Interested in financial products
CreditMantri
Processing

Eligibility Criteria for Bank of Maharashtra Personal Loans

Bank Of Maharashtra Personal Loan Eligibility

The personal loans of the Bank are of multiple variants providing finance for the personal needs of the borrowers of specific categories. The eligibility for each type of personal loan of the Bank is distinct catering to the specific target group of borrowers. The details of the personal loans of the Bank of Maharashtra are mentioned below.

Maha Bank Personal Loan Scheme

Maha Bank Personal Loan Scheme is the primary personal loan scheme that is available for all the customers. This scheme can be availed by any applicant to meet their personal expenses. The loan requires the applicants to provide minimum documentation and the interest rate charged on such loans is very competitive. The main criteria for eligibility for this loan are the age and the income of the applicant as well as their relationship with the bank.

These criteria are discussed further hereunder.

Eligible Applicants

The personal loan of the Bank under this category can be applied by either the salaried persons or the self-employed persons and professionals. These applicants can be the permanent employees of any of the following,

  • Central Government
  • State Government
  • PSUs
  • Public or Private Limited Companies
  • Reputed Corporate
  • MNCs

Age

Bank of Maharashtra requires the applicants to be of minimum 21 years of age to be eligible for this loan. The maximum age to be eligible for Maha Bank Personal Loan is 60 years.

Income

The bank requires the applicants to have a minimum income level to be eligible for the personal loan of the Bank. This criterion ensures that the applicant has a sufficient capacity to repay the loan taken. The minimum income required by the applicant to be eligible for the loan is Rs. 3,00,000 per annum.

Relationship with the Bank

Another important criterion is the relationship with the Bank. The bank requires the applicant to have an account with the Bank for a minimum period of 1 year if the applicant is a self-employed person or a professional like a Doctor, CA or an Architect.

If the applicant is a salaried employee, the bank requires such an applicant to have the salary account with any branch of the Bank. If such a person does not have a salary account with the bank, the bank requires the employer of such person to take an undertaking that the salary will be credited only after deduction of the loan instalment due.

Maha Bank Personal Loan Scheme to Bharat Petroleum Corporation Limited Employees

Maha Bank Personal Loan Scheme to Bharat Petroleum Corporation Limited Employees is another variant of the personal loan scheme of the Bank. This loan, as the name suggests, is specifically applicable to the employees of this organization. Apart from being an employee of Bharat Petroleum Corporation Limited (BPCL), the Bank has laid certain additional eligibility conditions that make a person qualified for this personal loan of the Bank. The details of all the eligibility conditions to be met to qualify for a Maha Bank Personal Loan to BPCL Employees is discussed below,

Eligible Applicants

The primary condition to be eligible for Maha Bank Personal Loan to BPCL employees is to be employed with this organization. The loan can be applied by any confirmed or permanent employee of BPCL. This loan can be availed to meet any personal expenses of such employees.

Age

Similar to the primary version of personal loans of the Bank, the Bank of Maharashtra requires the applicants to be of a minimum of 21 years of age to be eligible for Maha Bank Personal Loan to BPCL Employees. The maximum age to be eligible for Maha Bank Personal Loan is 60 years.

Income

Bank of Maharashtra has set a minimum income requirement to be eligible for the personal loan available to employees of BPCL to prevent the loan given to become NPA. As per the guidelines of the Bank, the applicant requires a minimum income of Rs. 3,00,000 per annum to be eligible for the loan.

Relationship with the Bank

The Bank also requires the applicant to have an account with any of the branches of the Bank. Having an account with the bank is an integral part of eligibility.

Salary Gain Scheme

Salary Gain Scheme is another form of personal loan that is offered by Bank of Maharashtra. This loan is in the form of an overdraft facility that is offered to all the salaried employees that have an account with the Bank. The purpose of this loan is to meet any personal expenses of such applicants. The eligibility for this loan is explained below.

Eligible Applicants

This personal loan is available for all the salaried employees that have an account with any branch of the Bank. For this purpose, the salaried employees have to be in permanent employment of any of the following organizations for a minimum period of 1 year,

  • Central Government
  • State Government 
  • Public Sector Undertakings
  • Government Aided Educational Institutions
  • Any corporate concern of repute
  • Co-operative Societies

Age

The minimum age to be eligible for the loan under this scheme is 21 years. The maximum eligibility age for this schema is 60 years or till the time the applicant retires from the service of the organizations mentioned above.

Income

Bank of Maharashtra requires the applicants to have a minimum income of Rs. 25,000 per month to be eligible for the personal loan under this scheme. This amount has to be an average of the past three months’ average that has to be credited to the salary account of the applicant held in any of the branches of the bank.

Relationship with the Bank

An important criterion of eligibility under this loan is to have an account with the Bank. The applicant can have a salary account with any branch of the bank.

Personal Loans from Bank of Maharashtra

A personal loan is one of the quickest and easiest forms of loans that can be availed by a borrower. The bank provides these loans for any personal purpose or meeting any personal expenses. These loans are often in the nature of short term loans and require minimum documentation to be approved. The personal loans of the Bank of Maharashtra are of many variants. The eligibility for each of these loans depends on the specific guidelines laid by the bank in each case.

Features of the Personal Loans of Bank of Maharashtra

The personal loans of the bank are available at a reasonable rate of interest and have comfortable repayment tenures. The highlights of the personal loans of the Bank are tabled below

ParticularsMaha Bank Personal Loan SchemeMaha Bank Personal Loan Scheme to Bharat Petroleum Corporation Limited EmployeesSalary Gain Scheme

Quantum of Loan

Lower of,

  • Rs. 20,00,000
  • 20 times Gross monthly Income

Lower of,

  • Rs. 20,00,000
  • 20 times Gross monthly Income

Lower of,

  • Rs. 3,00,000
  • 3 times Monthly Take-home Salary

Rate of Interest

9.55% - 10.55% per annum

8.55% per annum

10.05% per annum

Tenure

  • For Salaried Persons – 7 years
  • For other – 6 years

7 years

NA

Processing Fees

NIL

1% of the Loan amount excluding taxes (Minimum Rs. 1,000)

0.5% of the OD amount per annum (minimum Rs. 500 per annum)

Overview of Bank of Maharashtra

Bank of Maharashtra is one of the oldest names in the Indian banking sector and is in existence since before the independence. The bank has its headquarters in Pune, Maharashtra and has grown from its humble roots to become a modern bank that caters to customers not only in India but also overseas. The bank offers many products and services that are designed to address the specific needs of the customers across all the segments like personal banking, corporate banking, NRI banking, etc.

FAQs – Personal Loan Eligibility – Bank of Maharashtra

1. Who is eligible for the personal loans of Bank of Maharashtra?

A. The personal loans of Bank of Maharashtra can be applied by salaried persons as well as self-employed persons or professionals.

2. What is the maximum loan that can be availed by a person under the personal loans of Bank of Maharashtra?

A. The maximum loan that can be availed by any person under the personal loans of the Bank is Rs. 20,00,000 or 20 times the gross monthly income of the applicant, whichever is lower.

3. What is the maximum eligible deduction under Maha Bank Personal Loan?

A. The maximum eligible deduction under the Maha Bank Personal Loan is up to 60% of the Gross Income including the proposed EMI. This percentage is up to 65% of the Gross Income in the case of existing Home Loan Borrowers.

4. What is the eligible tenure of the Personal Loan of Bank of Maharashtra?

A. The eligible tenure for Bank of Maharashtra is up to 84 months (7 years) or 60 months (5 years) in case of personal loan for the general public. The tenure of personal loans specific to BPCL employees is 84 months or 7 years.

5. Do I need to provide any margin for the personal loan of Bank of Maharashtra?

A. The applicants for personal loans of Bank of Maharashtra do not require providing any margin to be eligible for these loans.

6. What are the factors determining the eligible amount of Overdraft in case of Salary Gain Scheme?

A. The eligible amount for overdraft is determined by factors like,

  • Latest take-home salary for the past 3 months
  • Repayment capacity
  • Continuous credit of salary to the account held with the Bank

7. What is the minimum eligible income for Personal Loan of Bank of Maharashtra?

A. The minimum eligible income for Personal Loan of Bank of Maharashtra is Rs. 3,00,000.

8. What are the factors responsible for determining the eligibility of an applicant for Personal Loan?

A. There are many factors responsible for determining the eligibility for Personal Loans. Some examples of such factors are mentioned below,

  • The credit score of the applicant
  • Repayment capacity of the applicant
  • Past relationship with the Bank
  • Work experience
  • Age of the applicant
  • Employment status

9. What is the customer care number of Bank of Maharashtra for any queries regarding personal loans of the bank?

A. The customer care number for personal loans of Bank of Maharashtra is 1800 233 4526.

10. Can an applicant apply for the personal loan of the bank through online modes?

A. Yes. Online banking modes like net banking or mobile banking can be used to apply for the personal loan of the Bank. Alternatively, the applicants are also eligible to apply for the loan through the website of the Bank.

×Thank you! Your comment will be reviewed and posted shortly.

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.