Bank of Maharashtra Personal Loan

Features and Benefits of Bank of Maharashtra Personal Loan

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: 

• Low EMIs 

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. 

• Loan Amount 

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. 

• Hassle-Free Disbursement 

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. 

• Documentation 

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). 

• Pre-Payment Facility 

The bank does not charge any pre-payment penalty on their loans. The borrower can conveniently pre-pay the loan at their convenience. 

• Processing Fee

The Bank of Maharashtra charges a processing fee of 1% on the loan amount along with the GST.

Bank of Maharashtra Personal Loan Overview

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.

Eligibility Criteria for Bank of Maharashtra 

The individual is required to meet the following eligibility criteria in case they are availing of a personal loan from the Bank of Maharashtra.

• Permanent employees of Central/ State govt./ PSUs/ Private companies/ MNCs with a salary account with the bank.
• The salaried professional who doesn’t maintain a salary account with the Bank of Maharashtra would be regarded as a Personal loan subject.
• Self-employed professionals are also eligible to avail of a personal loan from the Bank of Maharashtra if they’re customers of the bank.

Bank of Maharashtra Personal Loan Interest Rates

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 Personal Loan interest rate is levied with respect to the CIBIL score of the applicant. For example, if an applicant has a CIBIL score of 750 and above, only 10.85% of the interest rate would be charged. The interest rate of 14.20% per annum can be charged against the loan if their CIBIL score is around 600.
• The Bank of Maharashtra Personal Loan interest rate for their Salary Gain scheme has been established at 11.35% per annum.
• In case a BPCL employee applies for the Bank of Maharashtra Personal Loan scheme, they are eligible for an interest rate of 9.85% per annum.
• The Adhaar Loan scheme has been designed to fulfil personal requirements such as medical expenses and pilgrimage domestic needs. It offers subsidised interest rates to the defence and general pensionaries at 9.40% and 9.90% per annum, respectively.
• Bank of Maharashtra’s loan interest rate for obtaining consumer products such as fridges, TVs, and washing machines is 12.10% per annum.

Factors Affecting Bank of Maharashtra Personal Loan Interest Rates

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 CIBIL score of the applicant is a major determinant in assessing the interest rate on the personal
• The personal loan scheme under which the applicant has applied for the loan also determines the interest rates.
• Pensioners are offered discounts on personal loans. An additional discount on interest rates is offered to defence pensioners.
• The Bank of Maharashtra Interest rate options are lucrative for salaried individuals. Individual employees in government organisations, PSUs, and well-established corporates are eligible for relaxation.

Bank of Maharashtra Personal Loan Charges

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.

Documents required for Bank of Maharashtra Personal Loan

The applicants must maintain the following documents to apply for the Bank of Maharashtra Personal Loan:

Proof of Identification

Any one of the following identification cards can be used to authenticate the proof of identification.

• Voter ID Card 
• PAN Card 
• Aadhar Card 
• Driving License 
• Photo Identification Card issued by their respective Employer 
• Passport

Proof of Residence

Any one of the following identification cards can be used to authenticate the proof of residence. 

• Electricity Bill 
• Telephone Bill 
• Driving License 
• Passport 
• Photo Identification Card issued by their respective Employer

Salaried Personnel 

The following documents are to be provided with to verify the proof of employment

• Salary slips of the past three months 
• IT returns a copy of the past two years 
• Undertaking authenticated regarding the monthly instalment remittance 
• Bank account statement of the past six months

Businessman/ Non-salaried/Professional 

The following documents shall be showcased in case the applicant is one of above mentioned:

• IT returns for the past three years along with Profit and Loss Account, Audit report, Balance sheet. 
• Shop establishment Act 
• Tax registration copy 
• Registration License of the Company 
• Bank statement for the last year

It is to be noted that other documents are to be produced as per the personal loan scheme.

Bank of Maharashtra Personal Loans EMI Calculator

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:

• Principal Loan Amount: The personal loan amount the applicant wants to borrow from the Bank
• Interest Rate: The rate of interest to be paid for the loan
• Loan Term: The tenure of the repayment of the loan.

After mentioning the values in the above fields, the applicant could easily compute the EMI amount against the personal loan almost immediately.

Bank of Maharashtra Personal Loan Interest Rates Comparision

The following table showcases the Bank of Maharashtra comparison with other lenders.

Bank of Maharashtra Personal Loan Customer Care Number

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

• 1800 233 4526 
• 1800 102 2636