Bank of Maharashtra Personal Loan

Features and Benefits of Bank of Maharashtra Personal Loan

Individuals looking to fulfill their personal funding requirements can apply for a Bank of Maharashtra Personal Loan. The applicant can avail a loan amount of up to Rs 25 Lakhs. The Bank of Maharashtra’s interest rate for personal loans starts at 10.85% per annum, with a tenure of up to 7 years. The bank offers personalized schemes to salaried applicants employed in government, PSUs, well-established corporates, and BPCL employees. The bank also offers discounts to pensioners on interest rates.

Those interested in applying for a Bank of Maharashtra Personal Loan should consider the following features and benefits:

Eligibility Criteria for Bank of Maharashtra 

The individual is required to meet the following eligibility criteria in case they are availing of a personal loan from the Bank of Maharashtra.

• Permanent employees of Central/ State govt./ PSUs/ Private companies/ MNCs with a salary account with the bank.
• The salaried professional who doesn’t maintain a salary account with the Bank of Maharashtra would be regarded as a Personal loan subject.
• Self-employed professionals are also eligible to avail of a personal loan from the Bank of Maharashtra if they’re customers of the bank.

Bank of Maharashtra Personal Loan Interest Rates

The Bank of Maharashtra personal loan interest rate varies with respect to the profile of the applicant or how the fund would be utilised by the applicant.

• The Bank of Maharashtra Personal Loan interest rate is levied with respect to the CIBIL score of the applicant. For example, if an applicant has a CIBIL score of 750 and above, only 10.85% of the interest rate would be charged. The interest rate of 14.20% per annum can be charged against the loan if their CIBIL score is around 600.
• The Bank of Maharashtra Personal Loan interest rate for their Salary Gain scheme has been established at 11.35% per annum.
• In case a BPCL employee applies for the Bank of Maharashtra Personal Loan scheme, they are eligible for an interest rate of 9.85% per annum.
• The Adhaar Loan scheme has been designed to fulfil personal requirements such as medical expenses and pilgrimage domestic needs. It offers subsidised interest rates to the defence and general pensionaries at 9.40% and 9.90% per annum, respectively.
• Bank of Maharashtra’s loan interest rate for obtaining consumer products such as fridges, TVs, and washing machines is 12.10% per annum.

Factors Affecting Bank of Maharashtra Personal Loan Interest Rates

The Bank of Maharashtra employs the RRLR or Repo Linked Loan Rate, a lending rate computed from the current repo rate. Factors influencing the RRLR are value ratio, borrower’s risk, etc. As the repo rate increases, so do the interest RRLR.

• The CIBIL score of the applicant is a major determinant in assessing the interest rate on the personal
• The personal loan scheme under which the applicant has applied for the loan also determines the interest rates.
• Pensioners are offered discounts on personal loans. An additional discount on interest rates is offered to defence pensioners.
• The Bank of Maharashtra Interest rate options are lucrative for salaried individuals. Individual employees in government organisations, PSUs, and well-established corporates are eligible for relaxation.

Bank of Maharashtra Personal Loan Charges

The fee for processing the Bank of Maharashtra Loan application is generally 1% of the loan amount. The minimum fee an applicant must pay on their loan application is Rs 1,000.

Documents required for Bank of Maharashtra Personal Loan

The applicants must maintain the following documents to apply for the Bank of Maharashtra Personal Loan:

Proof of Identification

Any one of the following identification cards can be used to authenticate the proof of identification.

• Voter ID Card 
• PAN Card 
• Aadhar Card 
• Driving License 
• Photo Identification Card issued by their respective Employer 
• Passport

Proof of Residence

Any one of the following identification cards can be used to authenticate the proof of residence. 

• Electricity Bill 
• Telephone Bill 
• Driving License 
• Passport 
• Photo Identification Card issued by their respective Employer

Salaried Personnel 

The following documents are to be provided with to verify the proof of employment

• Salary slips of the past three months 
• IT returns a copy of the past two years 
• Undertaking authenticated regarding the monthly instalment remittance 
• Bank account statement of the past six months

Businessman/ Non-salaried/Professional 

The following documents shall be showcased in case the applicant is one of above mentioned:

• IT returns for the past three years along with Profit and Loss Account, Audit report, Balance sheet. 
• Shop establishment Act 
• Tax registration copy 
• Registration License of the Company 
• Bank statement for the last year

It is to be noted that other documents are to be produced as per the personal loan scheme.

Bank of Maharashtra Personal Loans EMI Calculator

The applicant can compute their Monthly EMI on the personal loan by employing the Bank of Maharashtra Personal loan EMI calculator. A calculator is a self-help tool that allows users to easily calculate and compare the EMI amount on a personal loan. They are just required to fill in the following fields:

• Principal Loan Amount: The personal loan amount the applicant wants to borrow from the Bank
• Interest Rate: The rate of interest to be paid for the loan
• Loan Term: The tenure of the repayment of the loan.

After mentioning the values in the above fields, the applicant could easily compute the EMI amount against the personal loan almost immediately.