Bank of Maharashtra Personal Loan of Rs. 5 Lakh

If you need financial assistance, the Bank of Maharashtra offers a ₹5 lakh personal loan to help meet various needs like medical expenses, home renovations, or other personal requirements. The Bank of Maharashtra 5 Lakh Personal Loan is a great option with competitive interest rates and flexible repayment terms. Urban Money makes the application process easy and straightforward. By following a few simple steps, you can secure the funds you need quickly and efficiently.

Eligibility for 5 Lakh Bank of Maharashtra Personal Loan

Applicants need to meet the following criteria to be eligible for the loan:

• aged between 21 and 60 years.
• Annual income of at least ₹3 lakh.
• A good CIBIL score.
• Applicants must be Indian residents.

Documents Required

To apply for a Bank of Maharashtra personal loan, you will need the following documents:

1. Proof of Identification 
2. Proof of Residence 
3. For Salaried Persons:

• Salary slips for the past 3 months
• IT returns for the last 2 years or Form 16 from the employer
• Undertaking from the employer for monthly instalment remittance
• Bank account statement for the last 6 months

4. For Non-Salaried Class / Businessman / Professional:

• IT returns for the last 3 years (2 years for professionals)
• Shop Establishment Act and Tax Registration Copy
• Company Registration License
• Bank statement for the past year
• Other documents as required by the loan scheme

Interest Rates and Fees

The Bank of Maharashtra Personal Loan of ₹5 lakh provides attractive interest rates and manageable fees. With an annual interest rate of 10.00%, your monthly repayments will be affordable. Furthermore, a one-time processing fee of 1.00% of the loan amount plus GST will be deducted from the loan disbursement, ensuring the process is cost-effective and straightforward.

Repayment Options for Bank of Maharashtra 5 Lakh Loan

Repaying your ₹5 lakh personal loan from the Bank of Maharashtra is designed to be both convenient and flexible. You can set up auto-debit instructions from your bank account to ensure your EMI is paid on a specific date each month.

Salaried Customers:

• With Salary Account at Bank of Maharashtra: Repayment period up to 84 months.
• With Salary Account at Other Banks: Repayment period up to 60 months.

Professionals:

• The repayment period is up to 60 months.

What is the EMI for a 5 Lakh loan?

Calculating the EMI for a ₹5 lakh loan can help you plan your finances effectively. Urban Money’s EMI calculator simplifies this process by providing detailed EMI calculations based on the loan amount, interest rate, and tenure. Here’s a table with an interest rate of 10%:

Applying for the Bank of Maharashtra 5 Lakh Personal Loan

You can apply for a Bank of Maharashtra ₹5 lakh personal loan through Urban Money in just a few simple steps. First, visit Urban Money’s website and navigate to the personal loan section, where you can easily find the Bank of Maharashtra Personal Loan. Click the “Apply Now” button and provide your personal and contact details. After submitting your information, you will receive a callback from the bank’s loan experts, who will guide you through the next steps. This streamlined process ensures a smooth application experience for your personal loan needs.

Alternatives Options to Consider for a 5 Lakh Personal Loan

There are multiple alternatives to a ₹5 lakh loan from the Bank of Maharashtra. Here are some viable alternatives:

1. HDFC Bank Personal Loan

• Key Features: Quick disbursement and competitive interest rates.
• Benefits: Ideal for those needing immediate funds with minimal wait time.

2. ICICI Bank Personal Loan

• Key Features: Flexible repayment options and minimal documentation.
• Benefits: Suitable for individuals looking for a hassle-free loan process with fewer paperwork requirements.

3. SBI Personal Loan

• Key Features: Attractive interest rates and longer tenure options.
• Benefits: Great for borrowers seeking lower monthly payments over an extended period.

4. Axis Bank Personal Loan

• Key Features: Fast processing and multiple repayment plans.
• Benefits: Perfect for those who need quick access to funds and various repayment options.

5. Bajaj Finserv Personal Loan

• Key Features: High loan amount eligibility and easy online application process.
• Benefits: Beneficial for applicants who need a substantial loan amount with the convenience of an online application.

You can go through Urban Money’s website to get a detailed understanding of each loan.