The Complete Guide to the Digital Mudra Loan from Bank Of Baroda in 2022 with a Detailed Glance On How to Apply.
The digital mudra loan is a new-age financial product that has been introduced by the Bank Of Baroda. It is a loan where you can borrow money and repay it within a short span of time. This loan is designed in such a way that borrowers can repay their loans without any hassle.
A detailed glance at how to apply for this loan and other related information can be found in this guide.
What is a Bank of Baroda Digital Mudra Loan?
A Bank of Baroda digital mudra loan is a type of loan that is made by a bank to an individual. This type of loan is made without the need for a physical signature. The digital mudra loan can be used to purchase items like mobile phones and laptops, home appliances, and more.
Bank of Baroda has been providing digital mudra loans since 2016. They have seen an increase in the number of loans being provided in the past few years. This has been possible because they have introduced new technology which allows them to provide these loans without the need for physical signatures.
There Are 3 Types of Mudra Loan Available
| Sishu | Loan amount up to Rs. 50,000 |
| Kishore | Over Rs. 50,000 to up to Rs. 2 lakhs |
| Tarun | Over Rs. 50,000 to up to Rs. 10 lakhs |
Also Read: SBI e-Mudra Loan
Bank of Baroda Digital Mudra Loan Eligibility
- A Mudra Loan is available to all sorts of non-farm companies.
- Small and micro-enterprises will be eligible for financing.
- Any unit engaged in income-generating activities, such as trade, manufacturing, or providing services, is eligible for a Mudra Loan.
- Mudra loans may be easily obtained if the unit wants finance up to Rs. 10 lakhs.
- The applicant for the loan must not be a defaulter in any bank in India.
Documents Required For Digital Mudra Loan
Mudra loan candidates must provide the following papers. The rules may differ depending on where the loan was obtained.
- Pan Card
- Aadhaar Card
- Voter Card
- Bank Account
- Trade Licence
- Income Tax File (If you want more than Rs. 50,000 loans)
- Bank Account
- Caste Certificate
Also Read: MSME Business Loan up to 50L
How to Apply For BOB Digital Mudra Loan
Follow the required steps to apply for a digital mudra loan:
Step 1 Go to the Bank of Baroda digital mudra loan site and sign up with a mobile number.
Step 2 Fill up the application one by one.
Step 3 Fill in the personal details, last year’s Income Tax file, previous year’s sales details, and 6-month bank statement.
Step 4 After fill all the details Bank of Baroda will check all the documents and they may call you for verification.
Step 5 If verification is complete, the bank will give you money to your existing bank account within 72 hours.
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