Bank Maharashtra Business Loan Jul 2021

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

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

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%.

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%

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.

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

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

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.

• 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.

✅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.

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
Noida	1800-114-747
Noida Extn	1800-114-747
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