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.
The following are the key features of the Mudra loan offered by Bank of Baroda.
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.
|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%|
|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%|
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)
Proof of address for a business concern
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