Why You Should Go for Bank of Baroda Business Loan?
- faiz afinoz
- Oct 21, 2019
- 3 min read
Running a business isn’t an easy task. From getting clients to maintaining a healthy work environment, you have to focus like a perfectionist on everything. To ensure your business remains prosperous and keep on growing, you need finance. Right?
Here we will tell you why you should go for Bank of Baroda Business Loan.
Being an Indian state-owned bank, Bank of Baroda is lending variety of loans for customers across the country. It can be availed by businessmen and partnership firms. And the repayment period is up to 5 years.
Bank of Baroda Business Loan Details
Particulars
Details
Interest Rates
~10% onwards
Minimum Amount
- Rs.2 lacs (Rural/Semi-Urban Branches) - Rs.5 lacs (Urban / Metro Branches)
Maximum Amount
- Rs.1 Crore (Rural Branches) - Rs.3 Crore (Semi-Urban Branches) - Rs.5 Crore (Urban Branches) - Rs.10 Crore (Metro Branches)
Loan Repayment Tenure
12 months to 36 months
Maximum Loan Tenure
5 years (60 months)
Processing Fee
Nil
Pre-payment Charges
Up to 12 months: 2% More than 12 months: Nil
Factors affecting Bank of Baroda Business Loan Interest Rate
Loan amount – Bank of Baroda Business Loan interest rate is based on the loan amount you’re asking for. The higher the loan amount, the lesser the interest rate.
CIBIL score – It is one of the important factors BOB looks for at the time of calculating the interest rate on the desired loan amount. Those who have a CIBIL score of more than 700 gets approval on Business Loan at a low-interest rate.
Revenue – If the monthly revenue of the company is higher, BOB lends loan on the low-interest rate.
The current age of Business – If your company has a considerable age, BOB offers an affordable interest rate.
Benefits of BOB Business Loan
If you apply for Bank of Baroda business loan through Afinoz platform, you get assured cashback up to Rs 5000 on the disbursal of the loan amount. Apart from that, you can avail the following benefits -
Low-Interest Rate
Easy documentation and quick approval
Multiple repayment options
Easy EMIs
Long tenure period
Eligibility Criteria of BOB Business Loan
Applicants age should be in between 21 and 60.
He/she should have a minimum credit score of 750.
Bank of Baroda Business Loan is provided to business which has the potential to grow. To evaluate the potential of the business, the bank goes through the entire history of credit of a borrower.
Applicants must submit all the required documents when they apply for Bank of Baroda Business Loan Online.
Documents Required for BOB Business Loan
These are the documents BOB asks for when applying Bank of Baroda Business Loan Online -
Identity proof
Address proof
Business proof
Last 2-years income tax returns a copy
Project reports
2 photographs
Last 6 months bank statement
3 Things You Should Follow Before Applying for BOB Business Loan
With these 3 steps, you can apply for Bank of Baroda Business Loan Online with ease.
Understand your desire – Before you apply for it, know what is your requirement. You are advised to figure out the loan amount your business need and the time you need to repay the loan amount with a pre-determined interest rate.
Check eligibility – As the multiple rejected loan applications decrease your credit score, understand the eligibility you need to meet and then only apply for BOB Business Loan online.
Apply Bank of Baroda Business Loan Online – The last step is to apply for a business loan by BOB by submitting all the details and documents. On successful submission, you will be provided application ID. By using it, you can track the status of your business loan.
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