- What makes Bank of Baroda Mudra Loan as the first choice for businesses?
- Know about various loans under Pradhan Mantri Mudra Yojana, its interest rates, eligibility criteria and much more!
There is no doubt about the fact that Micro and Small Enterprises are the two most strong pillars of our country’s economy. Understanding this aspect and in order to empower them, the Government of India provides this flagship scheme known as the Pradhan Mantri Mudra Yojana (PMMY) through which Micro and Small Enterprises can get the required credit without submitting any kind of collateral or security. One of India’s largest and oldest banks, Bank of Baroda also provides Pradhan Mantri Mudra Yojana so that the businesses can flourish at a much higher rate and generate more income.
In this article, we would talk about the Bank of Baroda Pradhan Mantri Mudra Yojana in detail so that you may have a much better understanding of this empowering financial product. So, without any further delay, keep reading to know more!
Bank of Baroda Pradhan Mantri Mudra Yojana Interest Rate and Other Details
One of the most striking features of the Pradhan Mantri Mudra Yojana is the interest rate offered by the Bank of Baroda. The interest rates are different for both Micro and Small Enterprises and tend to change with the loan amount. We have mentioned the interest rates and other details related to it in the below table. Do have a look!
|Loan Aspects||For Micro Enterprises||For Small Enterprises|
|Interest Rate upto INR 50,000||8.25% per annum||8.75% per annum|
|Interest Rate above INR 50,000 to INR 2 lakh||8.75% per annum||8.95% per annum|
|Interest Rate for above INR 2 lakh||8.95% per annum||9.10% per annum|
|Minimum Loan Amount||No Minimum Limit||No Minimum Limit|
|Maximum Loan Amount||INR 10 lakh||INR 10 lakh|
|Maximum Tenure||7 Years||7 Years|
Features of Bank of Baroda Pradhan Mantri Mudra Yojana
Bank of Baroda Pradhan Mantri Mudra Yojana has some amazing features that you can look at to understand it in a better way. Bank of Baroda has primarily three types of loans under the Mudra Yojana schemes that are Shishu, Kishor, and Tarun. Apart from the features of this loan, we will also tell you about these three categories as well. We have mentioned all of them below. Don’t forget to have a look.
- First of all, the Mudra Loan scheme is offered to those Micro and Small Enterprises who are involved in Income Generation through trading, manufacturing and services.
- Borrowers don’t have to present any kind of collateral or security to get the loan amount. Also, while applying for the loan, there is no processing fee that you have to pay.
- The loan amount can be used for various purposes according to your requirements.
- You will get a maximum of 7 years to repay the loan amount that you can choose according to your repayment capacity.
- The loan amount can also be used for term loans and overdraft facilities to grow your businesses.
- The scheme can also be availed by those who are in allied agricultural activities such as horticulture or fisheries.
- There is no minimum limit when it comes to the loan amount, however, you can opt for a maximum loan amount of INR 10 lakh with this scheme by Bank of Baroda.
To know more about the categorization of the loans schemes under Mudra Yojana, you can look at the table below.
|Loan Aspects||Shishu Loans||Kishor Loans||Tarun Loans|
|Loan Amount||Upto INR 50,000||Above INR 50,000 to INR 5 lakh||Above INR 5 lakh to INR 10 lakh|
|Nature||For Starting Businesses||For Mid-Level Businesses||For Entrepreneurs who want to set up Businesses|
What is the Eligibility of the Bank of Baroda Pradhan Mantri Mudra Yojana?
It is important to know the eligibility which will be required to get a Bank of Baroda Pradhan Mantri Mudra Yojana. We have mentioned the type of borrowers who will be eligible to get this scheme below. Do check them!
- All Non-Farm Enterprises which come under Micro and Small Enterprise Segment
- They must be engaged in income generations activities through trading, manufacturing, and servicing
- Enterprises whose credit needs are upto INR 10 lakhs are eligible for this scheme
- Non-allied Agriculture Enterprises such as Horticulture and Fishing are also eligible for this loan.
Documents Required to get a Bank of Baroda Pradhan Mantri Mudra Yojana
You will need to submit a set of documents while applying for this loan. If you fail to present any of the documents, your application may get rejected. Look below to the list of documents that you will need.
- Passport Size Photographs
- KYC Documents – Aadhar Card/ Driving Licence/ Voter ID Card/ PAN Card
- Income Proof
How to apply for Bank of Baroda Pradhan Mantri Mudra Yojana
You can apply for the Mudra Yojana Loan either online or offline. Let’s check out both online and offline methods.
To apply via the online method, you just need to visit the official website of the Bank of Baroda and go to the Mudra Loan Section. There you will see the Apply Now button. On clicking that button, you will need to fill a form with details like name, mobile number, email id, State, City, and Branch from which you want to take the loan. After filling these details and submitting the form, the representatives will contact you regarding your loan application.
For this method, you just need to visit the nearest Bank of Baroda Branch with the required documents. You will just need to fill a form and submit it with the hard copies of the documents to the bank counter. The bank will assess your application and will sanction your loan once the authentication is done.
How to use the Bank of Baroda Mudra Loan Calculator?
If you are wondering about how you can know the EMI amount which you will have to pay every month to repay the loan, don’t worry as you can use the Bank of Baroda Mudra Loan calculator. This amazing tool will help you in having a correct estimate about the EMI amount.
You just need to fill in a few basic details like the required loan amount, rate of interest and tenure. As soon as you will feed all these details into the calculator, you will get the EMI amount along with the total interest amount you will pay over your chosen tenure.
How can you get in touch with the Bank of Baroda Customer Care?
In a situation when you have any queries or concerns about Mudra Loan, you can directly get in touch with the customer care representatives of the Bank of Baroda. For this, you just need to dial 1800-258-4455 or 1800-102-4455 from your mobile number. Your concern will be resolved by them in the shortest time possible.