• Bank of Maharashtra (BOM) Loan Scheme for Professionals and Self-Employed

    The Bank of Maharashtra was established in 1935 and nationalised in 1969. The Pune-based bank, with an avowed principle of ‘technology with personal touch’ currently has over 1400 branches across India. The Bank of Maharashtra aims to provide high quality services with a customer-centric approach. The bank currently offers varied products and services such as DEMAT services, gold bond scheme, Capital Market Application (ASBA), Banc assurance, Pradhan Mantri Suraksha Bima Yojana, e-SBTR, Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana, electronic payment of taxes in addition to overdrafts, New Pension Scheme, Letters of Credit and term loans among many others.

    What can this loan be used for?

    Loan scheme for professionals and self-employed offered by the Bank of Maharashtra can be utilised for the following:

    • Acquiring new premises for business purposes
    • Repairs/renovation of old equipment
    • Purchase of new equipment
    • Purchase of new tools
    • Working capital needs

    Who can avail Bank of Maharashtra (BOM) Loan Scheme for Professionals and Self-Employed loan?

    The following are eligible for the loan scheme

  • Chartered Accountants/Cost accountants
  • Construction contractors
  • Management Consultants
  • Lawyers
  • Engineers
  • Doctors/Dentists
  • Architects/Surveyors
  • Skilled/qualified professionals in any field
  • What is the maximum loan amount which can be availed under this scheme?

    The loan amount sanctioned will depend various factors such as repayment capacity, requirement and creditworthiness among others.

    What are the terms associated with this loan?

    A borrowers should provide collateral security for availing of the loan.

    What is the repayment period for this loan?

    Borrowers can repay the loan in Equated Monthly Instalments (EMIs) for up to five years.

    What is the processing fee charged by Bank of Maharashtra?

    Borrowers have to incur 1% of sanctioned loan amount above Rs.25,000 as processing fee.

    What is the interest rate charged by Bank of Maharashtra?

    Customers should contact officials of Bank of Maharashtra to have a clear understanding of the interest rate and other charges before applying for a loan.

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