Bank of Maharashtra Personal Loan

Bank of Maharashtra
4.5

The Bank of Maharashtra offers personal loans with competitive interest rates and flexible payback terms. Age, income, employment position, and credit score are some variables that may affect eligibility requirements. Customers can apply for a personal loan offline or by visiting their nearest branch. The bank offers quick loan disbursement and pre-approved personal loans to customers who qualify. The bank charges a processing fee of 1% of the loan amount. The bank also offers a personal loan overdraft facility called the Salary Gain Scheme for Central or State Government employees, PSUs and reputed corporates.

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Bank of Maharashtra

Bank of Maharashtra Personal Loan

  • Interest Rate

    10%

  • Loan Amount

    Up to ₹20L

  • EMI Per Lakh

    ₹2,125

  • Processing Fees

    1% of loan amount
  • Pre-Payment Charges

    • Documentation Charges - 0.20% of the loan amount + GST.

Features and Benefits of Bank of Maharashtra Personal Loan

Individuals who want to realise their personal funding requirements can apply for a Bank of Maharashtra Personal loan. The applicant can collect a loan amount of up to Rs 25 Lakhs. Bank of Maharashtra's Interest rate for the personal loan commences from 10.85% per annum, which they have to bear for tenure up to 7 years. The bank offers personalised schemes to salaried applicants employed in government, PSUs, well-established corporates, and BPCL employees. The bank also offers deductions to pensioners on interest rates.

The individual inclined to apply for a Bank of Maharashtra Personal Loan should refer to the following features and benefits this financial product offers: 

  • Low EMIs 

Bank of Maharashtra personal loan interest rates are competitive, and tenure on loan is flexible. This helps the borrower compute and lower the EMI amount, making the personal loan's repayment manageable. 

  • Loan Amount 

The personal loan amount of the Bank of Maharashtra offered to the applicant ranges up to Rs 20 Lakhs. The loan amount can be utilised to fulfil the varying requirements of the borrowers. 

  • Hassle-Free Disbursement 

The individual that applied for a Bank of Maharashtra personal loan will experience a convenient and hassle-free disbursement process. This is important in case the applicant is in the requirement of funds urgently. 

  • Documentation 

The documents required to process the Bank of Maharashtra personal loan application are minimal. They’re just required to produce identity proof, address proof, salary slips (salaried individuals), and IT return (Self-employed professionals). 

  • Pre-Payment Facility 

The bank does not charge any pre-payment penalty on their loans. The borrower can conveniently pre-pay the loan at their convenience. 

  • Processing Fee

The Bank of Maharashtra charges a processing fee of 1% on the loan amount along with the GST.

Bank of Maharashtra Personal Loan Overview

The Bank of Maharashtra is a major player in the Indian banking sector, catering to the financial and banking needs of around 29 million customers across the country. The Ministry of Finance manages this nationalised bank, Government India. The Bank of Maharashtra has launched a Personal loan scheme for individuals who require funds for various personal reasons. The loan amount can be used in various avenues such as weddings, house renovations, paying off other debt, medical procedures, and other expenses.

An individual can conveniently apply for a Bank of Maharashtra Personal Loan as the bank has established a smooth and efficient processing procedure. The Bank of Maharashtra Personal Loan interest rates are competitive compared to the market. Refer to the following parameters before you apply for a Bank of Maharashtra Personal Loan.

Bank of Maharashtra Personal Loan 

Interest Rates 10.45% - 14.25% per annum Salary Gain Scheme - 11.35% BPCL Employees - 9.40% Maha Aadhar Loan - 9.40% Consumer Loan - 12.10%
Amount  Up to 20 Lakhs (With respect to the annual income of the applicant
Tenure  Up to 5 Years Up to 7 Years for Salaried employees 
Processing Fee 1% of the loan amount 
Documentation  Minimal 
Guarantor Required 
Prepayment Penalty  No Prepayment penalty 

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.

Bank of Maharashtra Personal Loan Interest Rates Comparision

The following table showcases the Bank of Maharashtra comparison with other lenders.
Banks/NBFCs  Interest Rates on Personal Loans
Bank of Maharashtra Commences from 9.45% per annum
HDFC Bank  Commences from 11% per annum 
SBI  10.30% - 15.10% per annum 
Axis Bank  Commences from 10.25% per annum 
ICICI Bank  Commences from 10.75% per annum 
Kotak Mahindra Bank  Commences from 10.99% per annum 
IndusInd Bank  Commences from 10.49% per annum 
IDFC First Bank  10.49% - 25% per annum 

Bank of Maharashtra Personal Loan Customer Care Number

The Bank of Maharashtra personal loan offers 24*7 customer services to cater to the diverse set of inquiries and queries of the customers in India. An individual inclined to avail of a personal loan from the Bank of Maharashtra can dial the following toll-free numbers

  • 1800 233 4526 
  • 1800 102 2636

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does the Bank of Maharashtra Provide Personal Loans at the best rate?

The Bank of Maharashtra personal loan interest rates are competitive. The applicant can apply for the best personal loan deal to the various schemes available.

What is the interest rate of a personal Loan in the Bank of Maharashtra?

The Bank of Maharashtra's interest rate varies concerning the applicant profile and the scheme under which the personal loan was applied.

What benefits does the Bank of Maharashtra Provide on Personal Loan?

The Bank of Maharashtra personal loan interest rate is attractive, offering various relaxation to salaried employees and pensioners.

Does, the Bank of Maharashtra, have a fixed rate of interest on a personal Loan?

The Bank of Maharashtra's interest rate varies from applicant to applicant concerning their CIBIL score. The bank also refers to the annual income of the applicant.

What documents are required in the Bank of Maharashtra for a Personal Loan?

The applicant is required to produce documents such as identification proof, address proof, salary slips (in case of a salaried individual), and IT returns (In case of a self-employed professional).

How to check personal Loan Status in Bank of Maharashtra?

The applicant can check their loan status online from the Loan status tab featured on the dashboard on the Bank of Maharashtra website.

Does Bank of Maharashtra check for CIBIL Score for Personal Loan?

Yes, the Bank of Maharashtra does refer to the CIBIL score of the applicant before determining the interest rate on the personal loan.

What is the maximum and minimum personal Loan amount I can get from the Bank of Maharashtra?

The maximum loan amount the applicant can avail of from the Bank of Maharashtra is up to Rs 20 Lakhs.

What are the KYC documents I must submit to apply for a personal loan from the Bank of Maharashtra?

The applicant can provide KYC documents such as the Aadhaar Card and PAN card to authenticate their Identity and address proof.

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