Bank of Maharashtra Personal Loan: Interest Rates, Eligibility, How to Apply

Bank of Maharashtra Personal Loan: Bank of Maharashtra provides personal loan at low interest rate. The maximum loan amount one can avail is Rs 20 lakhs and the repayment tenure is up to a maximum of 84 months. No guarantor is required and little documentation is required.

Benefits of Bank of Maharashtra Personal Loan

  • low interest rates
  • no hidden costs
  • less paperwork
  • long repayment period
  • Minimum income requirement
  • Attractive offers are made to pensioners.

Documents Required for Bank of Maharashtra Personal Loan

Important documents to be submitted while applying for personal loan from Bank of Maharashtra

  • Well filled application form
  • 3 passport size photographs
  • Proof of Identity (Photocopy of Voter ID / Passport / Driving License / PAN Card)
  • Proof of residence (photo copy of recent telephone bill / electricity bill)
  • Bank account/passbook details for the last six months
  • Form 16/IT Return for the last two financial years for salaried employees
  • IT returns for three years for self-employed professionals

To meet the varied needs, Bank of Maharashtra offers three types of personal loan products. You can choose the best option as per your requirement.

Maha Bank Personal Loan Scheme

eligibility criteria Salaried / Self Employed
Age 21 to 60 years
repayment period max 84 months
Maximum loan amount 20,00,000 rupees
Rate of interest 9.70% to 15.00%

Loan Purpose: Loan can be taken for any purpose for your personal expenses like medical expenses, travel expenses, loan repayment, expenses for family functions etc.

Loan Eligibility : Existing Home Loan borrowers (Salaried Individuals only) / Corporate Salary Account holders (with minimum 2 years in employment and 1 year in current organization) having minimum 1 year relationship with the bank.

Minimum Annual Income: Rs.3 Lakh for Corporate Salary Account Holders, Minimum last 2 years ITR/Form 16 is mandatory.

For Existing Home Loan Borrowers (Only for Salaried Individuals): 2.50 Lakh (previous year income), Minimum last 2 years ITR/Form 16 mandatory.

Age Limit: Minimum 21 Years and Maximum 60 Years

Loan Amount: Loan amount is 20 times of gross monthly income, maximum Rs 20 lakh

Margin : Nil

Repayment Period : Maximum 84 Months

Interest Rate : 9.45% to 15.00%

Deduction : Should not exceed 60% of gross income including EMI offered

Processing Fee : 1.00% of the loan amount + GST

Bank Of Maharashtra Personal Loan EMI Payment Methods

Your Bank of Maharashtra personal loan can be repaid in the following three ways.

Standing Instruction (SI) : If you are an existing Bank of Maharashtra account holder, then standing instruction is the best mode of repayment. Your EMI amount will be automatically debited at the end of the monthly cycle from the Bank of Maharashtra account specified by you.

Electronic Clearing Service (ECS): This mode can be used if you have a non-Bank of Maharashtra account and you want your EMIs to be automatically debited from this account at the end of the monthly cycle.

Post-dated Cheque (PDC): You can deposit a post-dated EMI check from a non-Bank of Maharashtra account at your nearest Bank of Maharashtra loan center. A fresh set of PDCs will have to be submitted in a time bound manner. Please note that post dated checks will be collected only at non-ECS locations.

It is recommended that you opt for SI or ECS mode of payment for faster and less error probability as compared to the use of PDC.

Bank Of Maharashtra Personal Loan Overview

Bank of Maharashtra offers attractive interest rate on personal loan as compared to other lenders. The processing fee is 1.00% of the loan amount which is one of the lowest. In addition, the processing fee has been waived off for pensioners. The low interest rate with no hidden charges makes Bank of Maharashtra personal loans a viable and viable option to borrow for your immediate financial needs. With longer tenure and part-prepayment, Bank of Maharashtra personal loan does not burden the customers much.

Enter your details by clicking on the link given below to apply for Bank of Maharashtra Personal Loan Online :-

If you have an account with Bank of Maharashtra, then to apply online, fill the details by clicking on the link given below:-

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