State Bank of India vs Bank of Maharashtra Personal Loan Comparison

Bank of Maharashtra vs SBI Personal Loan Overview

SBI’s Xpress Credit is clearly designed for speed. If your salary account is already with them, the process is usually quick, and the loan amount can go fairly high, often in the ₹50K – ₹35L range.

Bank of Maharashtra runs its Maha Bank Personal Loan scheme with a different focus. The loan size may not go as high as SBI, but if your credit score is strong, the starting rates can be slightly better. Another practical advantage is on closure; if you plan to repay early, the charges are either low or nil, which makes a difference over time.

Bank of Maharashtra vs SBI Personal Loan Comparison

Here is how Bank of Maharashtra and SBI compare on their personal loan offerings.

Feature	State Bank of India (SBI)	Bank of Maharashtra (BoM)
Interest Rate Range	10% – 15% p.a.	9% – 13.3% p.a.
Processing Fees	Up to 1.50% (Max ₹15,000)	1.00% (Min ₹1,000)
Max Loan Amount	Up to ₹35L	Up to ₹20L
Min Loan Amount	₹50K	₹25K
Tenure	1 – 6 Years	1 – 7 Years
Min. Monthly Income	₹15,000	₹25,000 (Gross)
Age Criteria	21 to 60 Years	21 to 60 Years
Employment Type	Salaried (Govt/PSU/Corporate)	Salaried & Professionals
Benchmark Rate	EBR (External Benchmark)	RLLR (Repo Linked Rate)
Prepayment Charges	2% on prepaid amount	NIL (Floating rates)
Foreclosure Charges	2% of outstanding amount	NIL (Floating rates)
CIBIL Score	750+ preferred	700+ preferred
Approval Time	Instant (YONO) to 5 days	3 to 7 working days

Already paying a higher rate elsewhere? Explore Bank of Maharashtra personal loan balance transfer options to reduce your EMI burden.

Bank of Maharashtra vs SBI Personal Loan EMI Comparison Table

The Strategy: Headline rates of 8-10% are often reserved for elite borrowers. To be realistic, we’ve used 11.15% for SBI and 10.05% for Bank of Maharashtra (the standard rate for a 750+ CIBIL scorer) over a 5-year tenure. Use the personal loan EMI calculator to calculate your exact monthly outgo instantly.

Loan Amount	SBI EMI (11.15%)	BoM EMI (10.05%)
₹1 Lakh	₹2,182	₹2,127
₹2 Lakh	₹4,364	₹4,254
₹5 Lakh	₹10,910	₹10,635
₹10 Lakh	₹21,819	₹21,270
Calculate EMI for specific loan amount	For SBI-specific estimates, use the SBI personal loan calculator.	For Bank of Maharashtra estimates, use the Bank of Maharashtra personal loan calculator.

Bank of Maharashtra vs SBI Personal Loan Eligibility & Documents

Both banks maintain strict standards for unsecured lending, but their paperwork focus differs slightly. Learn about the minimum CIBIL score required for a personal loan and how it affects your offer from both banks.

Eligibility:

• SBI focuses on the Salary Relationship. If your employer is a Central/State Govt body or a reputed PSU, and your salary lands in an SBI account, your path is very smooth.

Check your SBI personal loan eligibility instantly on Urban Money.

• Bank of Maharashtra requires a minimum annual income of ₹3 Lakh. While they prefer salary account holders, they will lend to others if the employer provides a salary-deduction undertaking.

Essential Documents:

• Identity/Address: Aadhaar, PAN, and 2 passport-size photos
• Financials: Last 6 months’ bank statement and 3 months’ salary slips
• Proof of Work: Form 16 or ITR for the last 2 years

How to Apply via Urban Money

Borrowers can apply for a Personal Loan even with a 600 CIBIL Score through the Urban Money website by following these steps:

• Go to the official Urban Money website
• Choose Personal Loan from the main navigation
• Browse and compare options from BoM, SBI, and other lenders
• Click Enquire Now on the bank of your choice
• Submit your basic details like your name, city and mobile number
• Complete the verification using the OTP sent to your phone

An Urban Money loan specialist will shortly contact you to guide the process until disbursal.