Bank of Maharashtra Salaried Employee Personal Loan

Unexpected expenses can disrupt even the most well-planned budgets. Bank of Maharashtra Salaried Employee Personal Loan offers a helping hand, providing quick and convenient access to funds. Offering competitive interest rates from 9.75% p.a. and flexible repayment options up to 7 years.  Access up to Rs. 20 Lakhs to cover medical emergencies, education costs, or even consolidate existing debts. With a hassle-free application process and no guarantor requirement, this loan can ease your financial burden and empower you to achieve your goals.

Bank of Maharashtra Lakh Personal Loan for Salaried Employee – Highlights 

Here is the table of highlights of the Bank of Maharashtra Salaried Employee Personal loan

Eligibility Criteria for Salaried Employee Personal Loan 

To be eligible for a Bank of Maharashtra Salaried Employee Personal Loan, you must meet the following criteria:

• Employment: Be a confirmed employee of the Central/State Government, Public Sector Undertaking (PSU), Government Educational Institution, or an ‘A’ rated private/public limited company.
• Salary Account: Have a salary account with the Bank of Maharashtra (BOM) or any other bank.
• Income: Maintain a minimum annual income of ₹3 Lakhs.
• Age: Be between 21 and 58 at the time of loan sanction.

Documentation needed for loan application

Here are the documents required for availing the Bank of Maharashtra Salaried Employee Personal Loan

• Completed application form
• KYC documents – PAN card, Aadhaar card
• Latest salary slips – 3 months
• Income Tax Returns for the past 2 years or Form 16 for the past 2 years
• Bank account statements – past 6 months
• Employer undertaking for salary deduction 

Bank of Maharashtra Personal Loan for Salaried Employee – Fees and Charges 

There are fees and charges associated with the Bank of Maharashtra Salaried Employee Personal Loan

How to Apply for a Salaried Employee Personal Loan 

Here is a step-by-step procedure for applying for a Bank of Maharashtra Salaried Employee Personal Loan through the three different channels:

Applying Online:

1. Visit the Bank of Maharashtra website: Go to the bank’s official website and navigate to the “Personal Banking” section.
2. Locate the personal loan application: Look for the dedicated page for “Salaried Employee Personal Loan” or “Apply for Personal Loan.”
3. Fill out the online application form: Enter your personal and financial details accurately in the online application form.
4. Upload scanned documents: Scan and upload clear copies of all the required documents mentioned earlier.
5. Submit the online application: Once you have reviewed the information and uploaded documents, submit your application electronically.
6. Wait for confirmation: The bank will review your online application and may contact you for further verification. They will keep you updated on the application status.

Applying at a Bank of Maharashtra Branch:

1. Visit your nearest Bank of Maharashtra branch: Locate a branch convenient for you and inquire about the personal loan scheme for salaried employees.
2. Obtain the application form: Request a personal loan application form from the bank representative.
3. Fill out the application form: Carefully complete the form with accurate personal and financial details, including income and employment details.
4. Gather required documents: Ensure you have all the documents listed earlier (photo ID, address proof, salary slips, ITR/Form 16, bank statements, etc.) readily available.
5. Submit the application and documents: Submit the completed application form and all the required documents to the bank representative.

Follow-up: The bank will process your application and may contact you for further information or clarification. They will also provide an estimated timeline for the decision.