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Entrepreneurship is the backbone of an economy like India. As more and more youngsters are foraying into the start-up arena, there is an imminent need for a progressive financial plan to suit the fervent demand for funds and other financial aid. MSME Loans is one such apparatus that has been instrumental in the economic growth of Young India. Bank of Baroda has a number of MSME Schemes to help entrepreneurs realize their business dreams.
This is a special scheme targeted at financing Educational Institutions. This loan can be availed by all Educational Institutions, including play schools associated with Zee school, Euro Kids, Kidzee, World school and their franchise.
This loan is sanctioned for the following purposes:
Small Enterprises (Manufacturing Sector) including artisans, village and cottage industrial units and Micro Enterprises in Small Enterprises Sector
Micro/Small (Service Sector) Enterprises engaged in industrial activities only
Working Capital is the money that is available to meet current obligations, those due in less than a year, and to acquire earning assets. Working Capital Finance loan enables corporations to meet their operating expenses, purchasing inventory, receivables financing, either by direct funding or by issuing letter of credit. This facility is available in both Indian as well as foreign currencies.
This loan is of two types, Fund based and Non-fund based. Fund based finance can be availed for capital expenditure or acquisition of fixed assets towards starting or expanding a business or industrial unit or to swap with high cost existing debt from other bank or financial institution.
Non-Fund based finance are offered in the form of Deferred Payment Guarantee for acquisition of fixed assets towards starting or expanding a business or industrial unit.
This loan is suitable for individuals conducting business independently, with or without hired labour - such as persons in the medical profession, lawyers, engineers, contractors, consultants, electricians, hairdressers, handicrafts artisans, etc.
Baroda SME Loan Pack provides a single line of credit for meeting SME borrowers working capital as well as long term requirements.
All Enterprises, Micro, Small & Medium Enterprises, as defined under MSMED Act, 2006, and other entities with an annual sales turnover of up to Rs. 150 crores. These entities should be exclusively banking with Bank of Baroda. New borrowers having sole banking arrangement with Bank of Baroda can also be considered.
Composite limit & margin: 4.5 times of borrower’s tangible net worth as per last audited Balance Sheet or Rs.5 Crores, whichever is lower. A margin of 25% is applied.
Purpose of the loan:
Quantum of Loan:
To meet temporary shortfall or mismatch in liquidity required for meeting genuine business requirements only
To help with the enterprises’ working capital gap and in improving the current ratio. The loan can be used for repayment of secured and unsecured loans of other banks or institutions, but not for any purpose which is not related to the enterprises’ activity.
Quantum of Loan & Other Conditions:
Upto 25% of the existing fund based Working capital limits (depending on the Credit Rating), subject to a minimum of Rs.25 lakhs and maximum of Rs.500 lakhs.
Repayment tenure not to exceed 36 months
The scheme aims at providing timely assistance to weavers to meet their credit requirements. They can take care of their investment needs and working capital requirements in a flexible and cost effective manner.
Effective October 1st, 2019, the interest rate on various MSME Loan products linked with Baroda Repo Linked Lending Rate (BRLLR) is given below:
1. What are the types of Working Capital loans offered by a bank?
Working capital loans can be offered in the form of Cash Credit/Bank Overdraft, Trade Credit, Purchase or Discounting of Bills, Short-term loans or Invoice Factoring.
2. Which are the Government linked schemes for MSMEs available through Bank of Baroda?
Bank of Baroda supports various schemes introduced by the Government of India to facilitate MSME economy. The schemes available with them are:
3. What is the general purpose of a MSME Loan?
MSME loans are generally offered for purchase of plant and machinery including lab equipment, testing equipment, etc. in the manufacturing and service industry. It also enables borrowers to meet their working capital requirements, like raw materials, stock-in-progress, finished goods and for purchase or discounting of bills.
4. What are the determining factors for the rate of interest on a MSME Loan?
The rate of interest on a MSME loan are dependent on the following factors:
5. What is the current lending rate offered by Bank of Baroda?
The current base rate p.a is at 9.20%. 1 year MCLR is at 8.35%.
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