*Note: The details about Bank of Maharashtra COVID 19 loan provided on this page are for information purposes only. In case you want to apply for the COVID-19 personal loan mentioned on this page, you are requested to get in touch directly with MahaBank. Customer care contact details of Bank of Maharashtra have been provided along with the product information on this page for your reference.
In the view of the Coronavirus disease (COVID-19) pandemic and the resultant nationwide lockdown, Bank of Maharashtra is offering a special emergency COVID-19 personal loan to its existing housing loan customers. You can use the loan amount to meet the unforeseen liquidity requirements due to COVID-19. The following are some details about Bank of Maharashtra Emergency Credit Line – COVID-19 Personal Loan Scheme.
Features of Bank of Maharashtra COVID-19 Emergency Personal Loan
- End use flexibility: The loan amount can be used to meet a variety of personal expenses.
- Scheme Validity: The COVID-19 personal loan offered by Bank of Maharashtra can only be availed by eligible applicants till 30th June, 2020.
- Loan Quantum for Salaried Individuals: Ten times of the latest monthly gross salary up to a maximum of Rs. 3 lakh.
- Loan Quantum for Non-salaried Individuals: 60% of the latest annual income based on ITR up to a maximum of Rs. 3 lakh.
- Repayment Tenure: You can repay the Bank of Maharashtra COVID-19 emergency personal loan within 36 months (3 years). This repayment tenure includes a moratorium or repayment holiday period of 6 months. However, the repayment tenure will be fixed in such a way that the loan gets fully adjusted 3 months prior to scheduled full repayment of the housing loan.
- Security: To avail the MahaBank COVID-19 personal loan, a negative lien on the property mortgaged in the home loan has to be provided.
- Guarantee: Bank will seek suitable guarantee either from co-applicants or guarantors of the outstanding Bank of Maharashtra home loan.
Also read about Bank of Maharashtra Personal Loan.
Bank of Maharashtra COVID-19 Emergency Personal Loan Interest Rate
The Emergency Credit Line – COVID-19 Personal Loan offered by Bank of Maharashtra features a concessional rate of interest at 8.45% p.a. (MahaBank RLLR + 1.00%).
Eligibility Criteria for Bank of Maharashtra COVID-19 Emergency Personal Loan
The following are key eligibility criteria for the Bank of Maharashtra COVID-19 Emergency Personal Loan:
|l All standard Housing Loan account holders, who have completed the security charge in favour of the bank and started repayment.|
l The Housing Loan borrowers, who have already taken a personal loan from the bank subject to the bank’s applicable deduction norms.
|Deduction Norms (Limit on EMI deduction)||Should not exceed 70% of the Gross annual income, including the proposed EMI.|
Documents Required for Bank of Maharashtra COVID-19 Emergency Personal Loan
Following is the list of the documents required to avail Emergency Credit Line – COVID-19 Personal Loan from Bank of Maharashtra.
- Duly filled and signed application form;
- Guarantor’s Declaration/Form;
- Assets and Liabilities form (for Self-Employed applicants only);
- Proof of income for salaried applicants may include latest copy of Form 16 or salary slips of last 3 months. Please note that the salary slips should show all the deductions and be duly attested by the employer;
- Proof of employment, which may include a copy of the employment order or photo identity card issued by the employer, employee code, etc;
- PAN Card (mandatory);
- KYC documents, such as Aadhaar Card, Passport, Ration Card, Driving License, Election ID, etc;
- Authorization to debit the loan EMIs from Savings Bank account or Electronic Clearing Service (ECS)/ NACH (National Automated Clearing House) mandate.
How to Apply for Bank of Maharashtra COVID-19 Emergency Personal Loan?
Step 1: Download and fill out the Bank of Maharashtra COVID-19 Emergency Personal Loan Application Form.
Step 2: Arrange copies of all the required documents and contact the bank for the further details regarding the COVID 19 personal loan application process. You can call also the MAHASEVA toll free number 1800-233-4526 with any queries you might have regarding the loan.
Fees and Other Charges
The following table depicts the fees and charges associated with the COVID-19 Emergency Personal Loan offered by Bank of Maharashtra. The bank has kept all the charges as NIL or nominal keeping in mind the emergency nature of the loan:
|CIBIL Charges||Rs. 50 + GST per individual|
Note: This loan and applicable charges are currently available only till June 30, 2020
How to Login to the Bank of Maharashtra Online Portal?
Following is the step by step procedure to login to the Bank of Maharashtra online portal:
Step 1: Visit the Bank of Maharashtra internet banking portal.
Step 2: Navigate to the login section and click on “Retail”.
Step 3: On the subsequent web page, enter your User ID, password, Captcha code and click on “Login”.
EMI Calculation for Bank of Maharashtra COVID-19 Emergency Personal Loan
The following is an illustration of how your EMI payable will vary depending on loan amount and tenure (up to 3 years) even if the COVID-19 personal loan interest rate remains unchanged:
|Loan Amount (Rs.) and Interest Rate|
Monthly EMI Payout (Rs.)
|1-year loan tenure||2-year loan tenure||3-year loan tenure|
|Rs. 1 lakh @ 8.45% p.a.||8,719||4,543||3,154|
|Rs. 2 lakh @ 8.45% p.a.||17,439||9,086||6,308|
|Rs. 3 lakh @ 8.45% p.a.||26,158||13,629||9,463|
Comparison of Bank of Maharashtra v/s Other Lenders
Few top lenders across India apart from Bank of Maharashtra have recently introduced COVID-19 personal loans. The following table compares these emergency COVID loans from top lenders:
|Particulars||Bank of Maharashtra||Indian Bank||Punjab National Bank||Bank of Baroda||Indian Overseas Bank|
|Interest Rate||Starting from 8.45%||Starting from 8.75%||Starting from 9.05%||10.25%||Starting from 9.65%|
|Tenure||Up to 36 months including moratorium/ holiday period of 6 months||Up to 36 months including holiday period of 6 months||Up to 60 months||12 to 60 months||Up to 60 months including holiday period of 3 months|
|Loan amount||Up to Rs. 3 lakh||Up to Rs. 2 lakh||Up to Rs. 3 lakh||Up to Rs. 5 lakh||Up to Rs. 5 lakh|
|Processing Fee||NIL||NIL||NIL||Rs. 500/- plus applicable GST||NIL|
Bank of Maharashtra Customer Care
Mahabank customers have multiple ways to reach the customer care department of the bank. Few top ones in this regard are:
Internet Banking Help desk
- Toll free numbers:1800 233 4526 / 1800 102 2636.
- Landline number: 020 48527200
- SMS: Send ACTV to 9223181818 for internet banking activation. SMS ASSIST for other internet banking related queries.
- E-mail: email@example.com
MahaSecure Customer Care Help desk
- Toll free numbers: 1800 233 4526 / 1800 102 2636
- Landline numbers: 020 48527200 / 24504117 / 24504118
- E-mail: firstname.lastname@example.org
Frequently Asked Questions (FAQs)
Q1. What is the interest rate for Bank of Maharashtra COVID-19 emergency personal loan?
Ans. The concessional interest rate for Bank of Maharashtra COVID-19 emergency personal loan is RLLR (7.45%) + 1.00%, i.e., 8.45%.
Q2. Who can get the Bank of Maharashtra COVID-19 emergency personal loan?
Ans. The existing housing loan customers of Bank of Maharashtra can avail the COVID-19 emergency personal loan.
Q3. Can non salaried individuals take Bank of Maharashtra COVID-19 emergency personal loan?
Ans. Yes, non salaried individuals can take the COVID-19 emergency personal loan from Bank of Maharashtra, provided they meet the eligibility criteria.
Q4. What is the maximum loan amount for the COVID-19 emergency credit line offered by Bank of Maharashtra?
Ans. Bank of Maharashtra is offering a maximum loan amount of up to Rs. 3 lakh under the COVID-19 emergency credit line.
Q5. For what purposes, can I use the COVID-19 personal loan offered by Bank of Maharashtra?
Ans. You can use the COVID-19 personal loan amount offered by Bank of Maharashtra to meet a variety of personal expenses due to the disease outbreak and the resultant lockdown.
Q6. What is the processing fee for Bank of Maharashtra COVID-19 emergency personal loan?
Ans. Bank of Maharashtra does not charge any processing fee for the COVID-19 personal loan.
Q7. What is the maximum repayment tenure for the COVID-19 personal loan offered by Bank of Maharashtra?
Ans. You can repay the loan in a maximum of 3 years (36 months), including a repayment holiday/ moratorium period of up to 6 months.
Q8. How can I calculate EMIs for Bank of Maharashtra COVID-19 emergency personal loan?
Ans. You can calculate your EMIs for Bank of Maharashtra COVID-19 emergency personal loan with the help of Paisabazaar personal loan EMI calculator. Just specify the loan amount, interest rate and tenure with the help of sliders to know the monthly payout.
Q9. For how long is the COVID-19 emergency credit line offered by Bank of Maharashtra valid?
Ans. The COVID-19 emergency credit line offered by Bank of Maharashtra is valid till 30th June, 2020.
Q10. What are the foreclosure charges for Bank of Maharashtra COVID-19 emergency personal loan?
Ans. Bank of Maharashtra does not charge any fee for preclosure of COVID-19 emergency personal loan.