Baroda Overdraft Against Land and Building From Bank of Baroda
Baroda Overdraft against land and building is a unique product for financing working capital requirements/long term margin requirements of SME borrowers against the security of unencumbered land and building belonging to the unit or Promoters of the unit, or, close relatives of the promoters.
- To provide hassle free credit to SME borrowers to meet working capital requirements/augment long term margin requirements.
ELIGIBILITY Of Baroda Overdraft Against Land and Building From Bank of Baroda
- All Enterprises, i.e. Micro, Small & Medium Enterprises, as defined under MSMED Act, 2006, and other entities with annual sales turnover up to Rs. 150/- crores and Real Estate/Non Real Estate projects where the project cost is Rs.50.00 Crores exclusively banking with our bank/new borrowers desirous of having sole banking arrangement with our bank. .
- Minimum :Rs. 10.00 lacs (for Rural/Semi-Urban/Urban/Metro branches)
- Maximum: Rs. 75.00 lacs (for Rural branches)
Rs. 200.00 lacs (for Semi-urban branches)
Rs. 500.00 lacs (for Urban & Metro branches)
SECURITY For Baroda Overdraft Against Land and Building From Bank of Baroda:
Note : In case of residential/commercial building, age of property should not be more than 25 years at the time of sanction).
- Mortgage of factory land and building and/or any other property (Land & Building) belonging to the unit, promoters of the unit, or close relatives of the promoters, (viz. father, mother, wife, son and daughter only provided they stand as guarantors).
- Personal guarantees of all Promoter Directors/owners of property.
- Third party guarantee, if available.
- Charge on unencumbered personal properties of the Promoter Directors, if available.
- Hypothecation of stocks/book debts.
- 40% of the market value of property mortgaged (valuation of the property will be carried out by the valuer on bankï¿½s approved panel/Government approved valuer)
RATE OF INTEREST :
Micro Enterprises in Manufacturing & Service Sector (As per Regulatory definition)
Base rate + 2% p.a. at present
Small Enterprises in Manufacturing & Service Sector (As per Regulatory definition)
Base Rate+2.25% p.a. at present
Medium Enterprises in Manufacturing & Service Sector (As per Regulatory definition)
Base Rate +2.75% p.a. at present
For other Enterprises, i.e. with annual sales turnover up to Rs.150/- crores.
Base Rate +3.25% p.a. at present
Term Premium for Term Loan as per guidelines
OTHER FEATURES For Baroda Overdraft Against Land and Building From Bank of Baroda:
- Simplified assessment methods.
- Submission of stock/book debts statements on half yearly basis.
- Annual inspection of securities.
- Non-fund based facilities like LCs, Guarantees, allowed by earmarking Overdraft facility.
- Valuation of properties once in 3 years.
It has been a long and eventful journey of almost a century across 25 countries. Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance.
It is a story scripted in corporate wisdom and social pride. It is a story crafted in private capital, princely patronage and state ownership. It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory. It is a story that needs to be shared with all those millions of people - customers, stakeholders, employees & the public at large - who in ample measure, have contributed to the making of an institution.