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You can Check the Personal Loan Status through the following methods
Bank of Maharashtra Personal Loan Customer Care
A person can check the loan status by calling the numbers 1800-233-4526 / 1800-102-2636 for any financial queries including Personal Loan.
Bank of Maharashtra Branch
You can also directly go to the branch you apply at to meet the officer in charge to know the status of your personal loan application.
Tracking Bank of Maharashtra Personal Loan application through your mobile number and date of birth
With Mobile number being a unique identifier, many banks use mobile number alone as a point of reference to track the personal loan application. This way the customer does not need to search for a different number like reference number to check their application status. Using this method, the customer can check the loan status from anywhere. As an added precaution some banks might ask for date of birth along with the reference number/application number for reference.
Bank of Maharashtra Personal Loan tracking by reference number
Just like mobile number the reference number/application number is also a unique identifier. The only downside with checking the loan status using this method for the customer is that they need to keep this number in hand as they might not have memorized it.
Bank of Maharashtra Personal Loan application status through net banking
If you are an existing customer, you have an added advantage. Not just the case where you can try and negotiate better loan terms you can also apply and check your loan status on the et banking portal. All you need to do is login to your net banking portal and go to the loans section. Here you can apply, check or know the balance on the loan you apply.
There might come a time in every person’s life where they are hard pressed for money. It could be because of many reasons like marriage, education fees payment, medical emergencies etc. During these times an individual will be in need of money from a few thousand to lakhs. It is to help in these situations that banks like Bank of Maharashtra provide Personal Loans.
As you can clearly see a Personal loan is a multipurpose loan that can be applied online or offline. Since personal loans are unsecured loans there are strict rules and regulations that the borrower needs to fulfil before loans are approved. Once the personal loan is approved you can check the status of the loan through any one of the following.
To apply for a personal loan, now you can either do it online or in person to the nearest Bank of Maharashtra branch.
Online method: Like Bank of Maharashtra, every bank has an online portal. The users can visit the official website of the bank and provide details such as name, income, employment and property documents to apply for a personal loan. Once application submission is over, the bank will process your application and approve your personal loan. The applicants can also track the personal loan application online and offline using simple steps.
Offline Method: You can visit the bank, fill in the application and submit it along with the requisite documents. In general, it can take up to 30 days for your application to be processed and approved/rejected. You can also contact the customer care number to apply for a personal loan.
Important documents to be submitted while applying for Bank of Maharashtra Personal Loans
Completed loan application
There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.
Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
1. Location: the place where you stay plays an important part in your loan application. This determines the minimum salary amount for you to be eligible for a Bank of Maharashtra Personal Loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
2. Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
3. Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
4. Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the interest rate can be negotiated.
5. Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
6. Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.
There are multiple factors that banks consider before approving any Personal Loan.
Standing Instruction (SI) is a good way to pay your EMI if you are an existing account holder at the lender bank. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of Maharashtra account you specify. It is simple, and you do not need to remember each month about paying the loan manually. There is also Electronic Clearing Service (ECS) which can be used in case you do not have an account at the lender bank. ECS is where you give the lender bank permission to directly withdraw money automatically, each month from your specified other bank account. Lastly there is Post-Dated Cheques (PDCs) which can be submitted to the lender bank for the duration of the tenure, which the bank will deposit each month on the date specified by you. Most banks make this facility available only in areas where the ECS or SI facilities are not available. This method also has the drawback where the bank might lose the cheques as the duration or tenure is long.
1. Will only Bank of Maharashtra customers be eligible for a personal loan?
Though Bank of Maharashtra customers might have an edge over the negotiating of a Personal Loan terms, it is not restricted to existing customers alone. All can apply for it provided they meet the loan criteria.
2. How will I know if my Bank of Maharashtra Personal Loan application is approved or rejected?
Will get intimations through SMS, Email or by registered post in case of both approval and rejection. If approved the letter will contain details of the loan while in the case of rejection it will have details of why your loan was rejected which you can work on to get your loan approved the next time.
3. How can I repay the Bank of Maharashtra Personal Loan?
You pay the loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through Electronic Clearing System (ECS) or a standing instruction to debit your Bank of Maharashtra account with the EMI amount.
4. Are there prepayment options with Bank of Maharashtra Personal Loan?
Yes, you can prepay the loan, but there might be prepayment charges of about 1% to 3% on the balance.
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