Bank of Baroda E Mudra Loan will give you 10 lakh rupees at home, know the complete process
Bank Of Baroda E Mudra Loan 2023-24, Bank Of Baroda E Mudra Loan 2023, Bank Of Baroda Mudra Loan, BOB E Mudra Loan apply online 50 000, Mudra loan apply Are you struggling to get financial help to start your business? are you Do you need a small loan to keep your business going? Bank of Baroda (BOB Bank) Under the Pradhan Mantri Mudra Loan Scheme, BOB Bank offers e-Mudra loans for business purposes.
In this article, we will provide you complete information on how to apply for Bank of Baroda e-Mudra Loan, including age limit for the loan, eligibility criteria, required documents and benefits of the scheme.
Bank of Baroda E Mudra Loan 2023 | What is Pradhan Mantri Mudra Yojana (PMMY)?
| Bank Name | Bank of Baroda |
| Name of the article | Bank of Baroda e Mudra Loan |
| Type of article | banking |
| Who can apply? | Every interested applicant can apply |
| Loan amount | 50,000 to 10 lakhs |
| Mode of application | Online |
| requirements | aadhar card |
| Website | https://www.bankofbaroda.in/ |
Pradhan Mantri Mudra Yojana (PMMY) is an initiative by the Government of India to provide cost-effective credit to micro and small enterprises. The primary objective of Mudra Yojana is to integrate enterprises into the formal financial system and provide credit to those who were previously unfunded. The PM Mudra Loan Scheme provides loans to non-agricultural micro or small enterprises engaged in income generation through manufacturing, trading and services.
Shishu - The loan amount approved under this scheme is up to Rs. 50,000.
Kishore - The loan amount approved under this scheme is from Rs. 50,001 to up to Rs. 5 lakhs.
Tarun - The loan amount approved under this scheme is from Rs. 5, 00,001 to up to Rs. 10 lakhs.
Processing Charges - Bank of Baroda does not levy any processing charges on Mudra loans.
Security - Borrowers do not have to submit any collateral security while availing the loan. Assets that have been created from the bank’s finance would suffice.
Bank of Baroda (BOB) Mudra Loan Interest Rates
| Small Enterprises | |
| Loan amount up to Rs. 50,000 | Base Rate plus 0.50% |
| Over Rs. 50,000 to up to Rs. 2 lakhs | Base Rate plus 1% |
| Over Rs. 50,000 to up to Rs. 10 lakhs | Base Rate plus 1.25% |
| Micro Enterprises | |
| Loan amount up to Rs. 50,000 | Base Rate |
| Over Rs. 50,000 to up to Rs. 2 lakhs | Base Rate plus 0.50% |
| Over Rs. 50,000 to up to Rs. 10 lakhs | Base Rate plus 1.0% |
Eligibility criteria
- All types of non-farm enterprises can avail a Mudra Loan.
- Enterprises falling under the category of small and micro units will qualify for a loan.
- Any unit involved in income generating activities, trading, manufacturing and services are eligible to procure a Mudra Loan.
- If the unit requires funding up to an amount of Rs. 10 lakhs, then Mudra loans can be easily availed.
- The loan applicant must not be a defaulter in any bank across India.
Documentation Required
The following documents have to be given by mudra loan applicants. The requirements might vary according to the location the loan has been availed from.
Proof of Identity (Self-attested copies)
- Voter’s ID card
- PAN Card
- Driving License
- Passport
- Aadhaar Card
Residence Proof
- Latest Telephone Bill
- Property Tax Receipt (the latest should be two months old)
- Electricity bill
- Aadhaar 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
- Registration Certificates
- Documents containing address, ownership details, etc., of the business
- Bank account statement for the last six months
- For loans amounting to Rs. 2 lakhs and above- Balance sheets for the last two years with IT returns and sales tax returns.
- For loans amounting to Rs. 2 lakhs and above- Projected balance sheet for a year for working capital limits / Projected balance sheet for the entire loan tenure in case of term loans.
- Sales data for the current financial year.
- Project reports
- Partnership Deed of Partners
- Memorandum and articles of association of the business firm
- 2 Photographs each - Directors / Partners / Proprietors
- If third party guarantee is not given, then the Asset & Liability statement of the borrower, directors or partners needs to be submitted.
Why register for BOB Whatsapp Banking?
Follow the steps below for WhatsApp banking facility of Bank of Baroda.
- First of all send message hi on BOB Whatsapp Number +918433888777 .
- Then you will be asked to agree to the terms and conditions. Agree.
- This facility of Bank of Baroda can be availed 24 x 7.
Benefits of BOB Whatsapp Banking
- There is no rush to the bank for work like balance checking, mini statement. So time is saved.
- Fastag balance etc. services are also available.
- Debit card can be blocked.
- There is no need to go to the bank to apply for check book withdrawal.