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Bank of Maharashtra Government Employees Personal Loan

Bank of Maharashtra Government Employees Personal Loan

The Bank of Maharashtra government employee's personal loan offers an appealing credit option. As the bank acknowledges their stable employment status and reliable income, applicants can expect low interest rates and reduced processing fees, making it more economic-friendly. This loan is further tailored to meet the diverse needs of government employees. Whether they're looking to manage unexpected medical emergencies, invest in home improvements, or fund educational pursuits for themselves or their family members. The bank simplifies the application and approval process for government employees, often requiring less documentation and providing quicker loan disbursement due to the perceived lower risk associated with their stable jobs. Hence, Urban Money details Bank of Maharashtra government employee personal loan interest, associated fees, eligibility criteria, and more. Keep scrolling down to learn more.

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Table of Content

1. Bank of Maharashtra Personal Loan for Government Employees Highlights

2. Eligibility Criteria for Government Employees Personal Loan

3. Required Documentation for Government Employees Personal Loan

4. The Fees for a Bank of Maharashtra Personal Loan for Government Employees

5. How to Apply for a Government Employees Personal Loan?

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Bank of Maharashtra Personal Loan for Government Employees – Highlights

Let’s examine the Bank of Maharashtra government employee personal loan interest rates and other key parameters:

Interest Rates	10.00% p.a. onwards
Loan Amount	Up to ₹20 Lakh
Loan Tenure	84 months
Eligibility	Must earn a minimum annual salary of 3 lakh

Eligibility Criteria for Government Employees Personal Loan

The following are the Bank of Maharashtra personal loan eligibility for government employees:

Employment Status: The applicant must be a confirmed employee of the Central/State Government, Public Sector Undertakings (PSUs), or Government Educational Institutions.
Salary Account: The applicant should draw a salary from the Bank of Maharashtra branches.
Income Requirement: The applicant should have a minimum annual income of ₹3.00 lakhs.
Loan Amount: The maximum loan amount is ₹20.00 lakhs, which is 20 times the gross monthly income or as per the maximum quantum of finance, whichever is lower.

Required Documentation for Government Employees Personal Loan

The following is the required documentation for the Bank of Maharashtra state employees’ personal loan:

Proof of Identity: PAN card, passport, voter ID, or driving licence.
Proof of Address: Utility bills, Aadhaar card, or ration card.
Proof of Income: Last 3-month salary slip, 2-year IT returns, and Form 16.

The Fees for a Bank of Maharashtra Personal Loan for Government Employees

Let’s examine the fees of a Bank of Maharashtra government staff personal loan:

Fee/Charge	Amount
Processing Fee	1% of the loan amount
Prepayment Charges	Nil
Penal Interest/Late Payment Penalty	2% per annum on the default EMIs

How to Apply for a Government Employees Personal Loan?

You can apply for a Bank of Maharashtra government employee personal loan by following the steps given below:

Access the Urban Money website.
Select the “Loan” option and choose the “Personal Loan” category.
This action will direct you to a page titled “Personal Loan.”
Scroll to locate the “Bank of Maharashtra” and press the “Apply Now” button.
A short online form will then display on your screen.
Complete the form with your name, mobile number, and city.
You will receive a 6-digit OTP on your mobile.
Submit the OTP by pressing the “Submit” button.
Soon after, a loan specialist from our team will contact you.

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Frequently Asked Question (FAQs)

What is the maximum loan amount available for a government employee's personal loan?

The maximum loan amount available for a government employee’s personal loan is ₹20 lakh, subject to your income and creditworthiness.

Is there a guarantee required for a Bank of Maharashtra Government Employees Personal Loan?

No guarantee is required for a Bank of Maharashtra Government Employees Personal Loan.

Can I apply for a Bank of Maharashtra Government Employees Personal Loan online?

You can easily apply for a Bank of Maharashtra Government Employees Personal Loan online through Urban Money. On their website, you can also check your eligibility and EMI estimate.