Loans for Retail Customers and Businesses To Deal With The Aftermath of COVID-19.

A COVID-19 loan to meet your short-term financial needs.

Bank of Maharashtra COVID-19 Loans

As of May 2020, Bank of Maharashtra is offering two loan schemes to help its customers deal with the financial aftermath of COVID-19. They are:

  1. Bank of Maharashtra Personal Loan Scheme COVID-19 (for Retail Customers)
  2. Bank of Maharashtra Ad-Hoc Line of Credit COVID-19 (for Businesses)

We give you important details of each of these COVID-19 loans below. If you need more details about a particular COVID-19 loan scheme, please get in touch with us at [email protected].

Bank of Maharashtra Personal Loan Scheme COVID-19 for Retail Customers

Bank of Maharashtra offers a COVID-19 loan to its home loan borrowers to help them meet their personal expenses. The loan amount sanctioned under this loan scheme depends on the monthly income of the borrower. This term loan is valid up to 30th June 2020.

Features of Bank of Maharashtra Emergency Credit Line – Personal Loan Scheme COVID-19

  • Quantum of Loan: The maximum loan amount sanctioned under the Bank of Maharashtra Personal Loan Scheme COVID-19 is up to 10 times the latest monthly gross salary income for salaried customers and 60% of the latest annual income based on the latest ITR for non-salaried borrowers subject to a maximum of Rs. 3 lakh
  • Interest Rate: The interest rate applicable to this loan is Repo Linked Lending Rate (RLLR) floating + 1.00%. As of May 2020, the RLLR of Bank of Maharashtra is 7.45%
  • Repayment Period: This loan must be repaid within 3 years including a moratorium period of 6-months. The repayment is fixed in such a way that it is full adjusted 3 months prior to the closure of the housing loan
  • Eligibility: Housing loan borrowers of Bank of Maharashtra where security charge is completely in favour of the bank, the moratorium is complete and the repayment has started are eligible for this loan. Existing home loan borrowers who have also availed a personal loan are also eligible
  • Security: This is a clean loan. However, co-borrowers and guarantors of the existing housing loan are required to provide a guarantee for the loan. The bank also asks for extension of charge on the loan mortgaged under housing loan
  • Processing Charges: Nil

Bank of Maharashtra Ad-Hoc Line of Credit COVID-19

This loan helps businesses in India get some relief from the impact of COVID-19 on their finances. Existing bank customers who have availed a working capital loan from Bank of Maharashtra are eligible to avail of this scheme. This is a working capital/short-term loan.

Features of Bank of Maharashtra Ad-Hoc Line of Credit COVID-19 by way of Stand-by Line of Credit (SLC)

  • Quantum of Loan: The bank sanctions up to 10% of the existing fund-based working capital credit facilities or Rs. 50 crore, whichever is lower under the Bank of Maharashtra Ad-Hoc Line of Credit COVID-19 loan scheme
  • Interest Rate: The interest rate applicable on this loan is the same as that applicable to the existing working capital facilities availed by the borrower
  • Repayment Period: The loan must be repaid within 12 months with a maximum moratorium period of 6 months from the date of first disbursement
  • Eligibility: Existing business customers enjoying working capital limits with the bank are eligible for this loan provided that the account has never slipped in SMA 01 or SMA 02 category. Borrowers who have availed the Mahabank Credit+ scheme can also avail this scheme after repaying the sanctioned limit under the former scheme
  • Margin: Nil
  • Security: The bank asks for hypothecation of current assets of the borrower – present and future as security for this loan in addition to the extension of charge on primary/collateral security on the existing loan
  • Guarantee: Bank of Maharashtra asks for existing guarantee to be continued for this loan
  • Pre-payment Charges: There are no prepayment charges for this loan
  • Validity: This short-term loan scheme is only in force up to 30th June 2020

Documents Needed for Individuals (Salaried and Self-employed)

  • 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 for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

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

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