Bank of Baroda Business Loan in Purnea, Bihar

Avyud Finance offers business loans through the Bank of Baroda to self-employed professionals, MSMEs, corporates, and businesses. Customized products are also offered by the bank to meet the requirements of the customers. A few different types of business loans offered by the Bank of Baroda are Working Capital, Export Finance, Bill finance, Bridge Loans, Short-term Corporate loans, etc.

EMI Calculator

Loan Amount

₹

500000

No. of Months

months

Rate of Interest

Monthly EMI

₹

₹ 32,124.56

Total Interest

₹

10,622.78

Principal Amount

₹

500000

Payable Amount

₹

160,622.78

Pay No.	Begining Balance	EMI	Principal	Interest	Ending Balance
1	150000.00	32124.56	28637.06	3487.50	121362.94
2	121362.94	32124.56	29302.87	2821.69	92060.07
3	92060.07	32124.56	29984.16	2140.40	62075.91
4	62075.91	32124.56	30681.30	1443.26	31394.61
5	31394.61	32124.56	31394.64	729.92	-0.03

Bank of Baroda Business Loan Important Information

Purpose

To purchase a computer and its peripherals and also set up or renovate an office.

To meet working capital requirements for cash management and processing of day to day transactions through settlement accounts.

Purchase of vehicles for visits to villages to perform BC activities.

Eligibility Criteria for Bank of Baroda Business Loan

Business correspondents and kiosk operators who have valid agreements with service providers engaged by our bank for the purpose of providing banking services under financial inclusion.

Age: 18 to 60 years

All vendors/suppliers (falling within SME regulatory/non-regulatory classification only) of large real estate developers to which program limits have been approved.

Documents Required for Bank of Baroda Business Loan

Proof of Identity

Passport

Driving License

Aadhar Card

Voter ID Card

Proof of Address

Rent Agreement (Min. 1 year of stay)

Utility Bills

Passport (Proof of permanent residence)

Ration card

Proof of Income

ITR: Last two Assessment years
Salary Slip: Last 6 months
Bank Statement: Last 3 months

Fees & Charges for Bank of Baroda Business Loan

Guarantee fee and annual service charge:

One time guarantee fee at a specified rate:

1.00% in the case up to Rs. 5 lakhs

0.75% in case up to Rs. 50 lakhs sanctioned to units in north-eastern region including state of Sikkim.

The ASF at specified rate (currently 0.5% in the case up to Rs. 5 lakhs) on pro rata basis for the first and last year and in full for intervening years.

FAQ for Bank of Baroda Business Loan

How to calculate Interest/EMI on Business Loan?

Once your loan specifics are finalized, there are loan EMI calculators available online which can be used to know your Interest and Principal breakdown each month and also keep track of the amount paid and the amount pending which can be useful when planning to prepay the loan.

What is the Bank of Baroda Personal Loan Interest rate?

The Bank of Baroda Personal Loan interest rate starts at 10.50% per annum. The interest rate depends on the borrower’s credentials.

Can you foreclose your Bank of Baroda Business Loan?

Yes, it is possible to foreclose your Business Loan subject to paying the foreclosure penalty. There is no prepayment penalty on retail loans.

How can I repay the Bank of Baroda Business loan?

You pay the loan in equal monthly installments (EMIs). The loan will be paid through post-dated cheques. You can also pay through the Electronic Clearing System (ECS) or a standing instruction to debit your Bank of Baroda account with the EMI amount.

What is the tenure option available on Bank of Baroda’s loans?

Bank of Baroda’s loans come with a repayment tenure ranging between 12 to 60 months.

Note: This content is taken from Bank of Baroda website

Purpose for Business Loan

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