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Bank Maharashtra Business Loan Jul 2021

Bank Maharashtra Business Loan Interest Rates India

Last Updated 21st Jun 2021

Bank of Maharashtra offers Business Loan starting at interest rate of 14.50%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 14.50%
Processing Fee Upto 3% of the loan amount
Tenure From 12 months to 36 months
Lowest EMI per lakh ₹ 3,442
Loan Amount Min ₹ 50,000 and Max ₹ 1.50 Lakh
Part Payment Facility Allowed after 1 EMI's,
Foreclosure Facility Not allowed
Apply for Business Loan @ 14.00%*

Bank Maharashtra Business Loan Details

Bank of Maharashtra offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Bank of Maharashtra.

Key Features of Bank Maharashtra Business Loans
  • Purpose of Loan: You can avail Bank Maharashtra business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 21 and 60 years can avail Bank Maharashtra business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 36 years.
  • Bank Maharashtra business loan interest rates are in the range of 14.50% to 15.50 %.
  • Bank Maharashtra Bank business loan EMI per lakh starts from ₹ 3,442.
  • Processing Fee: Upto 3% of the loan amount

Factors affecting Bank Maharashtra Business Loan Rates

There are multiple factors on which Bank of Maharashtra calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in Bank of Maharashtra depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 50,000 to upto ₹ 1.50 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Bank of Maharashtra offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Bank of Maharashtra, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Bank of Maharashtra will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least

Time in Business

Bank of Maharashtra offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Bank of Maharashtra is 0 months.

Lowest Bank of Maharashtra Business Loan Interest Rates

Currently, the lowest business loan rate offered by Bank of Maharashtra starts at 14.50%. There has been no change in the lowest interest rate of Bank of Maharashtra business loan interest rate for a long time and the interest rate continues to be in the range of 14.50% to 15.50%.

Bank of Maharashtra Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
02 Jun, 2021 14.50%
31 Mar, 2021 14.50%
25 Mar, 2021 14.50%
07 Jan, 2021 14.50%

Bank Maharashtra Business Loan Eligibility Criteria

To avail Bank of Maharashtra business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Bank of Maharashtra offers business loan to those who are at least 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, Bank of Maharashtra gives you loan amount ranging from ₹ 50,000 to ₹ 1.50 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Bank of Maharashtra requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : Bank of Maharashtra requires a minimum business track record of 0 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : Bank of Maharashtra gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 0 months & 0 months respectively.
  • CIBIL Score : Bank of Maharashtra will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Bank of Maharashtra Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Maharashtra allows prepayment of loan after paying 0 EMI’s with prepayment charges -
  • Processing Fee : Bank of Maharashtra asks for a processing fee of Upto 3% of the loan amount with applicable service tax

Documents Required for Bank Maharashtra Business Loan

To apply for Bank Maharashtra business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Bank Maharashtra Business Loan Eligibility Calculator

You can calculate your eligibility for Bank of Maharashtra business loan using an online Bank Maharashtra business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Bank of Maharashtra Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Bank Maharashtra business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Bank of Maharashtra.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Bank of Maharashtra?

Bank of Maharashtra is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 14.50%. The bank also charges a low processing fee starting from Upto 3% of the loan amount. Along with that, the bank also offers special business loan schemes such as , & etc.

Has Bank of Maharashtra reduced the business loan interest rate?

Currently, the lowest business loan rate offered by Bank of Maharashtra starts at 14.50%. There has been no change in the lowest interest rate of Bank of Maharashtra business loan interest rate for a long time and the interest rate continues to be in the range of 14.50% to 15.50%.

What is the interest charged on Bank of Maharashtra business loan?

Bank of Maharashtra offers business loans at attractive rates ranging from 14.50% to 15.50%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from Bank of Maharashtra?

If you apply for loan from Bank of Maharashtra, your lowest EMI per lakh will be ₹ 3,442.You can calculate your EMI on business loan for different tenures at min business rate starting at 14.50% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in Bank of Maharashtra?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 36 months.

How much business loan amount I can borrow from Bank of Maharashtra?

Bank of Maharashtra offers you business loan for loan amount ranging from ₹ 50,000 to a maximum amount of ₹ 1.50 Lakh. Loan amount eligibility in Bank Maharashtra further depends upon your income, and repayment capability.

What is the processing fee charged by Bank of Maharashtra on business loan?

Bank of Maharashtra charges a processing fee Upto 3% of the loan amount with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from Bank of Maharashtra?

Yes, age is an important eligibility factor to get a business loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

What are the prepayment charges on business loan from Bank of Maharashtra?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Bank of Maharashtra is .

What are the business products offered by Bank of Maharashtra?

Bank of Maharashtra offers various business products for self-employed professionals and non-professionals. These are listed below:

What is the time period of repayment of business loans in Bank of Maharashtra?

Bank of Maharashtra provides business loans for a maximum tenure of 36 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

Bank of Maharashtra Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 1800-102-2636
Ahmedabad 1800-233-7905
Ambala 1800-102-2636
Anand 1800-102-2636
Aurangabad Bihar 1800-102-2636

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Bank Maharashtra Business Loan News - Jul 2021
  • 2021-03-26 : Bank of Maharashtra opened 6 more branches
    Bank of Maharashtra opened additional 6 branches. The Bank is aiming to serve its large customer base and increase its loan portfolio which includes home, personal, LAP, Business, gold, two-wheeler and car loan.
  • 2021-02-12 : Bank of Maharashtra join hands with with LoanTap Credit
    Bank of Maharashtra has entered into a strategic co-lending agreement for MSME loans with LoanTap Credit Products Pvt Ltd, a Pune-based NBFC. The co-lending arrangement will enhance credit flow to the unserved and underserved sectors and make available funds to the ultimate beneficiary at an affordable cost.
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2020-10-20 : Bank of Maharashtra reported Q2FY21 PAT of Rs. 130.44 crores
    Bank of Maharashtra reported total income of Rs.3319.34 crores backed by retail loans like home, personal, gold, two-wheeler, car loans along with mudra and business loan during the period ended September 30, 2020. Further, the bank posted a net profit of Rs.130.44 crores for the period ended September.
  • 2020-01-21 : Bank of Maharashtra reports Q3 profit of 135 crores
    State-run Bank Of Maharashtra reported a Q3 profit of 135 crores in the quarter ending December. Net interest income increased to 36% to 1186 crore and fixed and recurring deposits increased by 4.4% to Rs 1,41,986 crore. According to RBI, Bank restructured 3445 MSME account which constitutes business loans worth Rs 24747 lakh in the 2nd quarter of the current FY.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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