Compare & Choose from the Best Personal Loan OffersPlease Note: Bank of Maharashtra is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Bank of Maharashtra Personal Loan Highlights – Jan 2022 | |
| Interest rate | 8.45% – 11.80 % p.a. |
| Loan Amount | Up to Rs 20 lakh |
| Loan Tenure | Up to 5 years For Salaried: Up to 7 years |
| Processing Fees | Up to 1.00% of the sanctioned loan amount + GST |
Table of Contents
Bank of Maharashtra Personal Loan Interest Rates
| CIBIL Score | Rate of Interest (p.a.) |
| 750 and above | 9.45% |
| 700-749 | 10.30% |
| 650-699 | 11.30% |
| 600-649 | 12.80% |
| -1 or 0 and 01-05 | 11.80% |
| For BPCL Employees | 8.45% |
Check Your Free Credit Score to know personal loan eligibility Check Now
Fees & Charges
| Processing Fees | 1% of the sanctioned loan amount (minimum Rs 1,000) |
| Documentation Charges | 0.20% of the loan amount + GST |
Also Read Bank of Maharashtra Personal Loan Pre-Closure Charges.
Types of Bank of Maharashtra Personal Loan
The following are the various types of personal loan schemes offered by Bank of Maharashtra:
Maha Bank Personal Loan Scheme for All
- Purpose: To meet the personal requirements of salaried and self-employed professionals
- Loan Amount: Up to Rs 20 lakh
- Tenure:
For Salaried- Up to 7 years
For Others- Up to 5 years
Maha Bank Personal Loan Scheme for BPCL Employees
- Purpose: To meet the personal requirements of all the employees of BPCL- Public sector unit
- Loan Amount: Up to Rs 20 lakh
- Tenure: Up to 7 years
- Processing Fee: NIL
Eligibility Criteria
Maha Bank Personal Loan Scheme
- Employees of Central/State Government/PSUs/Public or Private Limited Companies/MNCs drawing salary from Bank of Maharashtra/Reputed Corporates
- For salaried applicants not having salary account with the Bank of Maharashtra, the personal loan is sanctioned subject to Employer’s undertaking for deduction of monthly loan installments from the salary
- Self-employed Professionals (only doctors, CAs and Architects) having own business can avail a personal loan if they are banking with the Bank of Maharashtra (with credit facility) for the last 1 year
For BPCL Employees
- All confirmed employees of BPCL (Bharat Petroleum Corporation Limited)- Public sector unit
Documents Required
The following are common documents needed to avail Bank of Maharashtra Personal Loan:
- Duly filled application form with passport-sized photographs
- 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)
- Any other document required by the bank
Bank of Maharashtra Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Customer Care Numbers
- Toll-free numbers: 1800-233-4526 / 1800-102-2636
FAQs
Q. 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.
Q. 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 a salary equal to or greater than the applicant
- Another employee of the same organization as the applicant may serve as guarantor
Q. 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 the necessary documents.
Q. 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.
Also Know: What is Minimum CIBIL Score Required For a Personal Loan?
