Grow with Bank of Baroda.
Bank of Baroda meets the credit needs for Mumbai contractors.
Baroda Contractor Scheme Mumbai
Most Important Terms and Conditions (MITC)
Interest Rates and Charges
Baroda Contractor Scheme Mumbai : Features
Scope of the Scheme
To meet the credit needs of contractors engaged in the execution of civil engineering contract works awarded by BMC/Civic Agencies operating in Brihan Mumbai Metropolitan Region.
All categories of the applicants irrespective of their constitution, engaged in execution of civil engineering contracts.
Baroda Contractor Scheme Mumbai : Most Important Terms and Conditions (MITC)
Entry Level Norms:
- Registered contractors of BMC/Civic Agencies operating within the greater Mumbai Metropolitan Region.
- Registration of our bank accounts with BMC/Civic Agencies.
Nature of Facility
Overdraft: Towards normal day-to-day WC needs.
Bank Guarantee: For issuance in favour of BMC/Civic Agencies Solvency Certificate – for participating in tenders.
Exposure Ceiling Norms
- Scheme specific constitution-wise exposure ceiling norms in respect of applicants falling under the category of proprietary concerns, partnership firms, trusts and societies are stipulated uniformly at Rs. 40 crores,
- Mobilization Advance Guarantee shall generally be restricted to 20% of total BG facility in the normal course. Relaxations in sub-ceiling can be considered with the specific approval of the ED.
- 25% of chargeable current assets.
- Cash margin not lower than 10% (within the bandwidth of 10%-25%).
- Market value of properties not below 15% of BG facility.
- 100% cash margin in case of guarantees covering disputes, court cases, etc.
Baroda Contractor Scheme Mumbai : Interest Rates and Charges
As per CMR and CR Guidelines.