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Bank of Baroda is a state-owned Indian and international banking and financial services entity that is headquartered in Vadodara (previously called Baroda) in Gujarat.
Given below are the features and benefits of the Bank of Baroda Business Loan:
The eligibility criteria for applying for a Bank of Baroda Business Loan are as follows:
The Bank of Baroda charges minimal processing fees for a business loan application. While prepayment is allowed to borrowers, fees are charged for the ones prepaid on or before 12 months. Check out the details of the processing fees and charges for the Bank of Baroda Business Loan below:
Along with the business loan application form, an applicant has to submit the following documents:
Look into the table below to know the Bank of Baroda Business Loan interest rate across various loan types:
| Business Loan Types | Interest Rate of Bank of Baroda Business Loan | Loan Tenure | Maximum Loan Amount |
Business loans for:
| Between 7.25% and 13.50% | From 1 year to 3 years | Between Rs. 1 Crore and Rs. 10 Crores |
| Business loan for educational institutions | 8.35% onwards and Strategic Premium (SP) | Up to 7 years | Rs. 15 crores |
| Business loan against rent receivables | 7.65% and Strategic Premium and an additional rate of 3.25% | Up to 10 years | Rs. 200 crores |
| Commercial vehicle finance for transporters | 7.60% and a spread rate between 0.55% to 1.20% | Up to 5 years | Rs. 30 Crores |
Note: The interest rate and charges are subjected to market conditions. It depends on the area: rural/urban/metropolitan.
The minimum and maximum loan amounts that applicants can avail also depends on the location they are from as illustrated in the table below.
| Minimum Amount | Rs.2 lacs for rural and Semi Urban Branches Rs.5 lacs for Urban and Metro Branches |
| Maximum Amount |
|
| Tenure of Loan Repayment | 1-3 years |
| Maximum Loan Tenure | 60 months or 5 years |
Get to know the factors that affect the Bank of Baroda Business Loan interest rates:
Bank of Baroda offers several types of business loans to applicants across industries, catering to various purposes. The types of MSME Schemes from the Bank of Baroda can be, therefore, categorised as per applicant type and the purpose for the loan.
| BOB Business Loan Types | Applicants |
| Vidyasthali Loan | Educational institutions |
| Arogyadham Loan | Hospitals and health care providers |
| Vendor Bill Discounting | Real estate developers |
| Mudra Scheme | Weavers and other craftsman |
| Business Loan for Hotel & Restaurants | Eateries and restaurants |
| Short-Term and Long Term Loan Scheme | SMEs |
| Digital Mudra Loan | Manufacturing, trading and services sectors |
| BOB Business Loan Types | Loan Purposes |
| Business Loan in Mining Industry | for purchasing construction and mining equipment |
| MSME Capital Expenditures Scheme | To meet the capital requirement |
| MSME Textile Scheme | Financing new projects and to fulfil requirement of the working capital |
| Term Business Loan |
|
| For meeting the working capital requirement, cash management and managing daily transactions |
| Digital Mudra Loan | Manufacturing, trading and services sectors |
| Public Sector Bank Loans | Loan for several purposes related to public sector businesses |
You can use the online calculator to calculate your business loan EMI. You just have to enter the loan amount, the loan tenure and the rate of interest. This EMI calculator is very easy to use. It will give you instant results, saving you time and effort.
Manually, you can calculate your monthly business loan EMI as follows:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Here,
Here is a tabular representation showing the comparison between Bank of Baroda and other lenders on the basis of interest rates offered for business loans.
| Banks And Other NBFCs | Interest Rate (p.a.) |
| Bank of Baroda | 7.50% to 13.50% |
| IIFL Finance | 11.75% – 25.75% |
| HDFC Bank | 11.90% – 21.35% . |
| FlexiLoans | 1% per month onwards |
| ZipLoan | 1% – 1.5% per month (Flat ROI) |
| Axis Bank | 14.25% – 18.50% |
| IDFC First Bank | 14.50% onwards |
| Kotak Mahindra Bank | 16% – 19.99% |
| Fullerton Finance | 17% – 21% |
| Bajaj Finserv | 17% p.a. onwards |
| RBL Bank | 17.50% – 25% |
| ICICI Bank | 18% onwards |
| Indifi Finance | 1.5% per month onwards |
| Lendingkart Finance | 1.5% – 2% per month |
| Tata Capital Finance | 19% p.a. onwards |
| NeoGrowth Finance | 19% – 24% |
| Hero FinCorp | Up to 26% |
To get any information regarding Bank of Baroda Business Loan requirements, queries, or other issues, feel free to contact the following toll-free number.
If you have a credit score of 750 or more, good repayment history and a profitable business, you can get your business loan quickly.
You can easily calculate the EMI using Pluto Money's advanced EMI calculator and easily plan how to pay your EMI business loan.
A minimum of two years' profit is required to avail of a Bank of Baroda Business Loan.
Yes. Bank of Baroda needs 750 or more points as a credit score from the applicant to approve its loan.
Yes, the Bank of Baroda provides business loans at one of the best interest rates affordable for all types of businesses.
The interest rate of a business loan in the Bank of Baroda varies between 7.50% to 13.50%.
The documents required in the Bank of Baroda for a business loan are a copy of the Aadhaar card, a PAN card, a filled form, a business PAN card, and many others.
You can track the status of your Bank of Baroda Business Loan via their official website, app or by calling any of the toll-free customer care numbers mentioned above.