Bank of Baroda Business Loan Interest Rate Oct 2017
Bank of Baroda Business Loan Interest Rates India
|Loan for Self Employed||Features|
|Interest Rate||14.10% - 14.10%
Check Best Offers
|Tenure||From 12 months to 36 months|
|Lowest EMI per lakh||Rs. 3,423||Loan Amount||Min Rs. 100,000 and Max Rs. 200,000|
|Part Prepayment, Charges||Allowed after 1 EMI's,|
|Early Foreclosure, Charges||Allowed after 1 EMI's, Nil prepayment charges|
Bank of Baroda Business Loan
Bank of Baroda offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Bank of Baroda:
- You can prepay part of your loan anytime after paying 1% prepayment charges
- You can foreclose your entire Business loan anytime after paying 1 EMI's at foreclosure charges - Nil prepayment charges
- Bank of Baroda has been rated 5/5.0 by customers for its service quality on MyLoanCare
- Bank of Baroda has over 5,373 branches in India where you can avail service
Bank of Baroda Business Loan Interest Rate Calculator
There are multiple factors on which basis bank 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 Rs. 100,000 to upto Rs. 200,000. Interest rate for high loan amount can be lower resulting in lower EMIs.
- CIBIL Score: Bank of Baroda offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Bank of Baroda, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
- Revenue: Bank of Baroda will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least Rs. .
- Time in Business: Bank of Baroda offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Bank of Baroda is 0 months.
Bank of Baroda Eligibility Criteria
Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:
|Age:||21 to 60 years|
|Business Existence (in months)||0 months|
|ITR (months)||0 months|
|Loan Amount||Rs. 100,000 to Rs. 200,000|
|Loan Tenure||36 months|
|Owned House or Place of Work||Not Required|
|CIBIL Score||750 and above|
Bank of Baroda Business Loan Eligibility Calculator
Eligibility of Business loan in Bank of Baroda relies on two important factor:
1.Your ability to repay the loan and
2.Your past track record in repayment of loans.
The main factors on which the eligibility of an applicant depends are
- Age: Age plays an important role to know your eligibility and repayment capacity. Bank of Baroda offers 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 gives you loan ranging from Rs. 100,000 to Rs. 200,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
- Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. Bank of Baroda requires profit for minimum 2 years and minimum business turnover of Rs. .
- Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Bank of Baroda requires 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 loan.
- ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 0 months and bank statement for minimum 0 months will be required by Bank of Baroda.
- CIBIL Score: When checking loan eligibility, Bank of Baroda will look at the complete CIBIL report. Bank of Baroda will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.
Bank of Baroda Business Loan EMI Calculator
Bank of Baroda Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by Bank of Baroda is Rs. 3,423 per lakh loan amount. EMI of Bank of Baroda depends on factors like:
- Interest Rate: Higher the interest rate, higher will be the EMI. For a 36 months loan from Bank of Baroda at an interest rate of 14.10% per annum, EMI will be Rs. 3,423 per Rs. one lakh loan amount. At an interest rate of 14.10% for the same loan, the EMI will be Rs. 3,423.
- Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 14.10% per annum, the EMI on Bank of Baroda business loan would range from Rs. 8,983 to Rs. 3,423 for loan tenure ranging from 12 to 36 months.
- Amount Borrowed: Bank of Baroda Loan EMI will be high if you apply for a high loan amount. For amount borrowed Rs. 100,000, the EMI at 14.10% for 36 months would be Rs. 3,423. Similarly for amount borrowed Rs. 200,000, the EMI at 14.10% for 36 months would be Rs. 6,845.
- Business loan EMI calculator of Bank of Baroda helps you to calculate your monthly EMI at different rate of interest
- Bank of Baroda EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
- You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Bank of Baroda offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:
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 with applicable service tax
- 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
Compare Bank of Baroda Business Loan with other banks
- Allahabad Bank
- Andhra Bank
- Bajaj Finserv
- Bank of Baroda
- Bank of Maharashtra
- Capital First
- Corporation Bank
- Development Credit Bank
- Dhan Laxmi Bank
- Fullerton India
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Overseas Bank
- IndusInd Bank
- Kotak Bank
- RBL Bank
- Syndicate Bank
- Tamilnad Mercantile Bank
- Tata Capital
- United Bank of India
FAQs on Business Loan Bank of Baroda
Bank offers loan at 14.10% rate with the lowest EMI of Rs. 3,423 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Bank of Baroda.What is the interest charged on HDFC Bank business loan?
Interest rates on Business loan in Bank of Baroda are very attractive starting from 14.10% to 14.10%. Bank offer various offer for self employed professionals to get loan at very low rate of interest.What is the lowest EMI per lakh on business loan from HDFC Bank ?
If you apply for loan from Bank of Baroda, your lowest EMI per lakh will be Rs. 3,423.What is the minimum and maximum tenure of business loan in HDFC Bank?
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 HDFC Bank?
Bank of Baroda offers you loan if you need a minimum amount of Rs. 100,000 to a maximum amount of 200,000.What is the processing fee charged by Bank of Baroda on business loan?
Bank of Baroda charges a processing fee of with applicable tax.Is age an eligibility factor to get loan for business from Bank of Baroda?
Yes, age is an important eligibility factor to get 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 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.
Bank of Baroda Business Loan Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||0172-701617|