Public sector Bank of Baroda has offered special loan facilities for women entrepreneurs. The bank has increased the loan facility for women-led MSMEs. The Bank has launched Baroda Mahila Swavalamban Yojana to help in the development of women-led MSMEs. It has also launched Baroda Smart OD, a digital overdraft facility to provide easy and immediate short-term working capital to GST-registered enterprises.
According to the news, under Baroda Smart OD, quick short-term working capital is provided to GST-registered MSMEs using alternative loan appraisal methodology based on their digital footprint. In the Baroda Smart OD facility, straight-through process will be used till the acceptance stage.
The plans will promote sustainable economic growth
Lal Singh, Executive Director, Bank of Baroda, said that Bank of Baroda is committed to meeting the credit needs of MSMEs and strengthening key business sectors such as women-led businesses and youth entrepreneurs. The launch of Baroda Mahila Swavalamban and Baroda Smart OD is in line with the government’s efforts to create an inclusive financial system. These schemes will promote sustainable economic growth by providing easy and hassle-free access to capital.
Baroda women should understand self-reliance
- Interest rates start from lowest BRLLR i.e. currently 9.15%, which is the best offer in the entire industry.
- Financing options ranging from ₹20 lakh to ₹7.5 crore.
- Margin norms for capex loans have been relaxed.
- For loans up to Rs 5.00 crore, no additional collateral security is required if guaranteed by CGTMSE Guarantee (Credit Guarantee Fund Trust for Micro and Small Enterprises).
- 50% discount on processing fees.
- You will get a long period for repayment i.e. up to a maximum of 120 months.
- Enterprises and GST-registered women-owned enterprises/enterprises with majority shareholding (i.e. minimum 51 per cent) owned by women that comply with the MSME guidelines (defined under the MSMED Act 2006 and amended by the Government of India from time to time), Are eligible to get loan under this scheme. Both existing and new customers of Bank of Baroda can apply for Baroda Mahila Swavalamban Yojana through all the branches of the Bank across the country.
Know the Baroda Smart OD Key
Baroda Smart OD facility aims to provide short-term working capital to existing GST-registered individual/proprietorship current account holders of the Bank. Overdraft facility will be available in which the overdraft amount has been fixed from Rs 0.50 lakh to Rs 25 lakh. Its duration is 12 months. The starting interest rate for this loan is 10.00 percent per annum. There is a special discount on processing fees.
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