Here is a 200-word summary of the content on two new Bank of Baroda loan schemes for MSMEs:
Bank of Baroda has introduced two new loan schemes to support the growth of Micro, Small and Medium Enterprises (MSMEs). The schemes, “Atal Sobhal” and “Credit Smart”, aim to provide swift and innovative financial solutions to help MSMEs overcome their growth challenges.
“Atal Sobhal” is a collateral-free loan designed to provide immediate access to credit for MSMEs, with a minimum loan amount of Rs. 5 lakh and a maximum loan amount of Rs. 10 crore. The interest rate is competitive, with no prepayment charges, and the repayment tenure is flexible up to 6 years. The scheme also offers a 0.25% interest rate concession for those who take a longer repayment period.
“Credit Smart” is an asset-backed loan designed for MSMEs with a minimum loan amount of Rs. 1 lakh and a maximum loan amount of Rs. 1 crore. The interest rate is competitive, with no prepayment charges, and the repayment tenure is flexible up to 7 years. Both schemes also offer a host of convenient online and offline payment options.
These schemes are expected to help MSMEs overcome their growth challenges and play a vital role in the Indian economy’s growth.