Bank of Maharashtra Personal Loan of Rs. 40,000

With attractive interest rates and flexible repayment tenure, the Bank of Maharashtra's Rs 40,000 personal loan is one of the choices for people who wish to avail of a Rs 40,000 personal loan for their personal needs. The repayment tenure can extend to 84 months, allowing flexible EMI options. One of the key features of the Bank of Maharashtra's Rs 40,000 personal loan is that it can be availed with minimal documentation. The personal loan can be used for any personal needs, such as travel expenses, purchasing a new gadget or buying a gift for your friends or relatives. Read more about the personal loan, its eligibility and the required documents

Bank of Maharashtra Rs 40,000 Personal Loan Eligibility

Certain criteria must be met to qualify for a Rs 40,000 personal loan from the Bank of Maharashtra. Firstly, applicants should hold a permanent position in the Central/State Government, PSUs, or reputable private sector firms for at least one year. Additionally, they must fall within the age range of 21 to 60. For self-employed individuals, such as professionals, businessmen, and pensioners with an account at the Bank of Maharashtra, eligibility depends on sufficient income. However, for certain professions like doctors, architects, and chartered accountants, the age limit extends to 65, while for others, it remains at 60.

Bank of Maharashtra Rs 40,000 Personal Loan Documents Required

Here are the documents you’ll need to have on hand to apply for a Rs 40,000 personal loan from the Bank of Maharashtra:

Proof of Identity:

• Aadhar Card
• PAN Card
• Election ID Card
• Driving License

Proof of Residence:

• Electricity Bill
• Election ID Card
• Telephone Bill
• Aadhar Card
• Driving License

For Salaried Individuals:

• Latest 3 months salary slips
• 6 months’ bank account statement
• IT Returns copies of the last 2 years

For Self-Employed Individuals:

• Last 3 years IT return, including computation of income, profit and loss, audit report, balance sheet, etc.

Bank of Maharashtra Interest Rates & Fees

Below are the relevant fees and charges linked to a Bank of Maharashtra personal loan amounting to Rs 40,000:

Repayment Options for Bank of Maharashtra Rs 40,000 Loan

Here’s how you can conveniently repay your Bank of Maharashtra Rs 40,000 personal loan:

• Spread the Cost: Make fixed monthly payments with an EMI (Equated Monthly Installment) plan.
• Auto-Pay for Peace of Mind: Set up standing instructions to deduct your EMI from your Bank of Maharashtra account automatically.
• Pay Online Anytime, Anywhere: Use the bank’s online portal or mobile app for quick EMI payments. Log in, select your loan, and make the payment.
• Traditional Options: For convenience, you can also pay by cheque or demand draft payable to the Bank of Maharashtra, which can be submitted at any branch.
• Branch Payments: Visit your nearest Bank of Maharashtra branch to make your EMI payment in cash.

EMI For Rs 40,000 Bank of Maharashtra Personal Loan

For a Rs 40,000 personal loan from the Bank of Maharashtra with an interest rate of 10.00% p.a., here’s a breakdown of the EMI (Equated Monthly Installment) for various loan terms:

Steps To Apply For Rs 40,000 Bank of Maharashtra Personal Loan

You can visit the official Urban Money website for a Bank of Maharashtra Rs 40,000 personal loan. Second to that, go to the “Loan” section and select “Personal Loan.” You will be redirected to a Personal Loans page displaying top lenders in India. Click the “Apply Now” button next to the “Bank of Maharashtra” logo. Fill out the brief online form with your name, mobile number, and city. Enter the 6-digit OTP sent to your mobile device and click “Submit.” One of Urban Money’s loan specialists will contact you shortly.