Looking for an MSME loan from Bank of Maharashtra?

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MSME Loans from Bank of Maharashtra

Being one of the largest public sector banks in India, Bank of Maharashtra offers a range of MSME loans, some specifically for MSMEs, to different segments of its customer base. Bank of Maharashtra offers 12 MSME loans including two government-backed schemes, suitable for different types of Micro, Small and Medium sized businesses.

The MSME loans offered by Bank of Maharashtra are:

  1. Maha MSME Project Loan Scheme
  2. Maha MSME Machinery/Equipment Scheme
  3. Maha MSE Collateral-free Term Loan Scheme
  4. Maha MSME Cash Credit Scheme
  5. Maha MSE Collateral Free Cash Credit Scheme
  6. Mahabank Vehicle Loan Scheme for Small Road Transport Operators
  7. Mahabank Loan Scheme for Doctors, CAs, Engineers and Architects
  8. Maha Doc+ Loan Scheme
  9. Mahabank Scheme for Contractors
  10. Mahabank Scheme for Units Engaged in Hospitality
  11. Stand-up India Scheme
  12. Pradhan Mantri Mudra Yojana (Mudra Loan)

We give you a brief intro to each Bank of Maharashtra MSME loans below. In addition you have the option to click further and read in detail about each loan in a specific page of its own. This specific page has been made specifically for you to get all the information you need on that loan in an uncluttered and easy-to-read format. In case information is less or not available, we have been not been able to create an information page as yet, but we may do so in the course of the next few months.

Bank of Maharashtra Maha MSME Project Loan Scheme

This loan helps businesses in the Micro, Small and Medium Enterprises (MSME) sector meet their capital expenditure and working capital requirements. This is a need-based loan. Unsecured loans of up to Rs. 50 lakh can be availed under this scheme.

Features of Maha MSME Project Loan Scheme

Why this Loan?

  • This Bank of Maharashtra MSME loan is meant for all types of businesses in the MSME sector who need financial assistance to meet their Working Capital and other needs
  • Unsecured loans of up to Rs. 50 lakh can be availed under this scheme
  • Borrowers can avail concession in interest rate by providing collateral security

Bank of Maharashtra Maha MSME Machinery/Equipment Loan Scheme

This loan helps businesses in the Micro, Small and Medium Enterprises sector purchase machinery or equipment required to run the business. Unsecured loans of up to Rs. 1 crore can be availed under this scheme. The maximum loan amount for this scheme is Rs. 20 crore.

Features of Maha MSME Project Loan Scheme

Why this Loan?

  • The Maha MSME Machinery/Equipment loan is meant for all types of businesses in the MSME sector who need financial assistance to purchase machinery/equipment
  • Unsecured loans of up to Rs. 1 crore can be availed under this scheme

Bank of Maharashtra Maha MSE Collateral-free Term Loan Scheme

This loan helps businesses in the MSE sector meet their capital expenditure and working capital requirements. Unsecured loans of up to Rs. 1 crore can be availed under this scheme.

Features of Maha MSE Collateral-free Term Loan Scheme

Why this Loan?

  • The Maha MSE Collateral-free Term loan is meant for all types of businesses in the MSE sector who need financial assistance to meet their Working Capital and other business needs
  • Unsecured loans of up to Rs. 1 crore can be availed under this scheme

Bank of Maharashtra Maha MSME Cash Credit Scheme

This loan helps businesses in the Micro, Small and Medium Enterprises sector meet their working capital requirements. This is a short-term loan and the loan amount is decided by the bank on a case-to-case basis.

Features of Maha MSME Cash Credit Loan Scheme

Why this Loan?

  • The Maha MSME Cash Credit Loan is meant for all types of businesses in the MSME sector who need financial assistance to meet their Working Capital needs
  • Short-term loans (Cash Credit) can be availed under this scheme
  • The bank offers concession in interest rate if the borrower secures the loan with a collateral

Bank of Maharashtra Maha MSE Collateral-free Cash Credit Scheme

This loan helps businesses in the Micro and Small Enterprises (MSE) sector meet their working capital requirements. The maximum loan amount sanctioned under this loan scheme is Rs. 1 crore.

Features of Maha MSE Collateral-free Cash Credit Scheme

Why this Loan?

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

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 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?

Bank of Maharashtra Maha Doc+ Loan Scheme

This loan helps doctors and medical practitioners meet their working capital requirements or capital expenditure right from setting up a clinic, nursing home, hospital, pathology labs, etc. to purchase of equipment, vehicles, ambulance, etc. The maximum loan amount is Rs. 5 crore for metro and urban areas and Rs. 50 lakh for rural and semi-urban area.

Features of Maha Doc+ Loan Scheme

Why this Loan?

  • This Bank of Maharashtra Loan Scheme for Doctors is meant for medical practitioners who need financial assistance in fulfilling their working capital and capital expenditure needs
  • Qualified Medical practitioners from different branches of medicine such as Allopathy, Homeopathy, Unani, Ayurveda, etc. are eligible for this loan if they have experience in running the business. Individuals, Proprietors, LLPs, Trusts and Companies can also avail this loan

Bank of Maharashtra Mahabank Scheme for Contractors

This loan helps MSME contractors and sub-contractors meet their Working Capital and other requirements as Working Capital or Term Loans. In addition to financial assistance, the bank also offers Non-fund Based assistance such as Bank Guarantee, Foreign Line of Credit, Deferred Bank Guarantee, etc. under this scheme. The maximum loan amount is Rs. 10 crore.

Features of Mahabank Scheme for Contractors

Why this Loan?

  • The loan is meant for contractors and sub-contractors meet their Working Capital needs or purchase equipment, machinery or vehicle
  • All contractors and sub-contractors who are classified as MSME and work on Civil, Mining, Transport, Electrical, Road, Irrigation, Pipeline and Construction projects are eligible for this loan
  • The maximum loan amount for the Bank of Maharashtra MSME Contractors Loan is Rs. 10 crore

Bank of Maharashtra Mahabank Scheme for Units Engaged in Hospitality

This loan helps hospitality businesses under Micro, Small and Medium Enterprises sector get funds to meet their Working Capital needs and purchase Land and construct office premises for business (Term Loan). The maximum loan amount is Rs. 10 crore for term loans and Rs. 2 crore for Working Capital loans.

Features of Mahabank Scheme for Units Engaged in Hospitality

Why this Loan?

  • The Bank of Maharashtra MSME Loan for Hospitality Businesses is meant for hospitality businesses under the MSME sector (Hospitality businesses with less than Rs. 5 crore investment in equipment are classified as MSME as per the MSMED Act
  • The term loan can be availed for purchase of Land and Construction of hotel, restaurant, etc. as long the cost of land does not exceed 25% of total project cost
  • The Working Capital loan is ideal for any hospitality business meet its Working Capital needs

Bank of Maharashtra Stand-up India Loan Scheme

This loan is designed to help women and SC/ST entrepreneurs set up greenfield enterprises in India. Greenfield enterprises eligible for this loan scheme are all first time ventures of women and SC/ST beneficiaries in the manufacturing, trading and services sector. The maximum loan amount for this loan is Rs. 1 crore.

Features of Stand-Up India Loan

Why this Loan?

  • This loan is meant for encouraging people from the SC/ST category and women entrepreneurs to set up greenfield enterprises in the manufacturing, services or trading sectors. In the case of non-individual enterprises, at least 51% of the company stakes should be held by women or people in the SC/ST category
  • The maximum loan amount for the Bank of Maharashtra Stand-up India loan is Rs. 1 crore

Bank of Maharashtra Mudra Loan Scheme

This loan helps unfunded individuals, proprietors, partnerships running small manufacturing units, fruit and vegetable shops, food service units, repair shops, small industries, machine operators, truck operators, etc. get funds for their needs. The maximum loan amount is Rs. 10 lakh.

Features of Bank of Maharashtra Pradhan Mantri Mudra Yojana (PMMY)

Why this Loan?

  • The loan is meant for Non-corporate Small Business Segment get funds to meet their Working Capital needs
  • The Bank of Maharashtra Mudra loan scheme is divided into three variants depending on the type and size of business, namely Shishu, Kishore and Tarun. The quantum of loan depends on the loan variant applicable to the business

Interest Rate for Bank of Maharashtra MSME 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
  • Loans up to Rs. 25 lakh: MCLR + BSS + Strategic Premium of 1.75%
  • Loans Above Rs. 25 lakh up to Rs. 5 crore: MCLR + BSS + Strategic Premium ranging from 2.00% to 5.00% based on the Internal Credit Risk Rating
  • Loans Above Rs. 5 crore: MCLR + BSS + Strategic Premium ranging from 2.00% to 5.00% based on the External Rating and Internal Credit Risk Rating

Note: As of now the One-year Marginal Cost of Funds-based Lending Rate (MCLR) is 7.50% and the Business Strategy Spread (BSS) is 0.25%. The Strategic Premium is different for each loan and depends on the loan amount and/or the Internal Credit Risk Rating and/or External Rating. Please check the bank’s website for the latest interest rates applicable on MSME loans.

Interest Concession

Bank of Maharashtra offers concession on the interest rate applicable to select MSME loans as an incentive for collateral securities.

  • Collateral Equivalent to 50% to 75% of Loan Amount: The reduction in rate of interest offered by the bank is 0.25%
  • Collateral Equivalent to 75% to 100% of Loan Amount: The reduction in rate of interest offered by the bank is 0.50%
  • Collateral Equivalent to more than 100% of Loan Amount: The reduction in rate of interest offered by the bank is 0.75%

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