Bank of Baroda Mudra Loan scheme was launched following the government’s mandate to provide funds to the unfunded non-farm MSME enterprises. Under this scheme, applicants can get loans up to Rs. 10.00 lakh without providing any security. The funds can be used to establish a new business or expand the existing one.
Eligibility Criteria for Mudra Loan in BOB Bank
All non-farm income generating enterprises which fall under the Micro Small Medium Enterprises (MSMEs) category are eligible for loans under this scheme. The additional requirements to apply for Mudra Loan from Bank of Baroda include the following:
- Businesses applying for the loan should be in either manufacturing, trading or service providers
- Businesses requiring capital up to Rs. 10 lakh only can apply for this loan
- Those involved in allied agricultural activities can also apply for mudra loan