Want to expand your business? Bank of Maharashtra business loan is a wise option for entrepreneurs and small business owners who want to obtain fast and cheap money. This loan is characterized by a fast approval rate, flexible repayment conditions, and low interest rates, which allows you to maintain working capital, increase the scope of your business, or invest in a new business without any difficulties.
Bank of Maharashtra has tailored financial solutions to assist you in achieving your business goals whether you are a startup or an existing business. In this blog we will explain the advantages, eligibility, documents and procedure to apply to the bank of Maharashtra business loan.
What is Bank of Maharashtra Business Loan?
Bank of Maharashtra business loan is a type of financial product that is meant to help entrepreneurs, startups and established businesses meet their business requirements. This loan can be used to finance working capital, purchase of equipment or business expansion and solutions are flexible according to your needs.
The interest rate of the Maharashtra bank business loan is very competitive and hence this is a favorite among the small and medium enterprises. The interest rate of business loan of the bank of Maharashtra is between 9 to 14% depending on the amount of loan, credit profile, and the nature of business.
Are you considering business loans in Maharashtra? Then this scheme is the right choice to avail as it is a fast short term scheme with easy application, less documentation, and easy disbursal. It gives the business owners the capital required to develop and expand successfully.
What are the Benefits of the Bank of Maharashtra Business Loan?
There are some benefits of taking a loan from the Bank of Maharashtra:
- You can prepay part of your loan anytime after paying 1 % prepayment charges.
- You can foreclose your entire Business loan anytime after paying foreclosure charges.
- Bank of Maharashtra has over 2,263 branches in India where you can avail service.
What Factors Affect the Maharashtra Bank Business Loan Interest Rate?
There are multiple factors on which basis a bank calculates your interest rate. Some of these factors affect the Maharashtra bank business loan interest rate are:
- Loan amount: The higher the loan amount, the lesser will be the interest rate. The bank gives a loan of a minimum of ₹ 50,000 to up to ₹ 10 Lakh.
- CIBIL Score: Higher the CIBIL score, the higher the chances of getting a loan at the lowest business loan interest. However, to get a loan from the Bank of Maharashtra, your CIBIL score should be at least 700.
- Time in Business: You should be the owner of the firm for a minimum of 3 years.
- Applicants should not be a defaulter of any other loans.
What is the Bank of Maharashtra Business Loan Interest Rate?
Generally, the Bank of Maharashtra determines interest rates based on RLLR. Their interest rates start from 8.5% onwards. Although, the rates vary by loan amount, occupation, and type of loan availed.
| Interest Rate | 8.5% onwards |
|---|---|
| Processing Fee | 0% – 3% |
| Tenure | From 12 months to 7 years |
| Lowest EMI per lakh | 1,583 |
| Loan Amount | Min ₹ 50,000 and Max ₹ 10 Lakh |
| Part Prepayment, Charges | Allowed after 1 EMI’s, |
| Early Foreclosure, Charges | NIL |
What are the Eligibility Criteria for the Bank of Maharashtra Business Loan?
The following candidates are eligible for the business loan
- Minimum age- 18 years
- The MSME units with a profitable business and fair functioning.
- The business should continue in the same line for a sufficient period.
- Professional and self-employed – Doctors, Dentists, Chartered Accountants, Cost Accountants, Lawyers, Solicitors, Engineers, Architects, Surveyors, Construction contractors or Management Consultants or a person trained/ qualified /skilled in the chosen vocation/field in which employed
- Existing house loan borrowers are also eligible for the personal loan.
What are the Documents Required for Bank of Maharashtra Loan Application?
For a business loan at the Bank of Maharashtra, the following documents are required:
- Proof of Identity – Submit any one identity proof from your PAN card, voter’s ID card, driving license, or valid passport.
- Passport-size photograph along with filled application form
- Proof of Address – Such as utility bills, rent agreements, and proof of sales or ownership.
- Business plan/Project report
- Proofs of Continuation – Such as a trade license or your sales tax certificate.
- Financial Documents for Sole Proprietorships and Self-Employed Professionals – ITR of the last 2 years, balance sheets, profit & loss accounts, 6 months’ bank statements, professional qualification certificate, and/or your degree certificate.
- Financial Documents for Partnership Firms – Partnership firms must submit documents, such as partnership deeds, authority letters, and certificates of incorporation or records of stocks held by their company.
- Statement of accounts for the past 6 months from existing bankers.
- Passport-size photo (2 copies) of the applicant not older than 6 months.
How can Finline Assist you for the Best Project Reports for Bank Loans?
The Bank of Maharashtra business loan is a good choice and is fast, flexible and provides a good interest rate, especially when you are looking to expand your business. This loan is able to give your business the financial boost it requires whether you require working capital funds, expansion capital or funds to make new investments.
In the above list, a business plan—also known as a project report—is a crucial document when applying for a bank loan. The bank uses this report to evaluate the project’s feasibility, risk factors, and financial potential.
With Finline, you can create a convincing project report in less than 10 minutes—fully customized and in your preferred language. Best of all, our reports are accepted by all public and private sector banks across India, including the Bank of Maharashtra.
Click now to create your project reports for bank loans and take the next step for your business.