Bank of Maharashtra Mudra Loan

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. 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.

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.

Bank of Maharashtra offers flexible repayment terms on its Mudra loans, tailored to align with the borrower’s business cash flow and financial planning. Whether you're seeking a term loan or an overdraft (OD) or cash credit (CC), the repayment schedule is customised to suit your needs.

Below is a breakdown of repayment options under each loan type:

• Shishu (up to ₹50,000): Repayment tenure can extend up to 5 years, including a moratorium period of up to 6 months.
  

• Kishor (₹50,001 to ₹5 Lakhs): Repayable over up to 5 years, encompassing a possible 6 months moratorium.
  

• Tarun (₹5 Lakhs to ₹10 Lakhs): Offers a tenure of up to 7 years, including a possible moratorium of up to 12 months. 

Disclaimer: The repayment tenure details are provided for general informational purposes only. Bank of Maharashtra may adjust the tenure, moratorium period, or applicable terms based on its internal policies, underwriting norms, or prevailing regulatory guidelines. For the most accurate and current repayment information, please confirm with the bank or refer to official communications.

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: Navigate to the MUDRA loan section by going to the ‘MSME’ tab, then ‘Government Schemes for MSME’, followed by ‘Pradhan Mantri Mudra Yojana’. 

• Step 3: Click on the ‘APPLY NOW’ button and then the ‘Apply for Loan’ button. 

• Step 4: Review the Mudra loan features carefully and click on the ‘Accept’ button. 

• Step 5: Go through the terms and conditions properly and click on ‘Proceed’. 

• Step 6: Click on ‘Login’ and enter your mobile number, and then click on ‘Send OTP’. 

• Step 7: Download the application form for different categories of MUDRA like Shishu, Kishor, and Tarun, according to your financial requirement.

• Step 8: Fill in the application form properly.

• Step 9: Attach photocopies of the necessary documents.

• Step 10: Submit your duly filled application form at your nearby branch of the Bank of Maharashtra.

Disclaimer: The application steps outlined here serve as a general guide only and are subject to change at the discretion of Bank of Maharashtra. Applicants should verify the current procedure, required details, and documentation directly with the bank. Either through its official website or by consulting a branch before proceeding.

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 (BOM Internet Banking Customer Care Helpdesk): mahaconnect@mahabank.co.in

• Email ID (MahaSecure Customer Care Helpdesk): mahasecure@mahabank.co.in

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.

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