Bank of Maharashtra Personal Loan of Rs. 9 Lakh

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Bank of Maharashtra offers customer-friendly personal loan options to help its customers meet diverse financial demands. The Bank of Maharashtra personal loan of 9 lakh offers attractive interest rates and other features, such as extended loan tenure. Whether for medical emergencies, education, home renovation or other personal needs, this loan from the Bank of Maharashtra is an excellent option for those who seek financial assistance.

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9 Lakh Bank Of Maharashtra Personal Loan EMI Calculator

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

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹9,00,000

Interest Payable

Total Amount Payable

Table of Content

1. Eligibility for 9 Lakh Bank of Maharashtra Personal Loan

2. Documents Required 9 Lakh Bank of Maharashtra Personal Loan

3. Interest Rates and Fees 9 Lakh Bank of Maharashtra Personal Loan

4. Repayment Options for Bank of Maharashtra 9 lakh Personal Loan

5. What is the EMI for a 9 Lakh Bank of Maharashtra Personal Loan?

6. Applying for the Bank of Maharashtra 9 Lakh Personal Loan

7. Alternative Options to Consider for a 9 Lakh Bank of Maharashtra Personal Loan.

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Written By
Amrita Sinha
Amrita Sinha
Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Last Updated: 26th September 2024

Eligibility for 9 Lakh Bank of Maharashtra Personal Loan

To be eligible for a Bank of Maharashtra personal loan of 9 lakh, applicants must meet certain criteria:

  • Age: Applicants must be between 21 and 60 years old.
  • Employment: Salaried employees, self-employed professionals, and pensioners are eligible.
  • Income: Minimum monthly income requirement as specified by the bank.
  • Credit Score: A good credit score as per the bank’s policy.
  • Residency: Indian citizens residing in the country.

Documents Required 9 Lakh Bank of Maharashtra Personal Loan

Applicants need to submit various documents when applying for a Bank of Maharashtra personal loan of 9 lakh:

  • Identity Proof: Aadhaar card, PAN card, passport, or voter ID.
  • Address Proof: Utility bill, passport, Aadhaar card, or rental agreement.
  • Income Proof: Salary slips, bank statements, or IT returns.
  • Employment Proof: Employment certificate or business proof for self-employed individuals.
  • Photographs: Recent passport-sized photographs.

Interest Rates and Fees 9 Lakh Bank of Maharashtra Personal Loan

Here is a table outlining the interest rates and fees for a Bank of Maharashtra personal loan of 9 lakh:

Particulars Details
Interest Rate 10.00% – 12.80% p.a.
Processing Fees Up to 1% of the loan amount
Prepayment Charges Nil
Late Payment Penalty 2% p.m. on overdue amount

Repayment Options for Bank of Maharashtra 9 lakh Personal Loan

The Bank of Maharashtra offers flexible repayment options for a personal loan of 9 lakh, which can be repaid in EMIs ranging from 12 to 60 months. Borrowers can choose the tenure based on their repayment capacity and financial planning.

Additionally, the bank provides various other options to suit different needs:

  • Step-up EMIs: Increasing EMIs over time to match growing income.
  • Step-down EMIs: Decreasing EMIs over time to manage repayment better.
  • Bullet Repayment: Lump-sum payment at the end of the loan tenure.
  • Part-prepayment: Option to prepay a part of the loan before the due date without any penalties.

What is the EMI for a 9 Lakh Bank of Maharashtra Personal Loan?

The EMI for a 9 lakh loan from the Bank of Maharashtra can vary based on the interest rate and tenure. Here is a table showing the EMI calculations over five consecutive years:

Year Rate of Interest Monthly EMI Total Amount Payable
1 10.50% ₹79,334 ₹9,52,005
2 10.50% ₹41,738 ₹10,01,722
3 10.50% ₹29,252 ₹10,53,079
4 10.50% ₹23,043 ₹11,06,066
5 10.50% ₹19,345 ₹11,60,671

Applying for the Bank of Maharashtra 9 Lakh Personal Loan

Follow these steps to apply for a Bank of Maharashtra personal loan of 9 lakh:

  1. Visit the Bank: Visit the nearest Bank of Maharashtra branch or the official website.
  2. Fill Application Form: Complete the loan application form with the necessary details.
  3. Submit Documents: Provide all required documents for verification.
  4. Loan Processing: The bank will process your application and verify the documents.
  5. Approval and Disbursement: The loan amount will be disbursed to your account upon approval.

Alternative Options to Consider for a 9 Lakh Bank of Maharashtra Personal Loan.

Bank of Maharashtra also offers various other personal loan options:

  • Maha Bank Personal Loan For Salaried Customer: For salaried individuals, both governmental and private.
  • Maha Bank Personal Loan For Professionals: Self-employed professionals include qualified and registered CAs, doctors, architects, and company secretaries with their own practice.
  • Maha Bank Personal Loan For Business Class: For business class, have a home loan from the Bank of Maharashtra.

Frequently Asked Questions (FAQs)

Can I get a 9 lakh Personal Loan from Bank of Maharashtra?

Yes, you can get a 9 lakh personal loan from the Bank of Maharashtra if you meet the eligibility criteria and provide the necessary documents.

What are the interest rates for a small Bank of Maharashtra Personal Loan?

The interest rates for a Bank of Maharashtra personal loan typically range from 10.00% to 12.80% per annum.

How much will my monthly payments be?

If you are availing the Bank of Maharashtra 9 lakh personal loan for a 5-year tenure with a 10.50% interest rate, your monthly EMI will be approximately ₹19,345.

Are there any hidden charges in the Bank of Maharashtra personal loan?

No, there are no hidden charges. However, the loan involves processing fees and late payment penalties as specified in the terms and conditions.

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