Mumbai, December 8, 2024: Bank of Baroda has introduced two new schemes to enhance lending to Micro, Small, and Medium Enterprises (MSMEs): ‘Baroda Mahila Swavalamban’, designed for women-led enterprises, and ‘Baroda Smart OD’, a digital overdraft facility for GST-registered businesses.
Baroda Mahila Swavalamban aims to support women entrepreneurs with loans ranging from ₹20 lakh to ₹7.5 crore. The scheme offers competitive interest rates starting at 9.15%, relaxed margin and collateral requirements, and a maximum repayment period of 10 years. Businesses eligible for the scheme must be UDYAM- and GST-registered enterprises with at least 51% ownership by women, complying with MSME guidelines. Existing and new Bank of Baroda customers can apply for the scheme at any branch.
Shri Lal Singh, Executive Director, Bank of Baroda said, “Bank of Baroda is committed to addressing the financing needs of MSMEs, empowering key business segments such as women-led businesses and young entrepreneurs. The launch of Baroda Mahila Swavalamban and Baroda Smart OD are aligned with the government’s push to create a more inclusive financial ecosystemand will provide simplified and seamless access to capital that will drive sustainable economic growth.”
Baroda Smart OD provides short-term working capital finance to GST-registered individual or proprietorship account holders. Overdraft amounts range from ₹50,000 to ₹25 lakh, with interest rates starting at 10% per annum and a tenure of 12 months. The scheme uses digital GST data for credit assessment and offers straight-through processing up to the sanction stage. Customers must complete documentation and account activation at a branch after approval.
For more information on Baroda Smart OD, customers can visit Bank of Baroda's Smart OD Page.
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