bank of maharashtra mudra loan
Looking to take out a loan to help grow your business? The bank of maharashtra offers a mudra loan, which is specifically designed to help small businesses get the funding they need. In this article, we’ll introduce you to the mudra loan and tell you everything you need to know in order to apply for one.
What is the bank of maharashtra mudra loan?
The Bank of Maharashtra Mudra Loan is a specialised loan product for small and medium enterprises (SMEs) that are in the process of starting up or expanding their businesses. The loan is designed to provide financial assistance for business activities such as purchase of equipment, machinery, inventory, working capital, etc. The loan can be availed of by both existing as well as new SMEs. The maximum loan amount that can be availed under this scheme is Rs. 10 lakh. The interest rate on the loan is currently pegged at 11.50% per annum. The repayment period for the loan is 5 years.
How to apply for the loan?
The Bank of Maharashtra Mudra loan can be applied for by visiting the nearest branch of the bank. The requirements for the loan are as follows:
-You must be an Indian citizen
-You must be above the age of 18 years
-You must have a regular source of income
-You must have a valid ID proof
-You must have a bank account in your name
What are the eligibility criteria for the loan?
The Bank of Maharashtra Mudra loan is a government-backed scheme that provides financial assistance to small businesses and entrepreneurs. The eligibility criteria for the loan are as follows:
-The applicant must be a small business owner or entrepreneur.
-The business must be registered and operational for at least 12 months.
-The business must have a turnover of less than Rs. 50 lakhs per year.
-The applicant must be a Indian citizen, aged 18 years or above.
What are the benefits of the loan?
The loan provides easy access to financing for small businesses. It is a collateral-free loan, which means that businesses do not need to provide any security or collateral to avail the loan. The interest rate on the loan is also very reasonable, making it an affordable option for small businesses. Moreover, the loan can be used for a variety of purposes, such as working capital, business expansion, and more.
How to repay the loan?
If you have taken a loan from Bank of Maharashtra under the Pradhan Mantri Mudra Yojana (PMMY), you can repay the loan in several ways.
You can make repayment through any of the following channels:
-Auto debit from your account with the bank
-Standing instructions from your account