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The Bank of Maharashtra offers personal loans with competitive interest rates and flexible payback terms. Age, income, employment position, and credit score are some variables that may affect eligibility requirements. Customers can apply for a personal loan offline or by visiting their nearest branch. The bank offers quick loan disbursement and pre-approved personal loans to customers who qualify. The bank charges a processing fee of 1% of the loan amount. The bank also offers a personal loan overdraft facility called the Salary Gain Scheme for Central or State Government employees, PSUs and reputed corporates.
The Bank of Maharashtra is a major player in the Indian banking sector, catering to the financial and banking needs of around 29 million customers across the country. The Ministry of Finance manages this nationalised bank, Government India. The Bank of Maharashtra has launched a Personal loan scheme for individuals who require funds for various personal reasons. The loan amount can be used in various avenues such as weddings, house renovations, paying off other debt, medical procedures, and other expenses.
An individual can conveniently apply for a Bank of Maharashtra Personal Loan as the bank has established a smooth and efficient processing procedure. The Bank of Maharashtra Personal Loan interest rates are competitive compared to the market. Refer to the following parameters before you apply for a Bank of Maharashtra Personal Loan.
| Bank of Maharashtra Personal Loan | |
| Interest Rates | 10.45% – 14.25% per annum Salary Gain Scheme – 11.35% BPCL Employees – 9.40% Maha Aadhar Loan – 9.40% Consumer Loan – 12.10% |
| Amount | Up to 20 Lakhs (With respect to the annual income of the applicant) |
| Tenure | Up to 5 Years Up to 7 Years for Salaried employees |
| Processing Fee | 1% of the loan amount |
| Documentation | Minimal |
| Guarantor | Required |
| Prepayment Penalty | No Prepayment penalty |
Individuals who want to realise their personal funding requirements can apply for a Bank of Maharashtra Personal loan. The applicant can collect a loan amount of up to Rs 25 Lakhs. Bank of Maharashtra’s Interest rate for the personal loan commences from 10.85% per annum, which they have to bear for tenure up to 7 years. The bank offers personalised schemes to salaried applicants employed in government, PSUs, well-established corporates, and BPCL employees. The bank also offers deductions to pensioners on interest rates.
The individual inclined to apply for a Bank of Maharashtra Personal Loan should refer to the following features and benefits this financial product offers:
Bank of Maharashtra personal loan interest rates are competitive, and tenure on loan is flexible. This helps the borrower compute and lower the EMI amount, making the personal loan’s repayment manageable.
The personal loan amount of the Bank of Maharashtra offered to the applicant ranges up to Rs 20 Lakhs. The loan amount can be utilised to fulfil the varying requirements of the borrowers.
The individual that applied for a Bank of Maharashtra personal loan will experience a convenient and hassle-free disbursement process. This is important in case the applicant is in the requirement of funds urgently.
The documents required to process the Bank of Maharashtra personal loan application are minimal. They’re just required to produce identity proof, address proof, salary slips (salaried individuals), and IT return (Self-employed professionals).
The bank does not charge any pre-payment penalty on their loans. The borrower can conveniently pre-pay the loan at their convenience.
The Bank of Maharashtra charges a processing fee of 1% on the loan amount along with the GST.
The individual is required to meet the following eligibility criteria in case they are availing of a personal loan from the Bank of Maharashtra.
The applicants must maintain the following documents to apply for the Bank of Maharashtra Personal Loan:
Any one of the following identification cards can be used to authenticate the proof of identification.
Any one of the following identification cards can be used to authenticate the proof of residence.
The following documents are to be provided with to verify the proof of employment
The following documents shall be showcased in case the applicant is one of above mentioned:
It is to be noted that other documents are to be produced as per the personal loan scheme.
The Bank of Maharashtra personal loan interest rate varies with respect to the profile of the applicant or how the fund would be utilised by the applicant.
The Bank of Maharashtra employs the RRLR or Repo Linked Loan Rate, a lending rate computed from the current repo rate. Factors influencing the RRLR are value ratio, borrower’s risk, etc. As the repo rate increases, so do the interest RRLR.
The fee for processing the Bank of Maharashtra Loan application is generally 1% of the loan amount. The minimum fee an applicant must pay on their loan application is Rs 1,000.
The applicant can compute their Monthly EMI on the personal loan by employing the Bank of Maharashtra Personal loan EMI calculator. A calculator is a self-help tool that allows users to easily calculate and compare the EMI amount on a personal loan. They are just required to fill in the following fields:
After mentioning the values in the above fields, the applicant could easily compute the EMI amount against the personal loan almost immediately.
The following table showcases the Bank of Maharashtra comparison with other lenders.
| Banks/NBFCs | Interest Rates on Personal Loans |
| Bank of Maharashtra | Commences from 9.45% per annum |
| HDFC Bank | Commences from 11% per annum |
| SBI | 10.30% – 15.10% per annum |
| Axis Bank | Commences from 10.25% per annum |
| ICICI Bank | Commences from 10.75% per annum |
| Kotak Mahindra Bank | Commences from 10.99% per annum |
| IndusInd Bank | Commences from 10.49% per annum |
| IDFC First Bank | 10.49% – 25% per annum |
The Bank of Maharashtra personal loan offers 24*7 customer services to cater to the diverse set of inquiries and queries of the customers in India. An individual inclined to avail of a personal loan from the Bank of Maharashtra can dial the following toll-free numbers
The Bank of Maharashtra personal loan interest rates are competitive. The applicant can apply for the best personal loan deal to the various schemes available.
The Bank of Maharashtra's interest rate varies concerning the applicant profile and the scheme under which the personal loan was applied.
The Bank of Maharashtra personal loan interest rate is attractive, offering various relaxation to salaried employees and pensioners.
The Bank of Maharashtra's interest rate varies from applicant to applicant concerning their CIBIL score. The bank also refers to the annual income of the applicant.
The applicant is required to produce documents such as identification proof, address proof, salary slips (in case of a salaried individual), and IT returns (In case of a self-employed professional).
The applicant can check their loan status online from the Loan status tab featured on the dashboard on the Bank of Maharashtra website.
Yes, the Bank of Maharashtra does refer to the CIBIL score of the applicant before determining the interest rate on the personal loan.
The maximum loan amount the applicant can avail of from the Bank of Maharashtra is up to Rs 20 Lakhs.
The applicant can provide KYC documents such as the Aadhaar Card and PAN card to authenticate their Identity and address proof.