Bank of Maharashtra Consumer Loan

Bank of Maharashtra Consumer Loan Highlights
Purpose	For the purchase of consumer durable products
Interest rate	12.20% p.a.
Loan amount	Up to Rs 1.5 lakh
Repayment tenure	Up to 5 years
Processing fee	1% of the loan amount, Minimum Rs 500 + applicable charges
Margin	25%
Security	Hypothecation of Consumer Durables
Guarantor	One Guarantor acceptable to the bank
Deduction Limit	60% of Gross Pay
Insurance	Not compulsory

Note: Interest rate as of 23 June 2025.

Bank of Maharashtra Consumer Loan Interest Rate

Bank of Maharashtra offers consumer loans at 12.20% p.a. As Bank of Maharashtra Personal Loan Interest Rates start from 9.00% p.a., customers who want to finance their consumer durable goods purchases can also consider availing Bank of Maharashtra Personal Loan or other personal loan schemes from other lenders. Consumers should compare the personal loan interest rates offered by different banks/NBFCs to find the best interest rate available on their credit profile.

Bank of Maharashtra Consumer Loan Fees and Charges

Processing Charges

A processing fee of up to 0.50% of the loan amount (minimum of Rs 500) plus taxes are charged while applying for Bank of Maharashtra Consumer Durable Loan.

Eligibility Criteria

• Eligible Entities: Permanent Salaried / Professionals
• Age Criteria: Minimum 21 years at time of loan application and maximum up to 60 years at time of loan maturity
• Minimum Employment: For service people is 5 years, current 2 years and professionals 3 years
• Minimum Annual Income: Rs. 3 lakh for individuals and Rs. 2 lakh for Teachers
• Minimum income for existing home loan borrowers (salaried/businessmen/professional individuals only) should be Rs 2 lakh

Documents Required of Bank of Maharashtra Consumer Durable Loan

The bank will require past 2 year’s ITR/Form 16 from the employer from both salaried and self-employed customers while sanctioning Bank of Maharashtra Consumer Durable Loan.