Bank of Maharashtra Personal Loan Interest Rates

Bank of Maharashtra
4.5

Bank of Maharashtra offers a lucrative personal loan scheme for its customers with the full range of benefits, including low EMIs, higher loan amount, tracking facility, quick disbursement, no hidden charges, and much more. Interest rate starts from 9.25% per annum.

  • Bank of Maharashtra Personal Loan Interest Rate

    Personal Loan offer for You

  • 10%

    Interest Rate (p.a.)
  • Up to ₹20L

    Tenure(Up to 7 Years)
  • ₹2,125

    EMI Per Lakh

Check Latest Personal Loan Interest Rate of Bank of Maharashtra

  • Bank of Maharashtra Personal Loan Interest RatePersonal Loan offer for You
  • 10%

    Interest Rate (p.a.)
  • Up to ₹20L

    Tenure(Up to 7 Years)
  • 1% of loan amount

    Processing Fee

Compare Bank of Maharashtra Personal Loan Interest Rates with Other Lenders

Although the Bank of Maharashtra offers one of the lowest interest rates among banks, along with some attractive features and benefits, it is still prudent to consider the rates offered by various banks. This can provide significant insight into the prevailing personal loan interest rates. The interest rates for personal loans across various banks are provided below.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe Personal Loan Interest Rate

    CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Bank of Maharashtra has devised a personal loan scheme designed with many features and benefits suitable for a vast customer base. The loan scheme has several features, including low EMI options, faster approval, attractive loan amounts, competitive interest rates, and more. The Bank of Maharashtra Personal Loan interest rates starts from 9.50% per annum for all applicants. However, it can change as per the creditworthiness of the borrowers. Furthermore, the Bank of Maharashtra Personal Loan interest rate is considered the lowest in India by the lender.

Bank of Maharashtra Personal Loan Interest Rate by Schemes

Bank of Maharashtra offers various schemes under the Personal loan category, ranging from home to car loans. These schemes have varying interest rates. Here’s a quick look at the schemes and the related interest rates offered.

Loan Schemes Interest Rates Top Features
Maha Super Housing Loan Scheme  8.40% 
  • Special rates for Women and Defense Personnel
  • Repayment duration up to 30 years.
  • Absence of prepayment charges
Maha Super Flexi Housing Loan Scheme Additional 0.25% over the regular Rate of Interest
  • No Maximum limit on the loan amount. 
  • Term loan linked with a savings account.
  • Up to 90% loan-to-value ratio available.  
Maha Super Car Loan Scheme 8.90%
  • Concession for salary account
  • Quick TAT
  • 90% funding available
Maha Combo Loan Scheme 8.40% to 10.10%
  • Available for vehicle and property financing
  • Available for permanent govt. employees, and employees of reputed companies
  • Concession for women borrowers on processing fee
Maha Bank Personal Loan 9.50%
  • Minimal processing fee
  • Loan amount available up to 20 times the income
  • No guarantor required

Bank of Maharashtra Personal Loan Interest Rates for Salaried and Self-Employed

One of the primary requirement of availing of the financial assistance from Bank of Maharashtra is that the borrower must be a salaried employee or a self-employed professional. The Bank of Maharashtra personal loan interest rates for salaried and self-employed customers are detailed below. 

CIBIL Score Respective Rates Applicable Per Annum
800 and Above RLLR + 2%
776 to 799 RLLR + 2.50%
750 to 775 RLLR + 3%
700 to 749 RLLR + 3.50%
New To Credit RLLR + 2.50%

Bank of Maharashtra Personal Loan Interest Rate for Salary Account

For customers who are holding a salary account with Bank of Maharashtra are eligible for a certain percentage of concession. Moreover, customers with salary accounts with other banks are also eligible to avail of the scheme. The Bank of Maharashtra personal loan interest rates for salary accounts are detailed below. 

For customers having a Salary Account with Bank of Maharashtra. 

CIBIL Score Respective Rates Applicable Per Annum
800 and Above RLLR + 0.70%
776 to 799 RLLR + 1%
750 to 775 RLLR + 1.50%
700 to 749 RLLR + 2%
New To Credit RLLR + 1.70%

For customers having a salary account with other banks. 

CIBIL Score Respective Rates Applicable Per Annum
800 and Above RLLR + 1.50%
776 to 799 RLLR + 2%
750 to 775 RLLR + 2.50%
700 to 749 RLLR + 3%
New To Credit RLLR + 2.75%

Bank of Maharashtra Pre-Approved Personal Loan Interest Rate

As an existing customer of Bank of Maharashtra, one may receive pre-approved loan offers depending upon the credit score, financial background, and other reasons on eligibility. Bank of Maharashtra personal loan interest rates start from 9.50% for all customers. The rates can further increase depending on the creditworthiness of the borrower.

Bank of Maharashtra Personal Loan Balance Transfer Interest Rates

Customers having an existing loan amount can look for a Bank of Maharashtra Personal Loan Balance Transfer facility under improved interest rates and customer experience. The rates will be assigned based on the creditworthiness of the borrower. However, the Bank of Maharashtra personal loan interest rates start from 9.50%. Furthermore, it will be imperative for the customer to belong to a salaried or self-employed customer. 

Bank of Maharashtra Personal Loan Fees and Charges

Customers applying for a personal loan facility from the Bank of Maharashtra will have to adhere to making a certain payment on the sanctioned amount. These fees and charges include processing fees, prepayment charges, and much more. A detailed summary of the Bank of Maharashtra personal loan fees and charges is as follows. 

Processing Fees 1% of the total loan amount plus GST

Factors Affecting Bank of Maharashtra Personal Loan Interest Rates

Bank of Maharashtra personal loan interest rates can be affected by a variety of factors, including the following pointers. 

  • Credit Score: Your credit score is a key factor determining your personal loan interest rate. A higher credit score can help you get a lower interest rate, while a lower score may result in a higher interest rate.
  • Income: Income is another important factor affecting your personal loan interest rate. Generally, the higher your income, the lower the interest rate you can expect.
  • Loan Amount: The loan amount you apply for can also impact the interest rate. Typically, larger loan amounts may result in higher interest rates.
  • Loan Tenure: The loan tenure or repayment period also affects the interest rate. Longer repayment periods may result in higher interest rates, while shorter repayment periods may have lower rates.
  • Type of Employment: Your employment status, whether you are salaried or self-employed, can also impact the interest rate you are offered.
  • Existing Relationship with Bank: If you have an existing relationship with the Bank of Maharashtra, such as holding a savings or current account with them, you may be offered a lower interest rate on personal loans.
  • Market Conditions: Interest rates are also affected by market conditions and economic factors such as inflation, GDP growth, and government policies.

How to Calculate Bank of Maharashtra Personal Loan EMI

To calculate the EMI (Equated Monthly Installment) for a Bank of Maharashtra Personal Loan, you need to consider the following factors:

  • Loan amount: This is the amount you want to borrow from the bank.
  • Interest rate: This is the rate at which the bank will charge you interest on the loan amount.
  • Loan tenure: This is the duration for which you want to take the loan.

The EMI calculation formula for a personal loan is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where P is the loan amount, R is the monthly interest rate, and N is the loan tenure in months.

To calculate the EMI for a Bank of Maharashtra Personal Loan, you can use the following steps:

  • Visit the Urban Money website’s personal loan calculator section.
  • Enter the loan amount, interest rate, and tenure.
  • Click on the "Calculate" button.
  • The EMI amount will be displayed on the screen.

How to Get Low-Interest Rates on Bank of Maharashtra Personal Loan?

To get low-interest rates on a Bank of Maharashtra personal loan, you can follow these tips:

  • Maintain a good credit score: A good credit score can help you get a lower interest rate on your personal loan. Ensure you pay all your bills and loans on time to maintain a good credit score.
  • Research and compare interest rates: Before applying for a personal loan, research and compare interest rates offered by various banks and financial institutions. This can help you find the best deal and save on interest charges.
  • Apply online: Applying for a personal loan online can often result in lower interest rates. This is because online applications are processed faster and have lower overhead costs.
  • Consider opting for a secured personal loan: If you have collateral such as a house or a car, you can consider opting for a secured personal loan. These loans often come with lower interest rates compared to unsecured personal loans.
  • Negotiate with the bank: If you have a good credit score and a steady income, you can try negotiating with the bank for a lower interest rate. Banks may be willing to offer a lower rate to customers who are considered low-risk borrowers.

Keynots Bank of Maharashtra Personal Loan Interest Rates

Bank of Maharashtra Personal Loan Interest Rates can be summarised in the following words. 

  • Attractive and low-interest rates for customers.
  • Low EMI options are available for the customers.
  • Bank of Maharashtra offers unique features, such as a loan track facility and simplified disbursement.
  • Low processing fees are another lucrative feature available with the loan scheme. 
  • There are no hidden charges as well. 
Urban Money