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Schemes for Professionals and Self Employed

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/-

To know the current interest rates Click here.

For further details, please contact the Bank of Baroda Branch nearest to you.



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