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MUDRA loan is a central government-issued credit scheme targeted at providing financial assistance for small-scale business enterprises. Eligible business owners can apply for unsecured credit from intermediary financial institutions in India.

To ensure a hassle-free application process and quick approval of your credit, you can approach the Bank of Maharashtra. It enables you to apply for the MUDRA loan in a seamless manner. With the Bank of Maharashtra MUDRA Loan, you can meet your credit shortage for up to Rs. 10 Lakhs at a much lower interest rate and zero to negligible processing fees.

Bank of Maharashtra MUDRA Loan Highlights

Let’s have a quick glance at the basic details of Bank of Maharashtra MUDRA Loan:

Credit Nature

Purpose

  • To meet the credit shortage for running a business

  • To buy machinery, equipment, or other necessities 

  • To modernise or expand your new or existing venture

Eligible Borrowers

A small business owner intending to scale up his/her business 

Loan Amount

Up to Rs. 10 Lakhs, depending on different MUDRA interventions:

  • Shishu: Up to Rs. 50,000

  • Kishor: Between Rs. 50,000 and Rs. 5 Lakhs

  • Tarun: Between Rs. 5 Lakhs and Rs. 10 Lakhs

Repayment Period

  • 3 to 5 years

 
  • Nil under Shishu and Kishor

  • O.5% under Tarun

Interest Rate

RLRR based

Disclaimer: All the information stated about Bank of Maharashtra MUDRA Loan is for the educational purpose. Interest rate, processing fees, repayment period, etc., can change in the future according to the lender.

Bank of Maharashtra MUDRA Loan Features

Bank of Maharashtra is one of the major intermediary financial institutions, assisting the Indian government to materialise the distribution of MUDRA loans. Following are the features and benefits of the MUDRA loan provided by the Bank of Maharashtra:

  • MUDRA loan provides financial assistance to the non-corporate small business segment. 

  • You need to have an active savings account with the Bank of Maharashtra to get the credit.

  • The tenure of repaying this credit is flexible. You can choose a tenure between 3 and 5 years.

  • It is a type of unsecured credit, thereby letting you reduce the burden of submitting any collateral.

  • The interventions of the MUDRA loan are Shishu, Kishor, and Tarun, all having different credit limits.

  • You can borrow credit up to a maximum of Rs. 5 lakhs under the Tarun sub-unit of this loan.

  • There is no restriction on how you leverage the credit, you can use the amount whichever way you require.

  • You will get a MUDRA Card, enabling you to draw credit in an efficient manner to manage working capital.

  • Pradhan Mantri Jan Dhan Yojana beneficiaries will be eligible for an overdraft facility under this MUDRA loan.

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Bank of Maharashtra MUDRA Loan Interest Rates

MUDRA Loan Interventions

Base Interest Rate

Shishu

RLRR

Kishor

RLRR

Tarun

RLRR

Documents Required for Bank of Maharashtra MUDRA Loan

You need to submit the following documents for the Bank of Maharashtra MUDRA Loan:

  • Identity Proof: Driving license, passport, etc.

  • Residential Proof: Latest telephone/electricity bill, receipt of property tax, PAN cardAadhaar card, voter ID card, etc.

  • Caste Certificate: SC/ST/OBC/Minority (only if applicable)

  • Proof of Business: Registration certificate, rental agreement or lease paper, copy of any relevant certificate of your business, Udyog Aadhaar Memorandum, etc.

  • Last 6 months’ account statements generated by an existing banker, if any

  • Unaudited balance sheets for last 2 financial years

  • Income tax and sales tax returns

  • Approximated balance sheet for the coming financial year

  • Asset and liability record

  • Photocopies of proprietor, partner, or MUDRA loan applicant (whichever is applicable)

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Steps on How to Apply for Bank of Maharashtra MUDRA Loan

Follow the simple steps mentioned below to apply for the Bank of Maharashtra MUDRA Loan:

  • Step 1: Visit the official portal of the Bank of Maharashtra.

    (You can collect this application form for the MUDRA loan from your nearby branch as well.)

  • Step 2: Go to the MUDRA loan section.

  • Step 3: Download the application form for different interventions of MUDRA like Shishu, Kishor, and Tarun, according to your financial requirement

  • Step 4: Fill in the application form properly.

  • Step 5: Attach photocopies of the necessary documents.

  • Step 6: Submit your duly filled application form at your nearby branch of the Bank of Maharashtra

Types of MUDRA Loan

Following are the different types of MUDRA loans:

  • Shishu Loan:

You can borrow up to Rs. 50,000 under this intervention of the MUDRA loan. This capital can help you set up a small business, and buy the necessary equipment. You can get the credit with minimal documentation.  

  • Kishor Loan: 

If you want to borrow an amount between Rs. 50,000 and Rs. 5 Lakhs, you need to apply for a loan under the Kishor scheme. This credit will suit you the best if you are looking for business expansion, purchase necessary equipment and machinery, or meet working capital requirements.

  • Tarun Loan: 

You need to apply for a credit under the Tarun intervention of MUDRA loan if your financial requirement is within the range of Rs. 5 Lakhs to Rs. 10 Lakhs. You can leverage the credit to scale up your established business.

Bank of Maharashtra Customer Care

You can connect with the Bank of Maharashtra in the following ways:

DISCLAIMER

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQs for Bank of Maharashtra MUDRA Loan

You can get the MUDRA loan from the Bank of Maharashtra at an interest rate starting from 8.15%. To secure the loan at an attractive rate, you need to meet all the eligibility standards properly.

No, you cannot get any subsidy under this Bank of Maharashtra MUDRA Loan. However, the interest rate under this credit scheme is much lower compared to the rate of a regular business loan. 

No, the loan under this MUDRA Yojana is collateral-free. You do not need to keep any of your properties as collateral with the Bank of Maharashtra. 

You do not need to arrange a guarantor to borrow capital from the Bank of Maharashtra under this PM MUDRA loan scheme.

Both urban and rural citizens can get the MUDRA loan from the Bank of Maharashtra. They just need to meet the eligibility standards of the loan.

You will get the Bank of Maharashtra MUDRA loan to enhance the growth prospect of food-producing businesses like pickle, papad, jelly/jam, sweet shops, canteen services, food-preservation unit, etc.

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