COVID-19 Loans for Retail Customers and Businesses.
Looking for a COVID Loan to meet your short-term financial needs? Take a look at Bank of Baroda’s COVID -19 Loan Schemes.
Bank of Baroda COVID-19 Loans
As of May 2020, Bank of Baroda (BoB) is offering two loan schemes to help its customers deal with the financial aftermath of the novel coronavirus. They are:
- Baroda Personal Loan COVID-19 (for Retail Customers)
- Baroda COVID-19 Emergency Credit Line (BCECL) (for Corporate and MSME Customers)
We give you important details of each of these COVID-19 loans below. If you need more details about a particular COVID-19 loan scheme, please get in touch with us at [email protected].
Baroda Personal Loan COVID-19
Bank of Baroda (BoB) offers the Bank of Baroda Personal Loan COVID-19 to its retail customers to help them deal with the liquidity mismatch due to coronavirus. This short-term loan scheme is only in force up to 30th June 2020.
Features of Baroda Personal Loan COVID-19
- Quantum of Loan: The maximum loan amount sanctioned under this loan is Rs. 5 lakh
- Interest Rate: As of May 2020, the interest rate applicable to this loan is Baroda Repo Linked Lending Rate (BRLLR) + Strategic Premium (SP) + 2.75% per annum with monthly rest. The BRLLR prevailing on the date of disbursement of the loan will be applicable till the next reset date
- Repayment Period: The loan must be repaid within 5 years including a maximum of a 3-month moratorium period
- Eligibility: BoB customers with a minimum of 6-month relationship with the bank through a home loan, loan against property or auto loan where the loan has been completely disbursed, moratorium period is complete and the account has never slipped in SMA1 category till 29th February 2020 can avail this loan
- Pre-payment Charges: There are no prepayment charges for this loan
- Security: The bank does not ask for collateral security for this loan. However, the guarantors in the existing retail loan must provide a personal guarantee for this loan
- Processing Charges: The bank charges Rs. 500 excluding GST to process this loan
Baroda COVID-19 Emergency Credit Line (BCECL)
The Baroda COVID-19 Emergency Credit Line scheme helps all types of businesses in India get some relief from the impact of COVID-19 on their finances. Businesses in the corporate or MSME sectors that have availed a business or MSME loan from Bank of Baroda are eligible to avail of this short-term/demand loan.
Features of Baroda COVID-19 Emergency Credit Line (BCECL)
- Quantum of Loan: The bank sanctions up to 10% of the existing Fund Based Working Capital (FBWC) Limits subject to a maximum of Rs. 200 crore
- Interest Rate: As of May 2020, the interest rate applicable on this loan is one-year Marginal Cost of Funds based Lending Rate (MCLR) of 8.15% for corporate borrowers and Baroda Repo Linked Lending Rate (BRLLR) of 8.00% for MSME borrowers
- Repayment Period: 15% of the loan amount must be repaid within the first 6 months of the repayment period and the balance of 85% of the loan amount must be repaid within 12 months. This makes the total repayment period for this loan to be 18 months. The maximum moratorium given on this loan is 6 months
- Eligibility: Existing BoB corporate and MSME borrowers are eligible for this loan provided that the account has never slipped in SMA 01 or SMA 02 category till 26th March 2020
- Security: At least 80% of the loan should be secured with the value of stocks and receivables
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- Bank of Baroda Website: www.bankofbaroda.com and www.bobibanking.com (net banking)
- Headquarters: Baroda (Vadodara), Gujarat
- Call Centre Toll-Free Number: 1800 223 344, 1800 102 4455