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  • Bank of Maharashtra Loan for Exporters

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  • Bank of Maharashtra was founded on 16th September, 1935 in Pune. It now has over 1890 branches across India and caters to 15 million customers in the nation. The bank offers products and services on consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards and others.

    Bank of Maharashtra (BOM) Exporters’ Loan Scheme

    This loan provided by Bank of Maharashtra can be used to aid eligible exporters in terms of better terms of credit and rates of interest, as compared to other exporters being aided by the bank. The category of exporters under this scheme can also include small and medium sector entities.

    Features of Bank of Maharashtra Loan Scheme for Exporters

    The following can be mentioned as the salient features of Bank of Maharashtra loan scheme for exporters:

    Loan Purpose To provide better credit terms and interest rates to eligible exporters
    Loan Amount Based on assessed limit of the exporter. 20% of the assessed limit is available as standby limit for urgent credit needs in case of sudden orders
    Service Charges 25% lower than charges levied from other exporters
    Repayment Term 3 years limits, can be renewed subject to terms and conditions
    Security Credit card facility with assets of the exporter as security

    Bank of Maharashtra Exporters’ Loan Scheme Interest Rates

    Exporter’s loan from Bank of Maharashtra has an interest rate that is applicable for exporters that have had stellar performance and credit history. Based on the credit rating of the exporter, interest rates are provided on the Gold Card issued. The interest rate at any time will be 25% lower than the standard rate charged to exporters.

    In case of Rupee Packing Credit/Post Shipment credit, the interest charged will be the base rate of the bank, irrespective of the credit rating of the exporter.

    The interest rates charged by the bank are based on its base rate and will be liable to change as and when the bank decides so.

    Eligibility Criteria for Bank of Maharashtra Exporters’ Loan Scheme

    Bank of Maharashtra Exporters’ Loan Scheme can be offered to exporters, including those under small and medium sector provided –

    1. Exporter account with the bank is termed credible for 3 immediately preceding years
    2. Exporter is not in the RBI’s defaulter/caution list and has not been blacklisted by the ECGC
    3. Exporter doesn’t have any overdue in pre-shipment export credit
    4. Exporter has not operated on losses continuously for 3 immediately preceding years
    5. Exporter doesn’t have overdue export bills in excess of 10% of the current year’s turnover

    Calculating EMIs on Bank of Maharashtra Exporters’ Loan Scheme

    Knowing an EMI amount that will help in clearing out a loan within a set period always helps in managing finances. Since this loan has an option of pre-closure and operates on the basis of a credit card, one should ideally plan an EMI amount that preferably ends the loan as early as possible. BankBazaar offers EMI calculators, wherein loan amount, loan tenure and interest rates need to be filled in, to generate the EMI amount for repayment.

    Based on the capacity to pay off the loan EMI, one can choose the tenure that is most appealing. BankBazaar will give you a breakup of the loan, amortization, repayment details, interest and principal components.

    Bank of Maharashtra Exporters’ Loan Scheme FAQs

    1. Who can avail Bank of Maharashtra Exporters’ Loan Scheme?
    2. All eligible exporters who satisfy the credibility levels of the bank.

    3. What is the maximum loan limit?
    4. The maximum loan amount offered depends on the credit assessment of the exporter.

    5. What is the interest rate for Exporters’ Loan Scheme?
    6. Variable and lower than standard rates applicable for other exporters

    7. What is the repayment period offered?
    8. The repayment term for the loan is 36 months and can be further extended by another 36 months.

    9. Is pre-closure or settlement allowed?
    10. Pre-closure of loan is allowed.

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