Bank announces Financial Results for quarter/year ended, 31st March 2023.
As per revised RBI directives all our Locker-holders are requested to visit Bank of Baroda, Base Branch.
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This Resolution Framework is to provide relief to the borrowers adversely affected due to the COVID-19 pandemic and its resurgence in recent past.
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The following loans given to individual borrowers are covered under the Framework: Baroda Home Loan, Baroda Top-up Loan, Baroda Auto Loans, Baroda Education Loans, Baroda Mortgage Loans, Baroda Personal Loans, Baroda Loans against Future Rent Receivables, Baroda advance against LIP, Baroda Loans against Gold Ornaments/ Jewellery, loan to individuals for business, a loan to business entity not exceeding in aggregate above Rs. 25.00 crs & not fall under MSME category.
Borrowers who are impacted financially due to COVID-19 & who’s accounts were standard as on 31.03.21 and on the date of invocation.
No, Loans availed on or before 31.03.2021, are only eligible for resolution under this Framework
As per extant regulations, the resolution plan should be invoked maximum upto 30.09.2021. Therefore, you are required to apply at least -7- days before the last allowable date of invocation. Please note that your account should standard as on the date of application. We advise you to connect with your base Branch at the earliest to avoid last moment rush.
You need to complete all formalities of terms of sanction such as execution of documentations, etc. within 90 days from the date of your application subject to approval of resolution plan by the Bank.
You can visit the Branch where your account is maintained and submit the application.
Contact your Base Branch or refer detailed policy documents available on Bank’s website.
Yes, you may avail benefit under resolution framework in all retail & small business loan accounts with the bank, subject to your overall eligibility.
You may also avail benefit under the new Resolution Framework 2.0 subject to the overall cap on moratorium and/ or extension of residual tenor provided in Resolution Framework 1.0 and this Framework combined shall be two years.
Yes, subject to fulfilment of eligibility criteria as per Bank’s extant guidelines.
Yes, it is always up to you. No pre-payment charges are applicable for retail loans given to individuals.
Bank will convey its decision to you within 30 days from the date of your application.
Yes, consent of all applicants/ co-applicants/ guarantors are required to avail resolution under the framework and they are required to sign the legal restructuring agreement/ documents.
Application form along with, necessary declaration/ documents reflecting stress due to COVID-19 on health / income of the borrowers / their family members.
During the moratorium period, borrower may choose not to pay principal and interest. In case of interest moratorium same will be accrued and required to be paid in remaining rescheduled repayment period. Please note this moratorium is different from the moratorium provided by the Reserve Bank of India under regulatory package during 01.03.2020 to 31.08.2020.
For Loans accounts
Conversion of interest/ charges into separate loan accounts for maximum period of -24- months. Repayment of such carved out loan can be done maximum within -24- months.
Re-assessment of working capital based on operating cycle & concessional margin No additional funding will be available under the resolution framework.
Your EMI will be changed as per the resolution/ relaxation opted by you. It will be increased in case of moratorium availed. Revised repayment scheduled and EMI will be advised to you at the time of invocation.
No processing charges are applicable under resolution framework. However, any out of pocket expenses for invocation and implementation (if any) to be borne by you. An additional interest of 0.35% p.a. on secured loans and 0.50% p.a. on unsecured loans will be applicable over and above your current Rate of interest for the remaining period of the loan.
As per RBI guidelines, your loan/credit facility will be reported to the credit bureau as “Restructured due to COVID-19” and your credit scoring will be done by the Credit information Companies accordingly.
To be eligible under the Framework, the following eligibility conditions need to be fulfilled by the entity:
You need to submit the following documents along with application / request letter:s
Yes, Both term loan and working capital facility are eligible for relief under the framework
The following loans are not covered under this Framework:
You can submit your request at the Branch where your account is maintained or alternatively contact your Relationship Manager and submit your request with required data/papers /documents.
Minimum Promoter’s Contribution (capital infusion) of 10- 15% of the additional loan facilities sanctioned has to be brought in.
Independent Credit Evaluation(ICE) of the Resolution Plan (RP) by any one RBI accredited Rating Agency under the Prudential Framework will be required in respect of accounts where aggregate exposure exceeds Rs.100 crores from lending institutions. Only such RPs (resolution plans) which get a credit opinion of RP4 or better shall be considered for implementation.
The following relief/relaxations are available in case of working capital loans, subject to compliance of bank norms:
The following relief/relaxations are available in case of Term Loans, subject to compliance of bank norms:
For loans with aggregate exposure of Rs.1500 crores & above from the banking system, on or before by 15.11.2020.
For others, the last date to apply for relief under the Framework is 30.11.2020 (However, it would be advisable to submit your applications on or before 15.11.2020).
If you are availing credit facilities under Consortium/ Multiple banking arrangement, the resolution process shall be treated as invoked if lending institutions representing 75 per cent by value of the total outstanding credit facilities (fund based as well non-fund based) and not less than 60 per cent of lending institutions by number agree to invoke the same.
The Resolution Plan to be implemented within maximum 180 days from the date of invocation.
Date of invocation is the date on which both borrower and bank have agreed to proceed with a resolution plan under this framework.
If the above timeline is breached at any point, the resolution process ceases to apply immediately in respect of the borrower concerned. Any resolution plan implemented in breach of the above stipulated timelines shall be fully governed by the extant Prudential Framework of RBI, as if the resolution process was never invoked under this resolution framework for COVID 19 related stress.
The ratios prescribed by RBI that are intended as floors or ceilings, as the case may be are as Annexure 1.
Some of the key ratios have been marked as not applicable in the case of certain sectors in line with the recommendations of the Expert Committee which has concluded that those ratios may not be relevant for the respective sectors to which they have been made as not applicable.
*No threshold has been prescribed for Current Ratio due to the “just in time inventory” business model for raw materials and parts, and finished goods inventory is funded by channel financing available from the dealers.
**DSCR thresholds have not been prescribed since most of the airline companies work on refinancing of debt as a financing strategy. Consequently, average DSCR threshold is also not prescribed.
##In the roads sector, the financing is cash flow based and at SPV level where the level of debt is decided at the time of initial project appraisal. The working capital cycle in this sector is also negative. Accordingly, ratios like TOL / ATNW, Debt/EBITDA and Current ratio may not be relevant at the time of restructuring in this sector.
@Most of the companies in the sector do not use long term debt for funding their operations and are unlisted. Hence DSCR and average DSCR may not be relevant for the sector.
In case of unlisted entities, Personal Guarantee of the promoters for the additional credit facilities to be mandatorily obtained, while the same shall be explored in case of listed companies. Pledge of shares by promoters shall be stipulated in case of listed entities.
Yes, the moratorium sanctioned under this Framework will be in addition to the moratorium granted, if any, by the Bank earlier.
Yes, on account of moratorium granted, the tenure of your loan can be extended by upto a maximum of 24 months and the instalments payable after the moratorium will be recalculated and advised by Bank.
Processing fee/ Upfront fee @0.25% of the aggregate limits will be payable.
Yes, there will be change in pricing to offset cost of additional provisions that the Bank is required to make for extending the benefits under this Resolution Framework. The pricing would be as under:
FITL/WCTL/WCDL sanctioned under the Framework: 100 bps above your current pricing on Working Capital Loans.
Additional Interest of 35 bps shall be charged for remaining tenure of the loan, in respect of Term loans, wherever restructuring is considered. Further, any concessions/Waiver provided during the resolution period shall result in right of recompense.
In line with COVID 19 Regulatory Package announced by RBI the moratorium on payment of loan EMIs and Instalment /Interest under the COVID-19 regulatory package has expired on 31st August 2020.
Your EMI/ monthly Instalment & Interest will be debited from September 2020 by the Bank as per schedule. You are requested to maintain sufficient balance in your account to avoid any default.
The accrued interest on working capital limits allowed in the form of CC/OD into FITL from 01.03.2020 to 31.05.2020 / 31.08.2020 (as the case may be) for borrowers where moratorium was allowed between 1st March 2020 and 31st August 2020.
The repayment of these FITL accounts shall commence from 1st October 2020 in six equal monthly instalments. The interest on these FITL accounts shall also be recovered separately as and when debited in FITL account on monthly basis. The instalment and its interest will be recover from your operating account. Please arrange to have sufficient fund in your operating account.
The unpaid EMIs/interest of Non EMIs Term loan along with the accrued interest is added to balance outstanding and the loan tenor is extended accordingly keeping EMI as constant.
In NON-EMI Term loans, the instalment and accrued interest for the period 01.03.2020 to 31.05.2020 / 31.08.2020 (as the case may be) shall be deferred for recovery after the end of the original tenor, thereby extending the repayment period accordingly. In addition, the interest for extended period shall also be recovered separately as and when due.
No, You may continue to pay your usual EMI/ instalments falling due from 1st September 2020 onwards as per the original repayment schedule. However, due to interest on EMI amount deferred, the number of EMIs will change accordingly.
The accrued interest have been added to balance outstanding. Hence the additional amount is the accrued interest on the unpaid EMI which you have to pay at the end of the loan tenor. However if you have adequate funds to pay the deferred EMI/Instalments/Interest during the moratorium period, you can pay to avoid any extra interest burden.
You have to pay usual EMI/ instalments falling due from September 2020 onwards as per the original repayment schedule. However, due to interest on EMI/ instalment amount deferred, the number of EMIs may change during the extended period. There is no change in EMI.
We encourage customers with adequate funds to pay the deferred EMI/Instalments/Interest during the moratorium period to avoid any extra interest burden. No pre-payment charges will be levied for early payment of interest/ instalments/ EMI.
No. It will not be treated as restructuring
The purpose of the scheme is to provide immediate financial assistance to the SHGs to meet the emergent needs of its members for their domestic and agriculture purposes.
The existing SHGs enjoying credit facilities from the Bank in the form of Cash Credit/Overdraft/Term Loan/Demand loan with satisfactory Loan record.
This scheme is only for the existing SHG enjoying credit facilities from the Bank.
Moratorium period is for 6 Month from the date of disbursement.