Mentioned below are various factors that may influence Bank of Maharashtra Personal Loan.
Credit Score
Bank of Maharashtra Personal Loan Interest Rates are also offered on the basis of the credit score matrix set by the bank, just like many lenders do while setting the personal loan interest rates for their loan applicants.
Bank of Maharashtra offers lowest interest rates to personal loan applicants who have credit scores of 800 and above, followed by those having credit scores in the ranges of 776-799 and 750-775. Bank of Maharashtra charges the highest personal loan interest rates from applicants having credit scores of 700-749. Thus, prospective personal loan borrowers should aim at maintaining their credit scores of 800 & above to avail Bank of Maharashtra personal loans at lower interest rates.
Maintaining higher credit scores may also help individuals in availing personal loans from other lenders at lower interest rates as most lenders offer preferential interest rates to applicants having higher credit scores. They can maintain or improve their credit scores by following healthy credit practices such as paying their credit card bills and repaying EMIs on time, avoiding multiple credit card or loan applications within short durations and maintaining a healthy credit mix. Doing this will also help improve their personal loan eligibility. Along with this, consumers should also review their credit reports at regular intervals to detect any clerical errors in their credit reports, which are adversely impacting their credit score. Such errors should be reported to the concerned credit bureau and lender. A rectified credit report should report a higher credit score.
Income
Bank of Maharashtra Personal Loan are provided to loan applicants with a minimum annual income of Rs 3 lakh. While Bank of Maharashtra Personal Loan Interest Rate matrix based on the applicant’s income has not been disclosed, many lenders follow the practice of offering personal loans at preferential interest rates to loan applicants with higher monthly/yearly incomes. This is because personal loan applicants with higher incomes pose a lower credit risk due to their higher loan repayment capacity.
Existing Relationship with the Bank
The bank has not disclosed if it offers concessional Bank of Maharashtra Personal Loan Interest Rates to its existing customers. However, the bank under its personal loan festive scheme offers its lowest personal loan interest rates to the employees of Central Government/State Government/Public Sector Undertakings, who are maintaining a salary account with it and have CIBIL Score of 800 and above. Similarly, other lenders also offer personal loans at favorable interest rates to applicants who have a standing relationship with them. So if you are planning to avail personal loan, you can consider getting in touch with the bank/NBFC with whom you already have a standing relationship with. Along with this, you should also compare the personal loan interest rates offered by different banks/NBFC to find the best interest rate available on your credit profile.
Employer’s Profile
Bank of Maharashtra considers the employer’s and occupation profile of its personal loan applicants when evaluating their loan eligibility. As mentioned above, applicants employed with Central Government/State Government/ Public Sector Undertakings who are maintaining salary accounts with Bank of Maharashtra and also having CIBIL Score of 800 and above are offered the lowest Bank of Maharashtra personal loan interest rates under its personal loan festive scheme.
Similarly, other lenders also consider the employer and occupation profile of their loan applicants when setting personal loan interest rates for them. Usually, banks/NBFCs set lower interest rates on personal loan for salaried when compared to personal loan for self-employed. Within salaried applicants, those working for government or PSUs are offered preferential interest rates because their job and income security is usually higher than other salaried individuals. Among private sector employees, lenders offer lower interest rates to personal loan applicants working in MNCs or reputed private sector organizations due to the higher capacity of such organizations to deal with adverse economic conditions than other private sector organizations.
