Bank of Baroda has introduced special loan facilities to support women entrepreneurs.
The bank has increased its loan options for women-led MSMEs (Micro, Small, and Medium Enterprises)
and launched two key initiatives: Baroda Mahila Swavalamban Yojana and Baroda Smart OD.
The Baroda Mahila Swavalamban Yojana aims to promote the growth of women-led businesses by offering financial support, while the Baroda Smart OD provides a digital overdraft facility to GST-registered businesses, ensuring easy and quick access to short-term working capital.
Key Features of the Baroda Mahila Swavalamban Yojana
This scheme offers several attractive benefits for women entrepreneurs:
Low Interest Rates: Interest rates start at just 9.15%, the lowest in the industry.
Loan Amounts: Financing options range from ₹20 lakh to ₹7.5 crore.
Relaxed Norms: Margin requirements for capital expenditure loans have been relaxed.
No Collateral: For loans up to ₹5 crore, no additional collateral is needed if guaranteed by the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises).
Processing Fee Discount: A 50% discount is offered on processing fees.
Long Repayment Term: Loans come with long repayment options of up to 120 months.
Eligibility: Both new and existing Bank of Baroda customers who own women-led enterprises (with at least 51% ownership)
and are registered as MSMEs under the MSMED Act 2006 can apply for this scheme.
Benefits of Baroda Smart OD for GST-Registered Enterprises
Baroda Smart OD is a short-term working capital solution for GST-registered MSMEs. It provides a simple overdraft facility with the following features:
Loan Amount: The overdraft limit ranges from ₹0.5 lakh to ₹25 lakh.
Interest Rate: Starting interest rate is 10% per annum.
Tenure: The overdraft facility is available for 12 months.
Processing Fee: There is a special discount on the processing fee.
Easy Process: The facility uses an alternative credit assessment based on digital footprints, allowing for quick approval.
Supporting Women’s Economic Empowerment
Lal Singh, Executive Director of Bank of Baroda, emphasized the bank’s commitment to supporting MSMEs, especially women-led businesses and young entrepreneurs.
These schemes are part of the bank’s efforts to align with government initiatives to build a more inclusive financial system.
By providing easier access to capital, these programs aim to foster sustainable economic development and empower women entrepreneurs.
