Please Note: Bank of Maharashtra is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Bank of Maharashtra is one of the leading commercial banks in India that offers a wide range of banking and financial services. Besides banking products and services, Bank of Maharashtra also specialises in providing the Mudra loan scheme under Pradhan Mantri Mudra Yojana (PMMY) initiated by Government of India. Mudra Loan offered by Bank of Maharashtra starts at an interest of 8.15% onwards + BSS.
Download application form along with checklist by clicking here for Shishu Scheme
Download application form along with checklist by clicking here for Kishore and Tarun Scheme
Micro Units Development and Refinance Agency (MUDRA) loan scheme is offered to non-farm units engaged in services, trading and manufacturing sectors and the maximum loan amount that can be availed under this scheme is Rs. 10 lakh.
Mudra Scheme is classified under three main categories named as Shishu, Kishore and Tarun. Below mentioned is the loan amount offered under these three categories, as well as their usage.
|MUDRA Loan – Features|
|Loan Amount||Rs. 50,000||From Rs. 50000 – Rs. 5 lakh||From Rs. 5 lakh – Rs. 10 lakh|
|Usage||For Startup Enterprises||For entrepreneurs with existing businesses||For Businessmen, amount to be used for business expansion|
|Collateral/Third Party Guarantee||Not required|
|Repayment Tenure||Maximum up to 5 years|
Apply for Business Loan @ 14.99% onwards per annum Apply Now
Comparison of Interest Rates on Business Loan Offered by Top Banks in 2022
|IIFL Finance||11.75% – 25.75% p.a.||Apply Now|
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Eligibility Criteria for Mudra Loan from Bank of Maharashtra
Scheduled Commercial Banks (SCBs)
- Minimum net worth of Rs. 100 crore and not less than 9% CRAR
- Bank must be part of public and private sectors
- Minimum 3 years of continuous profit track record
- Net NPAs not exceeding 3%
Regional Rural Banks (RRBs)
- Net NPA within 3% and having profitable operations
NBFCs/MFIs/Small Business Finance Companies
- Eligible company should be a member of Credit Bureau
- For at least 3 years, Micro units with loan size up to Rs.10 lakh
- Promoters or management should have experience of at least 10 years in same field
- Maintaining minimum outreach of 3000 existing borrowers for MFIs
- Possessing suitable processes, systems and procedures that include risk and cash management, internal accounting, MIS, internal audit, MIS, etc.
MUDRA Debit Card is provided to Cash Credit account holders under PMMY scheme.
Must Read: Is there any subsidy for Mudra loan?
Documents Required for Loan Application
- Duly filled application form
- Applicant’s recent 2 passport-sized photographs
- Business Plan containing all details of business
- Proof of Identity: Driving License, Aadhar card, Voter’s ID card, Passport, etc.
- Proof of Residence: Passport, Voter’s ID card, Aadhar Card, Telephone Bill, Bank Statement, etc.
- Proof of Identity, Address, Licenses of enterprise (if any)
- Proof of belonging to SC, ST, OBC, Minority, etc. (if applicable)
Bank Of Maharashtra Business Loan Customer Care Number
Bank of Maharashtra (Head Office)
Lokmangal, 1501, Shivajinagar
Q. What is MUDRA?
Ans. Micro Units Development & Refinance Agency (MUDRA) is a financial institution setup by Government of India to promote and develop MSME sector and provide funding to existing enterprises, start-up enterprises and individual borrowers via banks across India.
Also Know About: What are SME loans in India?
Q. What is the interest rate offered under Mudra Loan?
Ans. The interest rate offered under Mudra loan varies from bank to bank and depends on the applicant’s profile and loan requirements. However, it ranges between 9%-15% for first-time business owners.
Q. What is the repayment period of Mudra loan scheme?
Ans. The maximum repayment tenure of Mudra is up to 5 years.
Q. Do I need to deposit any collateral to get Mudra loan?
Ans. No, you are not required to deposit any collateral before taking Mudra loan. Not even third party guarantee is required to take the loan.
Q. I have a small business dealing in paper goods. Can MUDRA help me?
Ans. Yes, you can avail Mudra loan under PMMY for business expansion purposes and to meet working capital requirements. The Mudra loan offered by Bank of Maharashtra can be availed at competitive interest rates and the maximum loan offered is up to Rs. 10 lakh. Loans under Mudra yojana are collateral-free with the repayment tenure is up to 5 years.
Q. I am an artisan specialising in Jari work. I want to start my own work instead of doing job work for others. Can MUDRA help me?
Ans. Yes, you can avail Mudra loan offered by Bank of Maharashtra to start your own business. There is no minimum loan amount limit to borrow and the maximum loan amount limit is up to Rs. 10 lakh. The three loan schemes under Mudra Yojana are named as Shishu, Kishor and Tarun.