up to Rs. 10 lakhs.

Processing Charges - Bank of Baroda does not levy any processing charges on Mudra loans.

Security - Borrowers do not have to submit any collateral security while availing the loan. Assets that have been created from the bank’s finance would suffice.

Bank of Baroda (BOB) Mudra Loan Interest Rates

Eligibility criteria

• All types of non-farm enterprises can avail a Mudra Loan.
• Enterprises falling under the category of small and micro units will qualify for a loan.
• Any unit involved in income generating activities, trading, manufacturing and services are eligible to procure a Mudra Loan.
• If the unit requires funding up to an amount of Rs. 10 lakhs, then Mudra loans can be easily availed.
• The loan applicant must not be a defaulter in any bank across India.

Documentation Required

The following documents have to be given by mudra loan applicants. The requirements might vary according to the location the loan has been availed from.

Proof of Identity (Self-attested copies)

1. Voter’s ID card
2. PAN Card
3. Driving License
4. Passport
5. Aadhaar Card

Residence Proof

1. Latest Telephone Bill
2. Property Tax Receipt (the latest should be two months old)
3. Electricity bill
4. Aadhaar Card
5. Voter’s ID card
6. Passport copies of Partners / Proprietors/Directors
7. Certificate proof for OBC/SC/ST/Minorities

Proof of address for a business concern

1. License Copies
2. Registration Certificates
3. Documents containing address, ownership details, etc., of the business
4. Bank account statement for the last six months
5. For loans amounting to Rs. 2 lakhs and above- Balance sheets for the last two years with IT returns and sales tax returns.
6. For loans amounting to Rs. 2 lakhs and above- Projected balance sheet for a year for working capital limits / Projected balance sheet for the entire loan tenure in case of term loans.
7. Sales data for the current financial year.
8. Project reports
9. Partnership Deed of Partners
10. Memorandum and articles of association of the business firm
11. 2 Photographs each - Directors / Partners / Proprietors
12. If third party guarantee is not given, then the Asset & Liability statement of the borrower, directors or partners needs to be submitted.