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.
Let’s have a quick glance at the basic details of Bank of Maharashtra MUDRA Loan:
A small business owner intending to scale up his/her business
Up to Rs. 10 Lakhs, depending on different MUDRA interventions:
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 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.
You need to submit the following documents for the Bank of Maharashtra MUDRA Loan:
Identity Proof: Driving license, passport, 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)
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
Following are the different types of MUDRA loans:
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.
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.
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.
You can connect with the Bank of Maharashtra in the following ways:
Toll-Free Numbers: Dial at 1800-233-4526 or 1800-102-2636
Email ID: email@example.com
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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.