Description
About the bank
Bank of Baroda, India’s second-biggest bank in terms of assets is an Indian state-owned international banking and financial services institution headquartered in Vadodara, Gujarat with its corporate office in Mumbai. Bank of Baroda was nationalized in 1969, by the government of India and has been assigned as profit-making public sector undertaking (PSU). The bank has over 5538 branches across India and abroad and 10,441 ATM’s as of July 2017. It has merged with and taken over a few smaller banks of the country too.
BANK OF BARODA business loan
Bank of Baroda offers business loans for various business requirements at competitive interest rates & charges. If you are an individual, proprietor or partnership firms cooperative societies, dealers in silver/ gold jewelry then you can apply for the business loan from Bank of Baroda. The bank offers the best business loan facilities to its customers with easy loan process & disbursal. Check your eligibility today & get instant approval in less time period with Afinoz. Use Business loan EMI calculator to calculate the EMI & assess your eligibility for BOB business loan. Bank of Baroda offers a business loan for working capital requirement or development of the existing business entity.
What is Afinoz.com?
Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on 0120-411-0376 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.
Features & Benefits
Features and Benefits of Bank of Baroda business loan
Bank of Baroda has attractive benefits from quick approval of loans, to attractive interest rates along with longer loan tenures. Quantum of business loans offered by Bank Of Baroda to customers depends on a lot of factors (profits generated by the business in the last 3 years, amount of tax paid and occurring in ITR filed over the past 2-3 years, credit history, etc.) including their requirements and repayment history. Here are some features and benefits of the Bank of Baroda business loan:
- Funded facilities, i.e. the bank provides funding and assistance to actually purchase business assets or to meet business expenses.
- Non-Funded facilities, i.e. the bank can issue letters of credit or can give a guarantee on behalf of the customer to the suppliers, Government Departments for the procurement of goods and services on credit.
- Available in both Indian as well as Foreign currency.
- Quick loan disbursal
- Low interest rates
- Minimal processing fees
- No hidden charges
- Option to avail credit facility as loan or overdraft
Bank Of Baroda Bank business loan eligibility and Bank of Baroda business loan interest rates can be easily evaluated through and seen on Afinoz’s website. If there is any query about Bank Of Baroda Bank business loan application, you can log on to afinoz.com or give us a call at 0120-411-0376 or mail us at info@afinoz.com and get all the solutions at one go.
Eligibility & Documents Required
Bank Of Baroda Bank Business loan eligibility criteria
Any individual who is an Indian citizen and has a residual income and the ability to repay the loan is eligible for Bank of Baroda business loans. The other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan are mentioned below:
- The business units should be profit making and should be established in the line of business for a minimum period of 2 years.
- For a partnership firm, PBT (Profit before Tax) will be considered after adding Remuneration to partners and interest on partner’s capital.
- Trading units established by our existing Current Account or Advance Account Customers with satisfactory dealings for the last 1 year or their close relatives can be considered, even if these are established for less than 2 years.
- Minimum 2 years of work experience; in case of self-employed, minimum of 2 years of business continuity
- Minimum age of 21 years and maximum age for 60 years (loan completion age)
- Minimum take home income of Rs.25000/- per month
- Co-applicant applicable in case of Home Loan & LAP (Loan Against Property), Spouse/Parents/Children
- CIBIL score: Loan approval will be difficult if your CIBIL score is low. Usually, the loans that are approved have a score of 600-750. In some cases, if your credit score is low, but your business is doing good in recent times then your loan application might get approved and you might have to pay a high interest rate and will be offered many unfavorable terms and conditions on your loan.
- Bank of Baroda business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.
Bank of Baroda business loan documents required
- PAN Card – For Company /Firm/ individual
- Identity Proof of all directors: (Anyone) Copy of Aadhaar Card/Passport/Voter’s ID card/Pan Card/Driving License
- Address Proof of company & directors: (Anyone) Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License
- Bank Statement (latest 6 months)
- Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
- Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
- Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
Bank Of Baroda Bank business loan Interest Rates
Bank Of Baroda Bank business loan interest rates 2021
| TYPE | CHARGES |
| Interest Rates | Starting from 14.10% * |
| Loan tenure | 12 TO 36 MONTHS |
| Processing Charges | 1% of the total loan amount |
| Prepayment | Allowed after 1 EMI |
| Prepayment charges | NIL |
| Foreclosure | Allowed after 1 EMI |
Special Note:*Rates are subject to periodic change. Business loan interest rates in Bank of Baroda & other fees and charges are subject to regular review and can vary with each customer. Bank Of Baroda business loan interest rates can differ depending on your credit worthiness & other factors. The final interest rate will be based on different criteria including the bank’s internal policies & applicable rates at the time of approval.
Why Afinoz?
Why should you apply for a Bank of Baroda business loan through Afinoz?
Afinoz.com is India's finest personalized financial marketplace. We have created a business loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.
- Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
- Real-time application tracking–Keep track of your application’s status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
- Online eligibility check - Do all your dealings with the bank online. You have to provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Bank of Baroda for financing your business.
- Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
- 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
- No third-party agent –Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz without approaching any agent.
- Free quotations – Get the best online deals on Bank of Baroda bank business loans and free unbiased quotes on business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.
How to apply for Bank of Baroda business Loan on Afinoz?
Bank of Baroda has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.
Business owners can apply for a loan in Bank of Baroda through Afinoz.com in the following three simple steps:
- Check your eligibility for the loan:-Firstly, you need to make sure you meet BANK OF BARODA bank’s business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and gets you a quick quotation on the best business loan options available to you immediately.
- Select the loan amount and tenure: - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
- Upload and submit documents:-In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from BANK OF BARODA bank. The bank then verifies the applicant's information and starts processing the loan for disbursement.
At each step of the application process, Afinoz.com allows it's an applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become the most popular option among a number of business owners.
OTHER AVAILABLE PRODUCTS FROM BOB BANK
BEST BUSINESS LOAN OFFERS FROM OTHER BANKS
➤ FAQs
Ques. How much time will it take to get the loan disbursed?
Once you fill in and submit the application form online on Afinoz.com, the bank will take from 3 to 4 business days to process and disburse the loan amount. The sole approval of the loan depends exclusively on the bank.
Ques. How can I find out if I am eligible for the Bank of Baroda business loan?
Afinoz.com provides you with an eligibility calculator called business loan eligibility calculator which you can use to determine your eligibility for the business loan. It will also tell you the amount up to which you can avail this loan.
Ques. Can I repay the business loan early?
Yes, you can easily pre-pay your business loan only as per the terms and conditions stated by Bank of Baroda. No prepayment charges are levied by the bank.
Ques. Do I need to provide any security for availing business loan from Bank of Baroda?
No collateral/security is needed while applying for a business loan from Bank of Baroda for loan amount of up to Rs. 20 lakhs.
Ques. Will my information be safe online?
Afinoz.com is India’s most committed financial platforms which does not share any of its client data with third-parties other than the concerned financial institution/s. All the data is sent online in an encrypted format making it safe and secure at all times.
Ques. How do I repay my Bank of Baroda business loan?
You can repay your loan in EMIs (Equated Monthly Installments) in the form of post-dated cheques or if you have an account with the Bank of Baroda, then by opting for direct debit from your bank account on the due dates.
Ques. What are the interest rates offered by Bank of Baroda for a business loan?
Bank of Baroda business loan interest rates currently ranges from 11.95% to 19%.
Ques. How can I track my loan application process?
You can log onto our website www.afinoz.com with the unique transaction ID provided to you at the time of signup and track your application. You can also track your application process through your registered mobile number and email-ID in real-time.
Ques. What is the basis on which the loan limit is decided by Bank of Baroda?
Loan amount is mainly decided based on your annual income/earnings and your credit history.
Ques. How can I speed up the approval of my bank of Baroda business loan,?
If you track the bank of Baroda loan for business, you will find out that these loans are processed much faster than those from other lenders. You can speed up the process further by submitting correct documents and other personal details for verification related to business loan in bank of Baroda.
Ques. How can I keep a track of my bank of Baroda loan for business?
When you apply for a bank of Baroda business loan, you are given a unique transaction id (generated when you submit the loan application). You will be kept informed about your business loan in bank of Baroda at every step through SMS and emails.
Ques. If I have a savings account with Bank of Baroda, will I get any benefit while applying a bank of Baroda loan for business?
If you have a current or savings account with Bank of Baroda and apply for a bank of Baroda business loan, you can enjoy benefits such as the more competitive bank of Baroda business loan interest rates, priority processing of the business loan in bank of baroda or preferred processing fee. You can also pay your EMI amount from your Bank of Baroda account through standing instructions.