Bank of Maharashtra Personal Loan that is also known as Maha Bank Personal Loan Scheme is offered to existing housing loan borrowers of the bank (only salaried individuals) and corporate salary account holders. On the basis of your eligibility, a maximum loan amount of Rs. 1.50 lakh is offered to an individual and it can be repaid within 36 months. Bank of Maharashtra Personal Loan comes with a flexible end use and can be availed to meet various personal purposes.
Bank of Maharashtra Personal Loan - Eligibility Criteria
- You should be at least 21 years old
- Your maximum age should be 60 years
- You should either be an existing housing loan borrower (salaried individuals only) or corporate salary account holder along with minimum 2 years of working experience in total and 1 year of experience in the current organization.
Bank of Maharashtra Personal Loan - Eligibility Calculator
To help potential personal loan customers decide whether they are eligible to get a loan from Bank of Maharashtra, one can take the help of the Paisabazaar’s Personal Loan Eligibility Calculator, which will require a few basic details from you and will let you know about the eligibility just after performing a few simple steps.
Factors Affecting Bank of Maharashtra Personal Loan Eligibility
- Credit score: A credit score that is a 3- digit numeric summary and is calculated by credit bureaus to know your credit- worthiness. In you wish to avail Bank of Maharashtra personal loan, a credit score of 750 or above is required
- Income: Whether you are a salaried professional or a self- employed individual, you need to have a regular source of income. Bank of Maharashtra checks the monthly income you get before sanctioning the loan amount. If your take-home pay is as low as Rs. 12,000 or Rs. 14,000, you might not be considered for a personal loan. Therefore, higher the income, higher will be the chances of availing a personal loan
- Location: The city you reside in plays an important role in your personal loan eligibility as the minimum salary requirement various from cities to cities. The minimum salary amount is usually higher in metropolitan cities like Mumbai and Delhi/NCR as compared to other cities
- Employer: Having a government job or working for a reputed company for more than a year indicates stability and your chances of being eligible for a personal loan improves. If you keep on switches jobs after every 6-8 months or don’t work with a reputed organization, you might not be approved for a Bank of Maharashtra personal loan
How to Improve Your Bank of Maharashtra Personal Loan Eligibility?
- Maintain your credit score: It is important to maintain your credit score to apply for Bank of Maharashtra Personal Loan. If your credit score is 750 or above, your chances of getting approved for the loan increases
- Pay off your existing loans: At the time of applying for a personal loan, make sure that you do not have existing loan payments. The lender might feel that you are already paying other EMIs and might not be able to repay one more loan on time
- Pay your credit card bills on time: If you pay your credit card bills on time, you are considered disciplined with repayments and this gives a boost to your personal loan eligibility
- Choose longer tenure: If you go for a longer tenure, the lenders believe that you have the ability to repay the loan for a longer duration and hence considers you credit worthy
- Residential or commercial rental income: The income that you earn from the rent of a commercial or residential property, it is considered as a rental income. This income is an add- on to your monthly income and increase your eligibility
How can I contact the customer care of Bank of Maharashtra?
You can call on toll- free numbers 1800-233-4526 / 1800-102-2636.
Where can I apply for Bank of Maharashtra Personal Loan offline?
What is the interest rate of Bank of Maharashtra personal loan?
The interest rate starts from 12.5% (1.00% discount in applicable interest rate will be given to Existing Housing Loan Borrowers / Corporate Salary account Holders)
What is the processing fee of Bank of Maharashtra personal loan?
The processing fee is 1.00% of the Loan Amount (Min: Rs.1000/-)