MSME industries can use the loan money for acquisition of factories, land and places for building construction. Plant and machinery can be procured including lab equipment, testing equipment etc.
Bank of Baroda has launched MSME loan scheme. This will give a boost to the MSME industry of the country. Bank of Baroda has named this scheme as Baroda MSME Utsav. This loan scheme will start from 7 October and will run till 31 December 2021. According to the bank, people running the MSME industry can take advantage of the reduced interest rates. A loan of up to 50 crores can be taken in this scheme.
Bank of Baroda has written in a tweet, under the Baroda MSME Utsav Yojana, MSME industries with a turnover of up to 250 crores can take loans up to 50 crores. Under this scheme, up to 100% rebate in processing fee is being given for taking loan. Also, up to 50 percent discount is being given in the commission of BG / LC. Loan approval is given as soon as possible under the scheme. Attractive interest rates have been kept for the loan which starts from 6.55 percent. Bank of Baroda has started this scheme under the Amrit Mahotsav of Azadi.
Where can you use the loan money
MSME industries can use the loan money for acquisition of factories, land and places for building construction. Plant and machinery can be procured including lab equipment, testing equipment etc. The loan money can be used to meet the capital requirements for raw materials, stock in progress, finished goods and discounting or purchase of bills. Interim additional assistance may be taken to meet the urgent requirement of raw material. You can take additional financial assistance for any other work related to MSME.
एमएसएमई उद्योगों की उन्नति से ही आत्मनिर्भर भारत के सपनों को गति मिलती है. आएं "बड़ौदा MSME उत्सव" में घटी ब्याज दरों के साथ एमएसएमई ऋण पाएं और राष्ट्र को प्रगति पथ पर आगे ले जाएं। #BankofBaroda pic.twitter.com/RCZfaOVht9
— Bank of Baroda (@bankofbaroda) November 8, 2021
Bank Of Baroda Loan Products
Bank of Baroda offers a variety of loan products for the self-employed. These include MSMEs i.e. micro, small and medium enterprises, business loans to corporates etc. Some of the different types of business loans offered by Bank of Baroda include Working Capital, Export Finance, Bill Finance, Bridge Loan, Short Term Corporate Loan, Term Loan etc.
If the person running the business has a high credit score or CIBIL score, then it will help in fixing the interest rates. If the credit score is low then the loan application may get rejected or the rate of interest may be high. It is considered good to have a credit score of more than 700 to get a cheap loan. If the customer wants to take a large loan amount, then the loan can be got at a cheaper rate and the EMI can also be less.
