Can I apply for Bank of Baroda Mudra Loan online?

Yes, Bank of Baroda provides the facility to apply for Mudra Loan online through its official website or internet banking portal, making the application process convenient and accessible. .

Are there any specific interest rate concessions for women entrepreneurs under Bank of Baroda Mudra Loan?

Yes, Bank of Baroda offers special interest rate concessions for women entrepreneurs availing Mudra Loans, making it more accessible and affordable for them. .

Is there any processing fee associated with Bank of Baroda Mudra Loan?

Bank of Baroda does not charge any processing fee for Mudra Loans up to Rs. 50,000. However, nominal processing charges may apply for higher loan amounts. .

What is the repayment schedule like for Bank of Baroda Mudra Loan?

The repayment schedule for Bank of Baroda Mudra Loan is flexible, with options ranging from 3 years to 7 years, depending on the loan amount and the borrower's preference. .

Is there any age limit for applicants applying for Bank of Baroda Mudra Loan?

Bank of Baroda does not impose any specific age limit for Mudra Loan applicants, making it accessible to individuals of all age groups who meet the eligibility criteria. .

What types of businesses are ineligible for Bank of Baroda Mudra Loan?

Businesses involved in speculative activities or activities deemed illegal by law are ineligible for Bank of Baroda Mudra Loan. Additionally, businesses with a history of default may not qualify. .

Can I avail multiple Mudra Loans from Bank of Baroda for different business ventures?

Yes, subject to eligibility criteria and credit assessment, you may avail multiple Mudra Loans from Bank of Baroda for different business ventures, provided you can demonstrate repayment capacity. .

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.

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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

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 of 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.

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Documentation Required to Apply 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)

Voter's ID card
PAN Card
Driving License
Passport
Aadhaar Card

Residence Proof

Latest Telephone Bill
Property Tax Receipt (the latest should be two months old)
Electricity bill
Aadhaar Card
Voter's ID card
Passport copies of Partners / Proprietors/Directors
Certificate proof for OBC/SC/ST/Minorities

Proof of address for a business concern

License Copies
Registration Certificates
Documents containing address, ownership details, etc., of the business
Bank account statement for the last six months
For loans amounting to Rs. 2 lakhs and above- Balance sheets for the last two years with IT returns and sales tax returns.
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.
Sales data for the current financial year.
Project reports
Partnership Deed of Partners
Memorandum and articles of association of the business firm
2 Photographs each - Directors / Partners / Proprietors
If third party guarantee is not given, then the Asset & Liability statement of the borrower, directors or partners needs to be submitted.

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FAQs on Bank of Baroda Mudra Loan

Can I apply for Bank of Baroda Mudra Loan online?
Yes, Bank of Baroda provides the facility to apply for Mudra Loan online through its official website or internet banking portal, making the application process convenient and accessible.
Are there any specific interest rate concessions for women entrepreneurs under Bank of Baroda Mudra Loan?
Yes, Bank of Baroda offers special interest rate concessions for women entrepreneurs availing Mudra Loans, making it more accessible and affordable for them.
Is there any processing fee associated with Bank of Baroda Mudra Loan?
Bank of Baroda does not charge any processing fee for Mudra Loans up to Rs. 50,000. However, nominal processing charges may apply for higher loan amounts.
What is the repayment schedule like for Bank of Baroda Mudra Loan?
The repayment schedule for Bank of Baroda Mudra Loan is flexible, with options ranging from 3 years to 7 years, depending on the loan amount and the borrower's preference.
Is there any age limit for applicants applying for Bank of Baroda Mudra Loan?
Bank of Baroda does not impose any specific age limit for Mudra Loan applicants, making it accessible to individuals of all age groups who meet the eligibility criteria.
What types of businesses are ineligible for Bank of Baroda Mudra Loan?
Businesses involved in speculative activities or activities deemed illegal by law are ineligible for Bank of Baroda Mudra Loan. Additionally, businesses with a history of default may not qualify.
Can I avail multiple Mudra Loans from Bank of Baroda for different business ventures?
Yes, subject to eligibility criteria and credit assessment, you may avail multiple Mudra Loans from Bank of Baroda for different business ventures, provided you can demonstrate repayment capacity.

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