BOB E Mudra Loan Apply Online 2023: Interest Rate @8% p.a.

BOB E Mudra Loan Apply Online 2023: If you want to apply online for a Bank of Baroda Mudra Loan to start a business, you can get a business loan up to Rs 10 lakh under the PM Mudra Loan Scheme. The government provides without-guarantee loans ranging from Rs 50000 to 10 lakhs under the PM Mudra Loan Yojana.

This article will give complete information on applying for a BOB e Mudra Loan online and also tell you the features, benefits, or charges of the Digital Mudra Loan Scheme.

BOB E Mudra Loan Apply Online Scheme Details

Article Topic	BOB E Mudra Loan Scheme
Interest Rate	Competitive interest rates start at 8% per annum.
BOB Mudra Loan Amount	Rs 50,000 to 10 lakhs
BOB E Mudra Loan Schemes	Shishu, Kishore, Tarun
Age	The minimum age required is 18+
Processing Fees	Nil

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BOB E Mudra Loan Scheme 2023

Pradhan Mantri Mudra Loan Scheme was launched to strengthen micro, small, and medium enterprises (MSMEs) and enable them to start new small-scale businesses. Bank of Baroda has played an essential role in providing business loans to its customers under this scheme. The benefits of which are being availed by all the customers. No guarantee is required to take a loan, and the interest rate is also low.

Under this scheme, small manufacturers, artisans, fruit and vegetable sellers, tailor shops, beauty salons, medical stores, courier agencies, people running vehicle repair shops, manufacturers, etc., can take loans.

This loan is further divided into three parts. Shishu, Kishore, and Tarun. If you want to apply for a loan under the Bob e Mudra Loan Scheme, first know which category you fall under.

Types of BOB E Mudra Loan Scheme

As I told you, BOB Mudra Loan is given to start a business, expand a business, purchase new machinery, etc. Here, BOB E Mudra Business Loan is explained in three parts.

Must Read this: PM Aadhar Card Loan Yojana – Check Interest Rate & Eligibility Criteria

Shishu Mudra Loan

Under the Shishu Mudra Loan Scheme, you are given a startup business loan of up to Rs 50000 to start a new business. The process of taking a loan under the Shishu Yojana is available online. It is a fair amount to start any small business like courier service, grocery store, wooden work, fruit and vegetable vendor, etc.

Key Features

• BOB e Mudra scheme covers loans up to ₹50,000 for new businesses or entrepreneurs who require initial capital.
• The interest rate is 1% per month.
• The repayment period is up to 24 months.
• The loan is given without any guarantee to start a business.

Must Read this: How to get a 5,000 loan on an Aadhar Card?

Kishore Mudra Loan

Kishore Mudra Loan Scheme aims to provide easy and affordable credit access to small and micro enterprises in the non-farming sector. This scheme covers loans above ₹50,000 and up to ₹5 lakh for existing businesses or entrepreneurs who need working capital or want to upgrade their machinery or equipment.

Key Features

• The loan amount can be between more than Rs 50,000 and less than Rs 5 lakhs, depending on your business.
• The interest rates range from 8% to 12% per annum.
• Repayment tenure ranges from 12 to 60 months.
• The method of applying for the loan is both online and offline. You will have to visit the Bank of Baroda and submit some documents.

Tarun E Mudra Loan

The scheme covers loans above ₹5 lakhs and up to ₹10 lakhs for established businesses or entrepreneurs who want to expand their operations or diversify their products or services. If you apply for a Tarun Loan, you will go to the bank with the necessary documents.

Under this scheme, the businessman taking the loan prepares a map of his entire business and tells the bank in detail about his business.

Key Features

• Interest rates range from 10% to 16% per annum.
• Repayment tenure ranges from 12 to 84 months.
• The borrower does not need to provide any collateral or guarantee for Tarun Loan.
• The borrower should have a satisfactory credit history and a viable business plan.

Eligibility Criteria for BOB E Mudra Loan Scheme

Before applying for a BOB e Mudra Loan, you have to fulfill certain conditions, then you can avail of this loan.

• The applicant should be a resident of India.
• The applicant must be above 18 years of age.
• Individuals, proprietary concerns, partnership firms, private limited companies, and public companies can apply for Mudra Loan.
• The applicant should not be a defaulter of any bank or financial institution, and his credit track record should be satisfactory.
• Individual borrowers may be required to possess the requisite skills/experience/knowledge to undertake the proposed activity.

Documentation Required for BOB E Mudra Loan Schemes

• Duly filled Mudra Loan Application Form.
• Proof of identity such as Aadhaar, PAN, Driving License, Passport, Voter ID Card, or any other photo identity card issued by the applicant’s government.
• Proof of address such as the applicant’s recent utility bill, Aadhaar, Voter ID card, passport, bank account statement, or any other document accepted by the bank.
• Business registration and proof of ownership, such as GST registration, trade license, partnership deed, etc.
• Proof of income and tax returns such as ITR, audited financial statements, bank statements, etc.
• A project report and business plan detailing the nature, scope, and feasibility.

How to apply for the BOB E Mudra Loan Scheme Online and Offline?

To apply for the BOB E Mudra Loan Scheme, you need to follow these steps:

1. Go to the official website of the Bank of Baroda and click on the “Apply Online” button.
2. From the list of available loan products, select E-Mudra loan.
3. Provide the required details in the application form, including your personal and business information, contact details, and financial information.
4. Upload the scanned copies of the documents required for the E-Mudra loan, such as proof of identity, proof of address, proof of business registration and ownership, proof of income and tax returns, project report and business plan, and any other documents as required by the bank.
5. After verifying the details and documents, apply online. You will receive a confirmation message and a reference number for tracking your application status.
6. The bank will process your application and verify your eligibility and creditworthiness. If approved, you will receive a sanction letter from the bank with the loan amount, interest rate, repayment period, and other terms and conditions.
7. After accepting the sanction letter and completing the formalities, you will receive the loan amount in your bank account.

To apply for the BOB E Mudra Loan Scheme offline, you need to follow these steps:

1. Visit the nearest Bank of Baroda Branch.
2. Ask for the E-Mudra loan application form.
3. Fill in the application form with the personal and business details.
4. Attach all the required documents.
5. Submit the form to the bank officials.
6. The bank will process your application and verify your eligibility and creditworthiness. If approved, you will receive a sanction letter from the bank with the loan amount, interest rate, repayment period, and other terms and conditions.
7. After accepting the sanction letter and completing the formalities, you will receive the loan amount in your bank account.

FAQs Related to the BOB E Mudra Loan Scheme