Bank of Baroda Business Loan

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Bank of Baroda Business Loan

Bank of Baroda Business Loan Key Features

Bank of Baroda Interest Rate 14.10%
Tenure From 12 months to 36 months
Lowest EMI per lakh ₹ 3,423
Loan Amount Min ₹ 50 Thousand and Max ₹ 75 Lakh
Part Prepayment, Charges Allowed after 1 EMI’s,
Early Foreclosure, Charges Allowed after 1 EMI’s
Bank of Baroda Processing Charges Up to 2.50% of the loan amount (Min. Rs. 2,359 – Max. Rs. 88,500)
Prepayment Charges 07-24 Months – 4% of Principal Outstanding Amount

25-36 Months – 3% of Principal Outstanding Amount

More than 36 Months – 2% of Principal Outstanding Amount

Repayment Period 12 – 48 months
Prepayment Condition No pre-payment permitted until repayment of 6 EMIs
Collateral Not required

Interest Rate, Fees, and Charges (Self Employed Non-Professional)

Facility Charges
Interest Rate Charges 14.10%
Loan Processing Charges Up to 2.50% + GST as applicable
Prepayment No pre-payment permitted until repayment of 6 EMIs
No Due Certificate / No Objection Certificate (NOC) NIL
Duplicate no due certificate / NOC NIL
Solvency Certificate Not applicable
Charges for late payment of EMI @ 24%  p.a.
Charges for changing from fixed to floating rate of interest Not applicable
Charges for changing from floating to a fixed rate of interest Not applicable
Stamp Duty & other statutory charges As per applicable laws of the state
Credit assessment charges Not applicable
Nonstandard repayment charges Not applicable
Cheque swapping charges ₹ 500/-
Amortization Schedule charges ₹ 200/-
Loan cancellation charges NIL (However Interest would be charged for the interim period between the date of loan disbursement and date of loan cancellation and processing fees would be retained)
Cheque Bounce Charges ₹ 550/- per cheque bounce
Legal / incidental charges At actual
CIBIL Report Copy Charges ₹ 50 Per Copy

Advantages of Bank of Baroda Business Loan

Bank of Baroda provides its customers with customized products so that it fits the requirements of their specific customer segments. Bank of Baroda also offers:

  1. No interference by the bank with how the applicant’s business is running.
  2. Unlimited free ATM transactions at Tamilnad Mercantile Bank and another bank VISA ATMs in India.
  3. No charges on NEFT/RTGS transactions and demand drafts.
  4. Convenient and easy to access funds once the loan gets approved.
  5. Reimbursement account – a separate current account for seamless reimbursement management.
  6. Staff assisted the digital account opening with Instant Welcome Packs (IWP).
  7. Reasonable interest rates to applicants with a rich relationship with the bank.
  8. Preferential rates on Personal and Home Loans.

Bank of Baroda Business Loan Eligibility Criteria

Eligibility Criteria Description
Age 21 to 60 years
Minimum Turnover ₹ 0
Business Existence (in months) 0 months
ITR (months) 6 months
Loan Amount ₹ 1 Lakh to ₹ 75 Lakh
Loan Tenure 36 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

Bank of Baroda Business Loan Documents Required

Common Documents:

  • Valid Proof for Identity: Passport / Ration card / Electricity Bill / Voter ID card / Passport / Driving License/ PAN Card and MAPIN card/ Lease agreement  / Sales Tax certificate/Trade licence
  •  Residence Proof: Lease agreement / Passport / Trade license / Electricity Bill / Sales Tax Certificate
  • Age Proof: Passport / PAN card / Voter’s identity card
  • Financial Documents: Copy of IT returns for the last two years and the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.
  • Copy of  Bank Statement
  • Latest ITR and statement of computation of Income for the last 2 yrs.
  • Proof of continuity of business
  • Other Mandatory Documents that are Sole Proprietorship Declaration, Certified copy of Memorandum & Articles of Association certified by a director
  • Original Board resolution
  •  Financials audited/ certified  by a CA

* (If Pvt ltd Co. Then Partnership Authorization Letter/ co-borrower if partnership firm just a co-borrower

Self Employed (Private Ltd. Co. and Partnership Firms)

  • Identity proof of the company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum
  • Proof of identity: To be submitted with two authorized signatories such as 2 Directors including the managing director, with (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license
  • Financial Documents: Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years audited by a C.A

Self Employed Individuals – Professionals

  •  Identity Proof for Sole Proprietorship: PAN ID / IT return of the concern or Municipal tax, Water bill, and electricity bill in the name of the concern.
  • Identity proof for the Sole Proprietor: Passport, Voter’s identity card, Driving license, PAN card.
  • Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport
  • Financial Documents: Copies of IT returns for the last two years and Bank statements for the last 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A

Self Employed Individuals – Non Professionals:

  • Identity proof: Documents to be submitted for the sole proprietorship as well as for the individual’s (owner) identity.
  • Copy of periodic stock, age-wise book-debt and creditors-statement for latest three months
  • Copy of bank statement of main banker/copy of bank statement for the term loan for last  months
  • Financial Documents: Profit and Loss balance sheet for the last two years audited by a C.A, Sales tax returns for a minimum of 3 years, and the Copies of IT returns for the last three years.

Business Loan EMI Calculator for Bank of Baroda

The following is the EMI calculated table for the Bank of Baroda Business loan:

Loan Amount 10 Year Loan 15 Year Loan 25 Year Loan
₹ 20 Lakh ₹ 24,958 ₹ 19,871 ₹ 16,307
₹ 30 Lakh ₹ 37,437 ₹ 29,807 ₹ 24,461
₹ 50 Lakh ₹ 62,395 ₹ 49,678 ₹ 40,768

Calculate EMIs with the help of Dialabank’s fast and accurate EMI Calculator!

Compare Bank of Baroda Business Loan With Other Banks

Bank
Interest Rate 15.65% – 21.35% 14.10%
Processing Fees Starting from 0.99%, Max 2.50% Starting from 1%, Max 2.50%
Loan Amount ₹ 50,000 to ₹ 50 Lakh ₹ 50,000 to ₹ 75 Lakh
Loan Tenure 12 to 48 Months 12 to 48 Months
Lowest EMI Per Lakh ₹ 2,816 per lakh ₹ 3,423 per lakh
Part Payment Charges Not Allowed Not Allowed
Foreclosure Charges Allowed after 12 months at 2 – 4% Allowed after 1 EMI’s
Borrower’s Age 21 to 65 Years 25 to 65 Years
Minimum Years in Business Required 36 Months 36 Months
Minimum Turnover Required ₹ 1 Cr ₹ 60 Lakh

More Banks to compare with Bank of Baroda Business Loan:

Barclays Bank Canara Bank ICICI Bank ING Vysya Bank
HSBC Citibank Kotak Mahindra Bank

Purpose of Business Loan from Bank of Baroda

Availing a Business Loan from Bank of Baroda can cover and help with:

  • Maintaining a healthy cash flow to make payments to the suppliers on time.
  • Instant availability of liquidity to finance the everyday needs of the business.
  • The loan amount can be used to cover up all the expenses related to business expansion.
  • Covers the cost of buying new or upgrading machinery or equipment.
  • Covers the cost of purchasing new inventories.

EMIs of Several Banks and NBFCs for Different Tenures

The following table shows the approximate values of EMI’s offered by banks and NBFC’s other than Bank of Baroda

Total Loan Amount Loan Tenure
Loan Amount (Rs.) 10 years 15 years 25 years
2,500,000 ₹ 31,197 ₹ 24,839 20,384
5,000,000 ₹ 62,395 ₹ 49,678 40,768
7,500,000 ₹ 93,592 ₹ 74,516 61,152
10,000,000 ₹ 1.25 Lakh ₹ 99,355 81,536

Other Loan Products from Bank of Baroda

Personal Loan Gold Loan
Car Loan Education Loan

Why should you apply for the Bank of Baroda Business Loan at Dialabank?

DialaBank is India’s first online banking helpline service. It works as a bridge between you and your preferred bank choice by minimizing the complex paperwork and application process. Sorting out the best offer as per your requirements is Dialabank’s main master card as it has successfully delivered all the promised terms to all its customers without any fail.

Dialabank has been approved by its own customers and other authorized bodies and that is why it is placed on the top of its competitor’s leaderboard. Know more about Dialabank by visiting us online or by calling on 9878981166.

How to calculate EMI for Bank of Baroda Business Loan?

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALMENT TOTAL INTEREST AMOUNT TOTAL AMOUNT
₹ 3,00,000 14.10% 1 ₹ 26,555 ₹ 18,661 ₹ 3,18,661
₹ 3,00,000 14.10% 2 ₹ 14,023 ₹ 36,547 ₹ 3,36,547
₹ 3,00,000 14.10% 3 ₹ 9863 ₹ 55,063 ₹ 3,55,063
₹ 3,00,000 14.10% 4 ₹ 7796 ₹ 74,207 ₹ 3,74,207
₹ 3,00,000 14.10% 5 ₹ 6566 ₹ 93,972 ₹ 3,93,972

You can also calculate the specific loan amount EMIs on Dialabank’s EMI Calculator.

Benefits of Bank of Baroda Business Loan

Bank of Baroda offers Business loans to self-employed and businessmen for financing the expansion or working capital requirements of their business. There are many benefits of availing loan from the Bank of Baroda:

  • Dropline Overdraft to save interest.
  • High loan amount up to Rs. 75 Lakh.
  • No collateral or guarantor is required.
  • The balance transfer option is available.
  • Flexible tenure and easy process.
  • Fast Approvals and disbursals.
  • Low and flexible interest rates.
  • Simple and minimum paperwork required.

Bank of Baroda Business Loan Processing Time

For loan applications for Commercial Banking customers, the Bank will take 30 working days to communicate the decision, once all the information required by the Bank is appropriately submitted by the customer.

Bank of Baroda Business Loan Preclosure

Bank of Baroda’s Business Loan Preclosure charges vary between 2% to 2.5% of the disbursed limit.

Pre Calculated EMI Table for Bank of Baroda Business Loan

The Loan EMI in Bank of Baroda depends upon the occupation (businessmen, self-employed, salaried), loan amount, loan tenure, and interest rate.

Loan Amount 5 Year Loan 7 Year Loan 15 Year Loan
₹ 20 Lakh ₹ 42,298 ₹ 32,996 ₹ 21,248
₹ 30 Lakh ₹ 63,446 ₹ 49,494 ₹ 31,872
₹ 50 Lakh ₹ 1,05,744 ₹ 82,490 ₹ 53,120

How to Apply for Bank of Baroda Business Loan Online?

  1. Visit Dialabank.
  2. Go to the loan section and click on the Business Loan link.
  3. Check the eligibility criteria for the Business loan offered by Bank of Baroda and fill a user-friendly online application form for Business Loan.
  4. One of our relationship managers will soon get in touch with you for further process
  5. For more information and free guidance, you may call on 9878981166.

Bank of Baroda Business Loan Status

You can find the loan status by Calling at 9878981166 or by visiting the Main Bank of Baroda Site.

Dialabank Bank of Baroda Business Loan Customer Care Number

To find the solution to your queries regarding a business loan, give me a call at 9878981166.

Dialabank helps you to find the best option for Banks and NBFCs by providing you with a detailed market comparison of different banks so that you can make the right choice.

Bank of Baroda Business Loan FAQs

✅ Is a guarantor required for the Bank of Baroda Business Loan?

No form of security is required while applying for Bank of Baroda’s Business Loan.

 How do I repay my business loan?

It should be repaid through EMIs via standing instructions and post-dated cheques.

What are the minimum and maximum range of tenure of business loans in the Bank of Baroda?

These loans are shorter tenure loans. You can repay your loan in a flexible period of a minimum of 12 months to a maximum of 48 months.

How much business loan amount can borrow I from the Bank of Baroda?

Bank of Baroda Bank offers you a loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 75 Lakh.