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Full Details Of Features And Benefits Of Digital E-Mudra Loan

Full details of features and benefits of Digital E-Mudra Loan
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Full Details Of Features And Benefits Of Digital E-Mudra Loan

Digital E-Mudra Loan : Setting up a business requires a lot of capital, both for initial investment and operating costs. While some people save their way to start a business, many others take out business loans to meet these capital requirements. To promote entrepreneurship and help small businesses meet their goals, Bank of Baroda offers digital e-currency loans.

It is a credit facility provided by Bank of Baroda to MSMEs that operate in the manufacturing, trading and service sectors of the economy. One of the best features of Bank of Baroda digital Mudra loan  is that it is an unsecured form of loan. This means that you do not need to provide any collateral to get the funds. It is one of the best ways to finance your business operations. Read on to know more about this loan.

Digital Mudra Loan Bank Of Baroda

BoB e-Mudra Loan is a one of a kind digital business loan which is thoughtfully designed to cater to the MSME sector in India. Business owners can avail loans up to Rs 10 lakh through digital currency loans. Loans are made available to companies in three categories – Shishu, Kishore and Tarun.

• Shishu Mudra Loan

Shishu means small child in Sanskrit. True to its name, Shishu Mudra loans are for companies with low investment requirement. This loan offers a maximum loan amount of Rs.50,000. There is no minimum loan amount for Shishu Mudra loan.

• Kishor Mudra Loan

Kishore also has a Sanskrit meaning. It means a young boy. As you might have guessed, these loans are for businesses that have passed their prime. However, they have not yet fully established themselves in the market. Through Kishore Mudra loan, business owners can avail loans up to Rs 5 lakh.

• Tarun Mudra Loan

Tarun in Sanskrit means young man. These loans have a minimum loan amount of Rs. 5 lakh and maximum loan of Rs. Provides up to 10 lakhs.

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The BoB Mudra Loan interest rate is decided on the basis of the applicant’s creditworthiness, business financials and certain other appraisal policies followed by the bank. For security purposes, Bank of Baroda imposes a first charge on all the assets that the borrower creates with the help of the loan.

Who are eligible to apply for a BoB digital Mudra loan?

There are three criteria you need to fulfill in order to be eligible to apply for a Bank of Baroda digital Mudra loan:

  • Loan is available only to individuals, partnership firms, private limited companies, proprietary concerns and public companies.
  • The applicant should not have a history of defaulting and should be credit worthy.
  • Depending on the type of business you want to operate, you may need to have the necessary skills. For example, if you are opening a business modifying cars, you may need a degree in automobile engineering to avail Bank of Baroda digital currency loan.

What are the key benefits offered by the Bank of Baroda digital Mudra loan?

Bank of Baroda Digital Mudra Home Loan offers a host of benefits, such as:

• Easy Application

Setting up or growing a business requires a lot of work and planning. Thus, you may not have enough free time to avail a normal business loan. However, all you need to do is apply for digital currency loan on the Bank of Baroda website and start your loan application process. Hence, you need not take out time from your busy schedule and visit our branch in person. With just a few clicks, you can apply for Bank of Baroda Digital Mudra Loan from anywhere and anytime that is convenient for you. Our website includes all the information you might need to make your application process go smoothly, even if it’s your first time getting credit online.

• Quick loan approvals

Digitizing the loan application process has enabled Bank of Baroda to automate the collection and verification of applicant information. Due to this, Bank of Baroda has efficiently reduced the turnaround time for digital Mudra loans to 30 minutes! This means that if you have all the required information and documents, your application is eligible for a digital currency loan. You can get your credit requirement request approved in just half an hour. As a result, getting a Bank of Baroda digital currency loan is one of the fastest ways to meet your credit needs.

• End-to-end paperless application process

One of the biggest advantages of applying for a digital Mudra loan is that you do not have to go through tedious paperwork to get your credit application approved. All you need to do is visit our website and upload the required documents to start the loan application process. You can easily find the list of required documents on our intuitively designed website and upload them in PDF format or JPEG format. If you do not have soft copies of your documents, you can scan and upload them; However, make sure that the document print is clearly visible.

• Collateral-free money

Borrowers are not required to provide us with collateral in order to obtain a digital currency loan. Although you are not required to provide collateral, it is important for you to have a good credit history. Having a strong business plan along with a good credit history can help you avail Bank of Baroda digital currency loan easily. However, all digital Mudra loans are guaranteed by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTSME) coverage.

• Funding for various types of MSMEs

Digital Mudra loans offered by Bank of Baroda are aimed at helping MSMEs from various sectors of the economy such as manufacturing, services and trading, which also includes agro-allied activities.

to sum up

Bank of Baroda Digital Mudra Loan is a small business loan meant to provide financial assistance to micro and small enterprises from various sectors of the economy with a credit requirement of up to Rs.10 lakh. Funds are allocated to companies in three categories, namely Shishu, Kishor and Tarun. Digital Mudra loans are the best way to meet seed capital as well as working capital requirements of your business as it does not require you to provide collateral for your loan.

Here’s what you should remember that although it may be easy to get a digital Mudra loan, it is very important to understand your business and personal finances before filling out an application. You can use the mudra loan EMI calculator available on the Bank of Baroda website to plan your loan repayments. For more details on interest charged or any query, feel free to contact us on 1800 258 44 55 or 1800 102 44 55. You can also visit your nearest Bank of Baroda branch  and get assistance from our staff.

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