How to take BANK OF BARODA BUSINESS LOAN How to apply for Bank of Baroda Business Loan
In today’s modern era, as the system grows, people have less time and more needs, for which they do not have enough money, in such a situation, they need a business loan to grow their business, which is available quickly. People need easy money to take their business forward, which can be done by taking a loan. Loan is a good medium for our needs and to grow the business, which facilities are provided by many banks, which we can use today. We are going to talk about one such bank, which is Bank of Baroda, in which loan can be taken quickly and easily. In this context, various information related to taking loan from Bank of Baroda will be given to you in this article, with the help of which you can easily If you can take a business loan from Bank of Baroda, then let’s understand it step by step.
Before this we know what is a business loan?
What is business loan?
Any person who wants to start a business or any person who wants to expand his business requires money to do so. This is where individuals and entrepreneurs take loans at a pre-agreed rate of interest and time. Without this working capital business cannot run smoothly. There are 2 types of business loans
- Secured Loans – This is the case where individuals and entrepreneurs provide collateral such as inventory, land, machinery etc. Here the interest rate will be less
- Unsecured Loans / Small Business Loans – This is the case where businesses take loans without any collateral. Interest rates are high because the risks are high for banks
Documents required for Bank Of Baroda Business Loan
You will need the following documents to avail a business loan, which are mentioned below.
- 2 photographs of the applicant
- 2 years ITR
- Business Proof
- Project Report
- Bank statement of last 6 months
- Address proof
- Identity proof
- Aadhaar Card
- PAN Card
- Voter ID card
- Business Proof
- PAN Card
- GSTIN Registration
- Copy of income tax pan for 24 months
Bank Of Baroda Business Loan Interest Rates
- Loan Amount:- Up to 50 lakhs
- Loan Tenure :- You get the minimum tenure of 12 months and maximum of 36 months
- Interest rates :- Interest rates will be up to 14.10%
- Processing Fee :- No processing fee is to be paid
Repayment of Bank of Baroda Business Loan
Your Bank of Baroda business loan can be repaid in the following three ways.
Standing Instruction (SI): Standing Instruction is a good way to pay your EMIs if you are an existing account holder with the lender bank. Your EMI amount will be automatically debited at the end of the monthly cycle from the Bank of Baroda account specified by you. It’s simple, and you don’t need to remember about repaying the loan manually every month.
Electronic Clearing Service (ECS): If you do not have an account with the lender bank, you can opt for Electronic Clearing Service (ECS), where you allow the lender bank to automatically deduct funds every month from your specified other bank Huh. account.
Post-dated Checks (PDCs): Post-dated checks can be deposited with the lending bank for the tenure period, which the bank will deposit every month on the date specified by you. Most of the banks provide this facility only in areas where ECS or SI facilities are not available. There is also a loophole in this method where the bank may lose the check due to the length of the term or tenure.
What are the benefits of Bank of Baroda Business Loan?
- Attractive interest rates:- Bank provides business loan at attractive and low interest rates
- Loans for Different Business Sectors:- Keeping in mind the diverse needs of different businesses, the bank offers business loans to MSMEs, Corporates and businesses trading internationally.
- Different schemes for different subjects Not every business is respected and the bank offers different business loan schemes to meet everyone’s financial requirements.
- Easy Application Process :- The bank believes that businesses are business sensitive and hence business loan application is a very easy process
- Quick loan disbursement :- The bank has instant application process and minimal documentation so it takes no time to get loan wages and money into your bank accounts.
Who can take business loan?
You must have the following eligibility criteria to avail this loan
- Whose age is between 18 to 60 years.
- The applicant’s civil score should be at least 750 to avail the loan.
- The applicant should also have the necessary documents.
If all these are eligible, then he can easily take this loan now.
How to apply for Business Loan from Bank Of Baroda?
- First of all you have to go to the office website of Bank of Baroda
- After this the applicant has to select the option of business loan and click on Apply Online
- After that you will have to give your complete information and your branch name, your name, phone number and all your documents.
- After that you have to check your eligibility whether you are eligible for business loan or not
- If you fulfill all the conditions of the bank for the loan then you will be eligible for the loan and the loan amount will be sent to your bank account
You can apply for a business loan for this both online and offline
If you want to apply offline then you have to take all your documents to your nearest Bank of Baroda branch. There you can apply for a business loan.
Bank of Baroda customer care number
If you have any query regarding the loan, you can contact on the numbers given below and get more and more information about the loan.
Toll free numbers :- 1800 258 4455, 1800 102 4455, 8468 00 1111, 8468 00 1122, 1800 102 7788
Email id :- firstname.lastname@example.org
So friends, in today’s article, you have been given all the necessary information about Bank of Baroda Business Loan, if you have liked this article and information of ours, then you must share it with your friends.
FQAs Bank of Baroda Business Loan
1 question. – How much loan is available from Bank of Baroda business loan
Ans – Business loan from 100000 to 50 lakh.
2Question – How much interest will be charged on taking business loan from Bank of Baroda?
Ans – Interest up to 14.10% will be charged
Bank of Baroda Business Loan Rate of Interest
Bank of baroda business loan apply online
Bank of Baroda business loan apply
Bank of Baroda business loan document required
Bank of Baroda Business Loan Contact Number
Bank of Baroda business startup loan
Bank of Baroda Business Loan Application Form PDF