Bank of Baroda is among the most trusted public sector banks in the country, providing various banking and financial services. It offers a wide range of loans, including business loans. MSMEs, self-employed professionals, owners of business entities, corporates, etc., can get a BOB Business Loan.
To suit the business requirements of various customer types, the bank provides several types of business loans, that include:
MSME business loans
Working capital loans
Term business loans
Bill discounting loans
Read on to learn more about the crucial aspects of a Bank of Baroda Business Loan.
The Bank of Baroda Business Loan eligibility conditions are quite simple, but they vary across different products. Here’s the basic eligibility criteria you need to meet:
You must be between 21 and 60 years.
Have a CIBIL score of 750 or above to enjoy competitive interest rates.
You need to have a profitable business with two years of vintage.
Your business should not have a history of credit default with any financial institution.
Here is a look at standard documentation required for availing a Bank of Baroda Business Loan. The required documents may vary across loan products.
Proof of Address: Passport, rental agreement, utility bills, etc
Proof of Business Identity: Certificate of Registration, articles of association, etc
Proof of Income / Revenue: Bank statement of last six months, salary slips
Remember, the requirement for additional documentation is at the discretion of the bank and contingent upon several factors. This includes the business loan product selected, amount required, and the type of business you own.
You can calculate your EMI obligations beforehand by using the simple and convenient online EMI calculator. To use the Bank of Baroda Business Loan EMI calculator you need to provide three variables: the loan amount, applicable interest rate and tenure. You can then view your EMI amount instantly.
You can apply for a Bank of Baroda Business Loan online in a few simple steps. You are required to:
Visit the Bank of Baroda’s official website for business loans
Select your preferred loan from various types of business loans, such as MSME loans, corporate loans, international banking loans, start-up banking loans, and more
Choose the sub-category of your business loan (For instance, if you select MSME loans, you can see multiple loan offers, like loans and advances, digital MSME working capital loans, digital mudra loans, etc)
Click on ‘Apply Now’
Provide your personal details and complete the registration process by entering an OTP
A bank official or representative will contact you to take the loan application forward. You will need to fill out the online form and upload the requisite documents. Upon successful authentication of your form and approval of your application, the loan amount will be disbursed within a short time.
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Bank of Baroda Business Loan interest rates vary across different products. Visit the bank’s official website to find the latest rates applicable.
Yes, you must be at least 21 years old to apply for a Bank of Baroda Business Loan. The maximum age on the date of loan maturity should not be above 60 years.
Yes. The bank provides companies with working capital to meet operating expenses, either by issuing a letter of credit or via direct funding.