Bank of Maharashtra Business Loan
Last Updated : May 28, 2021, 9:12 p.m.
The working capital and long- term investments are a part and parcel of all business endeavours. At times, the company budget falls short and the expansions are halted. In such situations, the prudent business manager would go for the loan available at a reasonable rate of interest and for the flexible tenure. Bank of Maharashtra offers exactly the same. Here, you can avail loans up to Rs. 5 crores at the competitive rate of interest ranging between 10.70% p.a – 14.70%. However, the disbursal amount and the rate of interest depend on the eligibility, repayment capacity and credit period. The bank provides both secured and unsecured loans for the maximum period of 10 years and charges a nominal processing fee. Other relevant details regarding the product is given below :
Bank Of Maharashtra Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rates | 9.10% - 12.60% |
| Loan Amount | Up to ₹5,00,00,000 |
| Tenure | 10 years |
| Processing Fees | 1% of the loan amount |
| Type Of Loan | Secured & Unsecured |
How To Apply
The candidates willing to apply for the business loan can visit the nearest bank branch or can avail the benefit of online application service. Just click on the apply online button and enter the required details.
Bank Of Maharashtra Business Loan EMI Calculator
The quickest and simplest way of calculating the business loan EMI is using the EMI calculator. The calculator helps in making the EMI calculation easy and provides realistic result in the shortest time. The user just needs to insert the amount of loan, the period of the loan and the rate of interest in the calculator. Using these values the calculator computes the amount of EMI and the total amount of interest charged on the loan availed.
Illustrative example : A customer is willing to take the loan of ₹80,00,000 for the period of 10 years. He wants to know the tentative amount of EMI he has to pay to the lender. He uses the calculator to know the same. So take a look at the table below to know the calculations
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 4,99,838 | ₹ 7,50,276 | ₹ 75,00,161 |
| 2 | ₹ 5,50,264 | ₹ 6,99,850 | ₹ 69,49,897 |
| 3 | ₹ 6,05,777 | ₹ 6,44,337 | ₹ 63,44,120 |
| 4 | ₹ 6,66,890 | ₹ 5,83,223 | ₹ 56,77,230 |
| 5 | ₹ 7,34,169 | ₹ 5,15,944 | ₹ 49,43,060 |
| 6 | ₹ 8,08,236 | ₹ 4,41,878 | ₹ 41,34,824 |
| 7 | ₹ 8,89,774 | ₹ 3,60,339 | ₹ 32,45,049 |
| 8 | ₹ 9,79,539 | ₹ 2,70,575 | ₹ 22,65,509 |
| 9 | ₹ 10,78,359 | ₹ 1,71,754 | ₹ 11,87,149 |
| 10 | ₹ 11,87,980 | ₹ 62,964 | ₹ 0 |
Features & Benefits
- Credit available up to₹5,00,00,000
- Flexible tenure lasting up to 10 years
- Facility of online application
- Availability of both secured and unsecured loans
Eligibility Criteria :
The following candidates are eligible for the business loan
- The MSME units with a profitable business and adequate functioning, continuing the business in the same line for sufficient period of time.
- Professional and self- employed: Doctors, Dentists, Chartered Accountants, Cost accountants, Lawyers, Solicitors, Engineers, Architects, Surveyors, Construction contractors or Management Consultants or a person trained/ qualified /skilled in the chosen vocation/field in which employed
Documents Required :
- PAN Card – For Individual / Partnership Firm / Company
- Identity Proof – Anyone (e.g. Voter ID / Driving License / Passport / Aadhar Card)
- Address Proof – Anyone (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Ownership proof of either residence or office either in the name of applicant or jointly with family member
- Passport Size Photographs of all applicants and co-applicants
Financial Documents Required
| Category | List of Documents |
|---|---|
| Self-Employed Individuals / Sole Proprietorships | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet |
| For Self-Employed Professionals | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.) |
| For Partnership Firms / Private Limited Companies | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Partnership Deed and partnership authority letter for partnership firms - Memorandum and Articles of Association and Board Resolution from the company - Certificate of Incorporation (COI) for companies - Latest shareholding patterns for Private Ltd. / Public Ltd. companies |