Baroda Loan to Business Correspondents

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.

• 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.

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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Total Limit

Margin

• 10% of the total amount of loan sanctioned