Bank of Maharashtra
Bank of Maharashtra

Bank of Maharashtra

Founded in 1935, Bank of Maharashtra is a major public sector bank in India. 81.61% of the total shares are held by the Government of India. The bank prides itself on its 15 million satisfied customers all over the country, served through 1895 branches as of April 2016. It has the largest network of branches by any public sector bank in the state of Maharashtra. The bank was founded by a group of visionaries led by the late V.G. Kale and the late D.K. Sathe. On 16 September 1935, it registered as a banking company in Pune, with an authorized capital of Rs. 1 million. Thereafter, it began business on 8 February 1936.

About Bank of Maharashtra

It has witnessed tremendous progress and once it was nationalized in 1969, it underwent an even more rapid expansion. Financial assistance to small units provided by the bank has given birth to many industrial houses of today. The bank attained autonomy in 1998. As a result, it has limited interference from Government bureaucracy and can thus, independently conduct decision making processes and internal affairs. The credit basket of Bank of Maharashtra encompasses term loans, overdrafts, letters of credit, guarantees, and many more such products. Also, the bank is highly active when it comes to social responsibility, having hefty sums to the government for various noble causes.

Vision and Mission:

The goal of Bank of Maharashtra is to be a vibrant, progressive, techno-savvy, bank whose dealings are essentially customer-centric. It seeks to serve the diverse sections of the society, enhancing shareholders’ and employees’ while surging ahead in its path of global presence. The bank endeavours to ensure quick and efficient response to customer expectations. It also puts its best foot forward when it comes to innovating products and services to cater to diverse sections of the society. Bank of Maharashtra interest rates, as well as Bank of Maharashtra financial services bear a testimony to the fact. The bank believes in adopting latest technology on a continuous basis. Building a proactive, professional, and involved workforce is the chief forte of Bank of Maharashtra. It believes in enhancing the shareholders’ wealth through quality practices and corporate governance. Bank of Maharashtra also aspires to enter the international arena through branch network.

Bank of Maharashtra Loans:

Bank of Maharashtra loan schemes have been tailored to translate the dreams of its customers into reality. It meticulous recognizes the individual needs of each and every customer, and offers its financial services accordingly. There are several loans with different Bank of Maharashtra loan interest rates. Some of these are as mentioned below:

  1. Bank of Maharashtra Home Loan: under the Maha Super Housing Loan Scheme, applicants can get loans for repairs/renovation/alteration of existing house/flat for new standalone borrowers. The purpose of this loan is the purchase of plot and construction thereon, for construction/acquiring of new house/flat and extension of existing house/flat. 

According to the Bank of Maharashtra home loan eligibility criteria, individual salaried employees (with a permanent job for the period of minimum 1 year in the current organization), self-employed professionals, businessmen, pensioners (subject to the borrower having a pension account with the bank and sufficient disposable income), and farmers having a minimum land holding of 5 acres or irrigated land and sufficient disposable income. The minimum annual income for salaried applicants as well as for businessmen/professionals is Rs. 3 lacs. The maximum repayment period is a period of 20 years. The minimum age of the applicant should be 21 years as on the date of application, while the maximum age limit is 65 years for self-employed or professional borrowers. The age at loan maturity should not exceed 75 years. When it comes to home loan for purchase of plot, the eligibility criteria is the same. The repayment period, however, in this case, is a period of 30 years or on borrower reaching the age of 75 years, whichever is earlier.  

  1. Bank of Maharashtra Personal Loan: the Maha Bank Personal Loan Scheme has been designed to meet the personal expenses such as medical expenses, expenses on travel/tour, income tax liability, expenses for family functions, etc. According to Bank of Maharashtra personal loan eligibility criteria, existing housing loan borrowers (salaried individuals only)/corporate salary account holders (minimum 2 years in employment and with 1 year in the current organization) with a minimum standing of 1 year relationship with the bank. 

The minimum annual income for salary account holders is Rs. 3 lakh while the existing housing loan borrowers, it is Rs. 2.50 lakh. The borrower should be minimum 21 years of age, while the maximum age limit is 60 years. The maximum loan amount that can be sanctioned under the personal loan scheme is Rs. 1.50 lakh, whereas the repayment period is a maximum of 36 months. The Bank of Maharashtra personal loan interest rates takes into consideration the convenience of the borrowers. 

  1. Bank of Maharashtra Business Loan: this type of loan has been exclusively designed for the enterprising entrepreneurs who aspire to set up a venture of their own. According to the bank’s schemes, it finances the industrial sector for establishing a unit for modernization, diversification, upgradation, and expansion. The bank has industrial finance branches in Mumbai and Pune. Entrepreneurs can avail bank finance in the form of term loan for acquisition of machinery and fixed assets, working capital by way of funded cash credit limit, and non-fund facilities in the form of letters of credit/letters of guarantee. Further, besides financial industrial ventures under its own scheme, it also finances those under the National Equity Fund Scheme (NFE) and other Government Sponsored Schemes (GSS).

Further, under the MSME schemes, Bank of Maharashtra loan advantage offers Pradhan Mantri MUDRA Yojana, Maha MSME Project Loan Scheme, Maha MSME Machinery/Equipment Scheme, Maha MSME Cash Credit Scheme, Maha MSE Collateral Free Cash Credit Scheme, Mahabank Trade, Services & MSE Finance Scheme, Mahabank Vehicle Loan Scheme for small road transport operator, and Mahabank Loan scheme for doctors, engineers, chartered accountants, and architects.

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