Bank of Baroda Bank Business Loan
Bank of Baroda submits business loans for the various business requirements and the needs of its user at low-interest rates and charges. If the user wishes to seek credit from the bank, then they can apply for the loan online. The bank grants it users with best business loan facilities, simple loan process, and disbursal. The bank offers Business loan at the interest rate of 10%. Business loan in Bank of Baroda depends on annual loan turnover, total receipts, number of years of ITR, loan amount, loan tenure and interest rate. The primary goal of the bank is to offer a hassle-free line of funds for effective capital requirements. The bank takes into account the nature of the business, cash flow projections, peak time needs and any possibility of any unforeseen event in the company.
WHY PREFER BANK OF BARODA BANK BUSINESS LOAN?
- Immediate loan disbursal
- Low-interest rates
- Minimum processing fees
- No hidden charges
- A choice to avail credit facility as a loan or an overdraft
- Pricing is associated with an internal risk rating
- Investment guaranteed against security
- Simple procedure
Bank of Baroda Bank Business Loan Interest Rate
Loan Amount
Starting From Rs. 50,000 up to Rs. 25 lakhs
Interest Rate |
10.99% - 20.00% |
Loan Tenure |
12 to 60 months |
Processing Fee |
2.50%, Minimum Rs. 1,000 Maximum Rs. 25,000 |
Foreclosure Charges |
Allowed after 12 EMIs, Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2% |
Age |
21 years up to 60 years |
FEATURES INVOLVED IN BUSINESS LAON AT BANK OF BARODA
LOAN AMOUNT
Business loan rate in Bank of Baroda depends against the loan value that the user applies for. Greater the loan amount, minor will be the interest rate. Bank gives a loan of minimum Rs. 1 Lakh to up to Rs. 2 Lakh. The interest rate for high loan amount can be level down following in lower EMIs.
CIBIL SCORE
Bank of Baroda provides a loan at the lower interest rate. Even if the cibil score is low or vice versa the bank provides with loans to these candidates. However, to get a loan from Bank of Baroda, the CIBIL score should be at least 700. More the CIBIL Score, More the chances of getting a loan at low business interest rates.
REVENUE
Bank of Baroda will provide the loan at lower interest rate if the applicant has higher monthly revenue. Bank gives credit to the borrowers whose annual turnover is at least Rs zero.
TIME IN BUSINESS
Bank of Baroda provides a loan at low rates if the user has significant business experience. Minimum business survival to get a loan from Bank of Baroda is 0 months.
ADJUSTABLE REPAYMENT TENURE
The user can immediately determine the repayment tenure on the support of the income as they can prolong the loan tenure up to 60 months.
LOW LOAN PROCESSING FEE
Bank of Baroda charges very low loan processing charges which encourage the user to get a loan without actually making any additional expenses.
SIMPLE PRE-CLOSURE AND PART PAYMENT OPTION
The applicant can merely pay-off the loan following the availability of the cash. The pre-closure and part-payment option are available with almost no or very minimal charges.
24/7 CUSTOMER SERVICE
The applicant has the authority of expert customer support throughout the lending method. They can contact the customer desk of the bank via a call or message. The user does require touring the bank physically as all the loan paperwork can be performed online with ease.
EXCITING OFFERS FOR WOMEN
With the Business Loan designed primarily for women, Indian Bank presents a unique loan scheme to women employees who are ambitious to fulfill their goals. It offers with plans which are fitting for working women to obtain their necessities and aims. They can take a Business loan of up to Rs. 25 lakh.
Bank of Baroda Bank Business Loan Fees & Charges
| Loan Processing Fees | Up to 2.50% of loan amount, Rs 1,000 to 25,000 |
|---|---|
| Pre-payment Charges | 4% of principal outstanding - 13 to 24 months, 3% of principal outstanding – 25 to 36 months 2% of principal outstanding - >36 months |
| Penalty for late EMI payment | 24% per year on outstanding amount From default date |
WHAT IS THE ELIGIBILTY CRITERIA FOR BANK OF BARODA BANK BUSINESS LOAN
The business systems should be profit making, and it should be established in the order of business for the least period of two years and above.
For a partnership firm, profit before tax will be counted after adding the payment to partners and interest on partner’s property.
Trading systems organized by the existing current account or advance account customers with fair dealings for the last one year or their resembling relatives can be considered, even if these are established for less than two years.
All the types of non-farm businesses can avail the loan.
Companies falling under the classification of small and micro units will be passed for a loan.
Any member included in the income generating projects, trading, construction, and services are available to the process of Loan.
If the system wants funding up to an amount of Rs. 10 lakh, then the loans can be quickly availed.
The loan applicant must not be a debtor in any bank across India.
DOCUMENTS WHICH ARE NECESSARY FOR BUSINESS LOAN AT BANK OF BARODA
Identity proof which includes voter’s ID card, PAN card, driving license, passport, adhaar card, residence proof, etc
Latest telephone bill which provides for property tax receipt, electricity bill, adhaar card, voter’s ID card, passport copies of partners /,Proprietors/directors, certificate proof for OBC/SC/ST/Minorities, Proof of address for a business concern
License Copies involving registration certificates, documents containing the address, ownership details, etc., of the business
Bank account statement for at least six months.
For the loans amounting to Rs. two lakh and above - balance sheets for the previous two years with IT returns and sales tax returns.
Project reports
Partnership deed of partners
2 Photographs
If third party guarantee is not given, then the asset and liability statement of the borrower, directors or partners needs to be submitted.
WHY SHOULD THE APPLICANY APPLY FOR BANK OF BARODA BUSINESS LOANS AT RUPEE STATION?
NO HIDDEN CHARGES
Rupee Station knows that the users have hard time making money; therefore Rupee Station gives loans with no additional or hidden fees when the user applies for the loan.
ECONOMIC INTEREST RATE
The applicants who are seeking for the loan have the right where the bank gives with low interest charges on loan supplied to them.
EASY DOCUMENTATION
Paperwork can be a worry sometimes. If the applicants have the right to dodge paperwork, then they would happily do it. Therefore, Rupee station doesn't believe in extensive documentation and hence tries to make the work easy for the applicants.
DISBURSAL OF FUNDS WITHIN TWO DAYS
We understand that importance of funds needed to the applicant hence at Rupee Station the user can get the funds within two working days after the documents are verified and approved by the bank
HOW TO IMPLEMENT FOR BANK OF BARODA BUSINESS LOANS AT RUPEE STATION?
Step 1
The applicant first has to fill an online application form to get loan approval instantly
Step 2
After the applicant has filled in the application form, the bank would review the application and send an approval within few minutes
Step 3
After it is approved the money is disbursed within two working days
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