Bank Maharashtra Business Loan Interest Rate Jan 2021

Bank of Maharashtra offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Bank of Maharashtra:

• You can prepay part of your loan anytime after paying 1 % prepayment charges
• You can foreclose your entire Business loan anytime after paying 0 EMI's at foreclosure charges -
• Bank of Maharashtra has over 1,922 branches in India where you can avail service

There are multiple factors on which basis bank 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 amount can be lower resulting in lower EMIs.
• CIBIL Score: Bank of Maharashtra offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Bank of Maharashtra, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
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• Revenue: Bank of Maharashtra will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 0.
• Time in Business: Bank of Maharashtra offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Bank of Maharashtra is 0 months.

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria	Description
Age	21 to 60 years
Minimum Turnover	₹ 0
Business Existence (in months)	0 months
ITR (months)	0 months
Loan Amount	₹ 50,000 to ₹ 1.50 Lakh
Loan Tenure	36 months
Owned House or Place of Work	Not Required
CIBIL Score	750 and above

Eligibility of Business loan in Bank of Maharashtra relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

• Age: Age plays an important role to know your eligibility and repayment capacity. Bank of Maharashtra offers 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 gives you loan 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: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. Bank of Maharashtra requires profit for minimum 2 years and minimum business turnover of ₹ 0.
• Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Bank of Maharashtra requires 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 loan.
• ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 0 months and bank statement for minimum 0 months will be required by Bank of Maharashtra.
• CIBIL Score: When checking loan eligibility, Bank of Maharashtra will look at the complete CIBIL report. Bank of Maharashtra will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

Bank of Maharashtra Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by Bank of Maharashtra is ₹ 0.03 Lakh per lakh loan amount. EMI of Bank of Maharashtra depends on factors like:

• Interest Rate: Higher the interest rate, higher will be the EMI. For a 36 months loan from Bank of Maharashtra at an interest rate of 14.50% per annum, EMI will be ₹ 0.03 Lakh per Rs. one lakh loan amount. At an interest rate of 15.50% for the same loan, the EMI will be ₹ 0.03 Lakh.
• Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 14.50% per annum, the EMI on Bank of Maharashtra business loan would range from ₹ 0.09 Lakh to ₹ 0.03 Lakh for loan tenure ranging from 12 to 36 months.
• Amount Borrowed: Bank of Maharashtra Loan EMI will be high if you apply for a high loan amount. For amount borrowed ₹ 50,000 , the EMI at 14.50% for 36 months would be ₹ 0.02 Lakh. Similarly for amount borrowed ₹ 1.50 Lakh, the EMI at 14.50% for 36 months would be ₹ 0.05 Lakh.

• Business loan EMI calculator of Bank of Maharashtra helps you to calculate your monthly EMI at different rate of interest
• Bank of Maharashtra EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
• You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Bank of Maharashtra offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

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 with applicable service tax

• 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

✅Why to take business loan from Bank of Maharashtra?

Bank offers loan at 14.50% rate with the lowest EMI of ₹ 3,442 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Bank of Maharashtra.

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

Interest rates on Business loan in Bank of Maharashtra are very attractive starting from 14.50% to 15.50%. Bank offer various offer for self employed professionals to get loan at 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.

✅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 echo 36 months.

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

Bank of Maharashtra offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 1.50 Lakh.

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

Bank of Maharashtra charges a processing fee of with applicable tax.

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

Yes, age is an important eligibility factor to get 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 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 .

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
Bangalore	1800-425-8053
Bhilai	1800-102-2636
Bhilwara	1800-102-2636
Bhiwadi	1800-102-2636
Bhopal	1800-102-2636
Bhubaneswar Cuttack	1800-102-2636
Bikaner	1800-102-2636
Chandigarh	1800-102-2636
Chennai	1800-345-4566
Cochin	1800-102-2636
Coimbatore	1800-102-2636
Dehradun	1800-102-2636
Delhi	1800-114-747
Durg	1800-102-2636
Faridabad	1800-102-2636
Gandhinagar	1800-233-7905
Ghaziabad	1800-225-901
Goa	1800-102-2636
Greater Noida	1800-114-747
Gurgaon	1800-102-2636
Guwahati	1800-102-2636
Gwalior	1800-102-2636
Hyderabad	1800-345-4025
Indore	1800-102-2636
Jabalpur	1800-102-2636
Jaipur	1800-102-2636
Jalandhar	1800-102-2636
Jodhpur	1800-102-2636
Kanpur	1800-225-901
Karnal	1800-102-2636
Kolhapur	1800-102-2636
Kolkata	1800-345-3422
Kota	1800-102-2636
Kozhikode	1800-102-2636
Lucknow	1800-102-2636
Ludhiana	1800-102-2636
Madurai	1800-102-2636
Meerut	1800-102-2636
Mehsana	1800-102-2636
Mohali Sas Nagar	1800-102-2636
Mumbai	1800-225-901
Mussoorie	1800-102-2636
Nagpur	1800-233-4722
Nashik	1800-225-901
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Panipat	1800-102-2636
Patna	1800-102-2636
Pondicherry	1800-102-2636
Pune	1800-233-4525
Raipur	1800-102-2636
Rajkot	1800-233-7905
Ranchi	1800-102-2636
Rohtak	1800-102-2636
Roorkee	1800-102-2636
Salem	1800-345-4566
Shimla	1800-102-2636
Sonipat	1800-102-2636
Surat	1800-102-2636
Trichy	1800-102-2636
Udaipur	1800-102-2636
Vadodara	1800-102-2636
Varanasi	1800-102-2636
Vijaywada	1800-102-2636
Vizag	1800-102-2636