Looking for MSME Loan for Doctors, Engineers, CAs and Architects from Bank of Maharashtra?

This page contains all the information you will need on Bank of Maharashtra’s Mahabank Loan Scheme for SME Professionals.

Bank of Maharashtra Mahabank Loan Scheme for Doctors, CAs, Engineers and Architects

This loan helps Doctors, Architects, Engineers, CA, etc. to purchase office, equipment, construct office, undertake the expansion of unit, etc. The bank offers loan of up to Rs. 5 crore to doctors and Rs. 2 crore to engineers, CAs and architects.

Features of Mahabank Loan Scheme for Doctors, CAs, Engineers and Architects

Why this Loan?

Loan Amount

  • The maximum loan amount is Rs. 2 crore for engineers, Chartered Accountants and architects and Rs. 5 crore for doctors

Interest

  • Loans up to Rs. 1 crore: The interest rate for this loan is defined as the sum of one-year Marginal Cost of Funds based Lending Rate (MCLR) of Bank of Maharashtra and Strategic Premium of 0.50%. As of now, the MCLR is 7.50% making the effective interest rate for this loan 8.00%
  • Loans Above Rs. 1 crore up to Rs. 2 crore: It is defined as the sum of one-year Marginal Cost of Funds based Lending Rate of Bank of Maharashtra (MCLR) and Strategic Premium of 2.00%. As of now, the MCLR is 7.50% making the effective interest rate for this loan 9.50%
  • Loans Above Rs. 2 crore: It is defined as the sum of one-year Marginal Cost of Funds based Lending Rate of Bank of Maharashtra (MCLR) and Strategic Premium of 3.00%. As of now, the MCLR is 7.50% making the effective interest rate for this loan 10.50%

Repayment

  • The repayment period for this loan is 7 years for CAs, Architects and Engineers and 12 years for Doctors including the moratorium
  • The actual moratorium period is not mentioned on the bank’s website. Please get in touch with the bank for details

Security Needed

  • Loans up to Rs. 2 crore: Hypothecation of assets created out of the loan amount. No collateral security required
  • Loans up to Rs. 5 crore: Hypothecation of assets created out of the loan amount. No collateral security required. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Coverage is mandatory

Note: Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is a credit guarantee scheme offered by Govt. of India to help entrepreneurs in the Micro and Small Enterprise (MSE) sector get loans easily.

Eligibility

  • The loan can be availed for purchase or construction of office, purchase or upgrade of equipment, expansion of unit, etc.
  • As of now, other eligibility details are not mentioned on the bank’s website. Please check with the bank to know the eligibility criteria for this loan

Borrower Contribution to Total Cost (Margin Money)

  • Bank of Maharashtra takes a 15% to 25% margin for these loans on a case-to-case basis

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, you will have to contribute 20% which comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing and Other Charges

  • As of now, these details are not mentioned on the bank’s website. You may check with your nearest bank branch who can guide you further

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