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Your micro, small, medium enterprises today will be a large corporate tomorrow.
Digital MSME Loan
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Features
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Interest Rates and Charges
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Most Important Terms and Conditions (MITC)
Digital MSME Loan : Features
Available on platform
bob World, Baroda Connect, Bank of Baroda Website
Eligible Borrowers
Govt. of India vide Gazette notification S.O. 2119(E) dated 26.06.2020 (Annexure-I) has notified revised criteria for classifying the enterprises as Micro, Small and Medium enterprises and the revised definition is effective from 1st day of July 2020.
| Sector | Definition |
|---|---|
| Micro Enterprise | The investment in Plant and Machinery or Equipment does not exceed One Crore Rupees AND turnover does not exceed Five Crore Rupees |
| Small Enterprise | The investment in Plant and Machinery or Equipment does not exceed Ten Crore Rupees AND turnover does not exceed Fifty Crore Rupees |
| Medium Enterprise | The investment in Plant and Machinery or Equipment does not exceed Fifty Crore Rupees AND turnover does not exceed Two Hundred and Fifty Crore Rupees. |
Manufacturing Enterprises i.e. enterprises engaged in the manufacture or production, processing or preservations of goods with investment in Plant & Machinery and turnover as stated above.
Service Enterprises i.e. Enterprises engaged in providing or rendering services and whose investment in equipment and turnover as specified above. (Original cost excluding Land & Building and furniture, fittings and other items not directly related to the service rendered or as may be notified under the MSMED Act, 2006).
Purpose of Assistance/Nature of assistance
Working capital Fund based Facilities
Amount of Assistance
Minimum - Rs 10 Lakh
Maximum – Rs 5 Crore
Security
First charge on all assets created out of the loan extended to the borrower OR as mutually agreed by the bank and the Borrower
Digital MSME Loan : Interest Rates and Charges
Interest rate Interest rates are to be charged as per the policy of the bank.
Upfront fee/Processing charges as per the policy of the bank.
Digital MSME Loan : Most Important Terms and Conditions (MITC)
Prerequisites for applying Digital MSME Working capital loan
Before applying the Digital MSME Working capital loan the applicant should be 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 ITR 3/5/6 downloaded from Income Tax website in .xml format,ITR 4 in pdf format (The applicant can attach minimum 1 year and maximum 3 year ITR),
- Latest 6 months Bank statement downloaded from respective bank’s website/ received from banks mail ID in pdf format,
- Business registration details / Udyam Registration details,
- KYC details of business and business promoter/partner/proprietor,
- Related party, if any,
- Existing loan details.
Tenure
12 Months subject to Annual review
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