Please Note: Bank of Baroda is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Bank of Baroda Mudra Loan – Highlights – Dec 2022
Interest Rate | Based on your Business’s Profile |
Maximum Loan Amount | Rs. 10.00 Lakh |
Tenure | Max. of 5 Years |
Collateral / Security | Not required |
The interest rate charged on the Bank of Baroda Mudra Loan depends on the business profile; the applicants’ credit score, the nature of the business and so on. The applicable interest rate will be communicated by the loan officer to the customer after the loan application submission and verification process.
Click here to download Bank of Baroda mudra loan application form in PDF format.
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
Bank/NBFCs | Interest Rate | |
Axis Bank | 14.95% - 19.20% p.a. | Apply Now |
Bajaj Finserv | 9.75% - 30% p.a. | Apply Now |
Flexiloans | 1% per month onwards | Apply Now |
HDB Financial Services Ltd. | Up to 36% p.a. | Apply Now |
HDFC Bank | 10% - 22.50% p.a. | Apply Now |
IDFC First Bank | 10.50% p.a. onwards | Apply Now |
Indifi | 1.50% per month onwards | Apply Now |
Kotak Mahindra Bank | 16% - 26% p.a. | Apply Now |
Lendingkart | 12% - 27% p.a. | Apply Now |
Mcapital | 2% per month onwards | Apply Now |
NeoGrowth Finance | 19% - 24% p.a. | Apply Now |
Tata Capital | 12% p.a. onwards | Apply Now |
UGRO Capital | 14.90% p.a. | Apply Now |
Note: Business loan interest rates are updated as on Dec 2022.
Eligibility Criteria for Mudra Loan in BOB Bank
All non-farm income generating enterprises which fall under the Micro Small Medium Enterprises (MSMEs) category are eligible for loans under this scheme. The additional requirements to apply for Mudra Loan from Bank of Baroda include the following:
- Businesses applying for the loan should be in either manufacturing, trading or service providers
- Businesses requiring capital up to Rs. 10 lakh only can apply for this loan
- Those involved in allied agricultural activities can also apply for mudra loan
Related Post: what is the eligibility criteria for a business loan?

Get Business Loan for Startups at Lowest Interest Rates Apply Now
Categories of Mudra Loan
Bank of Baroda Mudra Loan is divided in 3 categories on the basis of stages of growth in business. The loan amounts that can be borrowed under the schemes are:
Mudra Loan Scheme | Amount |
Shishu | Up to Rs. 50,000 |
Kishore | Between Rs. 50,000 & Rs. 5.00 Lakh |
Tarun | Between Rs. 5.00 Lakh & 10.00 Lakh |
1. Shishu
The smallest category of Bank of Baroda Mudra Loan is the Shishu scheme. This scheme is most beneficial to small businesses that need seed money only. This loan scheme charges the least interest rate as well.
2. Kishore
Kishore scheme of Bank of Baroda Mudra Loan is meant for businesses that have been established and need a loan for further expansion. Under this scheme the amount between Rs. 50,000 to Rs. 5 lakh can be availed.
3. Tarun
Tarun scheme is the biggest category of Bank of Baroda Mudra Loan. Under this scheme loan amount greater than Rs. 5 Lakh but less than Rs. 10 Lakh can be availed. This can be used to buy expensive machinery or further expand the business
Tenure
The repayment time period of Mudra Loan may extend to 3 years. An additional 2 years may be granted by the bank at its own discretion.
Documents Required for Loan Application
The following documents are required to apply for Bank of Baroda Mudra Loan:
- Application form with passport-sized photographs
- Proof of belonging to SC/ST, OBC if applicable
- Last 12 months’ bank statement
- Business Incorporation Certificate
- Quotation of equipment that needs to be purchased
- Any other document required by the bank
Aside from this, the following documents are also required:
Identity Proof | Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc. |
Residence Proof | Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill (not more than 3 months old), etc. |
Bank of Baroda Mudra Loan Customer Care Number
24*7 Toll-Free Number for Bank of Baroda are 1800 258 4455 and 1800 102 4455.
FAQs
Q. Who can apply for Bank of Baroda Mudra Loan?
Ans. Indian citizens can apply for Bank of Baroda Mudra Loan. Additionally, applicants must be in the non-agricultural non-corporate sector to successfully avail the loan. However, applicants can be in agricultural allied activities also to successfully apply for a loan.
Q. Is there any subsidy provided on Mudra Loan schemes?
Ans. No, currently there is no subsidy provided on loans under Pradhan Mantri Mudra Yojana. Nevertheless, if the loan proposal falls under any Government scheme where the Government provides capital subsidy then it will be eligible under Mudra Yojana as well.
Q. Can handicapped people also apply for Bank of Baroda Mudra Loan?
Ans. Yes, handicapped people can also apply for Bank of Baroda Mudra Loan
Also Know: How to Apply for Business Loan for Disabled People
Q. How to calculate Mudra loan EMI on Bank of Baroda?
Ans. To calculate Mudra loan EMI, you need to fill in the details in the Business Loan EMI calculator, such as loan amount, repayment tenure and interest rate.
The formula that’s used is –
E = P * r * (1+r)^n / ((1+r)^n-1)
Where ‘E’ is EMI
‘P’ is the Principal Loan Amount
‘r’ is the rate of interest calculated on a monthly basis
‘n’ is the tenor or duration of the loan
Q. How can I check my Mudra loan status?
Ans. To check the Mudra loan status, you need to personally visit the nearest bank branch or call the Toll Free number of the bank.
Q. What would happen if you don’t repay the Mudra loan or the CGTMSE?
Ans. If you do not repay the loan or loan under CGTMSE scheme, the bank shall follow up for payment, your credit score will decrease and it will not be possible for you to avail any loan or credit card from any financial institution.