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MSME sector is the backbone of the Indian economy. The rural setup plays an important role contributing towards lakhs of employment opportunities and the export of indigenous products to various foreign destinations. Supplying them with sufficient credit is the primary role of banks and financial institutions across India. It is important for them to have accessible financial aid to provide for their working capital requirements and investment needs.
Bank of Maharashtra has been serving the Indian rural landscape for nearly 90 years now. They are one of the major public sector banks with the widest network of branches across the country. They offer various loans and schemes for the MSME sector, thus encouraging entrepreneurial spirit to provide employment opportunities.
1. Pradhan Mantri Mudra Yojana
Shishu Loans up to Rs.50,000
Kishore Loans from Rs.50,001 to Rs.5,00,000
Tarun Loans from Rs.5,00,001 to Rs.10,00,000
2. Maha MSME Project Loan Scheme
3. Stand-Up India Scheme
4. Maha MSME Machinery/Equipment Scheme
5. Maha MSME Cash Credit Scheme
6. Maha MSE Collateral Free Term Loan Scheme
7. Maha MSE Collateral Free Cash Credit Scheme
8. Mahabank Vehicle Loan Scheme for Small Road Transport Operator
9. Mahabank Loan Scheme for Doctors, Chartered Accountants, Engineers & Architect
10. Maha Doc+ Loan Scheme
11. Mahabank Scheme for units engaged in Hospitality
Term loan - Min. Rs.10 lakhs to Max. of Rs 10 crore
Working Capital: Min. Rs.10 lakhs to Max. of Rs 2 crore
12. Mahabank Scheme for Contractors
It is very easy to apply for MSME Loans with Bank of Maharashtra. The official webpage allows customers to fill out the application form and submit it. The customer is then required to submit all the relevant documents to the bank for the process to be completed. Given below is a common list of documents required by banks for MSME Loan processing.
Yes, security in the form of hypothecation of the equipment or asset purchased is required in relevant loan schemes. It is dependent on the loan amount and the type of advance that is offered. Customers are requested to verify with the bank on the required security and collateral.
Yes, the bank shall have the right to generate your credit score from authorized Credit Information Companies to evaluate your credit score while processing the loan application.
Collateral securities can be in the form of freehold land or building, term deposit receipts, NSCs or KVPs, insurance policies, debt instruments of Public Limited Co., Govt. Securities, etc., to name a few.
As per RBI guidelines, MSME sectors can avail loans of up to Rs.1 crore without any collateral security. It also depends on the bank’s discretion on a case to case basis.
Bank of Maharashtra offers loans starting from Rs.50,000 up to Rs.25 crores, based on the needs of the borrower and the collateral security they are able to provide. Borrowers with a healthy credit score and a good business relationship with the bank can get higher loan amounts based on their credibility.
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