Bank of Maharashtra Personal Loan Highlights
|Interest rate||Starting at 9.55% p.a.|
|Loan Amount||Up to Rs. 20 lakh|
|Loan Tenure||Up to 84 months|
|Processing Fees||Up to 1% of loan amount sanctioned|
|Types of Loans||Mahabank Personal Loan Scheme, Salary Gain Scheme, Consumer Loan Scheme, Scheme for Solar Water Heating Systems|
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.
Features of Bank of Maharashtra Personal Loan
- Loan amount: The loan amount for Bank of Maharashtra personal loan goes up to Rs. 20 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 84 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 Loans||Interest Rate (p.a.)|
|Mahabank Personal Loan Scheme||9.55% onwards|
|Salary Gain Scheme||10.05% onwards|
|Consumer Loan Scheme||10.80% onwards|
|Scheme for Solar Water Heating Systems||11.05% onwards|
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/ PSUs/ public or private limited companies/ MNCs/ reputed corporates drawing salary from Bank of Maharashtra
- Salaried individuals who do not have a salary account with the bank will be considered subject to employer undertaking for deduction of loan installment from salary
- Self-employed professionals such as doctors, CAs and architects having their own business banking with Bank of Maharashtra (with credit facility) for the last one year
- Minimum annual income should be Rs.3 lakh (in the previous year)
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
- You should have a minimum take home salary of Rs. 25,000 per month (average of previous 3 months’ salary credited in the account)
- An irrevocable written mandate by the borrower to the employer to route salary/ all payments/ allowances due to him including terminal benefits through the account maintained with Bank of Maharashtra along with a confirmation from the employer that the mandate shall be complied with
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
- Different categories of applicants must meet the minimum annual income criteria as stated below:
|Applicant Type||Minimum Annual Income Requirement|
|Corporate Salary Account Holders||Rs. 3 lakh (previous year income) – Minimum last 2 year ITR/ Form 16 from the employer is mandatory|
|Existing Housing Loan Borrowers (only salaried/ businessmen or professional individuals)||Rs. 2.50 lakh (previous year income) – Minimum last 2 year ITR/ Form 16 from the employer is mandatory, subject to sufficient disposable income|
- Security required: Hypothecation of consumer goods purchased
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
- Security required:
- Loans up to Rs. 25,000 – hypothecation of the system to be purchased
- Loans above Rs. 25,000 – hypothecation of the system to be purchased along with one guarantor acceptable to the bank. In lieu of the guarantor, paper security to the extent of loan amount may also be obtained.
Types of Bank of Maharashtra Personal Loan
The following are the various types of personal loan schemes offered by Bank of Maharashtra:
Mahabank Personal Loan Scheme
Salaried individuals and self-employed professionals can avail the scheme to meet various personal financial needs. It comes with the following key features:
- Offers loan amount ranging upto Rs. 20 lakh.
- Repayment tenure can range up to 84 months for salaried individuals and 60 months for others.
- Requires no collateral/ security.
Salary Gain Scheme
The scheme can be availed by salaried individuals to meet any personal financial need. It is offered as an overdraft in savings account. Some key features of the scheme are:
- Offers loan amount ranging upto Rs. 3 lakh.
- Requires no collateral or security.
Consumer Loan Scheme
The loan can be availed to purchase consumer durables such as computers/ laptops, electronic gadgets, etc. Some key features of this scheme are:
- Loan amount can range between Rs. 50,000 to Rs. 1.50 lakh, subject to deduction norms.
- Repayment tenure can range up to 60 months.
Scheme for Solar Water Heating Systems
The scheme can be availed to purchase and install solar water heating systems having a capacity of 100 to 400 litres per day. Some key features of the loan scheme are:
- The loan amount can be 80% of the benchmark cost approved by MNRE or the actual cost of the unit (whichever is lower)
- Repayment tenure can range between 3 to 5 years.
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, etc. (Any one)
- Income Proof: Salary Slips, Bank Account Statement, ITR, Form 16, etc.
- Employment Certificate: A certificate stating one year of continuous employment (for salaried applicant)
Note: Additional documents as deemed necessary depending on the type personal loan opted for may be required by the bank.
How to Apply for Bank of Maharashtra Personal Loan with 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
The verification process generally involves the following steps:
- 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
Check Bank of Maharashtra Personal Loan Application Status
You can track the status of your Bank of Maharashtra personal loan application by simply following the steps given below:
1. Visit the Bank of Maharashtra website and click on ‘Online Applications’ under ‘Important Links/ Sites’.
2. Under ‘Know your Application Status’ click on ‘Click here’.
3. Fill in your Application Reference Number, Mobile Number (as on the loan application), select the loan type, enter the captcha code and then click on ‘Submit’ to know the status of your personal loan application.
Alternatively, you can also check the status of your loan application via any of the following means given below:
- Contacting the Bank of Maharashtra customer care
- Visiting the nearby Bank of Maharashtra branch
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||0.20% of the loan amount + GST||0.20% of the loan amount + GST|
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 Bank of Maharashtra website and click on ‘Internet Banking’.
Step 2: Under Login click on ‘Retail’.
Step 3: Enter your Internet Banking Credentials to log in
Step 4: Once you have logged in, you can check loan status, apply for a new loan and perform other banking related services.
Bank of Maharashtra Personal Loan Statement
You can get your personal loan statement from Bank of Maharashtra either online or offline:
Online: You can log into the Bank of Maharashtra online portal to view and/or download your personal loan statement online
Offline: You can either call up the Bank of Maharashtra customer care or visit the nearby office in-person and request for a physical copy of your personal loan statement.
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 Amount (Rs.) and Interest Rate (p.a.)|
Monthly EMI Payout
|1 Year Tenure||2 Years Tenure||3 Years Tenure||4 Years Tenure||5 Years Tenure|
|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 Personal Loan 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 9.55% p.a.||Starting from 11.49% p.a.||Starting from 12% p.a.||Starting from 10.50% p.a.||Starting from 9.99% p.a.||Starting from 11.25% p.a.|
|Tenure||Up to 84 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.20 lakh||Up to Rs. 25 lakh||Rs. 50,000 to Rs. 15 lakh||Up to Rs. 40 lakh||Up to Rs. 30 lakh||Up to Rs. 20 lakh|
|Processing Fee||Up to 1% of the loan amount||Up to 4.13% of the loan amount||Up to 2% of loan amount||Up to 2.50% of the loan amount||Up to 3% of the loan amount||Up to 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 nearby Bank of Maharashtra branch
Benefits of Applying for Personal Loan at Paisabazaar
The following are a few key advantages of applying for a personal loan on Paisabazaar.com:
- 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
Some important aspects that you must consider before applying for a personal loan are given below:
- Check your credit score before applying for a personal loan. A credit score of 750 or above is usually considered ideal and this can help in availing a personal loan easily
- It is important to know all the fees and charges associated with a 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
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 a 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 9.55% p.a.