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  • Bank of Baroda (BOB) Mudra Loan is Rated as "Great!" by 19 Users

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    Bank of Baroda (BOB) Mudra Loan

    Overview about Bank of Baroda (BOB) Mudra Loan

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

    Features of Bank of Baroda Mudra Loan

    The following are the key features of the Mudra loan offered by Bank of Baroda.

    Bank of Baroda offer three types of Mudra loans

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

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

    c) 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

    Small Enterprises
    Loan amount up to Rs. 50,000 Base Rate plus 0.50%
    Over Rs. 50,000 to up to Rs. 2 lakhs Base Rate plus 1%
    Over Rs. 50,000 to up to Rs. 10 lakhs Base Rate plus 1.25%
    Micro Enterprises
    Loan amount up to Rs. 50,000 Base Rate
    Over Rs. 50,000 to up to Rs. 2 lakhs Base Rate plus 0.50%
    Over Rs. 50,000 to up to Rs. 10 lakhs Base Rate plus 1.0%

    Eligibility criteria for Bank of Baroda Mudra Loan

    • 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 for BOB Mudra Loan

    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.

    Bank of Baroda (BOB) Mudra Loan Reviews

    • Bank of Baroda Personal Loan
      "Efficient Bank"
      0.5 5.0/5 "Blown Away!"
      Bank of Baroda is one of those efficient banks that provided me with a loan long time ago, and their process involved minimal hazzle. The loan got approved within a day, I had option to preclose my loan which I did. The rate of interest is also good in the bank.
      Was this review helpful? 0
      , agra
      Reviewed on Oct 10, 2017
    • Bank of Baroda Personal Loan
      "good service"
      0.5 4.0/5 "Great!"
      Service was good ,customer service was very helpful and responsible ,even during the documentation part was fine ,till now it was a very good service from BANK OF BARODA for my personal loan service . I am happy with their overall service of BANK OF BARODA.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 04, 2017
    • Bank of Baroda Personal Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Bank of Baroda and they gave it to me with a good deal overall. The process was easy to get the loan and the documentation was simple and the process was not lengthy. The after loan services are also smooth without any issues.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 25, 2017
    • Bank of Baroda Personal Loan
      "Be convenient to the customers"
      0.5 3.0/5 "Satisfactory"
      As my salary account is with Bank of Baroda, I got some loan opportunity from BOB through my company but I was informed that the entire personal loan process will be done in three months of time which is too much. so I did not go with BOB. If they took three months to the people who are approaching the bank though their organization then I do not know the exact processing time if people approach the bank directly. It would be good if the loan processing time is short.
      Was this review helpful? 0
      , karur
      Reviewed on Sep 07, 2017
    • Bank of Baroda Personal Loan
      "Fair Service"
      0.5 5.0/5 "Blown Away!"
      I had not taken any personal loan from Bank of Baroda but I had tried once with the bank for the loan. Actually I am a salaried cum business man and I am maintaining my savings account with BOB for more than ten years. But the bank did not approve the loan due to the salary constrains.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 30, 2017
    • Bank of Baroda Personal Loan
      "Excellent Service"
      0.5 3.0/5 "Satisfactory"
      Bank of Baroda provides an excellent service for me and they make my loan process easy and fast which was very helpful for me in processing my loan and the rate of intrest was also low compare to others which comes to 13.5% was affortable for me and the executives were also helpful in processing my loan process.
      Was this review helpful? 0
      , kolhapur
      Reviewed on Aug 22, 2017
    • Bank of Baroda Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have got personal loan from Bank of Baroda within 2 to 3 days of time. The additional charges are nominal with Bank Of Baroda. The rate of interest was average as per the market rate. The customer service was also very helpful in regards to my personal loan process. I am satisfied with the loan amount.
      Was this review helpful? 0
      , rohtak
      Reviewed on Aug 21, 2017
    • Bank of Baroda Personal Loan
      "BOB considers only Government employees for personal loan"
      0.5 1.0/5 "Really Bad"
      Though I am a long term customer of Bank of Baroda, they were not willing to give me a personal loan. I am having savings account for quite long time and I do much transactions with them. In spite of having savings account with SBI, I prefer BOB for all my transactions. But BoB considers only the government employee for personal loan, which is really a disappointment.
      Was this review helpful? 4
      , bhopal
      Reviewed on Mar 10, 2017
    • Bank of Baroda Personal Loan
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      Within one day my personal loan was disbursed by bank of baroda as i have account with them i just visited the branch once and on the same day the approval was given. Interest rate charged 13.5 %. Partial payment and pre payment van be done without any charges. BOB has the fast process.
      Was this review helpful? 7
      , jaipur
      Reviewed on Dec 09, 2015
    • Bank of Baroda Personal Loan
      "Satisfied!"
      0.5 3.0/5 "Satisfactory"
      I got my personal loan amount disbursed within 10 days of application. Since I am holding a savings account with Bank Of Baroda, they collected only minimal documents for the application. The interest rate and processing fees is normal when compared to other banks.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Aug 29, 2015
    • Bank of Baroda Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I hold saving account in Bank of Broda, basis on my existing relationship I applied for personal loan. I was offered loan at 11.5% interest rate. The executive came to my house within 2 hours to collect my documents. My loan was processed in 10 days.Excellent service provided from the bank.
      Was this review helpful? 4
      , vadodara
      Reviewed on Aug 10, 2015
    • Bank of Baroda Personal Loan
      "BANK OF BARODAPersonal Loan"
      0.5 4.5/5 "Excellent!"
      I am being with BOB for a quiet long time it is very friendly. They maintain good communication. Interest rate is quiet low while comparing to other banks. Even though the interest rate is high they did not keep up their words on interest so bit dissatisfied on it. Base Rate + 4.50%
      Was this review helpful? 6
      , surat
      Reviewed on May 15, 2015
    • Bank of Baroda Personal Loan
      "Bank of baroda personal loan"
      0.5 3.0/5 "Satisfactory"
      I am being with BOB for a quiet long time it is very friendly. They maintain good communication. Interest rate is quiet low while comparing to other banks. Even though the interest rate is high they did not keep up their words on interest so bit dissatisfied on it. Base Rate + 4.50%
      Was this review helpful? 5
      , secunderabad
      Reviewed on Feb 03, 2015
    • Bank of Baroda Personal Loan
      "awesome facility"
      0.5 5.0/5 "Blown Away!"
      BOB The loan amount ranges from 20,000 to 2 lacs. While the lower limit is good enough to cover people requiring small ticket personal loan, the upper limit is too low to attract people who seek higher amounts.The processing fees are 2% of the loan amount which is as per market standards. There are no prepayment charges which are a big plus for borrowers looking to pay off the loan ahead of schedule.is a public sector bank. The bank was established in 1908 and was nationalized in 1969.
      Was this review helpful? 7
      , mumbai
      Reviewed on Jan 07, 2015
    • Bank of Baroda Personal Loan
      "Best Service of Personal Loan by Bank of Baroda "
      0.5 3.5/5 "Pretty good"
      BOB The loan amount ranges from 20,000 to 2 lacs. While the lower limit is good enough to cover people requiring small ticket personal loan, the upper limit is too low to attract people who seek higher amounts.The processing fees are 2% of the loan amount which is as per market standards. There are no prepayment charges which are a big plus for borrowers looking to pay off the loan ahead of schedule.is a public sector bank. The bank was established in 1908 and was nationalized in 1969. It is one of the few nationalized banks to pursue an aggressive marketing strategy.Overall service was good.I don't have any account but even though I got a good response from them.
      Was this review helpful? 11
      , mumbai
      Reviewed on Oct 29, 2014
    • Bank of Baroda Personal Loan
      "Banking relationship with this bank is good"
      0.5 4.5/5 "Excellent!"
      It is a nationalized bank, whatever they are providing its per the government norms. If I am in need of money in urgent basis, they help me and give it immediately. Interest rate is 9.25% and I would do the deposit in branch. I have a good personal relation with this bank, even the customer service gives me personally.
      Was this review helpful? 5
      , mumbai
      Reviewed on Sep 16, 2014
    • Bank of Baroda Personal Loan
      "Consideration of EMI date would be helpful"
      0.5 3.0/5 "Satisfactory"
      I had taken the loan before 5 years and at that point of time, there were no processing fees. Interest rate is as per the market. Its quite good and no issues at all. Regarding interest rate, the charges , i feel happy. Customer service way of approach is not bad as once my queries were resolved in bit long time. Initially, i requested to deduct the installment of 10th and later was changed as per their bank system. Its better if they can provide the installment date as per the convenient of customers. Even ECS payment options is not available.
      Was this review helpful? 7
      , udaipur
      Reviewed on Jul 23, 2014
    • Bank of Baroda Personal Loan
      "Overall services are fine and good"
      0.5 5.0/5 "Blown Away!"
      The Bank of Baroda bank services are quite OK as it is nationalized bank. Net banking is too good and faster. Branch services are quite OK and executives are doing a good job. I can find number of ATM's and their overall services are fine and good.
      Was this review helpful? 7
      , chennai
      Reviewed on Jul 14, 2014
    • Bank of Baroda Personal Loan
      "Lead banker of my company"
      0.5 3.0/5 "Satisfactory"
      Four months ago I received a personal loan from Bank of Baroda. Everything such as documentation and the loan process are the same however the guarantor details are mandatory to get a loan. Rate of interest is variable but quite affordable. Bank of Baroda is one of lead banker of my company and I am holding a salary account for a while.
      Was this review helpful? 13
      , vadodara
      Reviewed on May 17, 2014
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