Bank of Maharashtra Personal Loan of Rs. 6 Lakh

The Bank of Maharashtra personal loan of 6 lakh is a versatile financial solution. Whether you need to renovate your home, consolidate debt, or cover unexpected medical expenses, the bank offers an easy and convenient way to access funds. Borrowers can expect customer-friendly terms and competitive interest rates, ideal for those seeking to fulfil their financial goals without undue stress. This loan further features flexible repayment options, a hassle-free application process, and quick fund disbursement, reflecting the bank’s commitment to making finance more accessible, manageable, and cost-effective. Hence, Urban Money provides a complete overview of an instant 6 lakh loan from the Bank of Maharashtra. This overview includes the Bank of Maharashtra's 6 lakh loan interest rate, eligibility criteria, documentation, expected EMI, associated fees, and application process. Let’s get started.

Eligibility for 6 Lakh Bank of Maharashtra Personal Loan

Here are the 6 lakh personal loan eligibility from the Bank of Maharashtra:

• Age limit: Your age must be below 60 years old. 
• Employment Status: You must be a salaried customer, professional, or business person.
• Income Requirement: You must have earned a minimum income of 3 lakh annually. 
• Credit Score: You must have a good credit score, preferably 700 or above. 
• Nationality: You must be an Indian citizen. 

Documents Required

Here are the 6 lakh personal loan documents from the Bank of Maharashtra:

• Identity Proof: PAN card, aadhar card, voter ID card, driver’s licence, or passport. 
• Address Proof: Electricity bill, voter ID card, telephone bill, aadhar card, or driver’s licence. 
• Income Proof: Past 3-month salary slips, 2-year ITR/Form 16, and 6-month bank account statement. 

Interest Rates and Fees

Here are the associated interest rates and fees with the Bank of Maharashtra personal loan of 6 lakh:

Repayment Options for Bank of Maharashtra 6 Lakh Loan

Here are the applicable repayment options for a 6 lakh personal loan with instant fund disbursement:

• Auto-Debit Facility: Set up automatic deductions from your savings account to ensure timely payment of EMIs. This facility helps avoid late payment penalties and provides consistent and hassle-free loan repayment, maintaining a good credit score.
• Online Repayment Options: Use net or mobile banking to make EMI payments conveniently. This method saves time and allows easy tracking and managing of payments, providing a seamless and efficient way to handle loan repayments without visiting the bank.
• Offline Repayment Options: Visit the nearest Bank of Maharashtra branch to make EMI payments. You can pay by cash, cheque, or demand draft. This method ensures the bank records your payments directly, providing a secure and reliable payment option.

What Is the EMI for a 6 Lakh Loan?

Here are the expected 6 lakh personal loan EMI in Bank of Maharashtra, with loan tenures ranging from 1 year to 7 years:

Applying for the Bank of Maharashtra 6 Lakh Loan

You need to follow the steps given below to apply for an instant 6 lakh loan from the Bank of Maharashtra:

• Go to the official website of the Urban Money.
• Click on ‘Loan’ and select ‘Personal Loan’.
• You will be taken to a page titled ‘Personal Loan.’
• Locate the ‘Bank of Maharashtra’ section and click the ‘Apply Now’ button.
• A brief online form will appear on your display.
• Fill in your name, mobile number, and city in the form.
• In an instant, a 6-digit OTP will be sent to your phone.
• Fill in the OTP number and click on the ‘Submit’ button. 

Alternative Options to Consider for a 6 Lakh Loan

Here are the alternative options to consider for the Bank of Maharashtra personal loan of 6 lakh:

• Gold Loans: Gold loans offer a quick and easy way to secure funds using gold jewellery or coins as collateral. They come with relatively low interest rates and flexible repayment options, making them an accessible choice for many.
• Home Equity Loans: A home equity loan can be a viable option for homeowners. It allows borrowing against the equity built into their property, often at lower interest rates than unsecured loans, offering significant savings over time.
• Loan Against Fixed Deposits: Borrowing against fixed deposits provides the advantage of lower interest rates since the loan is secured. It’s a good option for those with substantial fixed deposits and needing liquidity without breaking their investments.
• Credit Card Loans: A credit card loan can be a quick solution for those with high credit limits. However, this option typically comes with higher interest rates, so it’s best suited for short-term needs and should be repaid promptly to avoid accumulating debt.
• Borrowing from Friends or Family: Borrowing from friends or family can be an interest-free or low-interest option. It provides flexibility in repayment terms and can be faster than traditional loans, although it’s crucial to maintain clear communication to avoid potential conflicts.