Bank of Maharashtra Personal Loan
Bank of Maharashtra offers personal loans starting at 10% per annum for loan amounts of up to ₹20 lakh and tenures of up to 7 years. It provides a “Salary Gain Scheme,” a personal loan overdraft facility, to employees of the central or state governments, PSUs, and reputed employers. All the employees working at the BPCL site of any scale are eligible for a personal loan under Maharashtra Bank. Mahabank personal lending scheme Maharashtra bank offers personal loans that enable customers to take on or incur personal expenses in all ways such as a family member's marriage, renovation, journeying, and hospital and other medical expenditures. As all these features of having all added benefits come as the best interest rates also for the personal loans so this makes the 'Mahabank Personal lending scheme'.
Features of Bank of Maharashtra Personal Loan
Low interest rate
Personal loans have the lowest interest rates and processing fees in India.
Less documents
There is relatively minimal documentation needed for the approval and verification process.
Charges & fees
There are some hidden costs involved, such as processing charges and fees.
Track my loan
It is an online personal loan tracking service, which helps you to stay updated about your loan.
Loan repayment
EMI rates of personal loans are lower and it offers a greater amount of loan amount.
Simple application process
The payout process has been simplified, as the application process can be done both ways, online and offline.
Prepayment
There is no prepayment penalty on the personal loan.
Loan amount
The loan amount you can get is 20 times your total monthly income.
Bank of Maharashtra Personal Loan Details
Interest Rate | 10.00%-12.80% p.a. |
Loan Amount | Up to ₹20 lakh |
Loan Tenure | Up to 5 years For Salaried: Up to 7 years |
Processing Fees | 1% of loan amount |
Source: Paisabazaar; rates as of 21 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Bank of Maharashtra Personal Loan Fees & Charges
Bank of Maharashtra applies the following fees and charges to personal loans:
Processing Fees | NIL (Festive Offer) |
Documentation Charges | 0.20% of the loan amount + GST |
Source: Paisabazaar; as of 21 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Bank of Maharashtra Personal Loan Interest Rates
Bank of Maharashtra Personal Loan interest rates start at 10% per annum. The bank provides personal loans depending on the work profile and CIBIL Score of the applicants.
Maha bank personal loan scheme for salaried individuals
Type A
For individuals having salary account with bank of Maharashtra
CIBIL Score | Rate of Interest (p.a.) |
800 and above | 10.00% |
776-799 | 10.30% |
750-775 | 10.80% |
700-749 | 11.30% |
NTC or -1 or 0 | 11.00% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
For individuals having salary account with other banks
CIBIL Score | Rate of Interest (p.a.) |
800 and above | 10.80% |
776-799 | 11.30% |
750-775 | 11.80% |
700-749 | 12.30% |
NTC or -1 or 0 | 12.05% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Type B
For individuals having salary account with bank of Maharashtra
CIBIL Score | Rate of Interest (p.a.) |
800 and above | 10.80% |
776-799 | 11.30% |
750-775 | 11.80% |
700-749 | 12.30% |
NTC or -1 or 0 | 12.05% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
For individuals having salary account with other banks:
CIBIL Score | Rate of Interest (p.a.) |
800 and above | 11.20% |
776-799 | 11.80% |
750-775 | 12.30% |
700-749 | 12.80% |
NTC or -1 or 0 | 12.55% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Type C
CIBIL Score | Rate of Interest (p.a.) |
800 and above | 11.20% |
776-799 | 11.75% |
750-775 | 12.25% |
700-749 | 12.75% |
NTC or -1 or 0 | 12.55% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Maha bank personal loan scheme for professionals
CIBIL Score | Rate of Interest (p.a.) |
800 and above | 11.30% |
776-799 | 11.80% |
750-775 | 12.30% |
700-749 | 12.80% |
NTC or -1 or 0 | 12.05% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Maha bank personal loan scheme for business class
CIBIL Score | Rate of Interest (p.a.) |
800 and above | 11.80% |
776-799 | 12.05% |
750-775 | 12.30% |
700-749 | 12.80% |
NTC or -1 or 0 | 12.55% |
Note: Readers are advised to check the relevant bank's website for the latest updates.
Other bank of Maharashtra personal loan schemes
Personal Loan Scheme | Interest Rate (p.a.) |
Maha Bank Personal Loan Scheme for payment of one time Group Credit Life Insurance | 10.80% |
Personal Loan for BPCL employees | 10.95% |
Salary Gain Scheme | 12.45% |
Maha Bank Aadhar Loan Scheme | For General Pensioners- 11.00% For Defence Pensioners- 10.50% |
Source: Paisabazaar; rates as of 21 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Bank of Maharashtra Personal Loan Eligibility
Bank of Maharashtra provides personal loans to a varied spectrum of professionals. To qualify, applicants must satisfy the following requirements for different schemes:
- It is available to employees of Central/State Government/PSUs, Public or Private Limited Companies/MNCs with salaries from Bank of Maharashtra/Reputed Corporates.
- For salaried applicants who do not have a salary account with the Bank of Maharashtra, the personal loan is sanctioned subject to the employer's agreement to deduct monthly loan instalments from their salary.
- Self-employed professionals (only doctors, CAs, and architects) who own their own businesses can apply for a personal loan if they have been banking with the Bank of Maharashtra (with credit capacity) for the past year.
BPCL employees
- All confirmed personnel of BPCL (Bharat Petroleum Corporation Limited), a public sector institution.
- Minimum Annual Income: Rs. 3 lakh.
Salary gain scheme
- Minimum age should be 21 years.
- Permanent employees of Central and State governments, PSUs, reputable corporations, public or private sector firms, or MNCs.
- A minimum of one year of work experience.
- The applicant’s minimum take-home wage should be ₹25,000.
Bank of Maharashtra, like other personal loan lenders, may examine an applicant's credit score and monthly income when determining their eligibility for a loan.
Bank of Maharashtra Personal Loan Document Required
Applying for a personal loan might be made easier if you have the necessary documentation. Let's get into the exact documents you'll require to obtain a Bank of Maharashtra Personal Loan:
- Application form:
- Complete application form
- Passport size photograph
- Identification proof:
- Aadhaar card
- Driving licence
- Voter ID
- Passport
- Address proof:
- Aadhaar card
- Driving licence
- Voter ID
- Passport
- Electricity bill
- Ration card
- Income proof:
- Recent salary slips
- Bank account statement
- ITR
- Form 16 from your employer
- Employment proof:
- Employment certificate
Having these documents available will help to speed your application process and boost the likelihood of a successful approval.
Bank of Maharashtra Personal Loan EMI Calculator
The Bank of Maharashtra Personal Loan EMI Calculator is a useful tool that will help you calculate your Equated Monthly Instalments (EMIs) and total interest payable during the life of your loan. By entering information such as the loan amount, interest rate, and loan period, you can immediately obtain precise figures. This tool helps you organise your finances more effectively by offering a clear view of your payback schedule and total interest payments.
Furthermore, the calculator's accessibility and usability make it a helpful resource for people with varied degrees of financial knowledge. Online EMI calculators encourage financial responsibility by offering accurate and accessible information, allowing users to make informed borrowing decisions.
Personal Loan EMI Calculator
Bank of Maharashtra Personal Loan Interest Rates vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Bank’s website, rates as of 27 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Bank of Maharashtra Personal Loan FAQS
How can you apply for a loan online?
Individuals can apply for the loan online using the bank’s official website or through a third-party financial website that provides loan information.
Is a guarantor necessary for this loan?
The bank allows one guarantor for the personal lending scheme.
What is the minimal credit score for Bank of Maharashtra personal loans?
The bank provides preferential interest rates to personal loan applicants depending on their credit ratings, with the lowest rates available to individuals with credit scores of 750 or higher.
Is there any restriction on prepayment of personal loans at Bank of Maharashtra?
There are no restrictions on prepayment of personal loans at Bank of Maharashtra. Bank of Maharashtra Personal Loan has no prepayment charges.
Can I pick between fixed and fluctuating interest rates?
The Bank of Maharashtra only offers personal loans at fluctuating interest rates.
Is there a margin required to get a personal loan from the Bank of Maharashtra?
No, you do not need to provide a margin when applying for a personal loan from the Bank of Maharashtra.
Does Bank of Maharashtra offer personal loan balance transfers?
Yes, it allows existing personal loan borrowers from other banks/NBFCs to transfer their accounts to the Bank of Maharashtra at lower interest rates.