Mudra Loan Scheme

Mudra Loan or Mudra Loan Scheme in Bank Of Baroda, Eligibility, Document Required, Interest Rate & How to apply?: Government of India has launched Pradhan Mantri Mudra Yojana (PMMY) on 8th April 2015 with a concept of 'funding the unfunded' micro enterprises in the country. It is government's finance scheme to provide business loan to new or existing micro or small scales businesses from rural areas in India.

Mudra Loan Purpose Bank Of Baroda

To 'fund the unfunded' by bringing such enterprises to the formal financial system and extending affordable credit to them.

Mudra Loan Eligibility Bank Of Baroda

1. All 'Non farm enterprises'
2. under 'Micro Enterprises' and 'Small Enterprises' segment
3. engaged in 'income generating activities'
4. engaged in 'manufacturing, trading and services' and
5. whose 'credit needs are up to Rs.10.00 lacs'
6. Now allied agriculture activities have also been included under PMMY scheme w.e.f. 01.04.2016.

Mudra Loan Amount Bank Of Baroda

No Minimum amount. Maximum Amount - Rs.10.00 lakhs.

Credit Facility

Any type of Fund Based or Non Fund Based facility

Mudra Loan Margin

Margin will be taken is based on the policy framework of the bank, depending upon overall guidelines of RBI in this regard. Banks may not insist for margin for Shishu loans.

Further, margin depends upon activity of finance. Please contact your nearest bank branch for more details.

Mudra Loan Interest Rate Bank Of Baroda

Up to Rs.50000/-

Micro Enterprises: MCLR+SP
Small Enterprises: (MCLR+SP)+0.50%
Above Rs.50000/- to Rs.2.00 lakhs

Micro Enterprises: (MCLR+SP)+0.50%
Small Enterprises: (MCLR+SP)+0.70%
Above Rs.2.00 lakhs to Rs.10.00 lakhs

Micro Enterprises:(MCLR+SP)+0.70%
Small Enterprises:(MCLR+SP)+0.85%

One-year MCLR is 8.30%

Security for Mudra Loan

No collateral security.
Assets created out of the Bank's finance as primary security.

Mudra Loan Tenure Bank Of Baroda

1 year to 5 years

Guarantee

No requirement of third party guarantee.

Mudra Loan Processing Charges

Nil

Mudra Loan Documents Required Bank Of Baroda

Mudra Loan Documents Required in Bank Of Baroda are mentioned below infull detail.

CHECK LIST: (The check list is only indicative and not exhaustive and depending upon the local requirements at different places addition could be made as per necessity)

• Proof of Identity: Self certified copy of Voter's ID card / Driving License / PAN Card / Aadhar Card/Passport.
• Proof of Address: Recent telephone bill, electricity bill, property tax receipt (not older than 2 months), Voter's ID card, Aadhar Card & Passport of Proprietor/Partners/Directors.
• Proof of SC/ST/OBC/Minority.
• Proof of Identity/ Address of the Business Enterprise: Copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity and address of business unit.
• Applicant should not be defaulter in any Bank/Financial institution.
• Statement of accounts (for the last six months), from the existing banker, if any.
• Last two years balance sheets of the units along with income tax/sales tax return etc. (Applicable for all cases from Rs.2 Lacs and above).
• Projected balance sheets for one year in case of working capital limits and for the period of the loan in case of term loan (Applicable for all cases from Rs.2 Lacs and above).
• Sales achieved during the current financial year up to the date of submission of application.
• Project report (for the proposed project) containing details of technical & economic viability.
• Memorandum and articles of association of the company/Partnership Deed of Partners etc.
• In absence of third party guarantee, Asset & Liability statement from the borrower including Directors & Partners may be sought to know the net-worth.
• Photos (two copies) of Proprietor/ Partners/ Directors.