Bank of Maharashtra offers personal loans to various categories of applicants through key schemes such as Mahabank Personal Loan, Consumer Loan Scheme, Salary Gain Scheme, etc. These loans are ideal for meeting a range of personal expenses ranging from planned ones such as a wedding or home renovation to emergency ones such as medical expenses. In the following sections we will discuss key aspects of the major unsecured loan schemes offered by the Bank of Maharashtra.
Table of Contents
Features of Bank of Maharashtra Personal Loan
- Loan amount: The loan amount for Bank of Maharashtra personal loan goes up to Rs. 1.5 lakh and is sanctioned as per your age, credit score, employer, etc.
- Flexible tenure: You can repay your Bank of Maharashtra personal loan maximum within a 60 month period and can choose the desired tenure as per your convenience
- Fast processing: Bank of Maharashtra ensures fast processing of a personal loan by asking for minimum documentation and online application
- Attractive interest rate: The interest rates offered by Bank of Maharashtra on a personal loan are very nominal and ensures affordable EMIs
Bank of Maharashtra Personal Loan Interest Rates
| Types of Personal Loan | Interest Rate (p.a.) |
| Mahabank Personal Loan Scheme | 10.85% onwards |
| Salary Gain Scheme | 11.25% onwards |
| Consumer Loan Scheme | 12.00% onwards |
| Scheme for Solar Water Heating Systems | 12.25% onwards |
| Scheme for Solar Lightning Systems | 12.25% onwards |
Eligibility Criteria
The following are the key eligibility criteria applicable to various type of personal loans offered by Mahabank:
Mahabank Personal Loan Scheme
- Minimum age limit of 21 years and maximum age limit of 60 years
- All employees of central/state government, reputed PSUs/Joint stock companies, Govt. & Govt. aided educational institutions, reputed corporates/public or private limited companies /MNCs
- Eligible loan amount is 10 times of gross monthly income or as per maximum quantum of finance, whichever is less
- Minimum annual income should be Rs.3 lakh (in the previous year)
- The loan amount is sanctioned according to the following criteria:
| Gross Annual Income Range | Maximum Loan |
| Rs.3 lakh to Rs.7.5 lakh | Rs.5 lakh |
| Rs.7.5 lakh to Rs.10 lakh | Rs.7.5 lakh |
| Above Rs.10 lakh | Rs.10 lakh |
Salary Gain Scheme
Following are the key eligibility criteria for the Salary Gain Scheme of Bank of Maharashtra:
- Customer should be salary account holder with the Bank of Maharashtra
- The customer should have been in permanent employment for minimum 1 year with current corporate concern of repute, Central Government / State Govt. Department / undertakings (including Government and Government-aided Educational Institutions)/Co-operative Societies
- Quantum of loan is 3 times of the monthly take home salary or Rs.3 lakh, whichever is lower
Consumer Loan Scheme
Following are key eligibility criteria for the Mahabank consumer loan:
- Existing Housing Loan Borrowers /Corporate Salary Account holders (Minimum 2 years of total employment with 1 year in the current organization) having existing relationship of minimum 1 year with the bank
- Age limit should be minimum of 21 years and maximum age allowed at the time of application is 60 years
- Quantum of finance stands with minimum of Rs.50, 000 and maximum of Rs.1.5 lakh
Scheme for Solar Water Heating Systems
- All customers of the bank with proof of income to ensure repayment capacity to the satisfaction of sanctioning authority
- Amount of loan stands with 80% of the benchmark cost approved by MNRE or the actual cost of the unit, whichever is less
Scheme for Solar Lightning Systems
As part of the priority lending requirements, Bank of Maharashtra offers its Solar Lighting Systems scheme with the following eligibility criteria:
- All customers of Bank of Maharashtra with proof of income to ensure repayment capacity to the satisfaction of sanctioning authority are allowed to apply. Limited companies/corporates not allowed
- Amount of loan granted is up to 80% of the benchmark cost approved by Ministry of New and Renewable Energy or the actual cost of the unit, whichever is less
Documents required for loan application
The following are common documents needed to avail Bank of Maharashtra Personal Loan:
- Photo Identity Proof: A copy of your Passport / Voter ID / Aadhaar Card/ Driving License, etc. (Any one)
- Address Proof: A copy of your Electricity Bill / Ration Card / Passport
- Salary slips for last 3 months
- Income Proof: Latest 3 months’ bank statement of salary account
- Employment Certificate: A certificate stating one year of continuous employment
- 2 passport size photographs
How to apply for Bank of Maharashtra Personal Loan at Paisabazaar
The following is a step-to-step guide to apply for Bank of Maharashtra Personal Loan on Paisabazaar.com:
- Fill out the application form at Paisabazaar’s personal loan application portal
- Check offers from the lender as per the chances of approval
- Select the bank or call Paisabazaar for any assistance
- Complete and submit you loan application online to get instant conditional e-approval
Personal Loan Verification Process
- After Paisabazaar forwards your completed online application, the lender’s representative will give you a verification and schedule pick-up of loan applicable documents (if required)
- Once you have provided all the required documents such as KYC, income proof, etc. documents they are verified by the lender
- After verification is successful, you get another call from the bank with confirmation of the final loan amount, interest rate and tenure of your personal loan
- Once the bank gets the confirmation from your side that the loan terms are acceptable, the loan amount is disbursed
Fees and other Charges
The table below contains details of some key charges other than the interest cost that are applicable to your personal loan:
| Key Charges | Mahabank Personal Loan Scheme | Salary Gain Scheme | Consumer Loan Scheme |
| Processing Fees | 1% of the loan amount + GST (Minimum of Rs.1,000) | 0.5% of the OD amount per annum, subject to minimum of Rs.500 | As per loan agreement |
| Documentation Charges | 0.20% of the loan amount + GST | – | – |
| CIBIL Charges | Rs.50 per CIBIL report + GST | – | – |
Also Read Bank of Maharashtra Personal Loan Pre-Closure Charges.
How to Login on Bank of Maharashtra Portal
Mentioned below are the steps required to login on Bank of Maharashtra portal:
Step 1: Visit the official internet banking portal of Bank of Maharashtra and click on “Internet Banking” under the “Digital Banking” menu:
Step 2: Enter your Internet Banking Credentials to log in:
Step 3: Once you are logged in, you can check loan status, apply for new loan and perform other banking related services.
EMI Calculation
The following personal loan EMI calculation using the reducing balance method is an illustration of how the monthly EMI of Bank of Maharashtra personal loans change based on loan tenure, loan principal and interest rate:
| Loan principal @ interest | Tenure | ||||
| 1 year | 2 years | 3 years | 4 years | 5 years | |
| 1 lakh @ 10.85% | Rs. 8,831 | Rs. 4,654 | Rs. 3,267 | Rs. 2,577 | Rs. 2,167 |
| 2 lakh @ 11.25% | Rs. 17,700 | Rs. 9,345 | Rs. 6,571 | Rs. 5,193 | Rs. 4,373 |
| 4 lakh @ 13.25% | Rs. 35,773 | Rs. 19,063 | Rs. 13,525 | Rs. 10,780 | Rs. 9,152 |
| 6 lakh @ 13.75% | Rs. 53,801 | Rs. 28,736 | Rs. 20,433 | Rs. 16,320 | Rs. 13,883 |
Comparison of Bank of Maharashtra PL vs. Other Lenders
The subsequent table compares key features of Bank of Maharashtra personal loan to that of other leading lenders across India:
| Comparison Criteria | Bank of Maharashtra | Bajaj Finserv | Axis Bank | HDFC Bank | Citi Bank | ICICI Bank |
| Interest Rate | Starting from 10.85% | Starting from 12.99% | 12% to 24% | 11.25% to 21.50% | Starting from 10.99% | 11.50% to 19.25% |
| Tenure | Up to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Up to Rs.10 lakh | Upto Rs. 25 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Upto Rs. 20 lakh |
| Processing Fee | Up to 1% of the loan amount | Up to 3.99% of the loan amount | Upto 2% of loan amount | Upto 2.50% of the loan amount | Upto 3% of the loan amount | Upto 2.25% of loan amount |
Bank of Maharashtra Customer Care
- You can call on toll-free numbers 1800-233-4526 / 1800-102-2636
- You can visit the head office at Lokmangal, 1501, Shivajinagar Pune-411005
Benefits of Applying for Personal Loan on Paisabazaar
- Completely online process that helps in quick and easy loan disbursal
- Paisabazaar provides prospective applicants the option to choose among different lenders by comparing interest rates and other features such as processing charges, foreclosure/prepayment charges, etc. offered by various lenders
- Our dedicated and committed customer care team ensures that your personal loan application process is smooth and hassle-free
- At Paisabazaar, you can conveniently apply for a personal loan from the comfort of your home or office
Important Aspects
- Check your credit score before applying for a personal loan. A credit score of 750 or above is usually considered ideal and this can helps in availing a personal loan easily
- It is important to know all the fees and charges associated with personal loan. Ensure that you compare the loan features of multiple prospective lenders to get the best deal
- Check your ability to repay personal loan through EMI calculator. This helps you know your monthly EMI pay outs so that you can plan your expenses ahead of time
- Avoid applying for a personal loan with multiple lenders. This may affect your chances of loan approval
FAQs
Q1. Is it possible to apply for Bank of Maharashtra personal loan offline?
Yes, you can apply for a Bank of Maharashtra personal loan offline by visiting your nearby branch. However, the entire process can currently be completed online too.
Q2. Do I need to provide any guarantor to avail Bank of Maharashtra personal loan?
Yes, you may have to provide guarantor in certain cases as per the bank’s criteria. This is subject to the following criteria:
- Guarantor must have salary equal to or greater than applicant
- Another employee of same organization as the applicant may serve as guarantor
Q3. Can I avail Bank of Maharashtra personal loan to bear the expenses of a family function?
Yes, you can avail Bank of Maharashtra personal loan to meet any personal requirement. All you need to do is meet the eligibility criteria and submit necessary documents.
Q4. I have availed the Salary Gain Scheme already. Can I avail the Mahabank personal loan scheme now?
Bank of Maharashtra does not currently allow you to opt for both loan schemes at the same time. You can opt for the Mahabank personal loan scheme only after you have paid off the loan availed under the Salary Gain Scheme.
Q5. I have a CIBIL Score of 825. Am I eligible for any discounted interest rate on Bank of Maharashtra personal loan?
Yes you may be eligible for a preferential lower interest rate on a Mahabank personal loan subject to qualifying for the other eligibility criteria. Currently Bank of Maharashtra personal loan for applicants with CIBIL score higher than 750 starts at 10.85%, while those with CIBIL score between 650 and 749 have to pay interest starting from 11.35% p.a.
