Bank of Maharashtra Personal Loan of Rs. 3 Lakh

Eligibility for 3 Lakh Bank of Maharashtra Personal Loan

The  eligibility criteria for an INR 3 Lakh personal loan from the Bank of Maharashtra the following criteria must be met:

• Age: Minimum 21 years, Maximum 60 years
• Income: Corporate-salaried individuals must have a minimum annual income of INR 3 lakh
• CIBIL Score: 750 or above
• Residential Status: Must be a resident of India

Documents Required

To apply for a Bank of Maharashtra 3 lakh Personal Loan, you need the following documents:

Proof of Identification (any of the following):

• Election ID Card
• PAN Card
• Aadhar Card
• Driving License
• Photo Identity card issued by the current Employer
• Passport

Proof of Residence (any of the following):

• Electricity Bill
• Election ID Card
• Telephone Bill (Landline)
• Aadhar Card
• Driving License
• Photo Identity card issued by the current Employer
• Passport

For Salaried Persons:

• Latest salary slips for the past 3 months
• IT returns of the last 2 years or Form 16 from the employer
• Undertaking from the employer for remittance of monthly instalments
• Bank account statement for the last 6 months

For Non-Salaried Class / Businessman / Professional:

• Latest 3 years of IT returns (2 years for professionals)
• Shop Establishment Act and Tax Registration Copy
• Company Registration Licence
• Bank statement for the past year
• Other documents, as applicable per the loan scheme

Interest Rates and Fees

The Bank of Maharashtra Personal Loan 3 Lakh has competitive interest rates and reasonable fees. The interest rate is 10.00% per annum, ensuring affordable monthly repayments. A processing fee of 1.00% of the loan amount plus GST is charged, a one-time charge deducted from the loan disbursement.

Repayment Options for Bank of Maharashtra 3 Lakh Loan

Repaying your INR 3 Lakh personal loan from the Bank of Maharashtra is convenient and flexible. You can set auto-debit instructions through your bank account, ensuring your EMI is paid monthly on a stipulated date.

What is the EMI for a 3 Lakh Loan?

Calculating the EMI for an INR 3 Lakh personal loan from the Bank of Maharashtra at an interest rate of 10% can be simplified using the Urban Money EMI Calculator. This tool lets you input the loan amount, interest rate, and tenure to get an accurate EMI amount.

EMI Calculation (at 10% Interest Rate):

Applying for the Bank of Maharashtra 3 Lakh Loan

The following step-by-step procedure ensures a smooth application process for your ₹3 lakh personal loan with the Bank of Maharashtra through Urban Money.

• Go to Urban Money’s website, find the Bank of Maharashtra Personal Loan, and click “Apply Now.”
• Enter and submit your personal and contact details.
• Wait for a callback from the bank’s loan experts, who will guide you through the remaining steps.

Alternatives Option to Consider for a 3 Lakh Loan

If you’re exploring alternatives to the Bank of Maharashtra’s personal loan, consider these options with their current interest rates and features:

1. HDFC Bank Personal Loan: 
   • Interest Rate: 10.50% to 24% p.a.
   • Features: Quick disbursement, competitive rates, minimal documentation, and additional discounts for existing customers.
   • Processing Fee: Up to ₹4,999.
   • Prepayment Charges: Up to 4% of the outstanding loan balance, depending on the repayment period​​​ . 
2. ICICI Bank Personal Loan: 
   • Interest Rate: 10.75% onwards.
   • Features: Flexible repayment options, minimal documentation, and competitive interest rates​ . 
3. SBI Personal Loan: 
   • Interest Rate: 10.30% to 15.10% p.a.
   • Features: Attractive interest rates, longer tenure options, and tailored personal loan products for various needs​ . 
4. Axis Bank Personal Loan: 
   • Interest Rate: 10.25% onwards.
   • Features: Fast processing, multiple repayment plans, and a streamlined application process​ . 
5. Bajaj Finserv Personal Loan: 
   • Interest Rate: 13.00% onwards.
   • Features: High loan amount eligibility, easy online application process, and flexible tenures​.

You can easily apply for all these through Urban Money and learn more about them on the website.