Bank Of Maharashtra Travel Loan

Travelling is often considered an essential part of life, whether it’s for leisure, education, or business purposes. However, the expenses associated with travel can sometimes exceed our budget, making it challenging to embark on our desired journeys. Recognising this need, the Bank of Maharashtra offers travel loans to help individuals fulfil their travel aspirations without financial constraints. Let’s jump into the features and benefits of the Bank of Maharashtra’s travel loan scheme.

Feature Of Bank Of Maharashtra Travel Loan

The Bank of Maharashtra’s Travel loan offers several key features:

• Borrowers can access loan amounts up to Rs 20 Lakhs.
• The bank offers competitive interest rates.
• Applications are processed swiftly.
• The application process requires minimal documentation.
• Borrowers can choose from various repayment options tailored to their financial situation.
• Borrowers can make early repayments without incurring any prepayment penalties.
• Bank of Maharashtra provides dedicated customer support to address any queries or concerns related to Travel loans.

What Are The Interest Rates For Travel Loans?

Bank of Maharashtra Travel Loan Rates of Interest are designed to cater to everyone easily. Here are the slabs for you to check. 

Salary Account with Bank of Maharashtra

CIBIL Score	ROI	ER
800 & above	RLLR + 0.70	9.75
776 to 799	RLLR + 1.00	10.05
750 to 775	RLLR + 1.50	10.55
700 to 749	RLLR + 2.00	11.05
NTC or -1 or 0	RLLR + 1.70	10.75

Salary Account with Other Bank

CIBIL Score	ROI	ER
800 & above	RLLR + 1.50	10.55
776 to 799	RLLR +  2.00	11.05
750 to 775	RLLR + 2.50	11.55
700 to 749	RLLR +  3.00	12.05
NTC or -1 or 0	RLLR + 2.75	11.80

Salary Account with Bank of Maharashtra

CIBIL Score	ROI	ER
800 & above	RLLR + 1.50	10.55
776 to 799	RLLR + 2.00	11.05
750 to 775	RLLR + 2.50	11.55
700 to 749	RLLR + 3.00	12.05
NTC or -1 or 0	RLLR + 2.75	11.80

Salary Account with Other Bank

CIBIL Score	ROI	ER
800 & above	RLLR + 1.90	10.95
776 to 799	RLLR + 2.50	11.55
750 to 775	RLLR + 3.00	12.05
700 to 749	RLLR + 3.50	12.55
NTC or -1 or 0	RLLR + 3.25	12.30

Other Salary Account Holders

CIBIL Score	ROI	ER
800 & above	RLLR + 1.90	10.95
776 to 799	RLLR + 2.45	11.50
750 to 775	RLLR + 2.95	12.00
700 to 749	RLLR + 3.45	12.50
NTC or -1 or 0	RLLR + 3.25	12.30

Professional Account with or without Bank of Maharashtra

CIBIL Score	ROI	ER
800 & above	RLLR + 2.00	11.05
776 to 799	RLLR + 2.50	11.55
750 to 775	RLLR + 3.00	12.05
700 to 749	RLLR + 3.50	12.55
NTC or -1 or 0	RLLR + 2.75	11.80

Business Account with or without Bank of Maharashtra

CIBIL Score	ROI	ER
800 & above	RLLR + 2.50	11.55
776 to 799	RLLR + 2.75	11.80
750 to 775	RLLR + 3.00	12.05
700 to 749	RLLR + 3.50	12.55
NTC or -1 or 0	RLLR + 3.25	12.30

Why Choose Bank Of Maharashtra For Travel Loans?

Bank of Maharashtra distinguishes itself in the realm of Travel loans for several reasons:

• The bank may offer rates that are favourable when compared to other lenders.
• Tailored repayment plans are available to suit individual financial circumstances.
• The bank prioritizes fast processing times, which is ideal for addressing urgent Travel expenses.
• Bank of Maharashtra endeavours to streamline the documentation process, reducing hassle for applicants.
• Depending on eligibility and customer relationship, applicants may qualify for exclusive offers or benefits, enhancing the loan experience.

Personal Loan For Travel Charges

Here are some charges you might be adding to your interest rate on a personal loan for Travel. 

Categories	Professional	Salaried	Business
Security	Nil (Clean Loan)	Nil (Clean Loan)	Nil (Clean Loan)
Processing Fee	1.00 % of the loan amount + GST (Min: Rs 1000/-)	1.00 % of the loan amount + GST (Min: Rs 1000/-)	1.00 % of the loan amount + GST (Min: Rs 1000/-)
Documentation charge	0.20% of the loan amount + GST	0.20% of the loan amount + GST	0.20% of the loan amount + GST
Margine	Nil	Nil	Nil

(Api – Travel Loan Calculator)

Who Is Eligible For A Bank Of Maharashtra Travel Loan

The eligibility criteria for a Bank of Maharashtra travel loan are as follows:

• Applicants must be between 21 and 65 years old.
• A stable source of income, either from employment or self-employment, is required for loan repayment.
• A good credit history of 750 and above is preferred.
• Salaried individuals may need to provide salary slips or income tax returns.
• Self-employed applicants may require evidence of business stability, such as audited financial statements or business registration documents.
• Applicants should be residents of India or have valid residency status according to the Bank of Maharashtra’s guidelines.
• Eligibility criteria may vary based on the desired loan amount, with higher amounts requiring stricter criteria.
• Existing financial commitments, repayment capability, and relationship with the bank may also influence eligibility.

Documents Required For Travel Loan Application

Documents needed for a Bank of Maharastra Travel loan application include

• Government-issued photo ID (e.g., Passport, Driver’s License, Aadhar Card, PAN Card).
• Proof of address (e.g., Aadhar Card, Voter ID, Passport, utility bills).
• Salary slips or income statements for employed individuals; income tax returns or financial statements for self-employed individuals.
• Bank statements from the past few months.
• Estimates or bills from healthcare providers for treatment.
• Employment certificate or letter from employer for salaried individuals.
• Additional items like passport-size photos and lender-specific forms may also be required.

What Are The Things To Consider While Taking A Travel Loan?

To successfully apply for a Travel loan, adhere to these recommended steps:

• Research lenders, like banks and online providers, for suitable terms.
• Check eligibility criteria before applying.
• Gather required documents: ID, residence proof, income statements, Travel estimates, and job details.
• Fill out the loan application accurately, either online or in-person.
• Submit the application and documents as instructed by the lender.
• Await the lender’s review, including a credit check.
• If approved, review and accept the loan terms.
• Upon acceptance, funds will be disbursed to your account or the Travel provider.
• Make timely repayments to avoid penalties and maintain good credit.

How To Apply For A Travel Loan

Looking to finance your next adventure? Bank of Maharashtra offers Travel loans to help make your dream trips a reality. Here’s how you can apply:

• Explore the Bank of Maharashtra’s Travel loan options and eligibility criteria either on their website or by visiting a nearby branch.
• Ensure you meet the age, income, and other requirements the bank sets for Travel loans.
• Gather necessary documents such as proof of identity, residence, income, Travel estimates or bills, and employment details.
• Complete the Travel loan application form provided by the Bank of Maharashtra with precision and thoroughness.
• Submit your completed application form and all required documents either at your nearest Bank of Maharashtra branch or through their convenient online application portal.
• The Bank of Maharashtra will then review your application. This process may include checks and assessments to determine your eligibility for the Travel loan.