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Bank of Baroda Mudra Loan Highlights |
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| Interest Rate | The interest rate for the Bank of Baroda Mudra Loan schemes are linked to the MCLR (marginal cost of funds based lending rate). |
| Loan Amount | For Bank of Baroda Pradhan Mantri Mudra Yojana Loan:
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| Loan Tenure | For Bank of Baroda Pradhan Mantri Mudra Yojana: 7 years (term/demand loan) and 1 year (working capital loan) |
Note: Data as of 17th October 2024
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Table of Contents
Bank of Baroda Mudra Loan Interest Rates
The interest rate for the Bank of Baroda Mudra Loan schemes are linked to MCLR (marginal cost of funds based lending rate).
Fees and Charges for Business Loans from SBI
The fees and charges for availing Bank of Baroda Mudra Loans are mentioned below:
Bank of Baroda Digital Mudra Loan
| Particulars | Fees and Charges |
| Processing fees | Nil |
| Preclosure charges | Nil |
Bank of Baroda Weaver Mudra Loan
| Particulars | Fees and Charges |
| Upfront/processing fees | As per the bank’s policy |
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Types of Business Loans provided by Bank of Baroda
Bank of Baroda Pradhan Mantri Mudra Yojana
Purpose: MSMEs in the non-farm sector and in allied agricultural activities like horticulture, fisheries, etc., who are engaged in trading, services or manufacturing can avail the PM Mudra Yojna loan from Bank of Baroda for raising funds for capacity expansion and modernisation.
Interest Rate: The interest rate for the PM Mudra Yojana Loan is linked to MCLR, although the lender has not disclosed the interest rate range for this business loan scheme.
Maximum Loan Amount:
- Shishu: Loans up to Rs.50,000
- Kishore: Loans from Rs.50,001 to Rs 5 lakh
- Tarun: Loans from Rs 5 lakh to Rs 10 lakh*
*Budget 2024 has proposed to increase the Mudra loan limit to Rs 20 lakh for entrepreneurs who have repaid previous loans under the ‘Tarun’ category.
Margin: Based on the lender’s guidelines
Loan Tenure:
- For term/demand loan: The repayment tenure is up to 7 years with suitable moratorium subject to annual review
- For working capital: The loan tenure is 1 year subject to annual review
Security: Hypothecation of assets created by the bank’s finance. The bank does not ask for collateral security.
Insurance/Guarantee: This mudra loan is covered under the CGTMSE coverage.
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Bank of Baroda Digital Mudra Loan
Purpose: Bank of Baroda Digital Mudra Loan is an online loan facility from the lender for the MSME units engaged in trading, manufacturing or services sectors. MSMEs can visit the Bank of Baroda website or BOB World application to avail this loan facility. This facility can be availed to arrange working capital loans or term loans for running business operations. However, business owner(s) cannot use the fund proceeds from this loan facility to fulfil their personal consumption needs.
Interest Rate: The interest rates of Bank of Baroda Digital Mudra Loan are levied as per the lender’s policy.
Maximum Loan Amount: Rs 10 lakh in 3 categories (Shishu, Kishore and Tarun)
Margin/Promoter’s contribution: The margin or promoter’s contribution is decided on the basis of the bank’s policy framework.
Collateral security:
- The lender creates first charge on all the assets out of the loan
- No collateral security is required.
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Bank of Baroda Weaver Mudra Loan
Purpose: Bank of Baroda Weaver Mudra Loan enables weavers, both in rural and urban areas, to avail working capital/demand loans for meeting their working capital needs along with purchasing looms or for other capex requirements. The beneficiaries of this scheme will get a Mudra Card with a daily withdrawal limit of Rs 5,000 per day.
Interest Rate: The interest rate for Bank of Baroda Weaver Mudra Loan is linked to the MCLR based on the prevailing rate applicable for the MSME segment, although the lender has not disclosed the interest rate range for this business loan scheme.
Maximum Loan Amount: Rs 5 lakh (inclusive of working capital finance and demand loan)
Margin: 20% of the project cost (working capital expenses and capital expenditure). The margin of up to Rs 10,000 or 20%, whichever is less, will be provided by the govt. of India
Limits:
- For demand loan: 80% of total cost of looms and other capital expenditure
- Working capital limit: Bank finance is 20% of the projected/estimated turnover less margin
Security: The security for this mudra loan scheme includes exclusive hypothecation charge on both stock and machinery.
Guarantee: This mudra loan is covered under the CGTMSE coverage.
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Bank of Baroda Mudra Loan Eligibility Criteria
The business loan eligibility criteria set for availing Bank of Baroda Mudra Loans are as follows:
Bank of Baroda Mudra Loan
- The MSMEs eligible for availing this loan facility include non-farm enterprises, business units engaged in allied agricultural activities like horticulture, fisheries, etc., and entities under the MSME segment engaged in manufacturing, trading and services
- These enterprises must be engaged in income generating activities with credit needs of up to Rs 10 lakh.
Bank of Baroda Digital Mudra Loan
- Individuals, proprietorship, partnership firm, private or public ltd. companies are eligible for availing Bank of Baroda Digital Mudra Loans
- The loan applicant should not be a defaulter with any bank or financial institution along with having a satisfactory credit track record for availing this loan facility.
- The borrowers may be required to have the relevant skills, knowledge or experience to complete the proposed activity.
Bank of Baroda Weaver Mudra Loan
Existing/experienced handloom weavers involved in the weaving activity are eligible for availing the Bank of Baroda Weaver Mudra Loan.
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Documents required for Bank of Baroda Mudra Loan
Bank of Baroda Mudra Loan
- ID proof (any one): Aadhaar, PAN, Driving License, Passport, Voter ID, govt. issued photo ID of all business loan applicants (for joint loans).
- Proof of residence (any one): Latest utility bill, Aadhaar, Voter ID, Passports, bank account statement of all business loan applicants (for joint loans).
- Documents for business ID and address proof (licenses, registration certificates/deed copy, etc.)
- Proof of minority, if any
- Latest photographs of loan applicant(s)
- Proof of requirement for loan like vendor details, equipment quotations, etc.
- Duly filled application form for mudra loan
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Bank of Baroda Digital Mudra Loan
- Bank statement of last 12 months downloaded from the respective bank’s website/ received from banks mail ID along with details like account number and IFSC Code
- Details of business registration (if applicable) and KYC of business and business partner, promoter or proprietor
- Details of associate concern(s)
- Details of existing loans
- PAN, GSTN username (if the business unit is registered with GSTN), Mobile no registered with GSTN and email id
- Udyam registration certificate
- Quotation for purchase of machinery or equipment (for term loans above Rs 50,000)
- Civil engineer’s estimate for shed construction etc. (for term loans above Rs 50,000)
- GST filing credentials or e-copy (pdf) of GST returns for the last 12 months (for loans up to Rs 2 lakh)
- ITR filing credentials or e-copy (pdf) of GST returns for the latest year (for loans up to Rs 2 lakh)