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Bank of India is one of the top 5 public sector banks in India. It has been serving the Indian public since 1906 with various personal and commercial banking services. Their products are aimed at offering cost-effective financial processing to its customers.
The MSME sector in India is an important component of the economy. They provide huge employment opportunities to scores of Indians from the rural setup. Financing the MSME sector is one of the important functions of banks in India. The Government of India has various schemes for MSME Entrepreneurs that are executed through public sector banks spread in the rural landscape. Bank of India has its own set of MSME schemes aimed at these MSME enterprises that allow them to conduct business in a fair and hassle free manner.
1. Credit Linked Capital Subsidy (CLCS) component of Credit Linked Capital Subsidy and Technology Up-gradation scheme (CLCS-TUS)
2. Star MSME E-Rickshaw Finance
3. Star MSME GST Plus
4. Star Weaver MUDRA Scheme
5. Star SME Education Plus
6. Star Start-up Scheme
7. Star Doctor’s Plus
8. Star SME Contractor Credit Line
9. Star SME Auto Express
10. Star SME Liquid Plus
11. SRTO Scheme
12. Star Laghu Udyami Samekit Loan
13. Technology Upgradation Fund Scheme
14. Pradhan Mantri Credit Scheme
Bank of India allows customers to apply online for MSME Loans .The official website has the option to apply online for your MSME loan product. Customers can also approach their nearest branch for loan application. The following documents have to be submitted along with the duly filled application form.
1. Does Bank of India require collateral for MSME Loans?
It is mandated by the RBI to not request for collateral security for loans below Rs.10 lakhs in the MSME sector. However, it has also allowed banks to increase this limit to up to Rs.25 lakhs based on the track record of the borrower. However, the requirement will be assessed on a case to case basis. Generally, hypothecation of stocks or the equipment purchased serves as security for the loans.
2. What is a Composite Loan?
A Composite Loan combines the needs working capital and term loans under a single window for deserving entrepreneurs.
3. What is the time frame taken by Bank of India for processing of MSME Loans?
MSME loans are usually processed between 4 – 20 business days.
4. What is classified as a Micro Enterprise?
Micro Enterprises have investment not exceeding Rs.25 lakhs in the manufacturing sector and not more than Rs.10 lakhs in the service sector.
5. Does Bank of India check my credit score while loan processing?
Yes, the bank looks into your credit score from a competent bureau while processing your loan application.
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