BOB 5 Lakh Mudra Loan 2024 Eligibility, Interest Rates, Apply Online In 2024, Bank of Baroda (BOB) will continue to support entrepreneurs and small business individuals through the Mudra Loan Scheme, a landmark initiative aimed at empowering new and expanding enterprises. The BOB 5 Lakh Mudra Loan is a key feature of the scheme, designed to provide financial assistance to help businesses grow. This comprehensive guide will tell you about the eligibility criteria, important documents, and application process for BOB 5 Lakh Mudra Loan 2024. Read the post till the end for more details on Bank of Baroda (BOB) Mudra Loan Scheme.
Bank of Baroda (BOB) Mudra Loan 2024
Pradhan Mantri Mudra Yojana was launched by the government to provide affordable financing options to small and micro enterprises in India. This scheme was launched by the Prime Minister on 8 April 2015 to help enterprises in getting loans for any non-fund based or fund based facility.
- Shishu: The loan amount sanctioned through this scheme is up to ₹50,000.
- Kishor: The loan amount sanctioned through this scheme ranges from ₹50,001 to ₹5 lakh.
- Tarun: The loan amount sanctioned through this scheme ranges from ₹5,00,001 to ₹10 lakh.
- Processing Fee: Bank of Baroda does not levy any processing fee on Mudra loans.
- Security: Borrowers do not have to submit any collateral security while availing the loan. Assets created from the bank’s finances would suffice.
Bank of Baroda (BOB) Mudra Loan Interest Rates 2024
| Small Enterprises | |
| Loan amount up to ₹50,000 | Base Rate plus 0.50% |
| Over ₹50,000 to up to ₹2 Lakhs | Base Rate plus 1% |
| Over ₹50,000 to up to ₹10 Lakhs | Base Rate plus 1.25% |
| Micro Enterprises | |
| Loan amount up to ₹50,000 | Base Rate |
| Over ₹50,000 to up to ₹2 Lakhs | Base Rate Plus 0.50% |
| Over ₹50,000 to up to ₹10 Lakhs | Base Rate Plus 1.0% |
Eligibility Criteria for BOB Mudra Loan 2024
- All types of non-agricultural enterprises can avail Mudra loan.
- All enterprises falling under the category of small and micro units will be eligible for the loan.
- Any unit involved in income generating activities, trading, manufacturing and services is eligible to avail Mudra loan.
- If the unit needs an amount up to Rs 10 lakh, then Mudra loan can be availed easily.
- The loan applicant should not be a defaulter in any bank across India.
Documents Required for BOB Mudra Loan 2024
- Voter’s ID Card
- PAN Card
- Driving License
- Passport
- Aadhaar Card
- Latest Telephone Bill
- Property Tax Receipt
- Electricity bill
- Aadhaar
- Certificate Proof for OBC/SC/ST/Minorities
- License Copies
- Registration Certificates
How to Apply BOB Mudra Loan 2024?
- First of all visit the official website of Bank of Baroda.
- After this, select the loan option on the website.
- After this, click on the link “Apply Now” for BOB 5 Lakh Mudra Loan 2024.
- After this, fill all your information and submit the form.
- After this, the bank will contact you within a few hours. During this call, a representative will discuss your loan requirements and guide you through the application process. They will also arrange for you to visit the nearest branch for further verification.
- After this, once your application is processed and verified, the loan amount will be provided to support the growth and development of your business.
Important Links
| BOB Official Website | Click Here |
| Home Page | Click Here |