Rs 50000 to 10 Lakh Mudra loan 2024: If you need instant money to start a new business or upscale your business then you can apply for a government-sponsored Mudra loan scheme where banks are providing a maximum of Rs 10 lakh rupees Mudra loan to their customers. Bank of Baroda provides Mudra loans to their customers through online mode where applicants can apply for a Rs 10 lakh loan easily and if you want to get an instant loan then you can apply for a Rs 50000 Mudra loan in Bank of Baroda after that you will get the loan amount in your bank account within 5 minutes only. Check the eligibility criteria and all other important features of the Bank of Baroda Mudra loan which are important to know for applying online for Rs 50000 to 10 Lakh Mudra loan without any mistakes.
Bank of Baroda have three types of Mudra loan scheme including the Shishu Mudra loan for a maximum of 50000 rupees, the Kishore Mudra loan for the range of 50000 to 5 lakh, and the Tarun Mudra loan for 10 lakh. However, the loan will be provided to the customer by checking the need the amount, and all other conditions. If you want the maximum loan amount then you should visit the branch physically. But if you have started a new business and want up to 50000 then you need not visit the branch as you can apply online mode by visiting the official website of Bob. The interest rates will be charged according to the condition of the customer. If the CIBIL score of the customer and relationship with the bank is healthy then applicants can get minimum interest rates loans. Bank provides 1-year to 7-year repayment facilities of the loan to their customers.
Eligibility for Bank of Baroda Digital Mudra loan
- Any individual citizen of India who has an existing bank account with the Bank of Baroda is eligible to apply for a Bank of Baroda digital Mudra loan.
- The age of the applicant should be more than 21 years old
- The bank account should be linked with the PAN card, Aadhar Card, and mobile number of the applicant.
- Applicant should have a good credit history in the bank
- The applicant should not involved in any other type of loan with the Bank of Baroda and other banks.
- Any defaulter who is not eligible to repay their existing loan amount is not eligible to get a Mudra loan from Bank of Baroda.
Documents for BOB Digital Mudra loan
- Applicant should have a valid email ID and mobile number that is linked with the Bank of Baroda
- Aadhar Card and PAN Card details
- GST registration and GST number which should be linked with the mobile number that you are using for the application.
- At least six months’ bank statement of the existing bank account.
- Business registration details. You can register your business on udyam portal in free of cost by using your mobile phone
- Associate concern details
- Applicants have to briefly explain the need for the loan amount and should provide information on how will you use the loan amount to establish or upscale your business.
Procedure for BOB Digital Mudra loan
- First of all, you have to visit the official website of the Bank of Baroda by clicking on this link https://www.bankofbaroda.in/
- Now click on personal banking and select Digital Mudra loan under the loan section.
- Now you will reach the dashboard of the website where you can see the terms and conditions and other information of the Bank of Baroda Digital Mudra loan. after that, you can apply by clicking on the Apply Now link.
- Now you have to click on the link of the scheme and after that Click on Pradhanmantri Mudra Yojana under Business Loan
- Now you have to register yourself on the portal by entering the mobile number
- After that provide the bank details and your personal details
- Select the loan amount that you want to get from the Bank of Baroda and after that provide your document details for KYC.
Once you have provided all the details bank will review your application and provide the loan amount in your bank account soon.