The Bank of Baroda brings a loan facility to people such as entrepreneurs, proprietors, partnership firms, co-operative societies, and even dealers of precious metals like silver and gold will be eligible to make use of this loan. The loan or the overdraft is provided in order to generate working capital or to develop their business by way of modification or expansion.
Any individual who has his or her business of any products and commodities and goods, which the community needs. Under the rules of the law and not opposed to public interest and have been in the business or trade for a period of latest 3 years you can avail Baroda Traders Loan from Bank of Baroda.
The Bank of Baroda will provide you with the Baroda Traders Loan in the form Working loan or an overdraft.
The minimum loan amount as per Baroda Traders Loan from Bank of Baroda will be Rs. 25, 000/- and the maximum amount will be a sum of Rs. 400 lakhs in Metro and Urban areas, while in Rural and Semi-Urban areas the amount would be Rs. 300 lakhs.
The rate of interest for the Baroda Traders Loan provided by the Bank of Baroda will be the base rate 9.65 + 2.00%
The bank will require the tangible collateral security like the mortgage of the land and building, NSCs, government bonds, any term deposits, LIC policies which are name on the applicant name will be accepted as security. The bank will also need the financial statements like Balance Sheets, Profit and Loss accounts. The annual sales report along with the return/assessment on sales and income tax will need to submit.
The bank will have a margin of 40% of the market value of the property that is hypothecated, 10% over any fixed deposits, and 15% over the face value of any NSCs, government bonds, or LIC policy at the surrender value. The bank is also offering their customers for the Baroda Traders Loan with a waiver of 50% of on processing fees until 31/03/2016. The processing fees stand at 0.35 % for Minimum Rs. 1,000/- and, Maximum Rs.30,000/-
When you would like to apply for this loan you can download the application from the Bank of Baroda website and fill in the required details and provide the relevant documents attached to the form, and visit the nearest branch.
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