Tuesday, November 19, 2019
Finance

Bank of Maharashtra- Loan for Professional and Self- Employed

Purpose of Loan:

To purchase equipments / repairs / renovation to existing equipment, purchase of tools, working capital requirements, acquiring / repairing business premises.

Eligibility:

Doctors, Dentists, Chartered Accountants, Cost accountants, Lawyers, Solicitors, Engineers, Architects, Surveyors, Construction contractors or Management Consultants or to a person trained / qualified / skilled in the chosen vocation / field in which employed, "the bank extends finance under its own facilities and even under the Govt. sponsored schemes.

Quantum of Loan:

Depending upon the assessed requirement considering financial viability, repayment capacity etc.

Margin:

Generally 25%, which can vary according to requirement and assessment.

Repayment of EMI:

From short term to period generally ranging up to 5 years.

Processing Fee:

1% of the loan for amount above Rs.25,000/-.

Security:

Assets created by the Loan to be charged to the bank and other collateral security.

For more information: Website