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Bank Maharashtra Personal Loan Calculator

Bank of Maharashtra Personal Loan EMI Calculator, Jul 2021

Last Updated 21st Jun 2021

  • Personal loan EMI in Bank of Maharashtra depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • Bank of Maharashtra Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 1,637 per lakh on Bank Maharashtra Bank personal loan as calculated using the lowest interest rate of 9.55% for the longest tenure of 84 months.
  • For example, the table below gives the EMIs on Bank Maharashtra Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan7 Year loan
₹ 1 Lakh₹ 8,771₹ 3,206₹ 1,637
₹ 5 Lakh₹ 43,853₹ 16,028₹ 8,185
₹ 10 Lakh₹ 87,707₹ 32,056₹ 16,370

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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?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for Bank of Maharashtra personal loan which can range between 9.55% to 12.90%.
  • Compare Bank of Maharashtra personal Loan EMI: Helps you compare the estimated EMI on a personal loan from Bank of Maharashtra with that of leading banks in India using the same loan amount of upto ₹ 20 Lakh for a maximum tenure of 84 months, but at different interest rates.
  • Calculate interest on Bank of Maharashtra personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from Bank Maharashtra over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at Bank Maharashtra or balance transfer to another bank.

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 9.55%. 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 9.55%.

Loan Amount (Rs.)2 Years3 Years7 Years
1 Lakh ₹ 4,594 ₹ 3,206 ₹ 1,637
3 Lakh ₹ 13,781 ₹ 9,617 ₹ 4,911
5 Lakh ₹ 22,969 ₹ 16,028 ₹ 8,185
10 Lakh ₹ 45,938 ₹ 32,056 ₹ 16,370

Factors Affecting Bank of Maharashtra Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. Bank of Maharashtra gives a minimum loan of ₹ 50,000 and a maximum loan amount of ₹ 20 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Bank of Maharashtra personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Bank of Maharashtra is 9.55%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period over which you can repay your loan in Bank of Maharashtra. So, your EMI will be lower if you take a 84months loan from Bank of Maharashtra as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

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 Maharashtra9.55% ₹ 8,771 ₹ 43,853 ₹ 87,707
SBI 9.60% ₹ 8,773 ₹ 43,865 ₹ 87,730
HDFC Bank 10.25% ₹ 8,803 ₹ 44,016 ₹ 88,032
Kotak Bank 10.25% ₹ 8,803 ₹ 44,016 ₹ 88,032
Axis Bank 10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144

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 ₹ 3 Lakh for 5 years from Bank of Maharashtra at an interest rate of 9.55%. EMI calculated for this loan amount is ₹ 6,308 and the total annual EMIs to be paid annually is ₹ 75,695. The EMI schedule of loan for 5 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 5 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 13,852 ₹ 23,995 ₹ 37,847 ₹ 2,76,005
2022 ₹ 24,141 ₹ 51,554 ₹ 75,695 ₹ 2,24,451
2023 ₹ 18,996 ₹ 56,699 ₹ 75,695 ₹ 1,67,752
2024 ₹ 13,338 ₹ 62,357 ₹ 75,695 ₹ 1,05,395
2025 ₹ 7,115 ₹ 68,580 ₹ 75,695 ₹ 36,815
2026 ₹ 1,032 ₹ 36,815 ₹ 37,847 -₹ 0

In the above illustration, on a Bank of Maharashtra Personal Loan of₹ 3 Lakh, taken at the lowest interest rate of 9.55, EMI paid is ₹ 6,308 and an annual total of EMIs is ₹ 75,695, the interest component is ₹ 26,535 while the principal component is ₹ 49,159 in year 1 of loan disbursement. You repay only 16.39% 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 ₹ 50,000 to ₹ 20 Lakh.

r = Rate of interest per month. The current Bank of Maharashtra Personal Loan rate is 9.55%.
n = Tenure in month. This can range up to 84months in case of Bank of Maharashtra.

How to use Bank of Maharashtra Personal Loan EMI Calculator

  • Bank of Maharashtra personal loan calculator are online tool which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Bank of Maharashtra EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears meaning interest is charged for the month preceding the EMI payment date and not in advance.

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 9.55%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,0009.55% 1₹ 8,771
₹ 1,00,0009.55% 2₹ 4,594
₹ 1,00,0009.55% 3₹ 3,206
₹ 1,00,0009.55% 4₹ 2,515
₹ 1,00,0009.55% 5₹ 2,103

Bank of Maharashtra Personal Loan EMI for ₹ 3 Lakh

The following table shows Bank of Maharashtra Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 9.55%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,0009.55% 1₹ 26,312
₹ 3,00,0009.55% 2₹ 13,781
₹ 3,00,0009.55% 3₹ 9,617
₹ 3,00,0009.55% 4₹ 7,544
₹ 3,00,0009.55% 5₹ 6,308

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 9.55%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,0009.55% 1₹ 43,853
₹ 5,00,0009.55% 2₹ 22,969
₹ 5,00,0009.55% 3₹ 16,028
₹ 5,00,0009.55% 4₹ 12,574
₹ 5,00,0009.55% 5₹ 10,513

Bank of Maharashtra Personal Loan EMI for ₹ 10 Lakh

The following table shows Bank of Maharashtra Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 9.55%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,0009.55% 1₹ 87,707
₹ 10,00,0009.55% 2₹ 45,938
₹ 10,00,0009.55% 3₹ 32,056
₹ 10,00,0009.55% 4₹ 25,147
₹ 10,00,0009.55% 5₹ 21,026

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.

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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 as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in 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 9.55% interest rate for a maximum of 84 months, and hence lowest EMI per lakh loan amount is ₹ 1,637. However, Bank of Maharashtra may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

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 9.55%, 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 ₹ 2,32,141, ₹ 2,43,960 and ₹ 2,81,182 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

Bank of Maharashtra Personal Loan Customer Care Number, Email, Application Status, Branches
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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Bank Maharashtra Personal Loan News - Jul 2021
  • 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.
  • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2020-10-20 : Bank of Maharashtra reported Q2FY21 PAT of Rs. 130.44 crores
    Bank of Maharashtra reported total income of Rs.3319.34 crores backed by retail loans like home, personal, gold, two-wheeler, car loans along with mudra and business loan during the period ended September 30, 2020. Further, the bank posted a net profit of Rs.130.44 crores for the period ended September.
  • 2020-09-30 : Bank of Maharashtra waives off processing fee for gold, housing and car loans
    Bank of Maharashtra announced the launch of a festive bonanza that offers attractive benefits to its customers. The bank further waived off processing fee for gold, housing and car loans.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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