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Bank of Baroda Business Loan Jul 2021

Bank of Baroda Business Loan Interest Rates India

Last Updated 16th Jul 2021

Bank of Baroda offers Business Loan starting at interest rate of 14.10%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 14.10%
Processing Fee Upto 1.00%
Tenure From 12 months to 36 months
Lowest EMI per lakh ₹ 3,423
Loan Amount Min ₹ 1 Lakh and Max ₹ 2 Lakh
Part Payment Facility Allowed after 1 EMI's,
Foreclosure Facility Allowed after 1 EMI's, Nil prepayment charges
Apply for Business Loan @ 14.00%*

Bank of Baroda Business Loan Details

Bank of Baroda offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Bank of Baroda.

Key Features of Bank of Baroda Business Loans
  • Purpose of Loan: You can avail Bank of Baroda business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 21 and 60 years can avail Bank of Baroda business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 36 years.
  • Bank of Baroda business loan interest rates are in the range of 14.10% to 14.10 %.
  • Bank of Baroda Bank business loan EMI per lakh starts from ₹ 3,423.
  • Processing Fee: Upto 1.00%

Factors affecting Bank of Baroda Business Loan Rates

There are multiple factors on which Bank of Baroda calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in Bank of Baroda depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 1 Lakh to upto ₹ 2 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Bank of Baroda offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Bank of Baroda, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Bank of Baroda will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least

Time in Business

Bank of Baroda offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Bank of Baroda is 0 months.

Lowest Bank of Baroda Business Loan Interest Rates

Currently, the lowest business loan rate offered by Bank of Baroda starts at 14.10%. There has been no change in the lowest interest rate of Bank of Baroda business loan interest rate for a long time and the interest rate continues to be in the range of 14.10% to 14.10%.

Bank of Baroda Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
31 Mar, 2021 14.10%
25 Mar, 2021 14.10%
07 Jan, 2021 14.10%

Bank of Baroda Business Loan Eligibility Criteria

To avail Bank of Baroda business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Bank of Baroda offers business loan to those who are at least 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, Bank of Baroda gives you loan amount ranging from ₹ 1 Lakh to ₹ 2 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Bank of Baroda requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : Bank of Baroda requires a minimum business track record of 0 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : Bank of Baroda gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 0 months & 0 months respectively.
  • CIBIL Score : Bank of Baroda will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Bank of Baroda Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Baroda allows prepayment of loan after paying 1 EMI’s with prepayment charges - Nil prepayment charges
  • Processing Fee : Bank of Baroda asks for a processing fee of Upto 1.00% with applicable service tax

Documents Required for Bank of Baroda Business Loan

To apply for Bank of Baroda business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Bank of Baroda Business Loan Eligibility Calculator

You can calculate your eligibility for Bank of Baroda business loan using an online Bank of Baroda business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Bank of Baroda Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Bank of Baroda business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Bank of Baroda.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Bank of Baroda?

Bank of Baroda is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 14.10%. The bank also charges a low processing fee starting from Upto 1.00%. Along with that, the bank also offers special business loan schemes such as , & etc.

Has Bank of Baroda reduced the business loan interest rate?

Currently, the lowest business loan rate offered by Bank of Baroda starts at 14.10%. There has been no change in the lowest interest rate of Bank of Baroda business loan interest rate for a long time and the interest rate continues to be in the range of 14.10% to 14.10%.

What is the interest charged on Bank of Baroda business loan?

Bank of Baroda offers business loans at attractive rates ranging from 14.10% to 14.10%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from Bank of Baroda?

If you apply for loan from Bank of Baroda, your lowest EMI per lakh will be ₹ 3,423.You can calculate your EMI on business loan for different tenures at min business rate starting at 14.10% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in Bank of Baroda?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 36 months.

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

Bank of Baroda offers you business loan for loan amount ranging from ₹ 1 Lakh to a maximum amount of ₹ 2 Lakh. Loan amount eligibility in Bank of Baroda further depends upon your income, and repayment capability.

What is the processing fee charged by Bank of Baroda on business loan?

Bank of Baroda charges a processing fee Upto 1.00% with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from Bank of Baroda?

Yes, age is an important eligibility factor to get a business loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

What are the prepayment charges on business loan from Bank of Baroda?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Bank of Baroda is Nil prepayment charges.

What are the business products offered by Bank of Baroda?

Bank of Baroda offers various business products for self-employed professionals and non-professionals. These are listed below:

What is the time period of repayment of business loans in Bank of Baroda?

Bank of Baroda provides business loans for a maximum tenure of 36 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

Bank of Baroda Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 0562-253567
Ahmedabad 1800-223-344
Ambala 1800-223-344
Anand 0265-2361852
Aurangabad Bihar 0832-224003

Bank of Baroda Business Loan Reviews 5/5  by 1 customers
MyLoanCare Service
5/5.0
Banks Service
5/5.0
Farhin Ahmed, Dibrugarh
Reviewed on 24th Mar 2017
5 / 5 stars
Bank of Baroda Business Loan Availed in Mar-17

Thanks a lot for the helping hand which is provided for meRead more...

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Bank of Baroda Business Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-05-19 : Bank of Baroda to hire digital marketing agencies to increase customer outreach
    Bank of Baroda is looking to hire three digital marketing agencies. The bank is aiming to visible digitally through means such as YouTube, influencer tie-ups, content syndications as well as new age media opportunities. The digital marketing firm will also be required to create content through campaigns, mobile-first based content, blog--articles, infographics, gifs and videos.
  • 2021-03-17 : BOB to focus on new digital platform to expand retail lending
    Bank of Baroda is planning to expand its retail loans portfolio which include home, personal, LAP, gold, two-wheeler and car loans through a self made digital lending platform. The digital platform assesses credit risk through varied public and private data points like bank account statements, tax statements and consumption trends.
  • 2021-01-28 : Bank of Baroda reported Q3 net profit of ₹1,061 crore
    Bank of Baroda posted a net profit of ₹1,061 crore backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans for the third quarter ended December 31, 2020 as compared to a net loss of ₹1,407 crore due to a sharp reduction in provisioning for bad loans. Total income was lower at ₹20,664 crore as compared to ₹21,809 crore in the year earlier.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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