Looking for a Business Loan from Bank of Maharashtra?

Look no further. We bring you all the information you need to make a sensible and sound decision.

Business Loans from Bank of Maharashtra

Being one of the largest public sector banks in India, Bank of Maharashtra offers a range of loans to different segments of its customer base. As of April 2020, Bank of Maharashtra offers different loan options under one business loan scheme. It is meant to work as an umbrella loan scheme to help business owners in the corporate sector set up business units, purchase equipment, conduct business activities, etc.

This Business Loan offered by Bank of Maharashtra is: Loan Scheme for Entrepreneurs.

We give you a brief introduction to the business loans below.

Bank of Maharashtra Business Loan Scheme for Entrepreneurs

This loan helps promising entrepreneurs release their dream of setting up an enterprise, purchase machinery or equipment, meet their working capital requirements, and meet other business expenditures and expenses. This is a need-based loan and the loan amount depends on the individual needs and repayment capacity of the entrepreneur. This is an umbrella scheme under which different types of loans such as Term Loans, short-term Cash Credit loans and non-funded bank services can be availed.

Features of Loan Scheme for Entrepreneurs

Why this Loan?

  • The loan is meant for entrepreneurs who need financial assistance in setting up an enterprise, purchase machinery/equipment, meet working capital requirements, etc.
  • The bank offers Line of Credit as well as Term Loans to entrepreneurs under this scheme that can be availed to modernise, upgrade and/or expand the business
  • Entrepreneurs who need Letters of Credit and Letters of Guarantee can also avail these services by getting in touch with the bank for the Bank of Maharashtra Loan Scheme for Entrepreneurs

Important Note: Even though the bank’s website has information available for only one main business loan from Bank of Maharashtra. However, the bank may offer more corporate loan options under this or different schemes but which are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, Strategic Premium, etc. may be decided on a case-to-case basis.

The bank also offers 12 loan schemes to businesses in the MSME sector. Please click anywhere on this sentence to get to the Bank of Maharashtra MSME Loans page.

Interest Rate for Bank of Maharashtra Business Loans

  • The interest rate for Bank of Maharashtra Loans is defined as the sum of three factors, namely: One-year Marginal Cost of Funds based Lending Rate (MCLR), Business Strategy Spread (BSS) and Strategic Premium

Note: As of April 2020, the One-year MCLR for the bank is 8.00% and BSS is 0.25%. The Strategic Premium is different for each loan and depends on three factors viz. loan amount, Internal Credit Risk Rating and External Rating.

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

Reference Facts

  • Bank of Maharashtra Website: www.bankofmaharashtra.in and www.mahaconnect.in (net banking)
  • Headquarters: Pune, Maharashtra
  • Call Centre Toll-Free Number: 1800 233 4526