Terms & Conditions
- Those who conduct any business / profession independently with or without hired labour such as persons in the medical profession, lawyers, engineers, contractors, consultants, electricians, hair dressers, handicrafts artisans, etc., are eligible.
- To avail of a loan, a DP note, with letter of hypothecation of equipment with the mortgage of business premises has to be submitted to the bank.
- The upper limit of the loan is Rs. 5 Lakhs for businessmen and professionals out of which the working capital should not exceed Rs. 1 Lakh.
- For professionally qualified medical practitioners setting up practice in semi-urban and / or rural areas: Limit of Rs.10 Lakhs with sub-limit not exceeding Rs. 2 Lakhs for working capital.
- The rates of interest applicable to this product are as follows:
- Up to Rs. 2 Lakhs: bank's Prime Lending Rate.
- Above Rs. 2 Lakhs: Interest rates apply at Prime Lending Rate + - Maximum Band of 4% p.a. with quarterly rests.
- The processing and documentation charges to be levied will be as under:
Processing Charges
|
(only once at the time of sanction)
|
Upto Rs. 2 Lacs
|
0.5% - Min.Rs. 250/-
|
Above Rs. 2 Lacs & upto Rs.1Crore
|
0.25% - Min.Rs.1,000/-
|
Documentation Charges
|
Upto Rs.25,000/-
|
Nil
|
Above Rs.25,000/- & upto Rs.2 Lacs
|
Rs.150/-
|
Above Rs.2 Lacs & upto Rs.5 Lacs
|
Rs.1,000/-
|
Above Rs.5 Lacs & upto Rs.20 Lacs
|
Rs.1,500/-
|
For further details, please contact the Bank of Baroda Branch nearest to you.
> Working Capital Finance
> Term Finance
> SSI
> SME
> Small Business Borrowers
> Traders Loan
