Do you want to start your own business? If yes, you may need the business loans. In such cases, the Bank of Baroda E- Mudra Loans 204 helps you. Bank of Baroda starts giving the E-Mudra Loan 2024 to eligible candidates under government assistance. BOB E-Mudra Loan 2024 is well-designed for people who want to set up their own business or need a loan. Under this loan program, the Bank of Baroda gives loans of 10 lakh rupees to the person who wants to start their own small business or meet all requirements. This loan works under the digital mudra loan scheme.
The good thing is that the customers do not need to pay any processing fees while applying for this loan at the Bank of Baroda. The people can also apply for this loan at the BOB official website. Whether you are going to start your small business, micro, or medium business, MSME invites you to apply for E-Mudra Loan 2024 and get financial help. The funding of this loan helps businesses to take smooth steps towards their company and promote it well. The good thing is that the Indian government invites all rulers and central banks to put efforts into this initiative and provide mudra loans to people who need
BOB E-Mudra Loan 2024
Bank of Baroda, under government assistance, gives business loans to business enterprises and self-employed people. The business loans give by Bank of Baroda are working capital loan, term loan, etc. One of loan that this bank give to people to starts their business and manage finances Mudra Loan.
Overview of E- Mudra Loan 2024
To get an overlook of Loan 2024, here is the table for you
| Name of loan | BOB E-Mudra Loan 2024 |
| Interest Rate | The interest rate for the BOB Mudra Loan schemes is linked to the MCLR (marginal cost of funds-based lending rate). |
| Loan Amount | For Bank of Baroda Pradhan Mantri Mudra Yojana Loan: Shishu: Loans up to Rs.50,000 Kishore: Loans from Rs.50,001 to Rs 5 lakh Tarun: Loans from Rs 5 lakh to Rs 10 lakh For Bank of Baroda Digital Mudra Loan: Rs 10 lakh in 3 categories (Shishu, Kishore and Tarun) For Bank of Baroda Weaver Mudra Loan: Rs 5 lakh (inclusive of working capital finance and demand loan) |
| Loan Tenure | For Bank of Baroda Pradhan Mantri Mudra Yojana: 7 years (term/demand loan) and 1 year (working capital loan) |
Benefits of BOB E-Mudra Loan 2024
Bank of Baroda allows people to apply for loans of different amounts according to their business needs. Here are the various benefits of BOB E-Mudra Loan 2024
- If you need a small amount to start your small business, then Bank of Baroda provides you with BOB digital Shishu mudra loans of Rs 50,000
- If you need a loan of 5 lakh rupees, then this bank provides you with BOB digital Kishore mudra loans.
- If you need a loan of 10 lakh, then you can apply for BOB digital tarun Mudra loans.
- After taking the BOB E-Mudra Loan 2024, customers can get the easy facility to repay their loan payments by EMI for up to 1 year to 5 years.
- There is no need to submit collateral as proof while applying for Bank of Baroda Mudra Loan 2024
- There is no processing fees applicable to you if you want to apply for Mudra Loans 2024
BOB E-Mudra Loan 2024 eligibility
To become eligible for Mudra Loans 2024, here are a few requirements that customers should fulfil.
- The applicant must be an Indians
- The age of the applicant must be above 21 years
- Fruit and vegetable vendors, tractor operators, taxi drivers, small manufacturing units, dairy farming units, and non-farming units are eligible to apply for BOB E-Mudra Loan 2024
- You are also eligible for BOB E-Mudra Loan 2024 if your business has a genuine need for money.
Required documents
While applying for Mudra Loans at the Bank of Baroda, there are some important documents you should carry.
- The applicant must have an ID card, like a driving license, aadhar card, PAN card, voter ID card, and other ID issued by the government.
- The applicant must have address proof like an aadhar card, electricity bill, utility bill, etc.
- The applicant must have business registration proof
- Passport-size pictures are also required
- Applicant also need to show their budget to use the mudra loan amount for their business.
How to apply for BOB E-Mudra Loan 2024 online
If you want to apply for mudra loans online, then here are the steps you should follow
- First, you should visit the Bank of Baroda official website, https://www.bankofbaroda.in/
- Next, you have to tap on the option of BOB Loan 2024
- Under this section, you have to choose the Mudra loan scheme according to the loan amount you need
- Then, you have to click on the BOB E-Mudra Loan 2024 apply online link
- Here, you navigate to a new page, where you need to enter your details like name, email address, mobile number, etc
- After this, you can get a verification code on your number, enter this code
Now, the process from your side is complete. The company will contact you after verification. If there is successful verification, you will get your loan amount and use it further for your business
BOB E-Mudra Loan 2024 Interest rates
| Type | Interest rate |
| Shishu | 1% – 12% |
| Kishore | 8.60% – 11.15% |
| Tarun | 11.15% – 20% |
Conclusion
Hope you know everything about the E-Mudra Loan 2024. To apply for it, you should understand all details mentioned above, from the eligibility, important documents, interest rate, to application process.
