BOB 5 Lakh Mudra Loan 2023: The Bank of Baroda Mudra loan is very important and beneficial for individuals who have started a new business or going to expand their are business but seeking a loan provider with low interest rates. The Government of India is supporting Mudra loans to Increase local industry and local business at the village and local Levels. If you are also one of them then you can get the help of a Mudra loan with the Bank of Baroda. However other banks are also providing Mudra Loan by following the guidelines of the Government of India. Today we will discuss about the features of the BOB 5 Lakh Mudra Loan where you can get a 5 lakh rupees instant loan after submitting the application fees. Check the BOB 5 Lakh Mudra Loan eligibility criteria, important documents, and application procedure to apply for the Bank of Baroda 5 lakh Mudra loan.
Mudra loan provides financial assistance in 3 categories including a Shishu Mudra loan for a maximum of 50000 rupees, Bank of Baroda provides a Shishu Mudra loan online mode where you can get the loan amount instantly without visiting the branch. Kishore Mudra loan is also a very famous loan scheme where you can get a maximum of five lakh rupees and a maximum of 10 lakh can be applied from Bank of Baroda in Mudra loan under Tarun Mudra loan scheme. If you have an existing business and want to upgrade then Bob 5 lakh rupees Mudra loan is sufficient for you where you can use the amount to upgrade your business including purchasing new machines and items that are based on the latest technology etc.
Eligibility for BOB 5 Lakh Mudra Loan
- If you are a citizen of India and an existing customer of Bank of Baroda you can apply for Bob 5 lakh Mudra loan.
- A BOB 5 Lakh Mudra Loan facility is available only for those customers who have already a business and want to upgrade their business with new equipment and other latest technology.
- Applicant should have a business that is related to manufacturing, service providing, or trading.
- If your business is under micro small and medium enterprises- MSME then you can also apply for this loan feature.
- Applicant should have a good banking history with the bank
- Interest rates will be charged according to the loan amount and all other conditions.
Important Documents for Bank of Baroda 5 Lakh Mudra Loan
- An application form for the BOB 5 Lakh Mudra Loan
- Any ID Card of the applicant including an Aadhaar Card, PAN card, Passport, Driving license, etc.
- A PAN card is compulsory
- GST Details and Registration
- Latest passport size photograph of the applicant
- Registration details of business. You can also show Udyam registration details
- Category related documents
- List of the equipment which will be purchased by using the loan amount
Application Process of BOB Mudra Loan
Follow this step-by-step procedure to apply online for the BOB Mudra Loan Scheme 2023
- First of all, visit the official website of Bank of Baroda or click this link to visit directly on the official website: https://www.bankofbaroda.in/
- Now you will reach a new page where you can details of all facilities of bob, locate the loan section, and click on the Mudra loan under the loan section
- After that, you will reach the application page of the BOB Mudra loan where you have to select the loan Apply Now link after reading the terms and conditions of this BOB loan
- Enter your personal details including name, contact information, and address details in the application form and click on the the submit link
After that, you will receive a call from the bank within a few hours where you have to provide your need of loan to the employee. Now employee will instruct you to apply for a loan and will give you an appointment to reach the branch for physical verification and other formalities. Once verification is completed you will receive the loan amount to use for upscaling your business.