| Bank of Maharashtra Consumer Loan Highlights | |
| Interest rate | 13.20% p.a. |
| Loan amount | Rs 50,000 to Rs 1.5 lakh |
| Repayment tenure | Up to 5 years |
| Processing fee | 0.50% of the loan amount, Minimum Rs 500 |
| LTV Ratio | Minimum 25% of the cost of consumer goods. |
| Minimum 40% for computers/laptops/electronic gadgets | |
Note: Interest rate as of 24 April 2024
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Bank of Maharashtra Consumer Loan Interest Rate
Bank of Maharashtra offers consumer loans at 13.20% p.a. The bank also offers a 1% discount on the applicable interest rate to existing housing loan borrowers/corporate salary account holders. As Bank of Maharashtra Personal Loan Interest Rates start from 10% 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) is charged while applying for Bank of Maharashtra Consumer Durable Loan.
Other Fees and Charges
| Documentation charges | 0.20% of the loan amount |
| Inspection/supervision charges | NIL |
Bank of Maharashtra Consumer Loan Eligibility Criteria
- Existing home loan borrowers/ Corporate salary account holders who have minimum 1 year of standing relationship with the bank (the customers should also have minimum 2 years in employment with 1 year in the current organization)
- Minimum income for corporate salary account holders should be Rs 3 lakh (last year income)
- Minimum income for existing home loan borrowers (salaried/businessmen/professional individuals only) should be Rs 2 lakh
- Minimum age: 21 years
- Maximum age: 60 years
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.