BOB Mudra Loan Scheme: To start your own business, take a loan of 10 lakhs from the Bank of Baroda

BOB Mudra Loan Scheme Government of India is implementing various schemes to promote micro, small, and medium industries in the country. Many such loan schemes MSME Loans are being run by the government. (MSME means Micro, Small, and Medium Enterprises) 

Pradhan Mantri Mudra Yojana or PMMY is one such flagship scheme of the Government of India to provide loans to micro and small entrepreneurs on affordable terms. If you also want to start or expand your business but are unable to do so due to financial constraints, then you can take a loan at a low-interest rate under the PMMY (Pradhan Mantri Mudra Yojana) scheme of the Government of India and start your business. Can solve problems. 

In today’s article, we will provide you with the necessary information related to BOB Mudra Loan Scheme. 

What is BOB Mudra Loan Scheme?

Under the BOB Mudra Loan Scheme / BOB PMMY / Pradhan Mantri Mudra Yojana of the Bank of Baroda, loans are made available to non-agricultural, micro, or small enterprises engaged in income generation through manufacturing, trade, and services. 

Individuals involved in agriculture-related activities can also apply for Pradhan Mantri Mudra Loan. Bank of Baroda offers Shishu, Kishor, and Tarun Mudra loans under Pradhan Mantri Mudra Yojana. 

BOB Mudra Loan Scheme Benefits

  • Credit facility to all types of micro and small enterprises
  • No securities or collateral are required to be provided
  • no processing fee
  • for fund or non-fund-based requirements
  • The loan amount taken under this scheme can be used for various purposes
  • No minimum loan amount has been prescribed 

BOB Mudra Loan Schemes Amount / Loan amount available under Bank of Baroda Pradhan Mantri Mudra Yojana 

There are three types of Mudra loans under BOB Mudra Loan Scheme on the basis of loan amount.

Shishu: Loan up to Rs.50,000/- under PMMY scheme 

Kishor: Loan from Rs 50,000 to Rs 5 lakh under PMMY scheme 

Tarun: Loan from Rs 5 lakh to Rs 10 lakh under PMMY scheme 

The minimum loan amount is not fixed under the Mudra scheme, while the maximum loan amount is Rs 10 lakh.

For which enterprises loan is provided under BOB Mudra Loan Scheme 

Loans are provided for various enterprises under the BOB Mudra Loan Scheme. Prominent among which are:

  • Various enterprises of non-agriculture sector
  • Certain enterprises in the agricultural sector such as horticulture and fisheries 

Documents required for availing BOB Mudra Loan

Documents required for taking loan under BOB Mudra Loan Scheme:

  • 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 Government of the applicant
  • Address proof documents such as recent utility bill of the applicant / Aadhaar / Voter ID card / Passport / Bank account statement
  • Business ID and address proof documents like license/registration certificate etc.
  • photo of the applicant
  • minority certificate
  • Proof of loan requirement such as equipment quotations, vendors details etc.

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Conclusion- Bank of Baroda Mudra Loan Scheme

In this article, we have provided you all the important information related to BOB Mudra Loan Scheme. Apply for Mudra Loan under BOB Mudra Loan Scheme today and grow your business. 

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