Bank of Baroda has launched two new financial products to support micro, small, and medium enterprises (MSMEs), with a focus on women entrepreneurs and digital-first businesses. The first product, Baroda Mahila Swavalamban, is a loan scheme for women-led MSMEs, offering loans ranging from Rs 20 lakh to Rs 7.5 crore with an interest rate starting at 9.15%. The scheme provides benefits such as a 50% rebate on processing charges, loan terms up to 120 months, and the option to secure loans up to Rs 5 crore without additional collateral. The second product, Baroda Smart OD, is a digital overdraft facility that uses alternative credit assessment methods, leveraging GST return data to determine creditworthiness. The overdraft facility offers amounts ranging from Rs 0.50 lakh to Rs 25 lakh with a 12-month tenure and an interest rate of 10% per annum. These initiatives aim to provide targeted financial support to women entrepreneurs and drive sustainable economic growth.
Bank of Baroda Introduces Specialized Financing Options for Female Entrepreneurs and Digital Micro, Small, and Medium-Sized Enterprises
by newsworm | Dec 7, 2024 | Bank of Baroda, Banking