Whether you are about to start a business or are planning to take it to the next level. In both the situations you will definitely need money.
But if you do not have proper investment or are facing shortage of money, then you do not need to take any tension at all.
Because today there are many government and private banks which can easily approve business loans for new/already existing businesses. Is. And one of them is Bank Of Baroda.
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If you want to take a business loan from Bank of Baroda Want to but you don’t know how to take a business loan from Bank of Baroda? What are the eligibility criteria to take a loan from this bank and which documents are required? What will be the need and at what minimum interest rate can a business loan be obtained?
So after reading today’s post for 4-5 minutes, all your doubts will be cleared. And then you can very easily take a loan by applying for a business loan in Bank of Baroda today itself.
Bank Of Baroda Business Loan Detail
| Name- | Bank Of Baroda Business Loan Bank Of Baroda Business Loan |
| Who is the lender? | Bank Of Baroda |
| Rate of interest- | The interest rate is only 8.35 to 14.10% per annum |
| Processing Fee- | 1% of loan amount |
| Loan repayment period- | The loan tenure is 12-36 months. |
| Loan amount- | You can take a loan from minimum Rs 1 lakh to maximum Rs 50 lakh. |
| Age- | 21 to 60 years |
| Official website- | www.bankofbaroda.in |
Bank Of Baroda Business Loan Interest Rates – What Is Bank Of Baroda Business Loan Interest Rates?
If you are thinking of taking a business loan from Bank of Baroda, then first of all you should know about the interest rate.
Because the higher the interest rate of the bank, the more amount you will have to repay. Therefore, you should compare the interest rates of all the banks and take a loan only from the bank with the lowest interest rate.
And if we talk about the interest rate on business loan of Bank of Baroda, then Bank of Baroda gives us 8.35%-14.10% Annual Interest Rate Provides loan on.
Along with this, Bank of Baroda Business Loan also provides attractive interest rates as per your business. That is, if your business is older, you are provided a more attractive interest rate accordingly.
You will get the option of EMI in Bank of Baroda business loan. You can return this loan in the form of EMI, that is, you will have to deposit some amount of the loan back in the bank every month. For more information about EMI, you can visit Bank of Baroda Loan EMI Calculator can be used.
What Are The Benefits And Features Of Taking Bank Of Baroda Business Loan?
- You can take loan for your business through Bank of Baroda. Whether your business is small, medium or large, you can take a loan from Bank of Baroda to start or expand your business.
- Under Bajaj Business Loan, you can get loan up to Rs 50 lakh.
- You can take a loan up to 3 years through Bank of Baroda Business Loan.
- You can pay the loan through EMIwhich is a very good option.
- If you fulfill all the conditions of Bank of Baroda properly then you can get Bank of Baroda Business Loan very quickly and easily Can get it approved.
- You will require very less documents to avail a Bank of Baroda business loan.
- Bank of Baroda gives us business loans at veryattractive rates.
- To get a business loan in Bank of Baroda, you can apply both online and offline.
- The older your business isthe more attractive the interest ratethe loan provided by Bank of Baroda.< /span>
- For taking a business loan from Bank of Baroda, you have to pay a very low processing fee of only 1% .
- Bank of Baroda offers you many different types of business loans . You can choose any option as per your choice.
- Funded Facility – After paying the loan amount, Bank of Baroda assists you in purchasing business related items.
- Non-funded facility – In this, a letter is issued by the bank to the supplier, government department. After this you can buy without paying any money.
- From this bank you can get loan in both Indian and foreign currencies.
- No extra charge of any kindis taken from you.
- You can take the loan money from here in the form of loan or overdraft.
Bank Of Baroda Business Loan Eligibility – Eligibility For Bank Of Baroda Business Loan
If you are thinking of taking a loan through Bank of Baroda, you must have all the qualifications given below. Then you can take loan from Bank of Baroda very easily.
- Applicants must be permanent residents of India
- To apply you must have minimum 2 years of experiencein any business.
- Your Age should not be more than 60 years.
- Your Age should not be less than 18 years.
- Your CIBIL score should be at least 600-750.
- The customer must be a resident of the project area.
If you want to apply for Bank of Baroda Business Loan, then you must have the qualifications mentioned above, only then you can get the loan.
Bank Of Baroda Business Loan Documents Requirement – Documents Required For Bank Of Baroda Business Loan
If you are thinking of applying for Bank Of Baroda Business loan, then you must have all the required documents given below. So that you do not face any problem in applying for the loan-
- The applicant must have an income certificate.
- Bank statement of last 6 months.
- Recent color photograph of the applicant.
- It is mandatory for the applicant to have his/her Aadhar card.
- Must have GST registration certificate.
- You must have any business registration certificate to apply.
- You must have any one of Passport, Driving License, Voter ID, PAN Card.
- You must have your address proof, in this you can use your driving license, gas bill and electricity bill.
- You should have the latest ITR which contains calculations of everything related to income, balance sheet and profit-loss.
How To Apply For Bank Of Baroda Business Loan?
If you are eligible to apply for Bank of Baroda Business Loan, and you have all the important documents available.
So you can apply for loan from Bank of Baroda in two ways. One, you can apply for the loan online. And secondly you can apply for the loan offline. So let us know about both these methods in detail.
How To Apply Online For Bank Of Baroda Business Loan?
If you want to apply online for Bank of Baroda Business Loan. So see below and follow the steps carefully-
- To apply online, first of all you have to go to the official website of Bank of Baroda, which is as follows- https://www.bankofbaroda.in/
- After visiting the home button of the official website, you will see 2 options on the home page. Personal and business. You click on business.
- And as soon as you click on business loan, a new screen will open in front of you.
- Now you have to go to the MSME section and click on the option of Baroda Vidyasthali Loan.
- Now you will be redirected to a new page. Here you have to click on the option of Apply Now.
- Now an application form will open in front of you. In this some of your personal information will be asked. Such as your mobile number and information about your business, your name, your email ID etc.
- After entering all this information carefully, you will have to click on the submit button given below. After doing this, Bank of Baroda employees will personally contact you and help you complete the further loan process.
In this way, you can very easily apply online and take a business loan from Bank of Baroda.
How To Apply Offline For Bank Of Baroda Business Loan?
- If you want to apply for this offline then you will have to go to your nearest Bank of Baroda branch.
- After visiting the branch, you will have to contact the provincial employees and get complete information about business loan from there.
- You will be given an application form by the staff there.
- After entering all the information about the child on the application form, all the necessary documents will have to be attached to it.
- And after that your application form will have to be submitted in the same branch.
Thus, you can apply for Bank of Baroda Business Loan offline very easily.
How To Get Business Loan Approval? Loan Approval Trick
If you want to get loan approval soon after applying for a business loan in Bank of Baroda , then you can follow these steps: Must follow things-
1. Prepare business project report for business loan.
Yes, banks mostly ask for business report for loan approval. Therefore, you should prepare your business report in advance.
If you do not know how to make a business project report, then read this post – project report format
2. Clear, why do you want to take business loan
There can be many reasons for taking a loan to start any business, such as to meet the needs required for starting a business, to expand the business, etc.
But what is your special reason for taking the loan? Clear it well. If you have a solid reason for taking a business loan, it will be easier for you to get loan approval and you will also be able to invest the loan money in the right place.
3. How much loan will be required?
If you are not sure how much loan you will need to start your business then it would be better if you do not apply for the loan.
But if you are in dire need of a business loan and want to get the loan approved, then rack your brain and do the calculations to find out the exact amount of money you may need.
If you apply for less loan then you may face shortage of money in future, whereas if you apply for more loan then your money may be wasted and you will have to pay more money for this amount later. .
If you want to avoid these problems then now you know what to do. If you do this then your chances of getting loan approval will increase.
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4. Check your credit score –
Any bank or lender definitely checks the credit score of that person before giving a loan.
Because credit score proves whether a person will return the money in future after taking the loan or not.
So your credit score should be 600 – 750. Along with this, many banks or institutions prefer to give loan to a person whose business has already established its hold in the market.
Therefore, lenders demand that to apply for a business loan, your business should be at least 2 years old.
If you fulfill all these things, then there is 100% guarantee of getting a business loan from Bank of Baroda.
People Often Ask This-
How To Take Loan From Bank For Business?
Today many banks provide loans for business. You can take loan from any bank. In this article we have told you how to take a business loan from Bank of Baroda.
How Much Loan Can Bank Of Baroda Give?
Bank of Baroda can give you loan ranging from Rs 1 lakh to Rs 50 lakh for business.
What Documents Are Required To Take A Business Loan?
To take a business loan from Bank of Baroda, you need these documents-
1. Must have income certificate.
2. Bank statement of last 6 months.
3. Recent color photograph.
4. It is mandatory to have Aadhar card.
5. Must have GST Registration Certificate.
6. Any business must have a registration certificate.
7. You must have any one of Passport, Driving License, Voter ID, PAN Card.
8. You should have your address proof, in this you can use your driving license, gas bill and electricity bill.
9. You should have the latest ITR which contains calculations of everything related to income, balance sheet and profit-loss.
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What Percentage Of Interest Is Charged On Business Loan?
What percentage of interest is charged on business loan? There is no clear answer to this, because all banks have their own fixed interest rates. If we talk about Bank of Baroda, then you will get business loan from here at 8.35 to 14.10% annual interest rate.
How Many Days Does It Take To Get A Business Loan?
See, in how many days does it take to get a business loan? It is difficult to say. Because some people get it quickly while others take some time. How much time this will take depends on things like your credit score and CIBIL score. If we talk about Bank of Baroda, you will get loan here quickly.
What Will Happen If Business Loan Is Not Repaid?
If you do not repay the business loan, you may have to go to jail or the bank may recover its money by auctioning your property.
Which Bank Gives Loan In Case Of Civil Damage?
If your CIBIL score is bad or less than 750 then you can get a loan from Bajaj Finserv.
How Much Is The Interest On Rs 2 Lakh?
If you take a loan from Bank of Baroda at 8.35 to 14.10% annual interest rate for 1 year, then according to the simple interest formula interest = principal × rate × time/100, its interest will be Rs 16,700. to Rs 28,200. Will be between.
What To Do If The Bank Is Not Giving Loan?
If the bank in which you are applying for loan refuses to give you loan, then you should try another bank. It is heard that rural banks and regional co-operative banks give loans on minimum terms. Therefore you can try your hand here also.
How To Get Loan Of Rs 50000 From Aadhar Card?
If you want to take loan from Aadhar card, then for this you will have to download the app named True Balance and login into it. For this you will have to complete your KYC by uploading some important documents. If your loan is approved then Rs 50000 loan amount will be transferred to your bank account at an interest rate of 5-12.9% per annum.
How Can A Poor Man Get A Loan?
The Government of India also gives loans to poor people under the Pradhan Mantri Mudra Yojana. In this way a poor man can get loan from Mudra Yojana.
Last Words
In today’s article, we have given you complete information about Bank of Baroda Business Loan in very easy language. And we have told you how to take Bank of Baroda Business Loan? And complete information has been given about how to apply for it.
If you have any suggestion or wish regarding this, please comment below. Thank you very much for reading today’s article completely!