In 2024, the Bank of Baroda (BOB) is still helping entrepreneurs and small business owners with its Mudra Loan Scheme. This program is important for supporting both new and growing businesses. A key part of this scheme is the BOB 5 Lakh Mudra Loan, which provides financial aid to help businesses grow and succeed. This guide will explain how to qualify, what documents you need, and how to apply for the BOB 5 Lakh Mudra Loan in 2024.
Features of BOB 5 Lakh Mudra Loan 2024
The Mudra loan scheme divides funding into three main types:
- Shishu Mudra Loan: Offers financial support of up to Rs. 50,000 for very small businesses or startups.
- Kishore Mudra Loan: Provides up to Rs. 5 lakh for businesses that are growing and need extra capital for development. This is part of the BOB 5 Lakh Mudra Loan scheme.
- Tarun Mudra Loan: Designed for established businesses that need more funding, offering up to Rs. 10 lakh. The BOB 5 Lakh Mudra Loan is particularly useful for businesses investing in new technology, equipment, or other essential upgrades.
Eligibility Criteria for BOB 5 Lakh Mudra Loan
To qualify for the BOB 5 Lakh Mudra Loan 2024, you need to meet these requirements:
- Indian Citizenship: You need to be an Indian citizen.
- Bank Affiliation: Only existing customers of Bank of Baroda can apply.
- Business Type: The loan is for businesses in manufacturing, services, or trading.
- MSME Qualification: Businesses in the Micro, Small, and Medium Enterprises (MSME) category can also apply.
- Banking History: You must have a good banking record with Bank of Baroda.
- Interest Rates: Interest rates vary based on the loan amount and bank’s conditions.
Required Documents Bank of Baroda 5 Lakh Mudra Loan 2024
To apply for the BOB 5 Lakh Mudra Loan, you need to provide these documents:
- Completed Application Form: Fill out the loan application form correctly.
- Identity Proof: Acceptable IDs include Aadhaar Card, PAN Card, Passport, or Driving License.
- PAN Card: This is required.
- GST Registration Details: Proof of GST registration is needed.
- Recent Photograph: A passport-sized photo.
- Business Registration: Documents related to your business or Udyam Registration.
- Equipment List: A list of equipment or assets you plan to buy with the loan.
How to Apply Bank of Baroda Mudra Loan 2024
Applying for the Bank of Baroda’s 5 lakh Mudra Loan is easy. Just follow these steps to apply online:
- Visit the Bank of Baroda Website: Go to the official Bank of Baroda site.
- Find the Loans Section: Look for the loan options and select Mudra loans.
- Apply Online: Click on “Apply Now” for the BOB 5 Lakh Mudra Loan 2024.
- Fill Out the Form: Provide your personal details like name, contact information, and address. Then submit the form.
- Wait for a Call: The bank will reach out to you soon. They will discuss your loan needs and guide you through the process. They will also set up a visit to your nearest branch for verification.
- Get the Loan: After processing and verifying your application, the bank will provide the loan to help grow your business.
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Why are insisting GST registration for loans upto 5 lakhs. The GST registration is exempted if annual turnover is below 40 lakhs(for goods )
For investment below 5 lakhs how can you expect a turnover above 40 lakhs per annum. So the criteria is not meaningful. Other criteria are ok
Tnq