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Baroda Loan to Business Correspondents

  • Features
  • Eligibility
  • Interest Rates & Charges
  • Most Important Terms & Conditions

Baroda Loan to Business Correspondents : Features

The purpose of Baroda Loan To Business Correspondents is:

  • To purchase a computer and its peripherals and also set up or renovate an office.
  • To meet working capital requirements for cash management and processing of day to day transactions through settlement accounts.
  • Purchase of vehicle for visits to villages to perform BC activities.

Baroda Loan to Business Correspondents : Eligibility

  • Business correspondents and kiosk operators who have valid agreements with service providers engaged by our bank for the purpose of providing banking services under financial inclusion.
  • Age: 18 to 60 years
  • All vendors/suppliers (falling within SME regulatory/non-regulatory classification only) of large real estate developers to which program limits have been approved.

Baroda Loan to Business Correspondents : Interest Rates & Charges

Interest rate linked to MCLR/BRLLR

  • Guarantee fee and annual service charge:
  • ASF
  • One time guarantee fee at a specified rate:
    • 1.00% in the case up to Rs. 5 lakhs
    • 0.75% in case up to Rs. 50 lakhs sanctioned to units in north-eastern region including state of Sikkim.
  • The ASF at specified rate (currently 0.5% in the case up to Rs. 5 lakhs) on pro rata basis for the first and last year and in full for intervening years.

Guarantee Scheme

  • Demand loan/TL, OD

Repayment Period
  • Demand loan: maximum 36 EMI’s.
  • Overdraft: Repayable on demand subject to annual review
  • Term loan (Vehicle): Maximum 60 EMI’s.

To know more, visit our nearest branch Click Here

Baroda Loan to Business Correspondents : Most Important Terms & Conditions

Total Limit
Area Demand loan OD (WC) TL (vehicle loan) Total
Rural and semi-urban Rs. 75,000 Rs. 25,000 Rs. 50,000 Rs.1,50,000
Urban Rs. 1,15,000 Rs. 35,000 Rs. 50,000 Rs. 2,00,000
Metro Rs. 1,50,000 Rs. 50,000 Rs. 50,000 Rs. 2,50,000

  • 10% of the total amount of loan sanctioned

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