Terms & Conditions
- 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.
- In case of purchase of vehicles,
- 100% cost of the cycle rickshaw, handcarts, fishing boats etc. and animal drawn vehicles.
- For new trucks, taxis and auto rickshaw not to exceed 75% of the invoice price of chassis including initial insurance, taxes etc., plus body building charges, taxi / auto rickshaw meters and other incidental charges.
- In case of second hand vehicles, higher margin at 40% to 50% depending on the merits of each case.
- For repairs, purchase of spares etc.: amount of finance will be 75% of cost of repairs or cost of spares etc.
- Rate of Interest:
- 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
