Please Note: Bank of Maharashtra is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Bank of Maharashtra Personal Loan Highlights – May 2022
|Interest rate||9.85% – 13.20% 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%|
Bank of Maharashtra Personal Loan Interest Rates
|CIBIL Score||Rate of Interest (p.a.)|
|750 and above||9.85%|
|-1 or 0 and 01-05||12.20%|
|For BPCL Employees||8.85%|
|For Salary Gain Scheme||10.35%|
Check Your Free Credit Score to know personal loan eligibility Check Now
Comparison of Interest Rates of Citibank Bank Personal Loan vs Other Lenders
|Banks/NBFCs||Interest Rates (per annum)|
|HDFC Bank||10.25% – 21%|
|SBI||9.60% – 13.85%|
|ICICI Bank||10.25% onwards|
|Axis Bank||10.25% onwards|
|Kotak Mahindra Bank||10.75% onwards|
|IndusInd Bank||10.49% onwards|
|IDFC First Bank||10.49% – 23%|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
Processing Fees & Charges
|Processing Fees||1% of the sanctioned loan amount (minimum Rs 1,000)|
|Documentation Charges||0.20% of the loan amount + GST|
Types of Bank of Maharashtra Personal Loan
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
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
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
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
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
Personal Loan at Attractive Interest Rates Apply Now
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.
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.