|Loan amount||Up to Rs. 200 Crores|
|Tenure||Flexible & depends on loan type|
|Rate of interest||6.75% p.a. onwards|
|Types||Secured and unsecured business loans|
|Type of facility||Term loan as well as overdraft|
Additional Info: Also check Bank of Baroda Balance Check Number
Additional Reading: How to get loans for bad credit?
Additional Reading: How to check free cibil score?
The interest rates for Bank of Baroda business loans are linked to the bank’s 1-year Marginal Cost of Funds based Lending Rate (MCLR) or Baroda Repo Linked Lending Rate (BRLLR) or Base Rate (BR), which are as follows:
Bank of Baroda interest rate on Business Loans depends on various factors:
Bank of Baroda offers facilities to calculate your Business Loan EMI. Click on the Calculate EMI option and enter the loan amount, interest rate, and loan tenure to get your Business Loan EMI.
You can also use the Business Loan EMI Calculator available on our website. Using this calculator is easy. Submit details like loan amount, rate of interest, and repayment tenure to arrive at the EMI amount. This calculator provides the loan amortisation schedule as well. It gives you the year-wise breakup of your loan repayments.
Here is an example of EMI calculation using MyMoneyMantra EMI Calculator:
Loan amount required: Rs. 50 Lakhs
Applicable rate of interest: 6.75% p.a.
Repayment tenure: 5 years
EMI to be paid by you each month: Rs. 98,417
Total interest to be paid: Rs. 9,05,038
Total amount to be paid by you to the lender: Rs. 59,05,038
Our EMI Calculator also provides the following amortization schedule:
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 50,00,000||Rs. 98,417||Rs. 28,125||Rs. 70,292||Rs. 49,29,708|
|2||Rs. 49,29,708||Rs. 11,81,008||Rs. 3,06,014||Rs. 8,74,994||Rs. 40,54,714|
|3||Rs. 40,54,714||Rs. 11,81,008||Rs. 2,45,090||Rs. 9,35,918||Rs. 31,18,797|
|4||Rs. 31,18,797||Rs. 11,81,008||Rs. 1,79,924||Rs. 10,01,084||Rs. 21,17,713|
|5||Rs. 21,17,713||Rs. 11,81,008||Rs. 1,10,221||Rs. 10,70,787||Rs. 10,46,926|
|6||Rs. 10,46,926||Rs. 10,82,590||Rs. 35,664||Rs. 10,46,926||Rs. 0|
Additional Reading: How to calculate credit score?
Bank of Baroda offers a variety of Business Loans to cater to every section of society. The bank provides different facilities to traders, small borrowers under the MUDRA scheme, MSME borrowers and corporate entities.
Following are different types of business loans offered by the Bank of Baroda along with their eligibility criteria:
Traders: Loan up to Rs. 10 Crores and tenure up to 120 months with flexibility to avail peak/non-peak season limits to cater to the varying demands of the business.
Mudra Loans: Credit available to micro and small enterprises engaged in some income generation. There is no minimum limit and maximum amount available up to Rs. 10 Lakhs.
Baroda Vidyasthali Loan: Loan up to Rs. 5 Crores for financing educational institutions for construction of school building, renovation, modernisation, expansion, equipment purchase, vehicle purchase, etc.
Baroda Arogyadham: Loan up to Rs. 30 Crores for MSME units to set up/purchase of new clinic/hospital, renovate/modernise/expand existing hospital or clinic, purchase modern medical diagnostic or office equipment, and meet working capital requirements.
Composite Loans: Loan up to Rs. 1 Crore for working capital requirement, and capital investment such as the purchase of fixed assets for business. Repayment up to 10 years (extendable).
Working Capital Finance: Loan to meet operating expenses, purchase inventory, finance receivables either by direct funding like Bills Discounting or by issuing a letter of credit.
Term Finance: Loan for all business units for capital expenditure, acquiring fixed assets, business unit set up or expansion, purchase equipment for professional use, etc.
Apart from the business loan schemes mentioned above, Bank of Baroda offerrs the following credit facilities to business units:
Additional Reading: Cibil score check free online by pan number
a) Identity Proof – Any one of the following:
b) Address Proof of Residence – Any one of the following:
c) Proof of address of the business
d) Income Documents:
e) Rent agreement, if business premises is on rent
f) MSME Registration
g) In case of takeover of loans, sanction letter along with terms and conditions is necessary.
h) Photocopies of all property documents, if the property is offered as collateral
i) Position of accounts from existing bankers and confirmation of asset classification (in case of takeover)
For limits above Rs. 25 Lakhs, the following additional documents are necessary:
a) Audited Balance Sheets are compulsory
b) Business profile of the unit
c) Last three years B/S of associate or group companies
d) Project Report
e) Review of account
f) Manufacturing Process, if applicable
Additional Reading: How to improve cibil score?
MyMoneyMantra offers accessible avenues to apply for Bank of Baroda Business Loans from its website. The process is simple.
You can also apply through the following ways:
Additional Reading: Check Credit Bureau of India
You can contact the bank through the following means regarding Business Loan queries:
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
Get Kotak Mahindra Bank Business Loan up to Rs. 2 Crore online at interest rate starting from 16% p.a.
Yes, it is possible to apply for Bank of Baroda Business Loan online. The official website of Bank of Baroda provides the loan application link against each of its loan products. You can apply for Bank of Baroda Business Loan using this link. You can also apply online through MyMoneyMantra.
Various factors affect your Business Loan eligibility at Bank of Baroda:
Bank of Baroda charges interest on the utilised portion of your OD limit. It is a running account that allows you to deposit and withdraw at frequent intervals up to the drawing power in the account.
Yes, it is possible to foreclose your Business Loan subject to paying the foreclosure penalty. There is no prepayment penalty on retail loans.
Bank of Baroda is the leading nationalised bank in India. It is a member lending institution approved by CGTMSE. It offers loans up to Rs. 2 Crores to MSME units without collateral by covering the loan under CGTMSE guarantee.
You can repay your Bank of Baroda Business Loan in various ways:
If you are applying for a Business Loan of more than Rs. 25 Lakhs, it is compulsory to provide audited B/S. If otherwise, you can submit unaudited financial statements. However, it is advisable to offer audited B/S every time.
The following factors determine your interest rate on your Business Loan:
The Government of India has devised a programme, whereby eligible MSME units can apply for a Business Loan on the website, www.psbloansin59minutes.com and get in-principle approval of the Business Loan within 59 minutes. Bank of Baroda is a prominent lender in this scheme.
Bank of Baroda is a corporate agent for insurance service providers like Star Health & Allied Insurance and Max Bupa Health Insurance. It is also possible to insure your non-life like stocks, building premises, and so on with National Insurance Company through Bank of Baroda.