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Bank of Maharashtra offers personal loans with low interest rates. No security is needed. Maximum loan amount is Rs. 1.50 lakhs and the tenure is for a maximum of 36 months. Less documentation and minimum income requirement. Apply now through CreditMantri!
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Bank of Maharashtra is a major public-sector bank in India. Government of India holds 81.61% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches. It has largest network of branches by any public-sector bank in the state of Maharashtra.
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
Being one of the largest bank in India, Bank of Maharashtra offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Bank of Maharashtra.
Important documents to be submitted while applying for personal loans with Bank of Maharashtra
Catering to the needs of various sections of people for different needs, Bank of Maharashtra provides three personal loan products. You can choose the best one that suits your requirement.
For Personal Expenses such as Medical Expenses, Expenses on Travel / Tour, Income Tax liability, Expenses for Family Functions etc.
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 our Bank.
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.
Minimum: 21 years and maximum: 60 years
Quantum of Finance:
Maximum loan amount: Rs.1.50 lakh, Subject to deduction norms
Maximum 36 Months
Base Rate: 9.70% BPLR: 15.00%
Not to Exceed 60% of the Gross Income including Proposed EMI
1.00% of the Loan Amount (Minimum: Rs.1000/-)
One guarantor acceptable to the Bank
Your Bank of Maharashtra personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Bank of Maharashtra, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of Maharashtra account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Bank of Maharashtra account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Bank of Maharashtra account at your nearest Bank of Maharashtra Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity. Bank of Maharashtra offers two types of personal loans. They are Personal loan and Quick Loan.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
In some cases, security is required.
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
The processing for personal loan for public is 1.00% of the loan amount. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8.How does Bank of Maharashtra Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us.
Bank of Maharashtra offers personal loans at the cheapest rates of interest, with no security or collateral
Bank of Maharashtra offer loans for the longest tenors (36 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.
The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.
With an Bank of Maharashtra personal loan, you can choose between fixed rates of interest and floating interest rates.
9.How can I apply for the Bank of Maharashtra personal loan?
You can either apply online or visit the nearest HSBC loan centre for a personal loan.
10.Will there be any charges for prepayment towards my Bank of Maharashtra personal loan?
No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest Bank of Maharashtra branches.
Bank of Maharashtra Personal Loans Overview
Bank of Maharashtra provides attractive interest rates on personal loans when compared to other lenders. The processing fee is 1.00% of the loan amount which is among the lowest fees in the industry. Moreover, the processing fee is waived off for pensioners. Low interest rate with no hidden charges makes Bank of Maharashtra personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Bank of Maharashtra personal loans do not impose much burden on the customers.
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