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Karnataka Vikas Grameena Bank Business Loan Key Features
| Bank of Baroda Interest Rate | 14.10% |
| Tenure | From 12 months to 36 months |
| Lowest EMI per lakh | ₹ 3,423 |
| Loan Amount | Min ₹ 50 Thousand and Max ₹ 75 Lakh |
| Part Prepayment, Charges | Allowed after 1 EMI’s, |
| Early Foreclosure, Charges | Allowed after 1 EMI’s |
| Bank of Baroda Processing Charges | Up to 2.50% of the loan amount (Min. Rs. 2,359 – Max. Rs. 88,500) |
| Prepayment Charges | 07-24 Months – 4% of Principal Outstanding Amount
25-36 Months – 3% of Principal Outstanding Amount More than 36 Months – 2% of Principal Outstanding Amount |
| Repayment Period | 12 – 48 months |
| Prepayment Condition | No pre-payment permitted until repayment of 6 EMIs |
| Collateral | Not required |
Interest Rate, Fees, and Charges (Self Employed Non-Professional)
| Facility | Charges |
| Interest Rate Charges | 14.10% |
| Loan Processing Charges | Up to 2.50% + GST as applicable |
| Prepayment | No pre-payment permitted until repayment of 6 EMIs |
| No Due Certificate / No Objection Certificate (NOC) | NIL |
| Duplicate no due certificate / NOC | NIL |
| Solvency Certificate | Not applicable |
| Charges for late payment of EMI | @ 24% p.a. |
| Charges for changing from fixed to floating rate of interest | Not applicable |
| Charges for changing from floating to a fixed rate of interest | Not applicable |
| Stamp Duty & other statutory charges | As per applicable laws of the state |
| Credit assessment charges | Not applicable |
| Nonstandard repayment charges | Not applicable |
| Cheque swapping charges | ₹ 500/- |
| Amortization Schedule charges | ₹ 200/- |
| Loan cancellation charges | NIL (However Interest would be charged for the interim period between the date of loan disbursement and date of loan cancellation and processing fees would be retained) |
| Cheque Bounce Charges | ₹ 550/- per cheque bounce |
| Legal / incidental charges | At actual |
| CIBIL Report Copy Charges | ₹ 50 Per Copy |
Interest Rate, Fees, and Charges (Self Employed Professional)
TABLE WILL APPEAR
Advantages of
Karnataka Vikas Grameena Bank Business Loan
- The borrower need not fear the privacy of his business.
- The credit score of the borrower can increase.
- No charges on NEFT/RTGS transactions and demand drafts.
- Once the loan is approved the funds can be accessed easily.
- Discount rates on other loans like Home, Education, and Personal loans.
- Affordable rate of interest and other charges.
Karnataka Vikas Grameena Bank Business Loan Eligibility Criteria
| Eligibility Criteria | Description |
|---|---|
| Age | 21 to 60 years |
| Minimum Turnover | ₹ 0 |
| Business Existence (in months) | 0 months |
| ITR (months) | 6 months |
| Loan Amount | ₹ 1 Lakh to ₹ 75 Lakh |
| Loan Tenure | 36 months |
| Owned House or Place of Work | Not Required |
| CIBIL Score | 750 and above |
Karnataka Vikas Grameena Bank Business Loan Documents Required
Common Documents:
- Valid Proof for Identity: Passport / Ration card / Electricity Bill / Voter ID card / Passport / Driving License/ PAN Card and MAPIN card/ Lease agreement / Sales Tax certificate/Trade licence
- Residence Proof: Lease agreement / Passport / Trade license / Electricity Bill / Sales Tax Certificate
- Age Proof: Passport / PAN card / Voter’s identity card
- Financial Documents: Copy of IT returns for the last two years and the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.
- Copy of Bank Statement
- Latest ITR and statement of computation of Income for the last 2 yrs.
- Proof of continuity of business
- Other Mandatory Documents that are Sole Proprietorship Declaration, Certified copy of Memorandum & Articles of Association certified by a director
- Original Board resolution
- Financials audited/ certified by a CA
* (If Pvt ltd Co. Then Partnership Authorization Letter/ co-borrower if partnership firm just a co-borrower
Self Employed (Private Ltd. Co. and Partnership Firms)
- Identity proof of the company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum
- Proof of identity: To be submitted with two authorized signatories such as 2 Directors including the managing director, with (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license
- Financial Documents: Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years audited by a C.A
Self Employed Individuals – Professionals
- Identity Proof for Sole Proprietorship: PAN ID / IT return of the concern or Municipal tax, Water bill, and electricity bill in the name of the concern.
- Identity proof for the Sole Proprietor: Passport, Voter’s identity card, Driving license, PAN card.
- Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport
- Financial Documents: Copies of IT returns for the last two years and Bank statements for the last 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A
Self Employed Individuals – Non Professionals:
- Identity proof: Documents to be submitted for the sole proprietorship as well as for the individual’s (owner) identity.
- Copy of periodic stock, age-wise book-debt and creditors-statement for latest three months
- Copy of bank statement of main banker/copy of bank statement for the term loan for last months
- Financial Documents: Profit and Loss balance sheet for the last two years audited by a C.A, Sales tax returns for a minimum of 3 years, and the Copies of IT returns for the last three years.
Business Loan EMI Calculator for Karnataka Vikas Grameena Bank
The following is a calculated table of EMI options for Karnataka Vikas Grameena Bank Business loan:
| Loan Amount | 10 Year Loan | 15 Year Loan | 25 Year Loan |
|---|---|---|---|
| ₹ 20 Lakh | ₹ 24,958 | ₹ 19,871 | ₹ 16,307 |
| ₹ 30 Lakh | ₹ 37,437 | ₹ 29,807 | ₹ 24,461 |
| ₹ 50 Lakh | ₹ 62,395 | ₹ 49,678 | ₹ 40,768 |
Calculate EMIs easily without confusion with the help of Dialabank’s fast and accurate EMI Calculator!
Compare Karnataka Vikas Grameena Bank Business Loan With Other Banks
| Bank |
HDFC Bank
|
Bank of Baroda
|
|---|---|---|
| Interest Rate | 15.65% – 21.35% | 14.10% |
| Processing Fees | Starting from 0.99%, Max 2.50% | Starting from 1%, Max 2.50% |
| Loan Amount | ₹ 50,000 to ₹ 50 Lakh | ₹ 50,000 to ₹ 75 Lakh |
| Loan Tenure | 12 to 48 Months | 12 to 48 Months |
| Lowest EMI Per Lakh | ₹ 2,816 per lakh | ₹ 3,423 per lakh |
| Part Payment Charges | Not Allowed | Not Allowed |
| Foreclosure Charges | Allowed after 12 months at 2 – 4% | Allowed after 1 EMI’s |
| Borrower’s Age | 21 to 65 Years | 25 to 65 Years |
| Minimum Years in Business Required | 36 Months | 36 Months |
| Minimum Turnover Required | ₹ 1 Cr | ₹ 60 Lakh |
More Banks to compare with Karnataka Vikas Grameena Bank Loan:
| Barclays Bank | Canara Bank | Private Bank | ING Vysya Bank |
| HSBC | Citibank | Kotak Mahindra Bank | |
Video: How to apply for Karnataka Vikas Grameena Bank Business Loan
VIDEO WILL APPEAR!
Purpose of Business Loan from Karnataka Vikas Grameena Bank
A business loan from Karnataka Vikas Grameena Bank can help in various ways:
- Timely payments to suppliers
- High liquidity and apt working capital for smooth business operations.
- Finance costs of business expansion
- Covers cost of buying, maintaining, and upgrading machinery or equipment.
- Covers cost of furnishing new inventories and stock.
EMIs of Several Banks and NBFCs for Different Tenures
The following table shows the approximate values of EMI’s offered by banks and NBFC’s other than Karnataka Vikas Grameena Bank.
| Total Loan Amount | Loan Tenure | ||
|---|---|---|---|
| Loan Amount (Rs.) | 10 years | 15 years | 25 years |
| 2,500,000 | ₹ 31,197 | ₹ 24,839 | 20,384 |
| 5,000,000 | ₹ 62,395 | ₹ 49,678 | 40,768 |
| 7,500,000 | ₹ 93,592 | ₹ 74,516 | 61,152 |
| 10,000,000 | ₹ 1.25 Lakh | ₹ 99,355 | 81,536 |
Other Loan Products from Karnataka Vikas Grameena Bank
| Personal Loan | Gold Loan |
Why should you apply for Karnataka Vikas Grameena Bank Business Loan at Dialabank?
At DialaBank all your requirements will be met as its India’s first banking helpline service that acts as a bridge between the public and the financial sector of India. Easy comparison between different banks will help make informed decisions. Dialabank helps financial service easier and hassle-free, it is approved by the authorized bodies!.
Obtain more information about Dialabank by visiting us online or by calling on 9878981166.
How to calculate EMI for Karnataka Vikas Grameena Bank Business Loan?
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 3,00,000 | 14.10% | 1 | ₹ 26,555 | ₹ 18,661 | ₹ 3,18,661 |
| ₹ 3,00,000 | 14.10% | 2 | ₹ 14,023 | ₹ 36,547 | ₹ 3,36,547 |
| ₹ 3,00,000 | 14.10% | 3 | ₹ 9863 | ₹ 55,063 | ₹ 3,55,063 |
| ₹ 3,00,000 | 14.10% | 4 | ₹ 7796 | ₹ 74,207 | ₹ 3,74,207 |
| ₹ 3,00,000 | 14.10% | 5 | ₹ 6566 | ₹ 93,972 | ₹ 3,93,972 |
Calculate the specific loan amounts and EMIs on Dialabank’s EMI Calculator.
Benefits of Karnataka Vikas Grameena Bank Business Loan
- Low flexible interest rates and charges
- High maximum loan amount up to Rs. 5 crores.
- collateral or guarantor is not required.
- Flexible tenure and an easy application process with quick approvals.
- Simple and minimum paperwork required.
Karnataka Vikas Grameena Bank Business Loan Processing Time
At Karnataka Vikas Grameena Bank after submitting all the required documents and forms the bank takes on an average of 5 business working days to grant for the loan amount for disposal.
Low and flexible interest rates Business Loan Preclosure
Karnataka Vikas Grameena Bank Business Loan Preclosure charges lie in the range between 2% to 2.5% of the disbursed limit.
Pre Calculated EMI Table for Karnataka Vikas Grameena Bank Business Loan
The Loan EMI in Karnataka Vikas Grameena Bank depends upon the occupation (businessmen, self-employed, salaried), loan amount, loan tenure, and interest rate.
| Loan Amount | 5 Year Loan | 7 Year Loan | 15 Year Loan |
|---|---|---|---|
| ₹ 20 Lakh | ₹ 42,298 | ₹ 32,996 | ₹ 21,248 |
| ₹ 30 Lakh | ₹ 63,446 | ₹ 49,494 | ₹ 31,872 |
| ₹ 50 Lakh | ₹ 1,05,744 | ₹ 82,490 | ₹ 53,120 |
How to Apply for Bank of Baroda Business Loan Online?
- Apply online on Dialabank.
- Go to the loan section and select the Business Loan link.
- Eligible candidates can fill a user-friendly online application form for Business Loan.
- One of our relationship managers will guide you through further process.
- For more information and free guidance, you may call on +919878981166.
Bank of Baroda Business Loan Status
You can find the loan status by Calling +919878981166 or by visiting the Main Karnataka Vikas Grameena Bank Site.
Dialabank Bank of Baroda Business Loan Customer Care Number
For any queries regarding a business loan, give a call at +919878981166
Dialabank helps you to choose the best option for you by providing you with a detailed market comparison of different banks.
Karnataka Vikas Grameena Bank Business Loan FAQs
✅ Is a guarantor required for the Karnataka Vikas Grameena Bank Business Loan?
No form of security is required for Karnataka Vikas Grameena Bank Business Loan.
✅ How do I repay my business loan?
It should be repaid through EMIs or as per your contract.
✅ What are the minimum and maximum range of tenure of business loans in the Karnataka Vikas Grameena Bank?
These loans are shorter tenure loans. You can repay your loan in a flexible period of a minimum of 12 months to a maximum of 36 months.
✅ How much business loan amount I can borrow from the Bank of Baroda?
Bank of Baroda Bank offers you a loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹5crore.