BOB Mudra Loan Online Apply: Bank of India is one of the famous bank in India which is providing all the banking facilities including saving account, loan, deposit schemes etc. BOI is currently providing mudra loan to their customers where you can get Rs 10 lakh mudra loan to start or up scale business. However if you need an instant loan amount then you can apply for Bank of India Shishu mudra loan for 50000 through online mode without visiting to the branch. Read this article to get all the important details of BOI 50000 mudra loan 2024 including the procedure to apply online, application procedure, eligibility criteria, important documents, interest rates and processing fees, processing time etc.
BOB Mudra Loan 2024
Mudra loan is a central government is sponsored scheme to promote micro small and medium enterprises in India. Bank of India is also participating in this scheme and providing the loan ranged between 50000 to 10 lakh. The loan scheme is divided into three categories which are the following:
- Shishu mudra loan for up to 50000
- Kishor mudra loan for up to 5 lakh
- Tarun mudra loan for up 10 lakh
However, if you need a larger amount more than 50000 then you can visit to the branch physically but if you need up to 50000 from Bank of India then can apply for Shishu mudhal loan scheme in the bank. It will provide instant loan approval by following few steps through online mode where you can apply using the mobile application or the official website of Bank of India.
BOB Shishu mudra Loan details
The bank is offering 50000 Shishu mudra loan for a maximum 36 months for the individual who wants to scale up their business. Company will charge interest rates from the individuals according to the government guidelines where you also required to pay additional charges including the processing fees which will be deducted one time while releasing the payment. Apart from this bank will provide the loan amount without any security due to the guidelines of Central Government.
Eligibility criteria for BOB Mudra Loan 2024
- Any citizen of India who is living in the country and have a bank account in bank of India can apply for Shishu mudra loan through online mode
- The individual should maintain bank account for at least 3 to 6 months before applying the loan
- You can only apply for 50000 under the Shishu mudra loan through online mode
- Company will not ask you cibil score, security deposit and other additional eligibility to provide the loan
- The age of the individual should be more than 21 years old to get mudra loan from the bank
Important documents to appply for BOB Mudra Loan 2024
You need to upload the following documents through online mode while applying for BOB Mudra Loan 2024:
- Aadhar card of the application
- PAN card of the applicant
- Udyam registration number
- Business registration details
- Passport size photograph of the candidate
- Last one year bank account details
- GST number
- Balance sheet of the business
All the above documents will be uploaded through online mode so you are required to prepare a PDF or take a clear JPG image as if the company find any blur or incorrect image, then they can reject your application and you need to re submit your application form
Application Procedure for BOB Mudra Loan 2024
Candidates are required to follow the following step by step procedure to fill the application form of BOB Mudra Loan 2024:
- First of all visit to the official website of Bank of India or you can click on this link to visit directly https://bankofindia.co.in/
- Now you will reach on the dashboard where you have to click on the government schemes and click on Shishu mudra loan
- So you can see all the important information of the loan on the screen including the eligibility, documentation and other information where you need to click on the apply now link
- So you will reach on the new page where you have to enter your mobile number which is registered with the bank where we will receive OTP for verification to login on the dashboard
- After that provide your all the basic information including name of the candidate, contact details, business details etc
- Enter your loan amount and select the EMI to repay the amount accordingly
- At the end you have to upload all the documents in sequence and provide their document ID.
At the end you can submit the application form where we will again receive OTP for final verification and once you provide the OTP number in the application form, bank will submit application and will verify all the details. If you provide all the correct informations then you will receive the loan amount with in few minutes in the bank account after deduction of the charges.
