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Bank of Baroda Business Loan Interest Rate Jul 2020

Bank of Baroda Business Loan Interest Rates India

Last Updated 15th Jun 2020

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 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 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 ₹ 1 Lakh to upto ₹ 2 Lakh. 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 ₹ 0.
  • 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 Business Loan Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria Description
Age: 21 to 60 years
Minimum Turnover ₹ 0
Business Existence (in months) 0 months
ITR (months) 0 months
Loan Amount ₹ 1 Lakh to ₹ 2 Lakh
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 ₹ 1 Lakh to ₹ 2 Lakh. 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 ₹ 0.
  • 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 ₹ 0.01 Lakh 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 ₹ 0.01 Lakh per Rs. one lakh loan amount. At an interest rate of 14.10% for the same loan, the EMI will be ₹ 0.01 Lakh.
  • 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 ₹ 0.01 Lakh to ₹ 0.01 Lakh 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 ₹ 1 Lakh, the EMI at 14.10% for 36 months would be ₹ 0.01 Lakh. Similarly for amount borrowed ₹ 2 Lakh, the EMI at 14.10% for 36 months would be ₹ 0.02 Lakh.

What are the benefits of calculating business loan EMI?

  • 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

Business Loan Products

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:

Other 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

  • 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

FAQs

Why to take business loan from Bank of Baroda?

Bank offers loan at 14.10% rate with the lowest EMI of ₹ 1,183 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 Bank of Baroda 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 Bank of Baroda?

If you apply for loan from Bank of Baroda, your lowest EMI per lakh will be ₹ 1,183.

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 echo 36 months.

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

Bank of Baroda offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 2 Lakh.

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

Bank of Baroda charges a processing fee of Upto 1.00% 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
Agra 0562-253567
Ahmedabad 1800-223-344
Ambala 1800-223-344
Anand 0265-2361852
Aurangabad Bihar 0832-224003
Bangalore 080-22224746
Bhilai 1800-223-344
Bhilwara 1800-102-4455
Bhiwadi 0832-224003
Bhopal 0755-556274
Bhubaneswar Cuttack 0674-2517435
Bikaner 1800-102-4455
Chandigarh 0172-701617
Chennai 044-23454249
Cochin 0484-4027903
Coimbatore 0422-2303735
Dehradun 05946-22178
Delhi 011-3319192
Durg 1800-223-344
Faridabad 0129-2412681
Gandhinagar 0265-2361852
Ghaziabad 0120-2790111
Goa 0832-224003
Greater Noida 011-3319192
Gurgaon 011-3319192
Guwahati 0361-2540475
Gwalior 1800-223-344
Hyderabad 1800-223-344
Indore 1800-223-344
Jabalpur 1800-223-344
Jaipur 0141-363056
Jalandhar 0172-701617
Jodhpur 0291-550084
Kanpur 0512-215655
Karnal 0172-701617
Kolhapur 0832-224003
Kolkata 1800-223-344
Kota 0291-550084
Kozhikode 0484-4027903
Lucknow 0522-206028
Ludhiana 0172-701617
Madurai 0422-2303735
Meerut 0562-253567
Mehsana 0265-2361852
Mohali Sas Nagar 0172-701617
Mumbai 022-22614706
Mussoorie 05946-22178
Nagpur 0712-527466
Nashik 0712-527466
Noida 011-3319192
Noida Extn 011-3319192
Panipat 1800-223-344
Patna 0612-2452336
Pondicherry 1800-223-344
Pune 020-5466917
Raipur 0771-526081
Rajkot 0281-225686
Ranchi 0657-2426802
Rohtak 1800-223-344
Roorkee 05946-22178
Salem 0422-2303735
Shimla 1800-223-344
Sonipat 1800-223-344
Surat 0261-3462216
Trichy 0422-2303735
Udaipur 0294-522203
Vadodara 0265-2361852
Varanasi 0542-2366349
Vijaywada 040-23421603
Vizag 040-23421603

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...

Bank of Baroda Business Loan News - Jul 2020
  • 2019-09-13 : Banks and NBFCs sign pacts to promote Retail and Business loans
    In a bid to improve the lowering credit markets, Banks and NBFCs have joined hands to promote loan products in the market. As per the tie-up State Bank of India and Central Bank of India has collaborated with ECL Finance, and Bank of Baroda is planning it tie-up with Srei Equipment Finance among others.
  • 2019-08-27 : Bank of Baroda co-originates retail loans with NBFCs
    Bank of Baroda plans to co-originate retail loans with NBFCs. As per the co-origination, the second-largest state-owned bank plans to lend around Rs 1000 crore in association with micro-financing sectors and NBFCs. This will benefit the bank to get new customers to engage in their other retail loan products. Also, it would help customers to earn retail loans like housing, business, mortgage, and education loans at lower interest rates.
  • 2019-08-26 : Bank of Baroda to co-originate loans with NBFCs and fintechs
    Bank of Baroda is planning to co-originate loans with some NBFCs and fin-tech companies. For this, the lender has also entered into an agreement with Srei Equipment Finance and ECL Finance to offer joint loans for infrastructure equipment and MSMEs. To reach to newer business segments and to pass the benefit of the lower rate of interest to the loan seekers, the lender is co-originating loans with different NBFCs, the bank said.
  • 2019-07-26 : Bank of Baroda launches a new program to help startups with loans
    Bank of Baroda (BoB) has launched a new program to help newly built startups with loans. The lender has opened dedicated bank branches across 10 cities and towns and is further planning to add another five in the next two weeks. Through these dedicated branches, the lender will offer them the facilities related to current accounts, payment gateways, credit cards, and also a loan of up to Rs. 2 crores.
  • 2019-06-14 : Edelweiss ties up with Bank of Baroda for MSME loans
    ECL Finance, a unit of Edelweiss Financial Services had signed an agreement with Bank of Baroda (BoB) to co-lend to small businesses. Under the arrangement, both the entities will jointly offer loans at discounted rates as well as expertise to micro, small and medium enterprises (MSMEs) besides self-employed as well as priority sector groups to help them grow.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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