Bank of Maharashtra small loans

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Bank of Maharashtra Personal Loan of Rs. 5 Lakh

Bank of Maharashtra small loan online can be an ideal choice to make your someday come today. The bank ensures eligible applicants expect to receive the cash within a day or two, along with attractive interest rates and favourable terms. As it is categorised as a collateral-free credit option, you can also secure the loan amount without requiring you to pledge any of your assets as collateral. However, there are certain things you might be aware of before finalising your decision. These include the applicable eligibility criteria, required documentation, associated fees, and the application process. Urban Money offers this all-in-one guide about the Bank of Maharashtra small loan to empower you to make a more informed decision. Let’s scroll down to learn further.

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Table of Content

1. Features of Bank of Maharashtra Small Personal Loans

2. Interest Rates of Bank of Maharashtra Small Personal Loans

3. Small Personal Loans Eligibility

4. Documents Required for Small Personal Loans

5. Why Go for a Bank of Maharashtra Small Personal Loans?

6. How to Apply for Small Personal Loans Online

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

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Features of Bank of Maharashtra Small Personal Loans

Below are the expected features of the Bank of Maharashtra small loan online:

Loan amount up to ₹20 lakhs
Competitive interest rate
Lowest processing fee
No prepayment penalty
Minimal documentation
Digital application

Interest Rates of Bank of Maharashtra Small Personal Loans

Let’s examine the applicable interest rate and other key parameters of Bank of Maharashtra small loan:

Interest Rates	10% per annum onwards
Loan Amount	Up to ₹20 Lakh
Loan Tenure	7 years
Eligibility	Both salaried and self-employed individuals

Small Personal Loans Eligibility

Bank of Maharashtra’s small personal loan eligibility criteria are as follows:

Age	21 – 58 years old
Income	3 lakh per annum or above
Credit Score	Typically, 700 or above
Residency	India

Documents Required for Small Personal Loans

Following are the Bank of Maharashtra’s small personal loan document requirements:

Proof of Identity	PAN Card, Passport, Driving License, or Voter ID
Proof of Address	Utility bills, Passport, Aadhar card, or Driving License
Salaried individuals	Salary slips, bank statements, income tax returns, or Form 16
Self-employed individuals	IT Return, profit & loss account, balance sheet, audit report, etc.

Why Go for a Bank of Maharashtra Small Personal Loans?

Let’s examine the expected benefits of the Bank of Maharashtra small loan:

Multipurpose
Collateral-free
No hidden fees
Higher loan amount
Quick fund disbursement

How to Apply for Small Personal Loans Online

Following is the application process for the Bank of Maharashtra small loan online:

Go to the official website of Urban Money.
Select “Personal Loan” from the “Loan” menu on the homepage.
You’ll be redirected to a page titled “Personal Loan.”
Scroll down to locate a list of leading banks across India.
Find “India Bank” and click the “Apply Now” button.
A short online form will appear on your screen.
Fill in your name, mobile number, and city.
You’ll receive a 6-digit OTP on your phone.
Enter the OTP and hit the “Submit” button.
A loan specialist from our team will contact you shortly.

Frequently Asked Question (FAQs)

How do I get a Bank of Maharashtra Small Personal Loan urgently?

You can get a Bank of Maharashtra Small Personal Loan quickly via the Urban Money website.

How can I use a Bank of Maharashtra small personal loan to consolidate debt?

After assessing your current debts, you should apply for a loan via Urban Money’s website. Within 24 hours, one of our loan specialists will contact you by phone and guide you until the funds are disbursed.

How can I use a small personal loan?

You can use the loan amount for any financial need, such as medical emergencies, debt consolidation, education, marriage, vacation, or even purchase gadgets.

What are the risks of taking out a Bank of Maharashtra small personal loan?

Obtaining a Bank of Maharashtra small personal loan can be an excellent way to meet your urgent financial requirements. However, it’s important to thoroughly review the terms and conditions to ensure the monthly repayments are affordable and fit within your financial plan.