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Bank Of Maharashtra

What is a Personal loan?

A personal loan is an unsecured, all-purpose loan, meaning the end use is not restricted and you don’t have to pledge any collateral as security to avail the loan. A personal loan can help you meet unexpected expenses—such as sudden loss of income, a medical emergency, wedding expenditure, higher education expenses, home renovation projects or even for the purchase of expensive consumer durables It could be used to meet business expenses as well. A personal loan addresses all needs, and if planned well, it could turn out to be your friend indeed.

However, Interest rates for personal loans in India can be on the higher side if you have a poor credit rating. Personal loans are generally among the most expensive loans on the market since they are unsecured.

If you need funds, you can apply for a Bank of Maharashtra personal loan in a hassle-free and convenient way. Read on to know more on the features and benefits on offer and the interest rates.

Some features and benefits of Bank of Maharashtra personal loans:

  • Avail instant personal loans
  • Complete flexibility of end use
  • Hassle-free online Personal Loan application
  • Loan tenure ranging from 1 to 5 years
  • Guarantor required
  • Flexible Bank of Maharashtra Loan payment options

Eligibility:

The eligibility to avail Personal loan from Bank of Maharashtra is as follows -

  • Age criteria: minimum age of 21 years and maximum age of 60 years
  • Existing Housing Loan Borrowers (Salaried Individuals only)
  • Corporate Salary Account holders (Minimum 2 years in employment and with 1year in the current organization) having minimum standing of 1 year relationship with the Bank.

Bank of Maharashtra Personal Loan Interest Rate 2018: 15.00 % p.a ( subject to review)

Personal Loan Interest Rates in Bank of Maharashtra are competitive. Bank of Maharashtra Personal Loan Interest starts from 15 % per annum though it can be higher, depending on your credit history amongst other factors.

Note that Service Tax and other Government taxes will be levied over and above the Fees & Charges. Following is an overview:

Min. Annual Income

For Corporate Salary Account holders: Rs. 3.00 lakh (last year income) - Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.

For Existing Housing Loan Borrowers (For Salaried Individuals only): Rs. 2.50 lakh (last year income) - Minimum past 2 year ITR/Form 16 from the employer is Mandatory, Subject to sufficient disposable income.

Age Limit
  • Minimum: 21 Years
  • Maximum: 60 Years
Quantum of FinanceMaximum loan amount: Rs.1.50 lakh, Subject to deduction norms
Margin:NIL
Rate of Interest:1.00% discount in applicable interest rate will be given to Existing Housing Loan Borrowers / Corporate Salary account Holders
RepaymentMaximum 36 Months
DeductionNot to Exceed 60% of the Gross Income including Proposed EMI
Processing Charges

15.00 % p.a.

1.00% of the Loan Amount (Min.: Rs.1000)

SecurityClean
Guarantor₹One guarantor acceptable to the Bank

Note: The above interest rates and other charges are subject to periodic review. The final pricing will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time.

How to calculate Interest/EMI on Bank of Maharashtra Personal Loan

You can calculate your personal loan EMIs easily using the any online Personal Loan EMI calculator. Using this tool, you can calculate your monthly EMI outflow, as well as the amount towards servicing the interest.

The calculator will help in determining your exact EMI. Online calculators are free, easy and hassle-free, and you can calculate your EMI in a matter of minutes to help you with your monthly personal budgeting.

How CIBIL™ score affects Bank of Maharashtra Personal Loan Interest Rates

The interest rate offered is influenced largely by your credit score you have and your net income. If you have a good credit score, it is an indication to the lenders that you are trustworthy and can make timely repayments on the loan. You stand a better chance of your loan application being approved at the best possible interest rates with a good score.

It is always advisable to have a healthy credit score and improve your credit score to 750 or above, before applying for any line of credit.

Bank of Maharashtra Personal Loan Status

Once Bank of Maharashtra receives a completed application form along with the necessary supporting documents, the bank determines whether you are eligible for a personal loan or not. If you are found eligible, you will get an approval for a specific loan amount based on your credit history, requirement, and repayment capability. You can check the status of your Bank of Maharashtra personal loan by contacting the customer care department and referencing your application number.

Bank of Maharashtra Personal Loan FAQs

What are the minimum and maximum loan amounts?

It is subject to your eligibility, income, nature of job, credit profile and repayment capacity.

Do I need to provide collateral to secure Bank of Maharashtra Personal loan?

A third-party guarantor is required to avail the loan.

Is it possible to change my Installment date?

Yes, it is possible to change the Installment date although it will attract rescheduling charges per instance plus applicable service tax.

What are the tenures available?

You can choose from tenures up to 36 months.

I need a personal loan as soon as possible. How much time will it take for my loan to get approved?

If you are found eligible, loans are approved within 7 to 14 working days of submission of complete required documentation.

I want to prepay my loan. Is it possible, and if so, what are the charges?

It is subject to the terms and conditions agreed as on time of loan agreement.

What is personal loan EMI?

Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure towards servicing your personal loan.

How to apply for Bank of Maharashtra Personal Loan

There are several ways of applying for a Bank of Maharashtra Personal Loan:

-You can go in person to your nearest branch with the required documentation

-You can contact the customer care department of Bank of Maharashtra

Need help with advice on eligibility and on which loan offer suits you the best?

If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.

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