Bank of Baroda
14th December 1953 was a historic day for India’s International Bank, Bank of Baroda. Bank of Baroda, India started its glorious journey of its Overseas Operations on this day by opening a branch at Makadara Road, Mombasa in Kenya.
Later, on 03rd October 1959, another branch was opened at Digo Road in Mombasa. Subsequently, in 2002 Makadara Branch was merged with Digo Road Branch, Mombasa.
On 21st January 1992 the subsidiary, Bank of Baroda (Kenya) Ltd was incorporated with 86.70% shareholding of the Bank of Baroda, India and 43 local shareholders constitute the remaining 13.3%.
As on 31st December 2012, Bank of Baroda (Kenya) Ltd. has an authorised Capital of Kenya Shillings (Kshs.) 2,000 million with subscribed and paid up capitals of Kshs. 900 million respectively. Bank of Baroda, India is contributing a capital of Kshs. 858 million.
Bank is offering all the Banking services to its customers, enabled with transaction based banking- Internet Banking, RTGS (Domestic) & ready to offer cross border RTGS among East African Countries through East African Payment System (EAPS).
Beyond Banking
Bank is not only confined to the traditional way of doing Banking, but is also fostering to play active role in discharging the Corporate Social Responsibilities (CSR) in an effective manner with the philosophy of “give back to society”.
Bank has ensured over the years to serve the social cause by contributing its share towards many philanthropic activities to the advantage of the deprived section of people. Donations to the Kenya Red Cross Society for serving the poorer in indirect way, donations of Wheel chairs through Kenya Womens Society, donations to Oloose Girls Secondary School for purchase of books, computers, water tanks etc as direct participation are few among the initiatives taken by the Bank from time to time.
Recently, 60 trees were planted in Karura Forest, Nairobi to save the Ecology on the eve of Bank’s 60th anniversary celebration in Kenya. The Bank is still committed to increase the participations in such activities in the days to come.
Bank of Baroda Products And Services
Deposits
Savings Account
Saving Bank Account is an ideal account to meet your every day banking needs. It is suitable for Residents and Non Residents, Charities, Clubs, Association and Trusts. This account is an option to cultivate the habit of banking and saving. Simplest deposit option available to the depositor. Easy to operate. Option for money withdrawal by withdrawal forms or by cheque. An ideal option to cultivate the habit of banking and saving amongst the younger generation. Provision for nomination.
Baroda Premium Current Account
Product:
Premium Current Account for Individuals and Business Entities with an attractive way to earn interest on Deposits and bundle of other benefits.
Features:
- Minimum Quarterly Average Balance (QAB) of Kshs.500000/
- Funds in the account over Kshs.500000/- shall be automatically converted to short term deposits bearing deposits in multiple of Kshs. 100000/- through Auto Sweep Facility. The period of short term deposit will be from 30 days to 91 days. Auto sweep will take place when the balance is Kshs. 600000/- & above.
– Maximum Balance : No limit
– Unlimited issuance of cheque books
– No Ledger Folio Charges
– Free Demand Draft / Banker’s Cheque Facility
– Free RTGS Facility
– Free Net Banking Facility
– Free Salary Processing Facility
– Statement of Account shall be given twice a month
Term Deposit
We offers various deposit plans that you can choose from depending on the term period, nature of deposit and its unique saving and withdrawal features. Apart from competitive interest rates and convenient withdrawal options, our deposit plans offer other features such as overdraft facility, outstation cheque collections, safe deposit lockers, ATM’s etc. Fixed deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits. These deposit plans offer convenient solutions to both working individuals as well as senior citizens. Depending on the period, our various fixed deposit products help you get the best out of your savings by offering you good interest rates.
Loans
Baroda Home Loan
Product:
Purchase of Residential House/Flats/Property.
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1. Diabetes
2. Diabetes Treatment
3. Cancer
4. Breast Cancer
5. Blood Pressure
6. Heart Attack
7. Kidney
8. Headaches
Construction of House
Purchase of Plot or Land for construction of House
Repayment of Loan availed from other Housing Finance Company / Bank.
Mortgage of the Residential Property/Flats/Property/Land Financed.
Personal Guarantee(s) of the Borrowers / Co-Borrowers
Eligibility:
Individuals / Joint Borrowers with Close Family members. Minimum age of 21 years.
Loan Amount:
Minimum: Ksh 1.00 million
Maximum: Ksh 50.00 million
Margin: 20%
Rate Of Interest:
Competitive Rate of Interest Linked to CBR.
Period:
Maximum Loan Tenor is 15 Years.
Other Features:
Simplified Loan Processing. Simple One step application form and process for applying and hassle free approval.
Loan Processing Fee will be refunded on availment.
No facility renewal fee, No minimum income requirements
No pre-payment charges in case of early repayment.
Protection of Credit Life Insurance in the loan repayments, which can also be financed.
Other Third Party Cost:
Valuation Fees
Legal Fees
Property Insurance Cost
Baroda Asset Financing Scheme
Product:
Hassle Free Loan for purchasing new vehicle for road transport.
Eligibility:
Individual, Proprietorship & Partnership Firms, Private Limited companies and Registered Societies engaged in trading/manufacturing business.
Loan Amount:
Maximum Loan Amount : Kshs 5.00 Mn (Per Vehicle)
Margin: 20% (Minimum)
Period:
Maximum 60 monthly installments +interest as applicable, commencing from next month after disbursement.
Rate Of Interest:
Competitive Rate of Interest Linked to CBR.
Other Features:
Simplified Loan Processing
No Prepayment Charges
No Documentation Charges
Baroda Car Loan
Features:
- Finance Available for purchase of new or reconditioned car
- Loan processing fee is refundable and no hidden charges
- Easy application process
- Hassle free and swift sanction, convenient documentation
- Convenient repayment period
Basic Requirement:
- Regular income
- Valid Identification proof
- Minimum age of 21 years
- Proof of Income
Baroda Biashara Loan
Product:
Hassle free loan/Overdraft for Traders, Business Units for development/Working capital requirement against Existing Security.
Eligibility:
Business / Trading units established for a minimum period of -2- years.
Loan Amount:
Minimum: Ksh 1.00 million
Maximum: Ksh 30.00 million
Security:
Immovable Property/FDR/Government Bonds
Rate Of Interest :
Competitive Rate of Interest Linked to CBR.
Period:
12 Months to 60 Months
Margin:
• 50% on market value as per recent valuation report of immovable property.
• 10% on Bank own FDRs
• 20% on Fixed Deposit with Bank of Baroda
• 10% on Government Bonds
Other Features:
• Simplified Loan Processing
• No processing, commitment, documentation charges
• Borrowers are not required to submit financial statements, stock/book debt statements.
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