Bank of Maharashtra Personal Loan of Rs. 10 Lakh

Financial emergencies can occur at any time, whether medical or marital and securing funds quickly becomes essential. The Bank of Maharashtra offers a 10 lakh personal loan to help individuals meet their urgent financial needs. With attractive interest rates, flexible repayment options, and minimal documentation, this loan is an ideal solution for managing sudden expenses effectively.

Eligibility for 10 Lakh Bank of Maharashtra Personal Loan

To qualify for a 10 lakh personal loan from the Bank of Maharashtra, applicants must meet specific criteria:

• Age: Applicants should be between 21 and 60 years old.
• Employment: Both salaried and self-employed professionals are eligible.
• Income: A minimum net monthly income of ₹25,000 is required.
• Credit Score: A good credit score (typically 700 or above) is essential for approval.
• Employment Stability: Salaried individuals should have at least one year of continuous employment, while self-employed individuals should have a stable business for at least two years.

Documents Required for 10 Lakh Bank of Maharashtra Personal Loan

To apply for the Bank of Maharashtra personal loan of 10 lakh, you need to provide the following documents:

• Identity Proof: Aadhaar card, PAN card, Passport, Voter ID, or Driving License.
• Address Proof: Utility bills, rental agreement, or any government-issued document with the address.
• Income Proof: Salary slips for the last three months for salaried individuals, and IT returns or financial statements for self-employed individuals.
• Bank Statements: Last six months’ bank statements.

Interest Rates and Fees 10 Lakh Bank of Maharashtra Personal Loan

The Bank of Maharashtra offers competitive interest rates for personal loans. Here are the details:

Repayment Options for Bank of Maharashtra 10 Lakh Personal Loan

The Bank of Maharashtra provides flexible repayment options to suit different financial situations:

• EMI: Standard option where the borrower pays a fixed monthly amount.
• Part-Payment: Allows borrowers to pay off a part of the loan amount during the tenure to reduce the EMI burden.
• Foreclosure: Borrowers can repay the entire outstanding loan amount before the end of the tenure without any foreclosure charges.

What is the EMI for a Bank of Maharashtra 10 Lakh Personal Loan?

Here is an estimated EMI table for a Bank of Maharashtra 10 lakh Loan loan over 5 consecutive years:

Applying for the Bank of Maharashtra 10 Lakh Personal Loan

Follow these steps to apply for a 10 lakh personal loan from the Bank of Maharashtra:

1. Visit the Official Website: Go to the Bank of Maharashtra’s official website and navigate to the personal loan section.
2. Check Eligibility: Use the eligibility calculator to ensure you meet the criteria.
3. Fill out the Application Form: Complete the online application form with your personal, employment, and income details.
4. Upload Documents: Upload the required documents for verification.
5. Submit the Application: Submit the application form online.
6. Loan Approval: Wait for the bank to process your application and approve the loan. You may be required to visit the branch for final verification.
7. Disbursement: Once approved, the loan amount will be credited to your account.

Alternative Options to Consider for a Bank of Maharashtra 10 Lakh Personal Loan.

The Bank of Maharashtra also offers other loan products that might suit your needs:

• Maha Bank Personal Loan For Salaried Customer: For salaried individuals, both governmental and private.
• Maha Bank Personal Loan For Professionals: Self-employed professionals include qualified and registered CAs, doctors, architects, and company secretaries with their own practice.
• Maha Bank Personal Loan For Business Class: For business class, have a home loan from the Bank of Maharashtra.