Bank of Maharashtra Personal Loan of Rs. 2 Lakh

Have you been dreaming of reigniting a passion project, investing in your personal growth, or finally taking that well-deserved vacation? A personal loan from the Bank of Maharashtra, a respected leader in India's public sector banking, can help you turn your dream into a reality. This guide empowers you with the knowledge of obtaining a personal loan for up to ₹2 lakhs with the Bank of Maharashtra. We'll provide a roadmap for navigating the application process, including eligibility criteria, required documents, interest rates, and flexible repayment options. With this information, you can confidently secure the funding you need to fuel your aspirations.

Eligibility for 2 Lakh Bank of Maharashtra Personal Loan

To get a 2 lakh personal loan from the Bank of Maharashtra, you need:

• Minimum Annual Income of ₹3.00 lakh.
• Employment: Confirmed employment in government, PSU, reputable private sector, or self-employed professional.
• CIBIL Score: 750 or above is preferred.
• Banking Relationship: Beneficial to have a salary account or existing relationship with the bank.

Documents Required for 2 Lakh Bank of Maharashtra Personal Loan

For a ₹2 lakh personal loan from the Bank of Maharashtra, you need to provide the following documents:

• Identity Proof: Aadhar Card, PAN Card, Voter ID, or Passport.
• Address Proof: Utility bills, Aadhaar Card, or Passport.
• Income Proof: Latest salary slips, Form 16, or Income Tax Returns (ITR) for the last two years.
• Bank Statements: The last 6 months’ salary account statements
• Employment Proof: Employment certificate or official ID card for salaried individuals; for self-employed, proof of business existence and qualification certificates.

Interest Rates and Fees on 2 Lakh Bank of Maharashtra Personal Loan

For a ₹2 lakh personal loan from the Bank of Maharashtra, the interest rates and associated fees include:

• Interest Rates: Vary based on your credit score and other factors but generally start around RLLR + 0.70% and can go higher depending on your creditworthiness and relationship with the bank.
• Processing Fee: The bank charges 1.00% of the loan amount plus GST, with a minimum fee of around ₹1,000.
• Documentation Charge: Around 0.20% of the loan amount plus GST.

Repayment Options for Bank of Maharashtra 2 Lakh Loan

For a 2 lakh personal loan from the Bank of Maharashtra, you can choose how long you want to take to pay back the loan—from one year up to five years. Your monthly payments are set based on how much you borrow, the interest rate, and how long you choose to pay it off. This helps you plan your monthly budget. Also, if you can pay off the loan earlier than planned, you can do so without any extra fees. It’s a good idea to talk to the bank to ensure the repayment plan works well with your budget.

What is the EMI for a 2 Lakh Loan?

This table provides a detailed breakdown of a ₹2 lakh loan, showing the monthly instalments, the total interest that will accumulate over the duration, and the overall amount that will be repaid by the end of the loan term:

Applying for Bank of Maharashtra 2 Lakh Personal Loan

Ready to secure your Bank of Maharashtra 2 lakh personal loan? Urban Money makes it simple! Here’s how:

• Visit Us Online! Head over to Urban Money’s website and navigate to the personal loan section.
• Look for the “Bank of Maharashtra Personal Loan” option and click on “Apply Now.”
• Fill out the form with your basic details, like name, phone number, and city. Then, confirm your phone number using the one-time code (OTP) sent to you.
• Done! An Urban Money representative will be in touch to collect any required documents.

Alternative Options to Consider for 2 lakh Loan

Here are some alternatives for securing a 2 lakh loan:

• Credit Unions: Lower rates and flexible terms.
• Online Lenders: Quick processing; generally easier approval.
• P2P Lending: Directly connects you with lenders for competitive rates.
• Microfinance: Tailored for those with limited access to conventional banks.
• Line of Credit: Only pay interest on the amount used.
• Salary Advances: Low-cost loans from employers.
• Family or Friends: Interest-free potential but with personal relationship considerations.