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Personal Loan EMI Calculator Bank Maharashtra
Bank of Maharashtra Personal Loan EMI is a fixed amount of money paid by you to Bank of Maharashtra based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your Bank of Maharashtra personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator Bank Maharashtra. The calculator functions on a mathematical algorithm and gives accurate results in no time.
Why should you use Bank of Maharashtra Personal Loan EMI Calculator?
Bank of Maharashtra Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget
Input different loan amounts and tenure at the eligible interest rate on Bank of Maharashtra Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of Bank of Maharashtra Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 9.85%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right Bank of Maharashtra personal loan plan for you.Personal Loan EMI is calculated for Bank Maharashtra for different loan amounts and tenures at the rate of 9.85%.
| Loan Amount (Rs.) | 2 Years | 3 Years | 3 Years |
| 1 Lakh | ₹ 4,608 | ₹ 3,220 | ₹ 3,220 |
| 3 Lakh | ₹ 13,823 | ₹ 9,659 | ₹ 9,659 |
| 5 Lakh | ₹ 23,038 | ₹ 16,098 | ₹ 16,098 |
| 10 Lakh | ₹ 46,076 | ₹ 32,197 | ₹ 32,197 |
Factors Affecting Bank of Maharashtra Personal Loan EMI
Comparison of Bank of Maharashtra Personal Loan EMI with other Banks
| Bank Name | Interest Rate | Loan Amount of ₹ 1 Lakh | Loan Amount of ₹ 5 Lakh | Loan Amount of ₹ 10 Lakh |
| Bank of Maharashtra | 9.85% | ₹ 8,785 | ₹ 43,923 | ₹ 87,846 |
| Indian Overseas Bank | 10.00% | ₹ 8,792 | ₹ 43,958 | ₹ 87,916 |
| HDFC Bank | 10.25% | ₹ 8,803 | ₹ 44,016 | ₹ 88,032 |
| ICICI Bank | 10.25% | ₹ 8,803 | ₹ 44,016 | ₹ 88,032 |
| Kotak Bank | 10.45% | ₹ 8,813 | ₹ 44,063 | ₹ 88,125 |
Bank of Maharashtra Personal Loan Amortization Calculator
Bank of Maharashtra Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Bank of Maharashtra gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.
How to read an amortization schedule
Suppose if you take a Personal Loan of ₹ 4.50 Lakh for 2 years from Bank of Maharashtra at an interest rate of 9.85%. EMI calculated for this loan amount is ₹ 20,734 and the total annual EMIs to be paid annually is ₹ 2,48,809. The EMI schedule of loan for 2 years is explained below in the table –
Amortization Schedule for a Personal Loan of ₹ 4.50 Lakh over the 2 years
| Year | Interest paid during the year | Principal repaid during the year | Total amount paid during the year (Interest + Principal) | Outstanding Principal |
|---|---|---|---|---|
| 2022 | ₹ 25,569 | ₹ 1,40,304 | ₹ 1,65,873 | ₹ 3,09,696 |
| 2023 | ₹ 20,375 | ₹ 2,28,434 | ₹ 2,48,809 | ₹ 81,262 |
| 2024 | ₹ 1,674 | ₹ 81,262 | ₹ 82,936 | ₹ 0 |
In the above illustration, on a Bank of Maharashtra Personal Loan of₹ 4.50 Lakh, taken at the lowest interest rate of 9.85, EMI paid is ₹ 20,734 and an annual total of EMIs is ₹ 2,48,809, the interest component is ₹ 34,836 while the principal component is ₹ 2,13,973 in year 1 of loan disbursement. You repay only 47.55% of the total principal after paying 12 EMIs during the first year.
Bank of Maharashtra Personal Loan Interest Calculator Formula
Bank of Maharashtra calculates personal loan EMI based on the following formula
P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Bank of Maharashtra Personal Loan EMI is calculated:
In the above formula,
P = Loan amount.Bank of Maharashtra personal loan amount can range from ₹ 1 Lakh to ₹ 20 Lakh.
r = Rate of interest per month. The current Bank of Maharashtra Personal Loan rate is 9.85%.
n = Tenure in month. This can range up to 36months in case of Bank of Maharashtra.
How to use Bank of Maharashtra Personal Loan EMI Calculator
Bank of Maharashtra Personal Loan EMI for ₹ 1 Lakh
The following table shows Bank of Maharashtra Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 9.85%
| Loan Amount | Interest Rate | Tenure(Year) | EMI |
|---|---|---|---|
| ₹ 1,00,000 | 9.85% | 1 | ₹ 8,785 |
| ₹ 1,00,000 | 9.85% | 2 | ₹ 4,608 |
| ₹ 1,00,000 | 9.85% | 3 | ₹ 3,220 |
| ₹ 1,00,000 | 9.85% | 4 | ₹ 2,529 |
| ₹ 1,00,000 | 9.85% | 5 | ₹ 2,117 |
Bank of Maharashtra Personal Loan EMI for ₹ 3 Lakh
| Loan Amount | Interest Rate | Tenure(Year) | EMI |
|---|---|---|---|
| ₹ 3,00,000 | 9.85% | 1 | ₹ 26,354 |
| ₹ 3,00,000 | 9.85% | 2 | ₹ 13,823 |
| ₹ 3,00,000 | 9.85% | 3 | ₹ 9,659 |
| ₹ 3,00,000 | 9.85% | 4 | ₹ 7,587 |
| ₹ 3,00,000 | 9.85% | 5 | ₹ 6,352 |
Bank of Maharashtra Personal Loan EMI for ₹ 5 Lakh
The following table shows Bank of Maharashtra Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 9.85%.
| Loan Amount | Interest Rate | Tenure(Year) | EMI |
|---|---|---|---|
| ₹ 5,00,000 | 9.85% | 1 | ₹ 43,923 |
| ₹ 5,00,000 | 9.85% | 2 | ₹ 23,038 |
| ₹ 5,00,000 | 9.85% | 3 | ₹ 16,098 |
| ₹ 5,00,000 | 9.85% | 4 | ₹ 12,645 |
| ₹ 5,00,000 | 9.85% | 5 | ₹ 10,587 |
Bank of Maharashtra Personal Loan EMI for ₹ 10 Lakh
| Loan Amount | Interest Rate | Tenure(Year) | EMI |
|---|---|---|---|
| ₹ 10,00,000 | 9.85% | 1 | ₹ 87,846 |
| ₹ 10,00,000 | 9.85% | 2 | ₹ 46,076 |
| ₹ 10,00,000 | 9.85% | 3 | ₹ 32,197 |
| ₹ 10,00,000 | 9.85% | 4 | ₹ 25,291 |
| ₹ 10,00,000 | 9.85% | 5 | ₹ 21,173 |
How to Pay Bank of Maharashtra Personal Loan EMI?
There are various online & offline methods to pay your Bank of Maharashtra Personal Loan EMI. To repay your Bank of Maharashtra EMI online, you can log in to your net banking account or else you can also use the mobile banking of Bank of Maharashtra. Bank of Maharashtra also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest Bank of Maharashtra branch.
FAQs
✅Why should I calculate Bank Maharashtra loan EMI before taking a loan?
It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Bank of Maharashtra personal loan EMI. For instance, if you want to avail Bank of Maharashtra personal loan at the lowest rate of 9.85% and your monthly EMI, which comes out at ₹ 3,220 is more than your monthly budget. You have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable. In addition, if you already know the EMI you have to pay each month, you can plan your expenses accordingly. Finally, based on the EMI amount, you can opt to make a prepayment of your loan in the future when you have a surplus amount.
✅What is the lowest EMI per lakh offered by Bank of Maharashtra on a personal loan?
Bank of Maharashtra offers a personal loan at a 9.85% interest rate for a maximum of 36 months, and hence lowest EMI per lakh loan amount is ₹ 3,220. However, Bank of Maharashtra may offer a lower interest rate to you if you hold your salary account with the bank or if you are an existing customer.
✅How can I pre-close Bank of Maharashtra personal loan?
You can pre-close your Bank of Maharashtra personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of the balance amount that you have paid.
✅What are the prepayment charges on Bank of Maharashtra ?
Bank of Maharashtra offers you an option of prepayment after 1 months at Nil prepayment charges.You have to pay these charges if you decide to pay the loan amount before the due date.
✅Is there any processing charge on a personal loan from Bank of Maharashtra?
Yes, Bank of Maharashtra charges a certain amount of processing fee to process your loan application. Currently, Bank of Maharashtra charges a processing fee of 1.00%, Min Rs. 1,000 on a Personal Loan.
✅Will I get a personal loan from Bank of Maharashtra if I have a bad credit score?
No, for taking a loan from Bank of Maharashtra, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high Bank of Maharashtra personal loan rate.
✅What is the EMI for a₹ 20 Lakh personal loan in Bank of Maharashtra Bank?
At the current rate of 9.85%, EMI on Bank of Maharashtra personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 2,25,719, ₹ 2,37,530 and ₹ 2,74,786 respectively.
✅Can I have a co-applicant while applying for a Personal loan with Bank of Maharashtra ?
Yes, you can opt for a co-applicant to take a personal loan from Bank of Maharashtra that will increase your loan eligiblity as the income of the co-applicant is also taken into account.
✅Can we pay more than EMI in Bank of Maharashtra personal loan?
If you have funds, then you can pay more than the regular EMI on your Bank of Maharashtra Personal Loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.
✅How can I pay my Bank of Maharashtra loan EMI?
You can pay the Bank of Maharashtra personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.
Compare Personal Loan EMI of All Banks
| City | Customer Care Number |
|---|---|
| Agra | 1800-102-2636 |
| Ahmedabad | 1800-233-7905 |
| Ambala | 1800-102-2636 |
| Anand | 1800-102-2636 |
| Aurangabad Bihar | 1800-102-2636 |
| Bangalore | 1800-425-8053 |
| Bhilai | 1800-102-2636 |
| Bhilwara | 1800-102-2636 |
| Bhiwadi | 1800-102-2636 |
| Bhopal | 1800-102-2636 |
| Bhubaneswar Cuttack | 1800-102-2636 |
| Bikaner | 1800-102-2636 |
| Chandigarh | 1800-102-2636 |
| Chennai | 1800-345-4566 |
| Cochin | 1800-102-2636 |
| Coimbatore | 1800-102-2636 |
| Dehradun | 1800-102-2636 |
| Delhi | 1800-114-747 |
| Durg | 1800-102-2636 |
| Faridabad | 1800-102-2636 |
| Gandhinagar | 1800-233-7905 |
| Ghaziabad | 1800-225-901 |
| Goa | 1800-102-2636 |
| Greater Noida | 1800-114-747 |
| Gurgaon | 1800-102-2636 |
| Guwahati | 1800-102-2636 |
| Gwalior | 1800-102-2636 |
| Hyderabad | 1800-345-4025 |
| Indore | 1800-102-2636 |
| Jabalpur | 1800-102-2636 |
| Jaipur | 1800-102-2636 |
| Jalandhar | 1800-102-2636 |
| Jodhpur | 1800-102-2636 |
| Kanpur | 1800-225-901 |
| Karnal | 1800-102-2636 |
| Kolhapur | 1800-102-2636 |
| Kolkata | 1800-345-3422 |
| Kota | 1800-102-2636 |
| Kozhikode | 1800-102-2636 |
| Lucknow | 1800-102-2636 |
| Ludhiana | 1800-102-2636 |
| Madurai | 1800-102-2636 |
| Meerut | 1800-102-2636 |
| Mehsana | 1800-102-2636 |
| Mohali Sas Nagar | 1800-102-2636 |
| Mumbai | 1800-225-901 |
| Mussoorie | 1800-102-2636 |
| Nagpur | 1800-233-4722 |
| Nashik | 1800-225-901 |
| Noida | 1800-114-747 |
| Noida Extn | 1800-114-747 |
| Panipat | 1800-102-2636 |
| Patna | 1800-102-2636 |
| Pondicherry | 1800-102-2636 |
| Pune | 1800-233-4525 |
| Raipur | 1800-102-2636 |
| Rajkot | 1800-233-7905 |
| Ranchi | 1800-102-2636 |
| Rohtak | 1800-102-2636 |
| Roorkee | 1800-102-2636 |
| Salem | 1800-345-4566 |
| Shimla | 1800-102-2636 |
| Sonipat | 1800-102-2636 |
| Surat | 1800-102-2636 |
| Trichy | 1800-102-2636 |
| Udaipur | 1800-102-2636 |
| Vadodara | 1800-102-2636 |
| Varanasi | 1800-102-2636 |
| Vijaywada | 1800-102-2636 |
| Vizag | 1800-102-2636 |
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Quality Response
- 2022-02-10 : Bank of Maharashtra Tops PSU lenders Chart in Q3
State-owned Bank of Maharashtra has emerged as the top performer among public sector lenders in terms of loans and savings deposit growth during the third quarter of the current financial year. The bank recorded a 22.9 per cent increase in gross advances at Rs 1,29,006 crore in the October-December period of 2021-22, as per the data published by the bank. - 2022-01-27 : Bank of Maharashtra has decreased personal loan interest rates, and new rates range from 9.45% to 12.80%.
Bank of Maharashtra has decreased personal loan interest rates, and new rates range from 9.45% to 12.80%. - 2021-10-22 : Bank of Maharashtra Q2 Profit Jumps To 103 percent
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Bank of Maharashtra has emerged as a top performer among public sector lenders in terms of loans and deposits. The bank has recorded 14.46 percent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22. - 2021-03-26 : Bank of Maharashtra opened 6 more branches
Bank of Maharashtra opened additional 6 branches. The Bank is aiming to serve its large customer base and increase its loan portfolio which includes home, personal, LAP, Business, gold, two-wheeler and car loan.
