Please Note: Bank of Baroda is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Bank of Baroda (BOB) is a renowned public sector bank that offers business loans and MSME loans to self-employed professionals, MSMEs (Micro, Small and Medium Enterprises), corporates and business owners. Various other types of business loans offered by the Bank of Baroda are Working Capital, Term loans, MSME loans, Bill discounting, Overdraft, etc.
Bank of Baroda Business Loan Schemes – 2021
Bank of Baroda offers various business loan schemes to its customers. The details of some of them are given in the table below:
|Loan Type||Loan Amount||Loan Tenure||Interest Rates|
|Baroda Vidyasthali Loan (For Educational Institutes)||Up to 15 crores||Up to 7 years (including moratorium period of 2 year)||8.35% + SP onwards|
|Loan Against Rent Receivables||Up to 200 crores||Up to 10 years||For Landlords of BOB Branch Premises: 7.60% + Strategic Premium + 1.25%|
For others: 7.60%+ Strategic Premium+3.25%
|Baroda Professionals||Up to 5 crores||Up to 7 years||As per standard applicable rates|
|Commercial Vehicle Finance||Up to 30 crores||Up to 5 years||For Transporters: 7.60 + Spread ranging from 0.55% to 1.20%|
Note: The above mentioned interest rate, fees and charges may change and shall depend on the sole discretion of BOB and RBI.
Also Know: How to Calculate Bank of Baroda Business Loan EMI in Just 3 Easy Steps, Click here
Additional MSME Schemes from Bank of Baroda
- Baroda Arogyadham Loan
- Baroda Loan for Restaurants
- Baroda Loan to Business Correspondents
- BOB Weaver Mudra Scheme
- Composite Loan
- Loan for Construction and Mining Equipment
- MSME Capex Loan
- MSME Loan
- MSME Textile Scheme
- PSB Loans in 59 minutes
- Scheme for Professionals
- SME Medium term Loan
- SME Short-term Loan
- Term Finance
- Working Capital Finance
- Bill/Invoice Discounting under Value Chain Finance
- Vendor Bill Discounting for large Real Estate Developers
Best Working Capital Loan offers from leading banks Apply Now
Eligibility Criteria of Bank of Baroda Business Loan
Below mentioned is the eligibility criteria to apply for business/MSME loan from BOB:
- Minimum age of the applicant should be 18 years and maximum up to 65 years
- Business stability and good repayment history
- Applicant with good credit score (750 or above)
- Applicant who has not defaulted in past with any financial institution
Documents Required for Loan Application
- Duly filled application form with passport-sized photographs
- Identity proof- Aadhaar card, PAN card, voter’s ID, passport
- Address proof- Aadhaar card, PAN card, passport, bank statement, agreement of rent, etc.
- Business address proof
- Business PAN card
- Copy of partnership deed, registration certificate by RBI, SEBI, etc.
- Copy of last 2 years income tax returns
- Last 6 months bank statement
- Business establishment proofs
- Any other document required by Bank of Baroda
Depending on your business loan type and credit profile, you might be required to submit additional documents.
Bank of Baroda Business Loan Application Form
The Bank of Baroda business loan application form requires the following details:
- Applicant’s name
- Workplace address
- Loan amount
- Residential address of the proprietor
- Date of business commencement
- Contact details
- Business nature
- Proprietors details and address
- Banking details
- Security/collateral details
- Details of working capital to be invested
Best SME/MSME Loan offers are just a click away Apply Now
Steps to Check BOB Business Loan Application Status Online
To check the loan application status from Bank of Baroda, you can follow these simple steps:
Step 1: Enter your ‘Proposal Acknowledgement ID’ that you received after form submission
Step 2: Enter the captcha text below
Step 3: Click on ‘Track Application’ to check the status of your loan application
Factors that affect BOB’s Business Loan Interest Rate
The interest rate on the Bank of Baroda business loan will depend upon many factors. Some of them are elaborated as follows:
- Credit score: If your credit score is good, you will be at advantage when negotiating the business loan interest rates. Otherwise, you will get the loan at a higher interest rate. Due to poor or bad credit score, you loan application might also get rejected. To increase your chances of business loan approval, keep your credit score more than 750
- Loan amount: You might get business loan at a lower interest rate if your apply for a higher loan amount. This, in turn, leads to lower EMI’s too
- Business stability: Your business must be stable and must have significant business experience and exposure to make profits to receive a lower rate of interest from the bank
Benefits of Availing Bank of Baroda Business Loan
The benefits of applying for Bank of Baroda Business Loan are:
- Competitive Interest Rates – The bank offers business loans at competitive interest rates
- Loans for Different Business Sectors – Keeping in mind different needs of different businesses, the bank offers business loans broadly to MSMEs, Corporates and Businesses that trade internationally
- Different Schemes for Different Businesses – Not every business is same and to cater each one’s monetary requirements, the bank offers different business loan schemes
- Quick Loan Application Process – The bank understands that businesses are time sensitive, and thus, have quick business loan application process
- Fast Loan Disbursal – Since the bank has quick loan application process and also minimal documentation, it takes no time to get loan approval and disbursed in your bank accounts
Best Term Loan offers with minimum documentation Apply Now
Comparison of Bank of Baroda Business Loan vs Other Lenders
Bank of Baroda Customer Care Numbers
Toll-Free Number: 1800 180 MSME or 1800 180 6763
Q. What is the rate of interest on a Bank of Baroda business loan?
Ans. The business loan interest rate offered by Bank of Baroda is 8.35% + Strategic Premium (SP) onwards per annum.
Q. What is the maximum repayment tenure of business loans in Bank of Baroda?
Ans. The maximum repayment tenure offered by bank of baroda is up to 10 years.
Q. How much business loan amount can I avail from Bank of Baroda?
Ans. The maximum loan amount that can be availed is up to Rs. 2 crore under ”Loan Against Rent Receivables” offered by Bank of Baroda.
Business Loan Latest News
Bank of Baroda in partnership with U GRO Capital to disburse Rs. 1000 crore loan to MSMEs
26th July 2021: Under this co-lending program, Micro Small and Medium Enterprises (MSMEs) can now avail business loans worth of Rs. 1000 crore that shall be disbursed by Bank of Baroda in partnership with U GRO Capital. As per RBI’s revised co-lending regulation, 80% of the loan amount shall be disbursed by BOB and the rest by the NBFC partner. The loan can be availed by MSMEs operating at U GRO’s over 200 channels around 9 locations in cities that include Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Jaipur, Ahmedabad, Pune and Bengaluru. Below are the loan details offered for MSMEs:
Features of MSME Loan under co-lending program
|Interest Rate||8%-10% per annum|
|Loan Amount||Up to Rs. 50 lakh|
|Repayment Tenure||Up to 120 months|