Bank of Maharashtra offers Personal Loan under Maha Bank Personal Loan Scheme to individual customers Bank of Maharashtra Personal Loans is also granted to salaried individuals who have an existing Housing Loan scheme from the bank or are corporate salary accountholders.
Bank of Maharashtra Personal Loan - Features and Benefits
- Loan amount: The loan amount for Bank of Maharashtra Personal Loan goes upto Rs. 1.50 lakh and is sanctioned as per your age, credit score, employer, etc.
- Flexible tenure: You can repay your Bank of Maharashtra Personal Loan maximum by 36 months 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 Rate and Fees
| Interest Rate | Starting from 12.5% (1.00% discount in applicable interest rate will be given to Existing Housing Loan Borrowers / Corporate Salary account Holders) |
| Processing Fee | 1.00% of the Loan Amount (Min: Rs.1000/-) |
Bank of Maharashtra Personal Loan - Eligibility Criteria
- You should be an existing housing loan borrower (for salaried individuals only) or a corporate salary account holder
- You should have a total experience of at least 2 years and 1 year of experience in your current organisation
- You should be having at least an year of relationship with the bank
- Your minimum salary should be:
| Existing Housing Loan Borrowers (Salaried Individuals only) | Rs. 2.50 lakh (last year income) |
| For Corporate Salary Account holders | Rs. 3.00 lakh (last year income) |
- You should be at least 21 years and your maximum age should be 60 years
Bank of Maharashtra Personal Loan - Documents Required
- Identity proof: Aadhaar Card, Photo Pan Card, Passport, Driving License, Voter ID Card, Photo Ration Card
- Address proof: Passport, Telephone Bill, Ration Card, Electricity Bill, Life/Medical Insurance Policy, Driving License, Rental Agreement, Apartment Allotment Letter
- Income proof:
| Existing Housing Loan Borrowers (Salaried Individuals only) | Minimum past 2 year ITR/Form 16 from the Employer is Mandatory |
| For Corporate Salary Account holders | Minimum past 2 year ITR/Form 16 from the employer is Mandatory, Subject to sufficient disposable income |
Bank of Maharashtra Personal Loan - EMI Calculator
When you calculate your EMIs before applying for Bank of Maharashtra personal loan, you get an idea of how you would be spending each month for repaying the loan. Finding an EMI that best suits your requirement through manual calculations is a tedious task, therefore, we, at Paisabazaar.com, offer you a Personal Loan EMI calculator. This online tool helps you borrow only the amount that you can repay and plan your future expenses accordingly. To know your EMI scroll the bar to the desired:
- Loan amount
- Tenure
- Interest rate
Compare Bank of Maharashtra Personal Loan VS Other Lenders
| Particulars | Bank of Maharashtra | Yes Bank | HDFC Bank | Citi Bank | Axis Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 12.5% | Starting from 10.75% | 11.25% to 21.50% | Starting from 10.99% | 15.75% to 24% | 11.50% to 19.25% | Starting from 12.99% |
| Tenure | Upto 36 months | 12 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 | Upto Rs. 1.50 lakh | Upto Rs. 40 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
| Processing Fee | 1% of the loan amount (Min: Rs. 1000/-) | Up to 2.50% of the loan amount plus GST | Upto 2.50% of the loan amount | Upto 3% of the loan amount | 2% of loan amount plus GST | Upto 2.25% of loan amount plus GST | Up to 3.99% of the loan amount |
| Apply Now | Apply Now | Apply Now | Apply Now | Apply Now | Apply Now | Apply Now |
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
FAQs
Is it possible to apply for Bank of Maharashtra personal loan offline?
Yes, you can apply for Bank of Maharashtra personal loan offline by visiting the nearest branch.
Do I need to provide any guarantor to avail Bank of Maharashtra personal loan?
Yes, you will have to provide one guarantor.
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.
