Bank of Baroda Business Loan

Bank of Baroda, one of India's leading public sector banks, offers a diverse range of business loans to support the financial needs of enterprises. From working capital loans and term loans to specialized financing for expansion, Bank of Baroda provides tailored financial solutions for businesses. With a strong presence and a customer-centric approach, the Bank of Baroda is a reliable partner for entrepreneurs seeking funding to grow and sustain their businesses.

Bank of Baroda Business Loan Highlights

Bank of Baroda offers various types of business loans to meet the diverse needs of businesses. Here are the highlights of Bank of Baroda Business Loans:

Loan Amount Up to ₹200 Crore
Interest Rate Connected to Repo Rate/MCLR
Purpose For working capital, business expansion, equipment purchase, and business development for start-ups.
Loan Tenure Based on the loan type
Types Both Secured and Unsecured business loans
Note: The loan amount, interest rates, and tenure vary based on the type of business loan chosen. Hence, do visit the official website of the bank for more information.

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Bank of Baroda Business Loans Eligibility Criteria

Bank of Baroda has specific eligibility criteria for business loans. However, the general eligibility criteria for Bank of Baroda business loans depend on these three factors:

  1. Financial stability of the business.
  2. Business's credit history
  3. Purpose of the loan

For more detailed information, it's advisable to visit the Bank of Baroda's official website or reach out to the bank directly.

What is the CIBIL score for the Bank of Baroda business loan?

Bank of Baroda generally looks for a CIBIL score of 700 and above for business loan applications.

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Documents Required for Bank of Baroda Business Loans

Before you apply for a business loan, ensure you have all the necessary documents ready. Here are the general documents required for a Bank of Baroda business loan:

  • PAN Card: For Company/Firm/Individual
  • Identity Proof: Aadhaar Card/Passport/Voter’s ID/Driving License/PAN Card
  • Bank Statement (latest 6 months)
  • Latest ITR with income computation, Balance sheet, and audited Profit & Loss account for the last 2 years
  • Proof of continuation (ITR/Trade license/Establishment/Sales Tax certificate)
  • Other Mandatory Documents (Sole Proprietor Declaration or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association certified by Director, and Original Board resolution)

Type of Business Loans Offered By Bank of Baroda

Bank of Baroda offers a variety of business loans to meet the financial needs of different types of businesses. These loans include options for working capital, business expansion, and equipment financing, providing support for entrepreneurs and enterprises across various industries. Here are the various types of business loans for Bank of Baroda:

Loan Type Purpose
MSME Loans
  • Working capital: Purchase raw materials, pay wages, and meet operating expenses.
  • Equipment purchase: Upgrade machinery, and acquire new technology.
  • Infrastructure development: Build new facilities, and renovate existing ones.
  • Business expansion: Open new branches, and enter new markets.
Digital Mudra Loan Micro and small enterprises engaged in non-farm income-generating activities.
Loan Amount: Up to ₹10 Lakh
Digital MSME Loan Micro, small, and medium enterprises for various business needs.
  • Micro Enterprise: Investment in Plant and Machinery or Equipment not exceeding Rs. 1 crore and turnover not exceeding Rs. 5 crore.
  • Small Enterprise: Investment in Plant and Machinery or Equipment not exceeding Rs. 10 crore and turnover not exceeding Rs. 50 crore.
  • Medium Enterprise: Investment in Plant and Machinery or Equipment not exceeding Rs. 50 crore and turnover not exceeding Rs. 250 crore.
Baroda Guaranteed Emergency Credit Line Scheme Working capital support for businesses affected by the COVID-19 pandemic.
Baroda Covid Emergency Credit Line Emergency needs of businesses impacted by COVID-19, including salary payments, rent, etc.
Loan Amount: Up to ₹200 Crores

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Features & Benefits of Bank of Baroda Financing

Bank of Baroda offers a range of business loans with attractive features and benefits. Here is why you can apply for Bank of Baroda Business Loan:

  • Access to Government schemes such as Prime Minister Mudra Yojana and Stand-Up India program, as well as CGTMSE guarantee
  • Member lending institution providing PSB loans in 59 minutes
  • Competitive and attractive interest rates
  • Transparent application procedure for easy access
  • Availability of subsidy-based loans
  • Online application facility
  • Simplified documentation process

How to Apply for a Bank of Baroda Business Loan

Applying for a business loan can be done through two methods: online application via the bank's website and visiting a bank branch in person. The online application offers convenience while visiting a branch allows for direct negotiation and personalized assistance in the application process.

Online Application:

Here are the steps to apply for a business loan with the Bank of Baroda online:

  1. Visit the bank's website: Access the official website of the bank, navigate to the business loan section, and locate the online application feature.
  2. Click on the "Apply" option: Once on the business loan page, look for the "Apply" button and click on it to initiate the online application process.
  3. Fill out the required details to initiate the application process: Provide all the information requested in the online form, including personal details, business information, and financial details to start the application process.

Offline Application:

  • Locate the nearest Bank of Baroda branch and visit in person to apply for a business loan. You can speak directly with a bank representative to discuss your loan requirements.s
  • When applying in person at a branch, there may be an opportunity to negotiate terms and conditions directly with the bank representative, potentially securing more favorable terms for the loan.
  • Upon visiting the branch, you will be provided with an application form to fill out. Additionally, you must submit all the necessary documents required for processing the business loan application.

Bank of Baroda Business Loan Customer Care Number

Bank of Baroda offers several business loan customer care numbers depending on your specific needs and location:

Toll-Free Numbers (24x7):

  • 1800 5700: Primary customer care number for all business loan inquiries.
  • 1800 102 7788: Dedicated to customers of Pradhan Mantri Mudra Yojana (PMJDY) and other financial inclusion schemes. Available from 6:00 AM to 10:00 PM.

Non-Toll-Free Numbers: +91 79 49044100: For NRIs calling from India. Available 24x7.

Missed Call Service: Give a missed call to 8467001111/8468001122 to receive a call back from a customer care representative.

Steps to Apply for Business Loan on Buddy Loan

As a prominent loan service provider in India, Buddy Loan simplifies availing personal loans and business loans from RBI-approved lenders. Follow the steps below to apply for a business loan through Buddy Loan:

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the business loan application page. Enter your mobile number and OTP.
  • Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
  • Step 4: Choose if you have a Business Proof (Yes/ No)
    • If ‘Yes’ (If you have a business proof), enter your business and personal details.
    • If ‘No’ (If you do not have a business proof), choose the profession type and enter your personal details.
  • Step 5: Provide income details and Click the ‘Submit’ button.

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Frequently Asked Questions

The documents typically required for a Bank of Baroda business loan include identity proof, address proof, business vintage proof, financial documents, and business entity proof.

The repayment period for Bank of Baroda business loans can extend up to 7 years, depending on the nature of the business and the loan amount.

The eligibility criteria for Bank of Baroda business loans typically include the business's vintage, annual turnover, and profit, along with the credit score and repayment capacity of the borrower.

The interest rates for Bank of Baroda business loans are competitive and vary based on the loan amount, tenure, and the applicant's credit profile.

Yes, the Bank of Baroda is a public sector bank and is under the ownership of the Government of India.

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