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The free painting tool from The Foundry is watermark-free and can be used for private projects such as demo-reel work for as long as desired, with no time limit.
Features missing from the non-commercial version are: texture resolution export is limited to 4K and 16-bit colour per channel, and only psd, .png, .tga, .jpg and .jpeg are available as export formats. In addition, Python scripting is disabled, there is a limit of six UV texture patches per object, but unlimited channels and layers in return, and it is only possible to work with a maximum of five objects at the same time.
You can download Mari Non-commercial here.
To get started, here is the Mari tutorial channel, and here is the link to the community for questions.
The commercial version of Mari with all features is available for Linux, Mac OS X and Windows for 1,477 euros.