Bank of Maharashtra Senior Citizens Personal Loan

The Bank of Maharashtra recognises the unique financial requirements of senior citizens. Thus, the bank offers personal loans designed to meet their needs, providing seniors with financial flexibility and security during retirement. Whether for medical emergencies, home renovation, or fulfilling travel dreams, these personal loans are crafted to ensure senior citizens can achieve their goals without financial strain. The Bank of Maharashtra further offers attractive interest rates and simpler eligibility criteria for seniors, making it easier for them to access funds. Hereunder, we present a comprehensive overview of a Bank of Maharashtra personal loan for senior citizens. Let’s get started!

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Table of Content

1. Bank of Maharashtra Personal Loan for Senior Citizens Highlights

2. Eligibility Criteria for Senior Citizens Personal Loan

3. Required Documentation for Senior Citizens Personal Loan

4. The Fees for A Bank of Maharashtra Personal Loan for Senior Citizens

5. How to Apply for a Senior Citizens Personal Loan?

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Bank of Maharashtra Personal Loan for Senior Citizens – Highlights

Here are the key parameters of a Bank of Maharashtra instant loan for senior citizens:

Interest Rates	10.50% p.a. onwards
Loan Amount	Up to ₹10 Lakh
Loan Tenure	120 EMI, subject to 75 years of age
Eligibility	Pensions must be drawn from Bank of Maharashtra branches.

Eligibility Criteria for Senior Citizens’ Personal Loan

The following are the applicable eligibility criteria regarding a Bank of Maharashtra personal loan for senior citizens:

Age Requirement: You should be below 73 years old.
Income Criteria: You should draw pensions from Bank of Maharashtra branches.
Credit Score: You should have a good credit score, preferably 700 or above.
Residential Status: You should be a permanent resident of India.

Required Documentation for Senior Citizens’ Personal Loan

The following are the documents needed for the senior citizen personal loan from Bank of Maharashtra:

KYC Documents: PAN card, Aadhar Card, Passport, or Driving license.
Residential Documents: Electricity Bill, Ration Card, Election ID card, or Passport.
Income Documents: Latest pension slip, bank statement, or income tax return.
Additional Documents: Duly filled and signed personal loan application form and 2 passport-sized photographs.

The Fees for A Bank of Maharashtra Personal Loan for Senior Citizens

The following are the fees of a Bank of Maharashtra instant loan for senior citizens:

Fee/Charge	Amount
Processing Fee	0.50% of the loan amount
Prepayment Charges	Nil
Late Payment Penalty	2% per annum interest on the due amount.

How to Apply for a Senior Citizens Personal Loan?

Following is the step-by-step procedure to apply for a Bank of Maharashtra personal loan for senior citizens:

Visit the Urban Money website.
Click on the “Loan” section and select the “Personal Loan” category.
You will be redirected to a new page labelled “Personal Loan.”
Scroll down until you find the “Bank of Maharashtra” and click on the “Apply Now” button.
A brief online form will appear on your screen.
Enter your name, mobile number, and city in the form.
An OTP consisting of 6 digits will be sent to your phone.
Type in the OTP and press the “Submit” button.
Shortly after that, 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 senior citizen's personal loan?

The maximum loan amount available for a senior citizen’s personal loan is ₹10 lakh.

Is there a guarantee required for a Bank of Maharashtra Senior Citizens Personal Loan?

Yes, you must offer one guarantor for a personal loan from the Bank of Maharashtra. Notably, the guarantor agrees to repay the loan if the primary borrower cannot do so.

Can I apply for a Bank of Maharashtra Senior Citizens Personal Loan online?

You can apply for a Bank of Maharashtra Senior Citizens Personal Loan online via Urban Money, where you can also verify your eligibility and calculate your EMI.