Looking for an MSME Loans for Commercial Vehicles from Bank of Maharashtra?

Get all the information you need on Bank of Maharashtra’s Mahabank Vehicle Loan Scheme for Small Road Transport Operators below.

Bank of Maharashtra Mahabank Vehicle Loan Scheme for Small Road Transport Operators

This loan helps Small Road Transport Operators in the Micro, Small and Medium Enterprises sector buy commercial vehicles. Borrowers can get unsecured loans of up to Rs. 1 crore. The maximum loan amount for this Bank of Maharashtra loan is Rs. 2 crore. This loan can only be availed on the purchase of brand new vehicles.

Features of Mahabank Vehicle Loan Scheme for Small Road Transport Operators

Why this Loan?

  • The Bank of Maharashtra MSME Loan for Transport Operators is meant for Small Road Transport Operators in the MSME sector to acquire funds for purchasing new commercial vehicles for their business
  • Collateral-free loans of up to Rs. 1 crore can be availed under this loan scheme

Loan Amount

  • The maximum loan amount under this scheme is Rs. 2 crore

Interest Rate

  • The interest rate for this Bank of Maharashtra Loan is defined as the sum of One-year Marginal Cost of Funds based Lending Rate (MCLR) and Strategic Premium
  • Loans up to Rs. 25 lakh: The interest rate is MCLR + 0.50%. Currently, the one year MCLR is 7.50% bringing the effective interest rate at 8.00%
  • Loans Above Rs. 25 lakh up to Rs. 5 crore: The interest rate is MCLR + 1.50%. Currently, the one year MCLR is 7.50% bringing the effective interest rate at 9.00%
  • Loans Above Rs. 5 crore: The interest rate is MCLR + 2.50%. Currently, the one year MCLR is 7.50% bringing the effective interest rate at 10.00%

Repayment

  • The repayment period for this loan is 7 years

Security Needed

  • For security, the bank asks for hypothecation of vehicles purchased under the loan

Eligibility

  • As of now, the exact eligibility criteria is not available on the bank’s website. Please visit your nearest bank branch for details

Borrower Contribution to Total Cost (Margin Money)

  • The bank charges minimum 15% of the total loan amount as margin

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, this information is not available on the bank’s website. We suggest you get in touch with the bank and get these details before you apply for this loan

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