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Why apply for Bank of Baroda Business Loan?
Why apply for Bank of Baroda Business Loan?

A business loan is considered as a great support to expand the business or to meet the financial crisis. Bank of Baroda is one of the best business loan lenders in the market. BOB offers a wide variety of business loans to entrepreneurs.

If you apply the Bank of Baroda business loan it will benefit you in various ways. Following are some of the advantages:

  • Quick approval of all types of business loans.

  • The applicant is not required to make any visit to the branch. As one can apply online for the Bank of Baroda business loan.

  • Fast loan processing which requires some basic details to get the loan approval.

  • The Bank of Baroda provides a flexible loan repayment tenure.

  • The applicant is not required to perform the long-extended loan processing for periods like many weeks and months. Application for the business loan can be performed in a few basic simple steps.

  • Bank of Baroda offers the maximum loan amount for the business loan.

  • The applicant is not required to do any of the paperwork for sanctioning the loans and financial assistance. The process for the application of business loans is completely online without the need for any paperwork.

Bank of Baroda Business Loan Interest Rate

Business loans from Bank of Baroda come at a lucrative rate of interest which starts at 14.10% *, it varies based on the eligibility and the applicant profile.

 

Bank of Baroda Business Loan EMI

The EMI or equated monthly installment is a fixed amount of money which is needed to be paid by the borrower regarding repaying the loan amount.

 

Factors affecting Bank of Baroda Business Loan EMI

  • Loan Amount – The availed business loan amount plays a significant role in the monthly EMI.

 

  • Interest Rate – The charged rate on the principal amount borrowed is termed as the rate of interest. Higher the interest rate attracts the high amount of monthly EMI which automatically increases the total cost of the business loan.

 

  • Loan Repayment Tenure – The total time in which a borrower can repay the business loan to the lender. Generally, longer loan tenure leads to a low amount of EMI on loan. Bank of Baroda offers a business loan with a flexible repayment tenure from 12 months to 36 months.

 

Why apply online for Bank of Baroda Business Loan?

People applying for a business loan online to manage business expenses. In our busy lives especially the entrepreneurs, the benefits of an online loan application can be easily overlooked. However, we need to understand why online loan application has successfully helped people tide over their monetary issues.

A large number of people are choosing to apply online for a business loan counting on these advantages:

  • Convenience

This is perhaps the primary reason why people have started inclining towards online loan processing. You can apply for a business loan while sitting at home. The digital loan processing whether it’s through a lender’s website or mobile app helps to save time and reduce a good deal of effort. For example, the application process at Afinoz.com is completely digital. Starting from filling the online application form, to document uploads, to get the loan approval, every step can be done online.

 

  • Easy Repayment Options

Repayments for loan amount were earlier done through cheques, but can now be done online. However, there are lenders in the market that offers the online feature a customized payment system through which you can choose the automatic debit EMI option.

 

  • Minimum Documentation

Since the entire application process for a business loan is done online, you have the privilege to upload the required documents. It saves valuable time, and paper as well. However, when you traditionally apply for a business loan from a bank, you may require to make multiple bank visits with your documents.

 

Online EMI Calculation

This is among the best solutions for EMI calculation. If you traditional apply online for a business loan from a bank, the loan officer may follow some algorithms and come back to you with an EMI amount. However, when if you go for an online loan application, lenders also have a feature of an online EMI calculator. You just have to feed the required loan amount, income, and current EMIs (if any) and can then get a personalized loan quote. The results obtained through online EMI calculators are accurate, transparent, and error-free.

 

Eligibility Criteria for Bank of Baroda Business Loan 

The eligibility criteria of Bank of Baroda business loan vary based on several factors like loan amount, type of availed loan scheme and others. Here are the generic eligibility criteria for the same:

  • The business should be in the line of business and profit-making for at least 2 years.

  • Minimum 2 years of work experience; in case of self-employed, minimum of 2 years of business continuity

  • Minimum take-home income of Rs.25000/- per month

  • Trading units established by our existing Current Account or Advance Account Customers with satisfactory dealings for the last 1 year or their close relatives can be considered, even if these are established for less than 2 years.

  • Co-applicant applicable in case of Home Loan & LAP (Loan Against Property), Spouse/Parents/Children

 

Required Documents of IndusInd Business Loan

The list of required documents for Bank of Baroda business loans differs based on various factors. Here is the list of common documents for the business loan.

  • Duly filled the application form.

  • Passport-size photograph.

  • Proof of business continuity like a bank statement, ITR, Certificate of Incorporation, Shops & Establishment Certificate, Partnership Deed or Sales Tax Challans.

  • PAN Card of the primary applicant or the enterprise.

  • Identity proof like Aadhaar Card, Passport, Voter ID, Driving License, etc. are accepted by the bank.

  • Last 3 months bank statement.

  • Proof of address like Driving License, Voter’s ID, Passport, Telephone Bill, Electricity Bill, Sale Agreement.

  • Ownership proof of either residence or office.

  • Financial Documents of the Business such as Profit & Loss Statement and Balance Sheet (duly audited by a registered Chartered Accountant), book-debt and creditors-statement for the latest three months, Periodic Stock, etc.

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