Bank of Baroda Mudra loan facilities are regularly extending their services to their customers who wish to avail business loans for a new venture or expansion of their business.
Bank of Baroda is one of the nationalized banks in India which is involved in the mudra loan scheme of the Central Government which was initiated in 2015 and it is providing loan amounts to the beneficiaries up to 2024.
The BOB 5 Lakh Mudra Loan 2024 scheme is classified into three types which are the Shishu Mudra loan of 50000, the Kishor Mudra loan for a limit of 5 lakh rupees and the Tarun Mudra loan of maximum 10 lakh mudra loan.
If you are also one of them and seeking financial assistance from the authorities then you can go through this article where we will discuss about BOB 5 Lakh Mudra Loan 2024 including how to Bank of Baroda Mudra Loan Apply, mudra loan amount in Bank of Baroda, mudra loan repayment options, Bank of Baroda Mudra Loan requirements, list of activities eligible for Bank of Baroda mudra loan, etc.
Today we will tell you about the unique feature of the Bank of Baroda mudra loan through the online portal, where you do not have to visit the department and you can apply for the loan sitting at home through a smartphone.
Features of BOB 5 Lakh Mudra Loan 2024
- BOB 5 Lakh Mudra Loan 2024 is offering a variety of Shishu and Kishore mudra loans under the e-mudra loan scheme via online channel.
- But if you apply for up to 200000 rupees mudra loan in Bank of Baroda then you will get Loan instant approval and can use the amount for upscale or business.
- Customers will be given the chance to pay back the amount in several EMIs ranging from 36 months to 72 months depending on the loan amount and the Loan eligibility of the customer.
- If you are looking for the Bank of Baroda Mudra Loan interest rate then it will be levied by the bank depending on the circumstances of the customer.
- The government is also advising the banks to extend certain concessions to the weaker sections of the society like females, youths, SC-STs and another backward cast.
Documents Required Bank of Baroda Mudra Loan
You can apply for a Bank of Baroda Mudra loan with these documents:You can apply for a Bank of Baroda Mudra loan with these documents:
- The applicant must also provide his/her identity proof in the form of Aadhaar card, Voter ID card or Passport.
- Utility bills of the latest month or at least the latest two months.
- Business ID and documents relating to the proof of business address
- Recent picture of the applicants
- Minority proof, if any
- Vendor details, quotations or any other proof that the loan is required.
Eligibility Criteria for BOB 5 Lakh Mudra Loan 2024
- You have to be an Indian citizen.
- The opportunity is open for existing customers of Bank of Baroda only.
- The loan is offered to the manufacturing, service or trading companies.
- The self-employed, those in the informal sector and those doing business under the Micro, Small, and Medium Enterprises (MSME) category are also eligible.
- It is essential that the candidate has a good banking background preferably with Bank of Baroda.
- The interest rates are flexible and are determined by the amount of loan as well as other terms that the bank offers.
RRB ALP Hall Ticket 2024, Exam Date (Out), Download CBT 1 e-Call Letter Direct
For August 2024 Best Low Interest Personal Loans List
Bank of Baroda Mudra Loan Interest Rates
As mentioned above, the interest rate on Mudra loans is benchmarked with RBI on the MCLR as explained below. The rate of interest that is prescribed is usually not the same for all the Mudra loans that are available. Find more details in the below table:
| Shishu Mudra Yojana | 1% – 12% |
| Kishore Mudra Yojana | 8.60% – 11.15% |
| Tarun Mudra Yojana | 11.15% – 20% |
However, as seen in the above table, the Mudra loan from Bank of Baroda interest rate may vary depending on the business profile and credit score.
Online Apply BOB 5 Lakh Mudra Loan 2024
- Bank of Baroda – official website. This is the direct link to the website https:>www. bankofbaroda. in/
- Now go to the loan tab and then choose Digital Mudra loan.
- All the details of the loan and other information are available on the portal and then you have to click on the apply now link.
- Now you will be redirected to the new portal of the Government of India as Jan Samarth Portal.
- The first step is to register yourself on this bottle before applying online with your mobile number which is linked with the Bank of Baroda and then you will receive OTP for verification.
- Now fill your personal details and other information in the website and make your login ID and password.
- Now kindly enter your email ID on your mobile number which was registered at the time of registration and enter the capture code for login. You will get OTP every time you login to the system and that is very appropriate.
- Now you can go through the portal where you have to click on the link of the scheme and after choosing a business scheme, you will find the Pradhan Mantri Mudra loan scheme in this category.
- All the information can be viewed in this portal and once you are done, you can click on the apply now button.
- After that, you fill in your bank details on the website and submit your application.
Bank of Baroda Customer Care
If you have any questions about Bank of Baroda Mudra loan, you may use 18002584455 or 18002584455 for contact.
