Bank of India (BOI) is one of the Indian nationalized bank that provides Mudra Loan to Micro, Small & Medium Enterprises (MSMEs). You can easily avail e-mudra loan from this bank to fulfill various business requirements such as modernization, purchasing machinery, business expansion etc.
Under Pradhan Mantri Mudra Yojana, refinancing support to given to Micro, Small and Medium Business Enterprises. There are mainly two types of Mudra loan and these are Micro Credit Scheme and Refinance Scheme for Banks/NBFCs.
Through Mudra Loan you can avail yourself working capital loan, equipment finance for micro units, business loan for trades, transport vehicle loans etc.
E-Mudra Loan of Bank of India- Features
Bank of India Mudra Loan provides financial assistance to small and micro business units to start or expand their preferred business. Some of the important features are mentioned below:
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Bank of India Mudra Loan can be used by manufacturing, processing, trading and service enterprises. This also includes funding related agricultural activities, weavers or artisans.
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This also includes funding related agricultural activities, weavers or artisans. There are three categories of the Mudra Loan that is offered by the bank:
Shishu- Loans up to Rs.50,000
Kishore- Loans between Rs.50,000 and Rs.5 Lakh
Tarun- Loans between Rs.5 Lakh and Rs.10 Lakh
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Repayment of the loan can take place for the maximum period of 36 months for demand loans and 84 months for term loans.
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There is 0% of margin in the Shishu category while there is 15% of margin in the category of Kishore and Tarun.
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For E-Mudra Loan from Bank of India, hypothecation of all assets is required and personal guarantee of directors/promoters is also required.
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Collateral security is also required while taking this loan.
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If you want to go through its rate of interest then you then its details is linked to MCLR.
Eligibility:
There are certain eligibility criteria listed by the Bank of India Mudra Loan and they are mentioned below:
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Age limit: 18 years and up to 65 years.
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Enterprises that are engaged in Non-farm income generating activities.
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Applicant must be an Indian citizen with no criminal records.
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Small business enterprenures such as vegetable vendors, fruit vendors, shopkeepers, truck operators, paper or food processing units , artisans etc. are eligible to avail themselves E-Mudra Loan from Bank of India.
Document required for E-Mudra Loan Bank of India
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Properly filled application form
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Business Plan
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Photo Identity Proof (Voter ID, Telephone & electricity Bills, Aadhaar Card)
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Address Proof (Aadhaar card, Telephone & electricity bill, Passport, Voter ID)
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Income Proof (Income tax Return of last 2 years and bank statement of last 12 months)
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Age Proof
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Ownership Proof of resident or office
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Business existence proof
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SC/ST/OBC certificate (if any)
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Photos (two copies) of Partners/Directors/Proprietor.
