Disclaimer…before you read ahead!
The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updating, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.
Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this article.
About this scheme…
Digital MSME Loan is a collateral free digital loan offering by Bank of Baroda (BOB) for MSMEs to meet their working capital obligations.
How is it being implemented?
Under this Scheme, financial assistance in the form of loans is given exclusively to,
What’s on offer?
I. Product
- Fund based working capital facility
- Ticket Size: ₹10 Lakhs to ₹5 Crores
II. Purpose:
- Working capital requirements
III. Borrower Type:
- Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Private Limited Company, Public Limited Company
- For more information around this, please contact BOB via means mentioned below
IV. Security or Collateral or Guarantee or Insurance
- Security: First charge on all assets created out of the loan extended to the borrower OR as mutually agreed betweek the Bank and the Borrower
- Collateral: Nil
- Guarantee: Nil
- Insurance: For more information around this, please contact BOB via means mentioned below
V. Interest Rate
VI. Processing Fee
VII. Margin Money Requirement
- For more information around this, please contact BOB via means mentioned below
VIII. Tenure, Repayments & Pre-Closures
- Tenure: 12 months subject to annual review
- Repayments: For more information around this, please contact BOB via means mentioned below
- Pre-payment & Foreclosure Charges: For more information around this, please contact BOB via means mentioned below
IX. Turnaround Time
- Application process is 100% digital with no physical documentation requirement
- Post application, instant in-principle approval for working capital limits in 30 minutes
Interested? Read ahead to check your eligibility….
I. Is your business registered with Goods & Services Tax Network?
II. Has your business filed an ITR for at least 1 year?
III. Can you provide latest 6 months’ bank statement?
If your answers to the questions above are an emphatic YES, you are all set to avail BOB’s Digital MSME loan!
So…how big is this scheme and what has been done so far?
Details of progress under this Scheme do not seem to be available in the public domain
So, now, how should you go about it?
I. For submitting application: Register & apply online on BOB’s website here
II. For information on documentation requirements, please find here under Most Important Terms & Conditions (MITC) Tab
III. For any queries, please contact BOB via
- Toll Free Numbers: 1800 5700, 1800 5000
OR
- Give a missed call here: 8467001111
OR
- SMS: SMEreg to 8422009988
OR
- Visit a BOB branch nearest to you
OR
- Request for a call back or Chat over WhatsApp or Engage with BOB’s Chatbot by choosing your option on bar on the right hand side here
Go on then…and do spread the word!
Sources:
1. About BOB’s Digital MSME Loan
2. BOB’s Annual Report 2023-24
