Bank of India Business Loan

Note: With effect from 1st Dec 2022, Bank’s 1-year MCLR stands at 8.15%.

The enterprises/business owners who wish to get financial assistance from Bank of India can apply for its business loans. These loans can be utilized for business expansion purposes and meeting working capital requirements. Depending on the type of loan, various documents need to be furnished with the bank for assessment of the business and eligibility criteria. After verification of documents, Bank of India may sanction business loans to applicants.

Also Check & Compare – Business Loan Interest Rate of Top Banks

Below mentioned are the key loan products offered by Bank of India:

1. Star Laghu Udyami Samekat Loan

The Star Laghu Udyami Samekat Loan is offered to Micro and Small Enterprises, for a maximum repayment period of 5 years, with a moratorium of 3-6 months. The loan is a Composite Loan in the form of Demand/ Term Loan, given for investment and working capital requirements of small businesses.

Quantum of Loan:

Rural Area: Maximum Amount – Rs. 5 lakh

Semi-urban Area: Maximum Amount – Rs. 10 lakh

Urban Area: Maximum Amount – Rs. 5 lakh

Metro Area: Maximum Amount – Rs. 1 crore

Rate of Interest:

Upto Rs. 50,000: 10.20% p.a. onwards

From Rs. 50,000 to Rs. 5 lakh: 11.20% p.a. onwards

From Rs. 5 lakh to Rs. 10 lakh: 12.20% p.a. onwards

From Rs. 10 lakh to Rs. 1 crore: 12.95% p.a. onwards

Documents Required:

2. Star SME Liquid Plus

Star SME Liquid Plus loan is a term loan, given to proprietorship / partnership firm which qualifies to be a SME. The firms need to be doing business for at least 3 years and should be making profit for last 2 years to apply for this loan. The businesses must have entry level credit rating of SBS 5. The loan needs to be repaid through 84 installments, within 7 years with a moratorium of up to 12 months.

Quantum of Loan: Minimum Rs. 10 lakh and Maximum Rs. 5 crore

Rate of Interest: Depends on the prevailing structure of the bank

Documents Required:

3. Star SME Contractor Credit Line

The Star SME Contractor Credit Line loan is a line of credit given for meeting the working capital needs of civil contractors, mining contractors, engineering contractors, transport contractors, etc. This line of credit is offered to established proprietorship firms, partnership firms, limited companies, etc. The applicant company must be engaged in doing business for the last 3 years and should have the entry level credit rating of SBS 5.

Quantum of Loan: Minimum Rs. 10 lakh and Maximum Rs. 5 crore

Rate of Interest: Depends on the applicant’s profile and loan amount

Documents Required:

Bank Of India Customer Care Number

Toll-Free Numbers: 1800-220-229 / 1800-103-1906
Landline Number (For customers within India) – (022) 40919191

Also Read: Top 6 Government Loan Schemes for Small Businesses

Apart from these loans, the Bank of India also offers different loans for specific purposes that are as follows:

Additional MSME Schemes

Bank of India also offers loans under various Government sponsored schemes, such as PMMY, Stand up India, PMEGP, Pradhan Mantri Credit Scheme, Weavers Mudra Scheme, Cluster Financing, etc.

Follow the below steps to check your loan application status with Bank of Baroda:

Step 1: Visit the official website of Bank of India

Step 2: Mention your Application Number

Step 3: Enter Your Mobile Number

Step 4: Click on the ”Submit” button to know your loan application status