Mahabank Professional Loan Scheme (MPLS)
The Mahabank Professional Loan Scheme (MPLS) is a tailored financing product by Bank of Maharashtra aimed at supporting qualified professionals (such as Chartered Accountants, Company Secretaries, Architects) in expanding, modernising or establishing their professional office infrastructure. It provides term loan support along with a “clean” cash credit sub-limit to meet working capital / operational needs. The scheme seeks to help professionals acquire premises, buy equipment, renovate offices, or purchase vehicles for their professional practice.
Key Features
- Loan Quantum: Professionals can avail financing starting from ₹10 lakh up to ₹2 crore, depending on the nature and cost of the project or expansion. The quantum is determined by the project’s viability, cash flow, and repayment capacity.
- Interest Rate: The interest is linked to the Bank’s Repo Linked Lending Rate (RLLR), ensuring transparency and alignment with prevailing RBI rates. The rate may vary depending on borrower profile and collateral conditions.
- Facility Types: The scheme offers a Term Loan for capital expenditure and a Clean Cash Credit (CC) sub-limit of up to 20% of the Term Loan amount (maximum ₹5 lakh) for recurring operational expenses or short-term working capital.
- Margin Requirements: Borrowers must contribute part of the project cost as margin money, typically 20% for project cost, 15% for vehicles, and 25% for working capital (CC). This ensures financial discipline and shared risk.
- Repayment Tenure: The repayment period is up to 7 years, including moratorium if permitted. This tenure is designed to balance manageable EMIs and reasonable interest exposure for small professional setups.
- Collateral-Free Option (CGTMSE): Loans up to ₹2 crore may be covered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), offering a collateral-free borrowing option to eligible professionals.
- Rate Incentive for Collateral: Professionals who offer sufficient collateral security may enjoy a concession in the applicable interest rate as per Bank of Maharashtra’s policy, thus rewarding lower credit risk.
Financial Assistance
Eligibility Criteria
Who can apply:
- Applicant must be a Chartered Accountant (CA), Company Secretary (CS), or Architect.
- Must be registered with a statutory professional body (ICAI / ICSI / CoA).
- Must have a minimum 2 years of professional practice post qualification.
- Should possess Udyam Registration under MSMED Act, 2006.
- Project / proposal must be financially viable and satisfy Bank’s credit assessment norms.
Who cannot apply:
- Applicants without recognised qualifications or sufficient practice experience.
Documents Required
- Identity & Address Proof (PAN, Aadhaar, Passport, etc.)
- Professional Qualification Certificate (CA/CS/Architect)
- Experience Proof (minimum 2 years)
- Udyam Registration Certificate
- Project Report / Office Layout / Renovation Plan
- Latest ITRs, Financial Statements and Bank Statements (6–12 months)
Application Process for the Scheme
Option 1: Apply with Bullit (Recommended)
Click here to start with guided support. Our team verifies eligibility, compiles documents, and handles application & follow-ups on your behalf. You can monitor progress while focusing on operations.
Recommended for: Busy professionals wanting a hassle-free route.
Option 2: Through Bank of Maharashtra (Online / Portal / Branch)
- Visit the Bank of Maharashtra official site, go to the MPLS (Professional Loan) section.
- Complete the professional loan application form (indicating purpose, cost estimates, etc.)
- Submit required documents to the online portal
- Bank processes credit appraisal, legal & technical checks, verification
- On approval, sanction letter is issued, and disbursement is done as per schedule
Option 3: At Branch Level
Visit the nearest BoM branch, request the MPLS application, fill the form, submit documents, follow up for credit processing and disbursement.
Power Combos with The Scheme
Frequently asked questions
What is the Mahabank Professional Loan Scheme?
It is a financing scheme offered by Bank of Maharashtra to help professionals establish or expand their professional practice through term loans and working capital assistance.
Can new professionals apply for this loan?
Yes, professionals who plan to start a new practice or consultancy can apply if they meet the qualification and credit requirements of the bank.
Can existing practices apply for the loan?
Yes, existing professional practices can apply for financial assistance for expansion, modernization or additional equipment purchase.
What can the loan be used for?
The loan can be used for office setup, purchase of professional equipment, infrastructure development and working capital requirements.
Does the scheme provide working capital support?
Yes, the scheme allows working capital facilities to help professionals manage day-to-day operational expenses of their practice.
Who can apply for MPLS?
Qualified professionals such as doctors, chartered accountants, architects, engineers, consultants and similar service professionals can apply under the scheme.