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Baroda Loan to Business Correspondents
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Features
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Eligibility
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Interest Rates & Charges
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Most Important Terms & Conditions
Baroda Loan to Business Correspondents : Features
The purpose of Baroda Loan To Business Correspondents is:
- To purchase a computer and its peripherals and also set up or renovate an office.
- To meet working capital requirements for cash management and processing of day to day transactions through settlement accounts.
- Purchase of vehicle for visits to villages to perform BC activities.
Note :The Bank may use the services of agents in sales/marketing etc. of its various products.
Baroda Loan to Business Correspondents : Eligibility
- Business correspondents and kiosk operators who have valid agreements with service providers engaged by our bank for the purpose of providing banking services under financial inclusion.
- Age: 18 to 60 years
- All vendors/suppliers (falling within SME regulatory/non-regulatory classification only) of large real estate developers to which program limits have been approved.
Baroda Loan to Business Correspondents : Interest Rates & Charges
Interest rate linked to MCLR/BRLLR
- Guarantee fee and annual service charge:
- ASF
- One time guarantee fee at a specified rate:
- 1.00% in the case up to Rs. 5 lakhs
- 0.75% in case up to Rs. 50 lakhs sanctioned to units in north-eastern region including state of Sikkim.
- The ASF at specified rate (currently 0.5% in the case up to Rs. 5 lakhs) on pro rata basis for the first and last year and in full for intervening years.
Guarantee Scheme
- CGTMSE
Facility
- Demand loan/TL, OD
Repayment Period
- Demand loan: maximum 36 EMI’s.
- Overdraft: Repayable on demand subject to annual review
- Term loan (Vehicle): Maximum 60 EMI’s.
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Baroda Loan to Business Correspondents : Most Important Terms & Conditions
Total Limit
| Area | Demand loan | OD (WC) | TL (vehicle loan) | Total |
|---|---|---|---|---|
| Rural and semi-urban | Rs. 75,000 | Rs. 25,000 | Rs. 50,000 | Rs.1,50,000 |
| Urban | Rs. 1,15,000 | Rs. 35,000 | Rs. 50,000 | Rs. 2,00,000 |
| Metro | Rs. 1,50,000 | Rs. 50,000 | Rs. 50,000 | Rs. 2,50,000 |
Margin
- 10% of the total amount of loan sanctioned
