Bank of Maharashtra Personal Loan of Rs. 8 Lakh

The Bank of Maharashtra personal loan of 8 lakh is a collateral-free credit option. It requires no asset pledge, making it accessible to many individuals. Whether funding a wedding, planning a vacation, or managing medical expenses, the bank is ready to disburse funds on time. The bank further ensures that eligible applicants can expect the fund disbursement within a day or two from the date of application, making it a more borrower-friendly credit option. Additionally, borrowers can expect more competitive interest rates, personalised repayment plans, moderate eligibility criteria, and minimal documentation. This blog explains the Bank of Maharashtra’s 8 lakh loan interest rate, expected EMI, associated fees, eligibility, documentation, and application process. Continue reading for more detailed information about an instant 8 lakh loan from the Bank of Maharashtra.

Eligibility for 8 Lakh Bank of Maharashtra Personal Loan

Let’s examine the 8 lakh personal loan eligibility from the Bank of Maharashtra:

• Age limit: Applicants should be below 60 years old. 
• Employment Status: Applicants should be salaried customers, professionals, or businessmen.
• Income Requirement: Applicants should have earned an annual income of 3 lakh or higher.  
• Credit Score: Applicants should have a good repayment history and a positive credit score, preferably 700 or above. 
• Nationality: Applicants should be an Indian citizen. 

Documents Required

Let’s examine the 8 lakh personal loan documents from the Bank of Maharashtra:

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

Interest Rates and Fees

Let’s examine the applicable interest rates and fees for the Bank of Maharashtra personal loan of 6 lakhs:

Repayment Options for Bank of Maharashtra 8 Lakh Loan

Let’s examine the applicable repayment options for an 8 lakh personal loan with instant fund disbursement:

• Auto-Debit Facility: The auto-debit facility is a convenient repayment option. It automatically deducts your loan EMI from your Bank account, ensuring timely payments without any manual effort. It is safe, reliable, and hassle-free.
• Online Repayment Options: Online repayment options offer flexibility. You can pay your loan EMI through the bank’s website or mobile app. It is fast and secure. You can use net banking or UPI, saving time and effort.
• Offline Repayment Options: Offline repayment options are traditional but effective. You can visit any Bank of Maharashtra branch to pay your loan EMI. Payments can be made by cash, cheque, or demand draft. This method is reliable for those who prefer in-person transactions.

What Is the EMI for an 8 Lakh Loan?

Applying for the Bank of Maharashtra 8 Lakh Loan

You can apply for an instant 6 lakh loan from the Bank of Maharashtra online by following these simple steps below:

• Browse the official website of Urban Money.
• Click on the ‘Loan’ option and select ‘Personal Loan’.
• You will be redirected to another page titled ‘Personal Loan.’
• Locate the ‘Bank of Maharashtra’ section and click the ‘Apply Now’ button.
• A short digital form will appear on your display.
• Enter your name, mobile number, and city in the form.
• A 6-digit OTP will be sent to your phone.
• Fill in the OTP number and tap on the ‘Submit’ button.
• A loan specialist from our team will contact you shortly.

Alternative Options to Consider for an 8 Lakh Loan  

Let’s examine the alternative options to consider for the Bank of Maharashtra personal loan of 8 lakh:

• Home Equity Loans: Homeowners can consider home equity loans, which allow borrowing against the value of their property. These loans typically have lower interest rates and longer repayment terms, making them cost-effective for an 8 lakh loan.
• Loan Against Fixed Deposits: A loan against fixed deposits can provide lower interest rates since the loan is secured. This option is ideal for those with significant fixed deposits, offering liquidity without breaking their investment.
• Gold Loans: Gold loans are a quick and accessible option for securing funds using gold as collateral. They come with relatively low interest rates and flexible repayment terms, making them suitable for those who need an 8 lakh loan quickly.
• Microfinance Loans: Microfinance institutions offer loans to individuals with limited access to traditional banking. These loans are designed for small business ventures or personal needs, providing reasonable terms and quick processing for an 8 lakh loan.
• Borrowing from Friends or Family: Borrowing from friends or family can provide interest-free or low-interest funds. This option offers flexibility in repayment terms but requires clear communication and agreement to avoid potential misunderstandings.
• Credit Card Loans: A credit card loan can provide quick access to funds for those with high credit limits. While convenient, this option usually comes with higher interest rates, making it best for short-term needs and prompt repayment.