Bank of Maharashtra has launched an easy trade finance product for traders and micro, small and medium enterprises (MSME) by seeing the demand for loans with minimum documentation. It aims to attract co-operative bank customers into its fold as traders and MSME promoters choose going to small banks as they offer hassle-free loans.
The bank is offering loans up to Rs 5 crore to MSMEs if they offer collateral which is 140% of the loan amount. It is charging lower rate of interest that is 14.5%, against the normal interest of 16.5%, due to security of the property.
Recently, Bank of Maharashtra (BoM) inked pact with Mahindra & Mahindra (M&M) by signing a preferred financier agreement. As per the agreement M&M customers will get benefit from the vehicle finance services from any of the 1,589 branches of the bank.
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