Baroda Micro Loan

• The facility is available in the form of Overdraft for day to day transactions and also in the form of Demand Loan for which repayment is made periodically as per sanctioned terms.

• Poor & Low-income households and individuals having weekly income of F$100 in a house hold of five.
• Age -Minimum 21 years and maximum 52 years
• All Micro and Small Enterprises in Fiji are eligible for Baroda Loan for Micro and Small Enterprises
• ‘Micro Enterprises’ means any enterprise that has a turnover or total assets of less than F$50,000.00
• ‘Small enterprise’ means any enterprise that has a turnover or total assets between F$50,000.00 and F$300,000.00.

• There is nil margin in the facility

• Overdraft Facility- 12 months subject to annual review
• Demand Loan – Maximum 3 years including maximum moratorium period of 6 months subject to annual review.

For Fees and Charges Click here

• Interest concession @0.50% by way of reimbursement at the time of last installment provided all installments paid regularly during the currency of loan without any default.
• Creation of General debenture over Goods / Plant & Machinery and other usual undertaking
• Undertaking from applicant to be obtained that He / She has not availed any loan for same purpose from any other banks/FI and He / She has had no insolvency proceedings against him/her nor have ever been adjudicated insolvent.
• Assets verification to be done as per bank’s extant guidelines.
• In case of group finance cross guarantee will be obtained.
• Payment of loan proceeds will be made directly to dealers or loan proceeds may be disbursed on cash basis wherever payment to suppliers is not possible. For working capital needs of the Borrower, the overdraft limit can be extended for meeting day to day recurring expenditure.
• Terms and Conditions apply.