Digital Mudra Loan: Features
Available on platform
bobWorld Application Baroda Connect, Bank of Baroda Website
Purpose of Assistance/Nature of assistance.
- Need based Term Loan/Working Capital Loan to eligible borrowers.
- MUDRA loan is not for consumption/personal needs.
Amount of Assistance
Amount of assistance Upto to Rs 10 lakh in three categories viz. Shishu, Kishore and Tarun.
Margin/Promoters Contribution
Margin/Promoters Contribution is as per the policy framework of the bank.
Security
- First charge on all assets created out of the loan extended to the borrower
- No Collateral Security and elligible accounts covered under CGTMSE.
Digital Mudra Loan : Interest Rates and Charges
Interest rate Interest rates are to be charged as per the policy of the bank.Interest Rates & Charges
Upfront fee/Processing charges as per the policy of the bank.
There is no minimum loan amount for Mudra loans.
Digital Mudra Loan : Terms and Conditions
Eligible Borrowers
- Individuals, Proprietary concern, Partnership Firm, Private Ltd. Company, Public Company are eligible to apply for Mudra Loan.
- The applicant should not be defaulter to any bank or financial institution and should have a satisfactory credit track record.
- The individual borrowers may be required to possess the necessary skills/experience/ knowledge to undertake the proposed activity.
Prerequisites for applying Mudra loan through this platform
Before applying the Mudra loan, the applicant should ready with following things;
- Its valid mobile number and email ID,
- PAN Details, GSTN username (In case registered with GSTN),
- Mobile no registered with GSTN,
- Latest 6 months Bank statement downloaded from respective bank’s website/ received from banks mail ID/bank detail such as Account no and IFSC Code,
- Business registration details (if applicable) KYCof business and business promoter/partner/proprietor,
- Associate concern details,
- Existing loan details.