Please Note: Bank of Maharashtra is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Bank of Maharashtra Personal Loan Highlights | |
| Interest rate | 9.25% – 15.05% p.a. For BPCL employees- 10.70% p.a. For Salary Gain- 12.20% p.a.For Maha Bank Adhaar Loan Scheme (Pensioners)- 10.25% p.a. onwards |
| Loan Amount | Up to Rs 20 lakh |
| Loan Tenure | Up to 5 years For Salaried: Up to 7 years |
| Processing Fees | 1% of loan amount |
Note: Rates as of 19th January 2023
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Table of Contents
Bank of Maharashtra Personal Loan Interest Rates
Bank of Maharashtra Personal Loan interest rates start from 9.25% p.a. onwards. The bank offers personal loans based on the job profile and CIBIL Score of its personal loan applicants.
Maha Bank Personal Loan- (Festive Offer- valid up to 31st Jan 2023)
| Type of Applicant | Interest Rate (p.a.) |
| Employees of Central Government/State Government/ Public Sector Undertakings maintaining salary account with Bank of Maharashtra and having CIBIL Score 700 and above | 9.25% |
For General (other than above two categories)
| CIBIL Score | Rate of Interest (p.a.) |
| 750 and above | 11.70% |
| 700-749 | 12.55% |
| 650-699 | 13.55% |
| 600-649 | 15.05% |
| -1 or 0 and 01-05 | 14.05% |
Also Read: How you can build or rebuild your credit score with Step UP Credit Card Co-branded with SBM Bank India Ltd
Get lifetime free Step Up Credit Card and improve/build your credit score Know More
Other Personal Loan Schemes
| Personal Loan Schemes | Interest Rate (p.a.) |
| Salary Gain | 12.20% |
| Personal Loan for BPCL Employees | 10.70% |
| Maha Bank Adhaar Loan Scheme | For General pensioners- 10.75% For Defense Pensioners- 10.25% |
Check Your Free Credit Score to know personal loan eligibility Check Now
Comparison of Personal Loan Interest Rates of Various Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 11.00% onwards | Apply Now |
| SBI | 10.90%-15.40% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Also know which banks and NBFCs is best for personal loan in India
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Processing Fees & Charges
| Processing Fees | NIL (Festive Offer) |
| Documentation Charges | 0.20% of the loan amount + GST |
Check the personal loan processing fee charged by top personal loan lenders
Types of Bank of Maharashtra Personal Loan
Maha Bank Personal Loan Scheme for All
Purpose: Regular personal loan scheme for meeting 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 confirmed employees of BPCL- Public Sector Unit
Loan Amount: Up to Rs 20 lakh
Tenure: Up to 7 years
Processing Fee: NIL
Salary Gain Scheme
Purpose: Personal loan overdraft facility to meet the day to day requirements of Central/State government employees, individuals employed with PSUs, reputed corporates and public or private sectors
Loan Amount:
- For employees of Central/State Government and PSUs: 5 times monthly take home salary subject to maximum loan amount of Rs 5 lakh
- Other than employees of Central/State Government and PSUs: 3 times monthly take home salary subject to maximum loan amount of Rs 5 lakh
Processing Fee: 0.50% of overdraft amount p.a. subject to minimum Rs 500
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Eligibility for Bank of Maharashtra Personal Loan
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 the confirmed employees of BPCL (Bharat Petroleum Corporation Limited)- Public sector unit
- Minimum Annual Income: Rs 3 lakh
For Salary Gain Scheme
- Minimum age: 21 years
- Individuals permanently employed with Central government, State government, PSUs, reputed
corporates, public or private sector companies/MNCs - Minimum 1 year of work experience
- Minimum take home salary of the applicant should be Rs 25,000
Bank of Maharashtra may also consider the credit score and monthly income while evaluating the personal loan eligibility of its applicants, just like other personal loan lenders.
You may also check the personal loan eligibility criteria set by other personal loan lenders
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Documents Required for Loan Application
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
Also know Bank of Maharashtra Bank Personal Loan Documents in detail
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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
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FAQs
Q. Does Bank of Maharashtra offer Personal Loan Balance Transfer?
A. Yes, Bank of Maharashtra offers Personal Loan Balance Transfer, wherein, the existing personal loan borrowers of other banks/NBFCs can transfer their personal loan accounts to Bank of Maharashtra at lower interest rates.
Also Check: List of Top Banks Offering Personal Loan Balance Transfer at Lower Interest Rates
Q. What is the minimum credit score at which the applicants can avail Bank of Maharashtra personal loan?
A. Bank of Maharashtra has not specified any cut-off credit score for personal loan applicants. However, the bank offers preferential interest rates to personal loan applicants based on their credit scores, with lowest interest rates being offered to those with credit scores of 750 and above.
Q. Is there any restriction on prepayment of personal loan in Bank of Maharashtra?
A. There are no restrictions on prepayment of personal loan in Bank of Maharashtra. The prepayment charges for Bank of Maharashtra Personal Loan are NIL.
Q. Can I choose between a fixed and floating rate of interest?
A. Bank of Maharashtra offers personal loans only at floating rate of interest.
